Highest-materiality recent filing
Community Financial System closes $39M cash acquisition of ClearPoint Federal Bank & Trust
All-cash deal valued at $39M; ClearPoint has $1.5B AUM and 9.7% three-year revenue CAGR.
Community Financial System to acquire ClearPoint Federal Bank & Trust for $40M in cash
All-cash acquisition of ClearPoint Federal Bank & Trust for $40M, subject to purchase price adjustment.
Jeffrey M. Levy retired as SVP and Chief Banking Officer of Community Bank, N.A., effective December 31, 2025.
Community Bank completes acquisition of seven Santander branches in Allentown, PA
Acquired approximately $553M in deposits and $31.9M in performing loans from Santander Bank.
Community Financial System invests $37.4M in Leap Holdings (insurtech MGA for rental housing)
Acquired ~$37.35 million in preferred and common stock of Leap Holdings, Inc., a minority investment.
CBU Q2 2025: Net income $51.3M ($0.97), record revenues $199.3M, up 8.4% YoY
Net income $51.3M ($0.97 diluted EPS), up $0.06 YoY; operating net income $55.4M ($1.04 per share).
Community Bank to acquire 7 Santander branches in Allentown, PA, adding ~$600M deposits
Acquires 7 Santander branches in Allentown area; assumes ~$600M deposits and ~$33M loans.
Community Financial System appoints Marya Burgio Wlos as EVP and CFO, effective March 31, 2025
Marya Burgio Wlos appointed EVP & CFO effective March 31, 2025; Joseph Sutaris to retire but will stay through July 1 for transition.
CBU Q4 net income $49.8M ($0.94/share); record total revenues $196.3M, up 10.9% YoY
Q4 net income $49.8M ($0.94 EPS) vs $0.63 EPS in Q4 2023; full-year net income $182.5M ($3.44 EPS) up $0.99/share YoY.
Community Financial System Q3 EPS $0.83, revenue record $188.9M; loans up 2.3% QoQ
Net income $43.9M ($0.83 diluted EPS), up $0.01 YoY but down $0.08 from Q2.
Community Financial System Q2 net income $47.9M ($0.91 EPS); total revenues record $183.8M
Net income $47.9M ($0.91 diluted EPS) up $0.02 YoY; operating EPS $0.95, down $0.01 YoY.
Quarterly dividend increased to $0.46 per share, up $0.01 or 2.2% from prior quarter.
Community Bank System Q1 2024 net income $40.9M ($0.76 EPS); record revenue $177.3M
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.
CBU records $5.8M wage litigation accrual; cuts Q4 2023 EPS by $0.08
Settlement agreed on Feb 5, 2024 for threatened class action under FLSA and state labor laws.
Q4 EPS $0.71 down $0.26 YoY; record revenue $177M but net income $38.3M
GAAP EPS $0.71 vs $0.97 in Q4 2022; operating EPS $0.76 vs $0.96.
CEO Mark Tryniski retires; Dimitar Karaivanov becomes President and CEO effective Jan 1, 2024
Mark Tryniski retired as President and CEO on Dec 31, 2023, consistent with previously announced succession plan.
Community Bank System Q2 net income $48.3M ($0.89 EPS); dividend raised to $0.45
GAAP EPS $0.89, up from $0.73 a year ago; operating EPS $0.91 (non-GAAP), up $0.06 YoY.
Mark Tryniski to step down as President & CEO on Dec 31, 2023; will remain a director through Dec 31, 2024 if nominated.
Community Bank System Q1 net income $5.8M ($0.11 EPS) vs $47.1M ($0.86) YoY; operating EPS $0.86
GAAP EPS $0.11, down from $0.86; includes $52.3M pre-tax loss on sale of AFS securities ($0.75/share hit).
Community Bank System sells $786M in securities, takes ~$39.6M after-tax loss in repositioning
Sold $786.1M book value of lower-yielding AFS debt securities; after-tax loss ~$39.6M.
CBU Q4 GAAP EPS $0.97, up 21% YoY; operating EPS $0.96; loan growth strong
Q4 GAAP EPS $0.97 vs $0.80 YoY; operating EPS $0.96 vs $0.81; full-year GAAP EPS $3.46 vs $3.48.
CBU Q3 2022 EPS $0.90 (+8.4% YoY); record adjusted PPNR $1.25
GAAP and operating EPS of $0.90, up from $0.83 in Q3 2021; net income $48.7M.
Community Bank System COO promotion and Retail Banking president retirement
Joseph Serbun, President Retail Banking, retires effective Sept 30, 2022 after 14 years.
Community Bank System Q2 net income $39.8M, EPS $0.73, down 17% YoY
GAAP EPS $0.73 vs $0.88 a year ago; operating EPS (non-GAAP) $0.85 vs $0.88.
Joseph E. Sutaris, who previously notified the Company and the Bank of his intent to retire as Executive Vice President and Chief Financial Officer, will remain with the Company and the Bank through July 1, 2025
announced the appointment of Marya Burgio Wlos as Executive Vice President and Chief Financial Officer of the Company and the Bank, effective as of March 31, 2025.
On February 13, 2025, Susan E. Skerritt, a member of the Board of Directors (the “Board”) of Community Financial System, Inc. (the “Company”) notified the Company that she will not stand for re-election at the Company’s 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and will retire from the Board, effective immediately following the 2025 Annual Meeting.
On November 7, 2024, Joseph E. Sutaris notified Community Financial System, Inc. (the “Company”) of his intention to retire, effective in or around the third quarter of 2025, from his position as the Executive Vice President (“EVP”) and Chief Financial Officer of the Company
On September 30, 2024, Community Financial System, Inc. (the “Company”) and its wholly owned banking subsidiary, Community Bank, N.A. (the “Bank”), appointed Deresa F. Durkee as Senior Vice President (“SVP”) and Chief Accounting Officer, effective immediately.
On September 25, 2024, Community Financial System, Inc.’s (the “Company”) Board of Directors (the “Board”) elected Savneet Singh as a new independent director, effective as of October 1, 2024.
elected Michele Sullivan as a new independent director, effective as of February 1, 2024.
On January 1, 2024, Dimitar A. Karaivanov, the Company’s Executive Vice President and Chief Operating Officer (“COO”), was appointed as the Company’s and the Bank’s President and Chief Executive Officer.
As previously announced, Mr. Karaivanov was appointed to serve as a Director of the Company and the Bank, effective January 1, 2024.
Consistent with the previously announced succession plan, on December 31, 2023, Mark E. Tryniski, the President and Chief Executive Officer of Community Bank System, Inc. (the “Company”) and its wholly-owned subsidiary, Community Bank, N.A. (the “Bank”) retired as an executive officer of the Company and the Bank.
Mr. Karaivanov’s election to the Board is part of the previously announced succession plan in which Mr. Karaivanov will assume the role of President and Chief Executive Officer of the Company and the Bank effective as of January 1, 2024.
elected Dimitar Karaivanov, the Company’s Executive Vice President and Chief Operating Officer (“COO”), to serve as a Director of the Company and its wholly-owned subsidiary, Community Bank, N.A. (the “Bank”), effective as of January 1, 2024.
Max materiality 0.85 · Median 0.55 · Most common event earnings