---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-049397"
form_type: "8-K"
ticker: "CBU"
cik: "0000723188"
company_name: "COMMUNITY FINANCIAL SYSTEM, INC."
filed_at: "2023-04-25T23:59:59+00:00"
generated_at: "2026-06-16T17:29:18.227725+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Community Bank System Q1 net income $5.8M ($0.11 EPS) vs $47.1M ($0.86) YoY; operating EPS $0.86

## Summary
- GAAP EPS $0.11, down from $0.86; includes $52.3M pre-tax loss on sale of AFS securities ($0.75/share hit).
- Operating EPS (non-GAAP) $0.86, down $0.01 from Q1 2022.
- Net interest margin 3.20%, up 47 bps YoY; total deposits +$98M (0.8%) from Dec 2022.
- Provision for credit losses $3.5M vs $0.9M in Q1 2022 on weaker economic outlook.
- Total liquidity $4.69B, over double uninsured deposits; loan growth $172.9M (2.0%) linked quarter.

## SEC filing metadata
- accession: 0001104659-23-049397
- form_type: 8-K
- ticker: CBU
- cik: 0000723188
- company_name: COMMUNITY FINANCIAL SYSTEM, INC.
- filed_at: 2023-04-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723188/000110465923049397/0001104659-23-049397-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723188/000110465923049397/tm2313624d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-049397
- JSON: https://secwatch.observer/filing/0001104659-23-049397.json
- Plain text: https://secwatch.observer/filing/0001104659-23-049397.txt

## Key facts
- Earnings Releases
  COMMUNITY FINANCIAL SYSTEM, INC. reported First Quarter 2023 results: net income $5.8 million, EPS $0.11.
  - Period: First Quarter 2023
  - Net income: $5.8 million
  - EPS: $0.11
  - Result: reported results
  source text: Community Bank System, Inc. (the “Company”) (NYSE: CBU) reported first quarter 2023 net income of $5.8 million, or $0.11 per fully-diluted share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465923049397/0001104659-23-049397-index.htm

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