Articles from Community Bank System, Inc.

Community Financial System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend will be payable on July 10, 2024 to Shareholders of record as of June 14, 2024. The $0.45 cash dividend represents an annualized yield of 3.78% based on the closing share price of $47.64 on May 14, 2024.

Community Bank System, Inc. (NYSECBU) (the “Company”), a diversified financial services holding company operating four complementary business units: Community Bank N.A., Benefit Plan Administrative Services, Inc. (“BPAS”), OneGroup NY, Inc. (“OneGroup”), and Wealth Management, announced that it has changed its corporate name to “Community Financial System, Inc.” (“Community Financial System”) effective as of today. The name change reflects the Company’s broader business model and mission in contributing to the prosperity of its community, including its clients, colleagues and shareholders by providing comprehensive financial services across its four main business lines.

Community Bank System, Inc. (the “Company”) (NYSECBU) reported first quarter 2024 results that are included in the attached supplement. This earnings release, including supporting financial tables, is also available within the press releases section of the Company's investor relations website at: https://ir.communitybanksystem.com/news-presentations/press-releases/. An archived webcast of the earnings call will be available on this site for one full year.

SYRACUSE, N.Y., March 25, 2024 (GLOBE NEWSWIRE) -- Community Bank System, Inc. (NYSECBU) invites you to participate in a conference call to discuss the Company’s financial and operating performance during its first quarter ended March 31, 2024.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend will be payable on April 10, 2024 to shareholders of record as of March 15, 2024. The $0.45 cash dividend represents an annualized yield of 4.16% based on the closing share price of $43.25 on February 13, 2024.

Community Bank System, Inc. (the “Company”) (NYSECBU) reported fourth quarter and full year 2023 results that are included in the attached supplement. This earnings release, including supporting financial tables, is also available within the press releases section of the Company's investor relations website at: https://ir.communitybanksystem.com/news-presentations/press-releases/. An archived webcast of the earnings call will be available on this site for one full year.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced today the election of Michele Sullivan to its Board of Directors (the “Board”) as a new independent director, effective as of February 1, 2024. Ms. Sullivan is a retired partner of Crowe LLP (“Crowe”) where she served in Crowe’s consulting practice specializing in the financial services sector. She worked with top United States and global banks, as well as mid-market insurance carriers and fintech companies, providing consulting services on risk, compliance, internal audit, technology, strategic acquisitions, merger integration, and governance matters. Ms. Sullivan is a certified public accountant (CPA) and a certified risk management professional (CRMA).

SYRACUSE, N.Y., Dec. 21, 2023 (GLOBE NEWSWIRE) -- Community Bank System, Inc. (NYSECBU) invites you to participate in a conference call to discuss the Company’s financial and operating performance during its fourth quarter and full year ended December 31, 2023.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend will be payable on January 10, 2024 to shareholders of record as of December 15, 2023. The $0.45 cash dividend represents an annualized yield of 4.01% based on the closing share price of $44.87 on November 14, 2023.

Community Bank System, Inc. (the “Company”) (NYSECBU) reported third quarter 2023 results that are included in the attached supplement. This earnings release, including supporting financial tables, is also available within the press releases section of the Company's investor relations website at: https://ir.communitybanksystem.com/news-presentations/press-releases/. An archived webcast of the earnings call will be available on this site for one full year.

SYRACUSE, N.Y., Sept. 25, 2023 (GLOBE NEWSWIRE) -- Community Bank System, Inc. (NYSECBU) invites you to participate in a conference call to discuss the Company’s financial and operating performance during its third quarter ended September 30, 2023.

Community Bank System, Inc. (the “Company”) (NYSECBU) reported second quarter 2023 results that are included in the attached supplement. This earnings release, including supporting financial tables, is also available within the press releases section of the Company's investor relations website at: https://ir.communitybanksystem.com/news-presentations/press-releases/. An archived webcast of the earnings call will be available on this site for one full year.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend will be payable on October 10, 2023 to shareholders of record as of September 15, 2023.

