---
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"
generated_at: "2026-06-20T04:20:57.640627+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-009318
- JSON: https://secwatch.observer/filing/0001104659-23-009318.json
- Plain text: https://secwatch.observer/filing/0001104659-23-009318.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.