COMMUNITY FINANCIAL SYSTEM INC

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 28, 2025

CBU$64.88-1.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

(In Thousands, Except Per-Share Data)


· ·
· · Years Ended December 31,
· · 2024 · 2023 · 2022
Interest income: · · · ·
Interest and fees on loans	$545,767	$445,167	$335,075
Interest and dividends on taxable investments	85,734	82,368	95,371
Interest and dividends on nontaxable investments	12,027	13,853	13,283
Total interest income	643,528	541,388	443,729

Interest expense:
Interest on deposits	159,520	85,337	15,044
Interest on borrowings	34,891	18,766	8,055
Total interest expense	194,411	104,103	23,099

Net interest income	449,117	437,285	420,630
Provision for credit losses	22,773	11,203	14,773
Net interest income after provision for credit losses	426,344	426,082	405,857

Noninterest revenues:
Deposit service fees	66,611	63,062	66,850
Mortgage banking	4,421	595	390
Other banking services	7,512	6,315	4,644
Employee benefit services	130,981	117,961	115,408
Insurance services	50,249	47,094	39,810
Wealth management services	36,668	31,941	31,667
Loss on sales of investment securities	(487)	(52,329)	0
Gain on debt extinguishment	0	242	0
Unrealized gain (loss) on equity securities	1,231	(47)	(44)
Total noninterest revenues	297,186	214,834	258,725

Noninterest expenses:
Salaries and employee benefits	300,779	281,803	257,339
Data processing and communications	61,843	57,585	54,099
Occupancy and equipment	43,658	42,550	42,413
Business development and marketing	16,059	15,731	13,095
Legal and professional fees	15,323	15,921	14,018
Amortization of intangible assets	14,259	14,511	15,214
Litigation accrual	138	5,800	0
Acquisition expenses	213	63	5,021
Acquisition-related contingent consideration adjustment	244	3,280	(300)
Restructuring expenses	0	1,163	0
Other expenses	34,309	34,278	23,369
Total noninterest expenses	486,825	472,685	424,268

Income before income taxes	236,705	168,231	240,314
Income taxes	54,224	36,307	52,233
Net income	$182,481	$131,924	$188,081

Basic earnings per share	$3.44	$2.45	$3.48
Diluted earnings per share	$3.44	$2.45	$3.46

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.