Community Bank System, Inc. (NYSECBU) (the “Company”) today announced that Mark E. Tryniski will retire as the Company’s President and Chief Executive Officer (“CEO”) effective as of December 31, 2023. Since August 2006, Mr. Tryniski has served as the President, CEO and Director of the Company and its wholly owned banking subsidiary, Community Bank, N.A. (the “Bank”). Mr. Tryniski has agreed, if nominated, to serve as a Director of the Company and the Bank until December 31, 2024. The Board of Directors (the “Board”) has selected Dimitar A. Karaivanov, the Company’s Executive Vice President and Chief Operating Officer (“COO”), to succeed Mr. Tryniski effective as of January 1, 2024. In addition, the Board will expand to 13 Directors and appoint Mr. Karaivanov as a Director of the Company and the Bank effective as of January 1, 2024.

Community Bank System, Inc. (NYSECBU) (the “Company”) today announced that Community Bank, N.A., its wholly-owned banking subsidiary (the “Bank”), has appointed Michael T. Cerminaro as the President and Chief Executive Officer of Community Bank’s Wealth Management division. This appointment and succession reflects the Company’s long standing commitment to growth and investment in its wealth management business line.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.44 per share on its common stock. The dividend will be payable on July 10, 2023 to Shareholders of record as of June 15, 2023. The $0.44 cash dividend represents an annualized yield of 3.85% based on the closing share price of $45.69 on May 16, 2023.

Community Bank System, Inc. (the “Company”) (NYSECBU) reported first quarter 2023 net income of $5.8 million, or $0.11 per fully-diluted share. This compares to $47.1 million of net income, or $0.86 per fully-diluted share for the first quarter of 2022. The $0.75 decrease in earnings per share was primarily due to the impact of the previously announced strategic balance sheet repositioning executed during the quarter to provide the Company with greater flexibility in managing balance sheet growth and deposit funding. During the quarter, the Company sold certain available-for-sale investments securities and used the proceeds to pay down overnight borrowings with rising and comparatively high variable interest rates. As a result, a $52.3 million pre-tax realized loss on the investment security sales was recognized during the quarter which negatively impacted GAAP earnings per share by $0.75. In addition, increases in the provision for credit losses and operating expenses were offset by increases in net interest income and noninterest revenues, lower income taxes and a decrease in fully-diluted shares outstanding. Comparatively, the Company recorded $0.97 in fully-diluted earnings per share for the linked fourth quarter of 2022. The Company’s deposit base and liquidity position continues to be strong, as the Company maintained total immediately available liquidity sources at the end of the quarter of $4.69 billion, over double its estimated uninsured deposits, net of collateralized deposits, which represent less than 20% of first quarter ending total deposits. Additionally, total ending deposits increased $98.4 million, or 0.8%, from December 31, 2022.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.44 per share on its common stock. The dividend will be payable on April 10, 2023 to shareholders of record as of March 15, 2023. The $0.44 cash dividend represents an annualized yield of 2.94% based on the closing share price of $59.93 on February 14, 2023.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced today the completion of a balance sheet repositioning related to its investment securities portfolio.

Community Bank System, Inc. (the “Company”) (NYSECBU) reported fourth quarter 2022 net income of $52.5 million, or $0.97 per fully-diluted share. This compares to $43.6 million of net income, or $0.80 per fully-diluted share for the fourth quarter of 2021. The $0.17, or 21.3%, increase in earnings per share was primarily attributable to an increase in net interest income and a decrease in fully-diluted average shares outstanding, offset, in part, by higher operating expenses, lower noninterest revenues and increases in the provision for credit losses and income taxes. The increase in net interest income was due primarily to an increase in the yield on earning assets and a significant increase in average loan balances, offset, in part, by higher funding costs. The decrease in noninterest revenues was due to lower financial services noninterest revenues that were reflective of the impact that lower financial market valuations had on the Company’s wealth management and employee benefit services businesses, which were partially offset by higher banking noninterest revenues.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.44 per share on its common stock. The dividend will be payable on January 10, 2023 to shareholders of record as of December 15, 2022. The $0.44 cash dividend represents an annualized yield of 2.69% based on the closing share price of $65.38 on November 15, 2022.

Community Bank System, Inc. (NYSECBU) reported third quarter 2022 net income of $48.7 million, or $0.90 per fully-diluted share. This compares to $45.3 million of net income, or $0.83 per fully-diluted share for the third quarter of 2021. The $0.07, or 8.4%, increase in earnings per share was primarily attributable to increases in net interest income and noninterest revenues and a decrease in fully-diluted average shares outstanding, offset, in part, by higher operating expenses and increases in the provision for credit losses and income taxes. The increase in net interest income was driven by the combination of growth in interest-earnings assets and net interest margin expansion. The increase in noninterest revenues was due to higher banking noninterest revenues that were partially offset by lower financial services noninterest revenues that reflected market-related headwinds.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced two senior management changes.

Community Bank System, Inc. (NYSECBU) reported second quarter 2022 net income of $39.8 million, or $0.73 per fully-diluted share. This compares to $47.9 million of net income, or $0.88 per fully-diluted share for the second quarter of 2021. The $0.15, or 17.0%, decrease in earnings per share was primarily attributable to increases in the provision for credit losses and operating expenses, offset, in part, by increases in net interest income and noninterest revenues and decreases in income taxes and fully-diluted shares outstanding. Comparatively, the Company recorded $0.86 in fully-diluted earnings per share for the linked first quarter of 2022. Operating earnings per share, a non-GAAP measure, which excludes acquisition expenses, acquisition-related provision for credit losses, acquisition-related contingent consideration adjustments and unrealized gain (loss) on equity securities, net of tax, was $0.85 for the second quarter of 2022, as compared to $0.88 in the second quarter of 2021 and $0.87 in the first quarter of 2022. Second quarter 2021 results were enhanced by a net benefit recorded in the provision for credit losses and higher Paycheck Protection Program (“PPP”)-related revenues than the second quarter of 2022 which, net of tax, were responsible for a $0.13 decrease in fully-diluted operating earnings per share year-over-year. The $0.02 decrease in operating earnings per share from the first quarter of 2022 was primarily driven by higher operating expenses, a higher provision for credit losses and lower noninterest revenues, offset, in part, by an increase in net interest income and a decrease in income taxes. Second quarter 2022 adjusted pre-tax, pre-provision net revenue per share, a non-GAAP measure, which excludes income taxes, the provision for credit losses, acquisition-related provision for credit losses, acquisition expenses, acquisition-related contingent consideration adjustments and unrealized gain (loss) on equity securities from net income, of $1.13 was up $0.07 in comparison to the second quarter of 2021 and $0.01 from the first quarter of 2022.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.44 per share on its common stock. The dividend will be payable on October 10, 2022 to shareholders of record as of September 15, 2022.

Community Bank System, Inc. (“Community Bank System”) (NYSECBU), the parent company of Community Bank, N.A. (“Community Bank”), and Jacobi Capital Management, LCC (“Jacobi”) announced today that they have entered into a strategic relationship agreement for Jacobi to provide investment advisory services to Community Bank commercial and high net worth clients in Pennsylvania. Jacobi and Community Bank will collaborate closely to provide seamless client experience.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.43 per share on its common stock. The dividend will be payable on July 11, 2022 to Shareholders of record as of June 15, 2022. The $0.43 cash dividend represents an annualized yield of 2.68% based on the closing share price of $64.23 on May 17, 2022.

Community Bank System, Inc. (“Community Bank System”) (NYSECBU), the parent company of Community Bank, N.A. (“Community Bank”), announced today that Community Bank completed its merger with Elmira Savings Bank, a New York state chartered savings bank (“Elmira”) (NASDAQ-CM: ESBK) on May 13, 2022. Community Bank acquired Elmira in an all cash transaction representing total consideration valued at approximately $82.8 million. The merger added eight branch locations across a five-county area in the Central New York and Southern Tier markets. With completion of the merger, Community Bank System has over $16.2 billion in assets and over $13.8 billion in deposits.

