Community Bank System sells $786M in securities, takes ~$39.6M after-tax loss in repositioning

COMMUNITY FINANCIAL SYSTEM, INC.

Sold $786.1M book value of lower-yielding AFS debt securities; after-tax loss ~$39.6M.
Proceeds of $733.8M used to repay wholesale borrowings with ~320 bps spread benefit.
Loss expected to be recouped within ~2 years; neutral on book value, accretive to future earnings and ratios.
Expects over $1.3B in investment securities cash flows in 2023, including ~$600M from maturities.
Repositioning expected to improve Tier 1 leverage and tangible equity ratios by ~20 bps.

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