secwatch.observer — SEC 8-K summary
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Issuer:     COMMUNITY FINANCIAL SYSTEM, INC. (CBU)
CIK:        0000723188
Form:       8-K
Filed at:   2023-04-25T23:59:59+00:00
Accession:  0001104659-23-049397
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/723188/000110465923049397/0001104659-23-049397-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/723188/000110465923049397/tm2313624d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-049397

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer