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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-13695

Graphic

(Exact name of registrant as specified in its charter)

Delaware

    

16-1213679

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

5790 Widewaters Parkway, DeWitt, New York

13214-1883

(Address of principal executive offices)

(Zip Code)

(315) 445-2282

(Registrant’s telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common Stock, $1.00 par value per share

CBU

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No  .

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No .

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

    

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No .

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 53,931,054 shares of Common Stock, $1.00 par value per share, were outstanding on October 31, 2021.

TABLE OF CONTENTS

Part I.

    

Financial Information

Page

Item 1.

Financial Statements (Unaudited)

Consolidated Statements of Condition September 30, 2021 and December 31, 2020

3

Consolidated Statements of Income Three and nine months ended September 30, 2021 and 2020

4

Consolidated Statements of Comprehensive Income Three and nine months ended September 30, 2021 and 2020

5

Consolidated Statements of Changes in Shareholders’ Equity Three and nine months ended September 30, 2021 and 2020

6

Consolidated Statements of Cash Flows Nine months ended September 30, 2021 and 2020

8

Notes to the Consolidated Financial Statements September 30, 2021

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

60

Item 4.

Controls and Procedures

62

Part II.

Other Information

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 3.

Defaults Upon Senior Securities

63

Item 4.

Mine Safety Disclosures

63

Item 5.

Other Information

63

Item 6.

Exhibits

64

2

Part I. Financial Information

Item 1. Financial Statements

COMMUNITY BANK SYSTEM, INC.

CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)

(In Thousands, Except Share Data)

September 30, 

December 31, 

2021

    

2020

Assets:

  

 

  

Cash and cash equivalents

$

2,322,661

$

1,645,805

Available-for-sale investment securities (cost of $4,406,878 and $3,427,779, respectively)

 

4,358,371

 

3,547,892

Equity and other securities (cost of $44,069 and $46,511, respectively)

 

45,027

 

47,455

Loans held for sale, at fair value

 

117

 

1,622

Loans

 

7,282,582

 

7,415,952

Allowance for credit losses

 

(49,499)

 

(60,869)

Net loans

 

7,233,083

 

7,355,083

 

Goodwill, net

 

799,127

 

793,708

Core deposit intangibles, net

 

10,165

 

13,831

Other intangibles, net

 

58,812

 

39,109

Intangible assets, net

 

868,104

 

846,648

Premises and equipment, net

 

160,776

 

165,655

Accrued interest and fees receivable

 

34,072

 

39,031

Other assets

 

308,887

 

281,903

Total assets

$

15,331,098

$

13,931,094

 

 

Liabilities:

Noninterest-bearing deposits

$

3,864,951

$

3,361,768

Interest-bearing deposits

 

8,858,870

 

7,863,206

Total deposits

 

12,723,821

 

11,224,974

Securities sold under agreement to repurchase, short-term

 

316,763

 

284,008

Other Federal Home Loan Bank borrowings

 

2,912

 

6,658

Subordinated notes payable

 

3,283

 

3,303

Subordinated debt held by unconsolidated subsidiary trusts

 

0

 

77,320

Accrued interest and other liabilities

 

214,385

 

230,724

Total liabilities

 

13,261,164

 

11,826,987

 

 

Commitments and contingencies (See Note J)

 

 

Shareholders’ equity:

Preferred stock, $1.00 par value, 500,000 shares authorized, 0 shares issued

 

0

 

0

Common stock, $1.00 par value, 75,000,000 shares authorized; 54,071,989 and 53,754,599 shares issued, respectively

 

54,072

 

53,755

Additional paid-in capital

 

1,039,146

 

1,025,163

Retained earnings

 

1,037,936

 

960,183

Accumulated other comprehensive (loss) income

 

(63,826)

 

62,077

Treasury stock, at cost (146,002 shares, including 145,987 shares held by deferred compensation arrangements at September 30, 2021 and 161,472 shares including 161,457 shares held by deferred compensation arrangements at December 31, 2020, respectively)

 

(5,693)

 

(6,198)

Deferred compensation arrangements (145,987 and 161,457 shares, respectively)

 

8,299

 

9,127

Total shareholders’ equity

 

2,069,934

 

2,104,107

Total liabilities and shareholders’ equity

$

15,331,098

$

13,931,094

The accompanying notes are an integral part of the consolidated financial statements.

3

COMMUNITY BANK SYSTEM, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In Thousands, Except Per-Share Data)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

Interest income:

 

  

 

  

 

  

 

  

Interest and fees on loans

$

75,825

$

79,646

$

231,446

$

236,931

Interest and dividends on taxable investments

 

17,361

 

14,881

 

49,325

 

45,633

Interest and dividends on nontaxable investments

 

2,480

 

2,963

 

7,920

 

9,113

Total interest income

 

95,666

 

97,490

 

288,691

 

291,677

Interest expense:

 

 

 

 

Interest on deposits

 

2,822

 

3,655

 

8,897

 

13,373

Interest on borrowings

 

195

 

292

 

716

 

1,280

Interest on subordinated notes payable

 

38

 

184

 

115

 

553

Interest on subordinated debt held by unconsolidated subsidiary trusts

 

0

 

394

 

293

 

1,501

Total interest expense

 

3,055

 

4,525

 

10,021

 

16,707

Net interest income

 

92,611

 

92,965

 

278,670

 

274,970

Provision for credit losses

 

(944)

 

1,945

 

(11,001)

 

17,313

Net interest income after provision for credit losses

 

93,555

 

91,020

 

289,671

 

257,657

Noninterest revenues:

 

 

 

 

Deposit service fees

 

15,442

 

14,260

 

43,758

 

42,722

Mortgage banking

460

 

3,908

 

1,479

 

6,199

Other banking services

 

996

 

924

 

2,830

 

2,574

Employee benefit services

 

29,923

 

25,159

 

83,933

 

74,593

Insurance services

 

9,176

 

8,531

 

25,538

 

24,772

Wealth management services

 

8,322

6,889

24,748

20,389

Unrealized (loss) gain on equity securities

(10)

 

(12)

 

14

 

(30)

Total noninterest revenues

 

64,309

 

59,659

 

182,300

 

171,219

Noninterest expenses:

 

 

 

 

Salaries and employee benefits

 

62,883

 

57,280

 

178,407

 

170,252

Occupancy and equipment

 

9,867

 

10,134

 

31,437

 

30,627

Data processing and communications

 

12,966

 

12,096

 

38,123

 

33,342

Amortization of intangible assets

 

3,703

 

3,581

 

10,300

 

10,772

Legal and professional fees

 

3,352

 

2,365

 

8,885

 

8,577

Business development and marketing

 

2,383

 

3,145

 

7,071

 

7,162

Litigation accrual

(100)

2,950

(100)

2,950

Acquisition expenses

 

102

 

796

133

 

4,537

Other expenses

 

5,280

 

4,619

12,969

 

13,313

Total noninterest expenses

 

100,436

 

96,966

287,225

 

281,532

Income before income taxes

 

57,428

 

53,713

184,746

 

147,344

Income taxes

 

12,092

 

10,904

38,616

 

29,153

Net income

$

45,336

$

42,809

$

146,130

$

118,191

Basic earnings per share

$

0.84

$

0.80

$

2.70

$

2.23

Diluted earnings per share

$

0.83

$

0.79

$

2.68

$

2.22

The accompanying notes are an integral part of the consolidated financial statements.

4

COMMUNITY BANK SYSTEM, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In Thousands)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

Pension and other post retirement obligations:

  

 

  

 

  

 

  

Amortization of actuarial losses included in net periodic pension cost, gross

$

911

$

820

$

2,733

$

2,460

Tax effect

 

(219)

 

(197)

 

(657)

 

(591)

Amortization of actuarial losses included in net periodic pension cost, net

 

692

 

623

 

2,076

1,869

Amortization of prior service cost included in net periodic pension cost, gross

 

50

 

15

 

150

 

46

Tax effect

 

(12)

 

(4)

 

(36)

 

(11)

Amortization of prior service cost included in net periodic pension cost, net

 

38

 

11

 

114

 

35

Other comprehensive income related to pension and other post-retirement obligations, net of taxes

 

730

 

634

 

2,190

 

1,904

Unrealized (losses) gains on available-for-sale securities:

 

 

 

 

Net unrealized holding (losses) gains arising during period, gross

 

(21,268)

 

(8,821)

 

(168,621)

 

121,439

Tax effect

 

5,112

 

2,118

 

40,528

 

(29,155)

Net unrealized holding (losses) gains arising during period, net

 

(16,156)

 

(6,703)

 

(128,093)

 

92,284

Other comprehensive (loss) income related to unrealized gains (losses) on available-for-sale securities, net of taxes

 

(16,156)

 

(6,703)

 

(128,093)

 

92,284

Other comprehensive (loss) income, net of tax

 

(15,426)

 

(6,069)

 

(125,903)

 

94,188

Net income

 

45,336

 

42,809

 

146,130

 

118,191

Comprehensive income

$

29,910

$

36,740

$

20,227

$

212,379

As of

September 30, 

December 31, 

    

2021

    

2020

Accumulated Other Comprehensive (Loss) Income By Component:

  

Unrealized (loss) for pension and other post-retirement obligations

  

$

(35,384)

$

(38,267)

Tax effect

  

 

8,701

 

9,394

Net unrealized (loss) for pension and other post-retirement obligations

  

 

(26,683)

 

(28,873)

Unrealized (loss) gain on available-for-sale securities

  

 

(48,507)

 

120,114

Tax effect

  

 

11,364

 

(29,164)

Net unrealized (loss) gain on available-for-sale securities

  

 

(37,143)

 

90,950

Accumulated other comprehensive (loss) income

  

$

(63,826)

$

62,077

The accompanying notes are an integral part of the consolidated financial statements.

5

COMMUNITY BANK SYSTEM, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

Three months ended September 30, 2021 and 2020

(In Thousands, Except Share Data)

    

    

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Common Stock

Additional

Other

Deferred

Shares

Amount

Paid-In

Retained

Comprehensive

Treasury

Compensation

    

Outstanding

    

Issued

    

Capital

    

Earnings

    

(Loss) Income 

    

Stock

    

Arrangements

    

Total

Balance at June 30, 2021

 

53,918,695

$

54,064

$

1,037,088

$

1,015,742

$

(48,400)

$

(5,632)

$

8,238

$

2,061,100

Net income

 

 

 

 

45,336

 

 

 

 

45,336

Other comprehensive loss, net of tax