Community Bank System, Inc. (NYSECBU) reported first quarter 2022 net income of $47.1 million, or $0.86 per fully-diluted share. This compares to $52.9 million of net income, or $0.97 per fully-diluted share for the first quarter of 2021. The $0.11, or 11.3%, decrease in earnings per share was primarily attributable to increases in the provision for credit losses, operating expenses, income taxes and fully-diluted shares outstanding, offset, in part, by increases in net interest income and noninterest revenues. Comparatively, the Company recorded $0.80 in fully-diluted earnings per share for the linked fourth quarter of 2021. Operating earnings per share, a non-GAAP measure, which excludes acquisition expenses, acquisition-related contingent consideration adjustments and unrealized gain (loss) on equity securities, net of tax, was $0.87 for the first quarter of 2022, as compared to $0.97 in the first quarter of 2021 and $0.81 in the fourth quarter of 2021. First quarter 2021 results were complemented by a net benefit recorded in the provision for credit losses and higher Paycheck Protection Program (“PPP”)-related revenues than the first quarter of 2022 which, net of tax, were responsible for a $0.17 decrease in fully-diluted operating earnings per share year-over-year. The $0.06 improvement in operating earnings per share from the fourth quarter of 2021 was primarily driven by a lower provision for credit losses, higher noninterest revenues and lower operating expenses. First quarter 2022 adjusted pre-tax, pre-provision net revenue per share, a non-GAAP measure, which excludes income taxes, the provision for credit losses, acquisition expenses, acquisition-related contingent consideration adjustments and unrealized gain (loss) on equity securities from net income, of $1.12 was up $0.03 in comparison to both the first and fourth quarters of 2021.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has received regulatory approvals from the Office of the Comptroller of the Currency and a waiver from filing an application with the Federal Reserve Bank of New York for the proposed merger of Elmira Savings Bank with and into Community Bank, N.A., the Company’s wholly-owned banking subsidiary (the “Merger”). The Merger is expected to close on May 13, 2022, subject to customary closing conditions and approval from the New York State Department of Financial Services.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.43 per share on its common stock. The dividend will be payable on April 11, 2022 to shareholders of record as of March 15, 2022. The $0.43 cash dividend represents an annualized yield of 2.35% based on the closing share price of $73.29 on February 15, 2022.

Community Bank System, Inc. (NYSECBU) (the “Company”) reported fourth quarter 2021 net income of $43.6 million, or $0.80 per fully-diluted share. This compares to $46.5 million of net income, or $0.86 per fully-diluted share for the fourth quarter of 2020. The $0.06, or 7.0%, decrease in earnings per share was driven by increases in the provision for credit losses, operating expenses, income taxes and fully-diluted shares outstanding, partially offset by increases in net interest income and noninterest revenues. Comparatively, the Company recorded $0.83 in fully-diluted earnings per share for the linked third quarter of 2021. Operating diluted earnings per share (non-GAAP), which excludes acquisition expenses, acquisition-related contingent consideration adjustments, acquisition-related provision for credit losses, unrealized gain/loss on equity securities, litigation accrual expenses and gain on debt extinguishment was $0.81 for the fourth quarter of 2021, compared to $0.85 in the fourth quarter of 2020 and $0.83 in the third quarter of 2021. Full year 2021 diluted earnings per share was $3.48, an increase of $0.40, or 13.0%, per share from $3.08 in 2020. Full year 2021 diluted operating earnings per share (non-GAAP) of $3.49 were $0.25, or 7.7%, per share greater than the $3.24 of operating earnings per share generated in 2020.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that the Shareholders of Elmira Savings Bank (“Elmira”), at its Special Shareholders Meeting held on December 14, 2021, overwhelmingly voted to approve the proposed merger of Elmira with Community Bank, N.A. (the “Merger”).  Elmira reported that more than 98% of the votes cast were voted to approve the Merger and that more than 75% of the issued and outstanding shares were represented at the Special Meeting. 

Community Bank System, Inc. (NYSECBU) (the “Company”) announced today the appointment of Jeffery Knauss to its Board of Directors as a new independent director. Mr. Knauss has extensive experience in digital marketing and technology development having served as the CEO and co-founder of Digital Hyve, a digital marketing and advertising firm that was named the 52nd fastest growing private company in the United States by Inc. Magazine in 2018 and has remained on Inc.’s 5,000, a list of the fastest-growing privately held companies in the United States, for the following three years. In addition to his vast digital marketing and technology experience, Mr. Knauss has significant entrepreneurial experience with numerous start-up ventures and as an angel investor to several companies.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.43 per share on its common stock. The dividend will be payable on January 10, 2022 to shareholders of record as of December 15, 2021. The $0.43 cash dividend represents an annualized yield of 2.34% based on the closing share price of $73.59 on November 17, 2021.

