---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-050410"
form_type: "8-K"
ticker: "CBU"
cik: "0000723188"
company_name: "COMMUNITY FINANCIAL SYSTEM, INC."
filed_at: "2024-04-23T23:59:59+00:00"
generated_at: "2026-06-03T12:48:32.210267+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Community Bank System Q1 2024 net income $40.9M ($0.76 EPS); record revenue $177.3M

## Summary
- Net income of $40.9M ($0.76 diluted EPS) increased $35.1M YoY; operating net income of $43.8M ($0.82) decreased $5.9M YoY.
- Total revenues of $177.3M, a quarterly record, up 42.4% YoY; financial services revenues of $52.0M also a record, up 5.8% YoY.
- Total loans of $9.88B, up 1.8% from Q4 2023 and 10.0% YoY; total deposits of $13.35B, up 3.3% from Q4 2023.
- Tier 1 leverage ratio of 9.01% well above the regulatory well-capitalized standard of 5.0%.
- Annualized loan net charge-offs were 0.12% for the quarter.

## SEC filing metadata
- accession: 0001104659-24-050410
- form_type: 8-K
- ticker: CBU
- cik: 0000723188
- company_name: COMMUNITY FINANCIAL SYSTEM, INC.
- filed_at: 2024-04-23T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723188/000110465924050410/0001104659-24-050410-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723188/000110465924050410/tm2412446d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-050410
- JSON: https://secwatch.observer/filing/0001104659-24-050410.json
- Plain text: https://secwatch.observer/filing/0001104659-24-050410.txt

## Key facts
- Earnings Releases
  COMMUNITY FINANCIAL SYSTEM, INC. reported first quarter 2024 results: revenue $177.3 million, net income $40.9 million, EPS $0.76 per fully diluted share.
  - Period: first quarter 2024
  - Revenue: $177.3 million
  - Net income: $40.9 million
  - EPS: $0.76 per fully diluted share
  - Result: reported results
  source text: First Quarter 2024 Performance Summary · Net income of $40.9 million, or $0.76 per fully diluted share, increased $35.1 million, or $0.65 per fully diluted share, from the prior year’s first quarter and increased $7.2 million, or $0.13 per fully diluted share, from the fourth quarter of 2023 · Operating net income, a non-GAAP measure that excludes the after-tax effects of acquisition expenses, acquisition-related contingent consideration adjustments, restructuring expenses, litigation accrual, gain on debt extinguishment, loss on sales of investment securities, unrealized gain (loss) on equity securities and amortization of intangible assets from net income, of $43.8 million, or $0.82 per fully diluted share, decreased $5.9 million, or $0.10 per fully diluted share, from the prior year’s first quarter and was consistent with the fourth quarter of 2023 · Total revenues of $177.3 million, a new quarterly record for the Company, increased $52.8 million, or 42.4%, from the prior year’s fir
  evidence_url: https://www.sec.gov/Archives/edgar/data/723188/000110465924050410/0001104659-24-050410-index.htm

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