{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-23-009318","form_type":"8-K","ticker":"CBU","cik":"0000723188","company_name":"COMMUNITY FINANCIAL SYSTEM, INC.","filed_at":"2023-02-01T23:59:59+00:00","discovered_at":"2026-05-14T18:03:47.887385+00:00","generated_at":"2026-06-20T04:20:57.640627+00:00","sec_items":["8.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Community Bank System sells $786M in securities, takes ~$39.6M after-tax loss in repositioning","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-23-009318","json":"https://secwatch.observer/filing/0001104659-23-009318.json","markdown":"https://secwatch.observer/filing/0001104659-23-009318.md","text":"https://secwatch.observer/filing/0001104659-23-009318.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/723188/000110465923009318/0001104659-23-009318-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/723188/000110465923009318/tm235190d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-20T04:20:57.640627+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}