Community Bank System, Inc. (NYSECBU) (the “Company”) reported third quarter 2021 net income of $45.3 million, or $0.83 per fully-diluted share. This compares to $42.8 million of net income, or $0.79 per fully-diluted share for the third quarter of 2020. The $0.04, or 5.1%, increase in earnings per share was primarily attributable to an increase in noninterest revenues, as well as a lower provision for credit losses, offset, in part, by a decrease in net interest income and increases in operating expenses, income taxes, and fully-diluted shares outstanding. Comparatively, the Company recorded $0.88 in fully-diluted earnings per share for the linked second quarter of 2021. Operating diluted earnings per share, which excludes acquisition expenses, unrealized gain/loss on equity securities and litigation expenses, were also $0.83 for the third quarter of 2021, compared to $0.85 in the third quarter of 2020 and $0.88 in the second quarter of 2021.

Community Bank System, Inc. (NYSECBU) (the “Company”) is pleased to announce that Maureen Gillan-Myer will join the Company as its Executive Vice President and Chief Human Resources Officer (“CHRO”). Ms. Gillan-Myer has over 29 years of leadership and oversight experience with respect to all aspects of human capital management and is currently serving as HSBC USA’s CHRO. Her appointment is effective October 1, 2021 and she will serve on the Company’s executive management team.

Community Bank System, Inc. (NYSECBU) announced today that it acquired the assets of the Thomas Gregory Associates Insurance Brokers, Inc. (“TGA”), a specialty-lines insurance broker based in the Boston marketplace. TGA’s assets were acquired by OneGroup, NY, Inc. (“OneGroup”), a wholly-owned subsidiary of Community Bank System.

Community Bank System, Inc. (NYSECBU) reported second quarter 2021 net income of $47.9 million, or $0.88 per fully-diluted share. This compares to $35.2 million of net income, or $0.66 per share for the second quarter of 2020. The $0.22, or 33.3%, increase in earnings per share was primarily attributable to a significant decrease in the provision for credit losses and a significant increase in noninterest income, offset, in part, by increases in operating expenses, income taxes, and fully-diluted shares outstanding. Comparatively, the Company recorded $0.97 in fully-diluted earnings per share for the linked first quarter of 2021. Operating earnings per share, which excludes acquisition expenses and acquisition-related provision for credit losses, were also $0.88 for the second quarter of 2021, compared to $0.76 in the second quarter of 2020 and $0.97 in the first quarter of 2021.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.43 per share on its common stock. The dividend will be payable on October 8, 2021 to shareholders of record as of September 15, 2021.

Community Bank System, Inc. (NYSECBU) announced today that it acquired Fringe Benefits Design of Minnesota, Inc. (“FBD”), a provider of retirement plan administration and benefit consulting services with offices in Minnesota and South Dakota. FBD will become a subsidiary of Benefit Plans Administrative Services, Inc. (“BPAS”), a wholly-owned subsidiary of Community Bank System.

Community Bank System, Inc. (NYSECBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.42 per share on its common stock. The dividend will be payable on July 9, 2021 to Shareholders of record as of June 15, 2021. The $0.42 cash dividend represents an annualized yield of 2.17% based on the closing share price of $77.41 on May 12, 2021.

Community Bank System, Inc. (NYSECBU) reported first quarter 2021 net income of $52.9 million, or $0.97 per fully-diluted share. This compares to $40.1 million of net income, or $0.76 per share for the first quarter of 2020. The $0.21, or 27.6%, increase in earnings per share was primarily attributable to an increase in net interest income, a significant decrease in the provision for credit losses and lower operating expenses, offset in part by a decrease in noninterest revenues, and increases in income taxes and fully-diluted shares outstanding. Comparatively, the Company recorded $0.86 in fully-diluted earnings per share for the linked fourth quarter of 2020. Operating earnings per share, which excludes acquisition expenses and gain on debt extinguishment, were $0.97 for the first quarter of 2021, as compared to $0.77 in the first quarter of 2020 and $0.85 in the fourth quarter of 2020.