COMMUNITY FINANCIAL SYSTEM INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
CBU$64.88-1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
(In Thousands)
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | Years Ended December 31, | |||||||
| · 2024 · 2023 · 2022 | ||||||||
| Operating activities: · · · | ||||||||
| Net income | $182,481 | | $131,924 | | $188,081 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |||
| Depreciation | 13,676 | | 12,991 | | 14,411 | |||
| Amortization of intangible assets | 14,259 | | 14,511 | | 15,214 | |||
| Net amortization (accretion) on securities, loans, finance leases and borrowings | 10,818 | | 5,838 | | (18,738) | |||
| Stock-based compensation | 8,374 | | 9,269 | | 7,738 | |||
| Gain on debt extinguishment | | 0 | | | (242) | | | 0 |
| Provision for credit losses | 22,773 | | 11,203 | | 14,773 | |||
| Provision for deferred income taxes | 674 | | (7,503) | | 1,309 | |||
| Amortization of mortgage servicing rights | 722 | | 849 | | 801 | |||
| Loss on sales of investment securities | | 487 | | | 52,329 | | | 0 |
| Unrealized (gain) loss on equity securities | (1,231) | | 47 | | 44 | |||
| Income from bank-owned life insurance policies | (2,496) | | (2,412) | | (2,147) | |||
| Net gain on sale of assets | (2,383) | | (1,490) | | (655) | |||
| Change in other assets and liabilities | (5,878) | | 1,106 | | (6,231) | |||
| Net cash provided by operating activities | 242,276 | | 228,420 | | 214,600 | |||
| Investing activities: | | | | | ||||
| Proceeds from maturities, calls and paydowns of available-for-sale investment securities | 59,688 | | 597,823 | | 262,256 | |||
| Proceeds from maturities, calls and paydowns of held-to-maturity investment securities | | 9,103 | | | 208 | | | 0 |
| Proceeds from maturities and redemptions of equity and other investment securities, net | 398 | | 14,945 | | 4,683 | |||
| Proceeds from sales of available-for-sale investment securities | | 57,538 | | | 733,789 | | | 0 |
| Purchases of available-for-sale investment securities | 0 | | 0 | | (1,355,475) | |||
| Purchases of held-to-maturity investment securities | | (152,645) | | | (63,284) | | | 0 |
| Purchases of equity and other securities, net | (13,538) | | (4,796) | | (35,303) | |||
| Net increase in loans | (765,581) | | (923,280) | | (1,003,741) | |||
| Cash paid for acquisitions, net of cash received | (15,620) | | (8,517) | | (668) | |||
| Proceeds from sales of premises, equipment and other assets | | 5,743 | | | 7,473 | | | 2,432 |
| Purchases of premises and equipment | (20,703) | | (18,585) | | (12,922) | |||
| Real estate limited partnership investments | | 0 | | | 0 | | | (247) |
| Net cash (used in) provided by investing activities | (835,617) | | 335,776 | | (2,138,985) | |||
| Financing activities: | | | | |||||
| Net increase (decrease) in deposits | 513,586 | | (84,187) | | (421,155) | |||
| Net increase (decrease) in overnight borrowings | | 65,000 | | | (715,400) | | | 768,400 |
| Net (decrease) increase in securities sold under agreement to repurchase, short-term | | (43,042) | | | (42,058) | | | 21,932 |
| Proceeds from other Federal Home Loan Bank borrowings | | 250,000 | | | 400,000 | | | 0 |
| Payments on and maturities of other Federal Home Loan Bank borrowings | | (47,073) | | | (11,971) | | | (95) |
| Payments of contingent consideration for acquisitions | | (3,087) | | | (1,214) | | | 0 |
| Redemption of subordinated notes payable | | 0 | | | (3,000) | | | 0 |
| Proceeds from the issuance of common stock | | 7,091 | | | 1,015 | | | 1,184 |
| Purchases of treasury stock | (46,029) | | (30,233) | | (16,614) | |||
| Increase in deferred compensation agreements | 193 | | 217 | | 236 | |||
| Cash dividends paid | (95,777) | | (95,102) | | (93,387) | |||
| Withholding taxes paid on share-based compensation | (1,479) | | (1,197) | | (1,284) | |||
| Net cash provided by (used in) financing activities | 599,383 | | (583,130) | | 259,217 | |||
| Change in cash, cash equivalents and restricted cash | 6,042 | | (18,934) | | (1,665,168) | |||
| Cash, cash equivalents and restricted cash at beginning of year | 190,962 | | 209,896 | | 1,875,064 | |||
| Cash, cash equivalents and restricted cash at end of year | $197,004 | | $190,962 | | $209,896 | |||
| | | | | | | | | |
| Supplemental disclosures of cash flow information: | | | | |||||
| Cash paid for interest | $192,871 | | $100,040 | | $23,402 | |||
| Cash paid for income taxes | 43,728 | | 41,661 | | 57,131 | |||
| Supplemental disclosures of noncash financing and investing activities: | | | | |||||
| Dividends declared and unpaid | 24,410 | | 24,168 | | 23,762 | |||
| Transfers from loans to other real estate | 3,109 | | 1,051 | | 543 | |||
| Transfers from premises and equipment, net to other assets | | 2,398 | | | 2,899 | | | 5,795 |
| Finance lease right of use asset in exchange for finance lease liability | | 8,608 | | | 0 | | | 0 |
| Acquisitions: | | | | | | |||
| Fair value of assets acquired, excluding acquired cash and intangibles | 497 | | 243 | | 490,637 | |||
| Fair value of liabilities assumed | 1,908 | | 18 | | 543,541 | |||
| Contingent consideration in exchange for acquired assets | | 3,816 | | | 1,450 | | | 0 |
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