Successful and growing financial services company operating one of
the largest community banks based in Upstate New York, as well as significant
fee-based businesses that contribute meaningfully to revenue
Community Bank, N.A. serves retail, commercial and municipal
customers in its NY, PA, VT, and MA branches and through
its digital banking platform
Our employee benefit services business operates
nationally, while our wealth management
and insurance services businesses serve much
of the East Coast
Experienced and disciplined acquirer
Delivering value to shareholders
$15.8B
B A N K I N G
Community Bank, N.A.
$3.4B
20+
E M P L OY E E B E N E F I T S E R V I C E S
Benefit Plans Administrative
Services (BPAS)
W E A LT H & R E T I R E M E N T
Community Bank Wealth
Management
I N S U R A N C E S E R V I C E S
OneGroup
LETTER TO SHAREHOLDERS 2 PERFORMANCE PROFILE 4 CUSTOMER AND EMPLOYEE SPOTLIGHTS 10
EXECUTIVE MANAGEMENT 22 BOARD OF DIRECTORS 24 ADMINISTRATION 25
BRANCH AND DRIVE-THRU LOCATIONS 27 CORPORATE AND SHAREHOLDER INFORMATION 29
1
Looking at 2022 as a whole, Community Bank System, Inc. had a record year. Not only were we successful fi nancially, but our focus
on investing across all lines of business led to tremendous growth. Across the company, we are focused on technology solutions
for our customers and to improve our operating effi ciency. We implemented new commercial and cash management platforms
and delivered new and improved digital banking tools for our customers. Most importantly, we made key additions to our talent
bench to elevate our organization and position us for performance excellence. We now have the products, technology, talent and
service capacity in both the banking and fi nancial services businesses to compete very eff ectively with the larger banks across our
markets, which has created a signifi cant new organic market opportunity for us that we have not previously possessed. In addition,
our organization is dedicated to supporting and giving back to the communities in which we operate and has launched numerous
initiatives aimed at improving the lives of those around us. Our focus on serving our customers and communities is the foundation
of our business, and I am proud of the positive impact we have made.
Our year was signifi cantly impacted by the rapid rate increases by the Federal Reserve Open Market Committee (“FOMC”) throughout
2022 in their eff ort to control infl ation. Net income of $188.1 million, declined 0.9% from the record $189.7 million in 2021.
Diluted earnings per share totaled $3.46 for 2022, which decreased $0.02 per share, or 0.6%, from 2021. Operating diluted earnings
per share (non-GAAP) measured a record $3.58, up $0.09 per share, or 2.6%, over 2021. These results were achieved despite
much lower Paycheck Protection Program (“PPP”) revenues and a directional reversal in the provision for credit losses due to changes
in the macroeconomic outlook and unprecedented loan growth.
30TH CONSECUTIVE YEAR OF DIVIDEND INCREASES
Total revenues were meaningfully higher than in 2021 due to the continued improvements in net interest income driven by strong loan
growth throughout 2022. The combination of strong organic loan growth, the Elmira Savings Bank (“Elmira”) acquisition in the
second quarter, relatively stable deposit costs, and higher market interest rates that led to higher yields on new loan originations and
existing variable rate loans resulted in a $46.2 million, or 12.3%, increase in net interest income over the prior year. Noninterest revenues of
$258.7 million for the full year of 2022 increased from $246.2 for the full year of 2021. Overall noninterest revenues represented 38.1%
of total revenue, compared to a median of 19.8% for our peers. Average deposit balances increased $927.9 million, or 7.5%, between
2021 and 2022. Average deposit funding costs for 2022 of 0.11% remained 11 basis points lower than our peer median. Our Tier 1 leverage
ratio of 8.79% at December 31, 2022 was well above the regulatory well capitalized standard of 5%. The Company’s capital planning
and management activities, coupled with its historically strong earnings performance, diversifi ed streams of revenue and prudent
dividend practices, have allowed it to build and maintain strong capital reserves.
We increased our cash dividends by 2.3%. The $0.01 increase in
the quarterly dividend declared in the third quarter of 2022 marked
the 30th consecutive year of dividend increases for the Company.
The payment of a meaningful and growing dividend is an important
component of our commitment to provide consistent and
favorable long term returns to our shareholders, and it refl ects the
continued strength of our current operating performance and capital
position, and our confi dence in the future of the Company.
1.12
1.27
1.24
1.23
1.38
1.65
1.63
1.40
1.34
1.31
2.0%
1.0%
13
14
15
16
17
18
19
20
21
2222
1 Core ROAA, a non-GAAP measure excludes acquisition expenses,
acquisition-related provision for credit losses, acquisition-related
contingent consideration adjustments, gains (losses) on securities,
litigation accrual expenses, gain/loss on debt extinguishment,
amortization of intangibles and acquired non-PCD loan accretion.
2
$188.1M
$3.46
$3.58
1 Operating earnings per share is a non-GAAP measure and excludes
acquisition expenses, acquisition-related provision for credit losses,
acquisition-related contingent consideration adjustments, and gains
(losses) on securities, net of tax eff ect.
Emerging from the COVID-19 pandemic and the success of the
substantial federal government stimulus program to support citizens and
businesses led to a notable positive shift in the overall economic outlook.
However, during 2022 another signifi cant shift occurred as higher infl ation
prompted the FOMC to take swift action, raising short-term interest rates
425 basis points in 2022. Our performance was positively impacted resulting
in improved operating results, largely driven by the signifi cant increase in
net interest income and an increase in noninterest revenues, off set by
increases in operating expenses, the provision for credit losses and income
taxes. Year-end deposits totaled $13.0 billion, up 0.8% from 2021, while
average total deposits for 2022 grew 7.5% over 2021.
Our liquidity position remains strong. The Company’s banking subsidiary,
Community Bank, N.A. (the “Bank”), maintains a funding base largely
comprised of core noninterest-bearing demand deposit accounts and low
cost interest-bearing checking, savings and money market deposit accounts
with customers that operate, reside or work within its branch footprint.
The Company’s readily available sources of liquidity totaled $4.88 billion at
the end of 2022.
Asset quality remained consistent and solid, with nonperforming loans of
$33.4 million, or 0.38% of total loans outstanding at year-end, improved
from $45.5 million, or 0.62% of total loans outstanding at the end of 2021.
Net charge off s remained very low, at 4 basis points of average loans
outstanding during 2022. Exclusive of $3.9 million in acquisition-related
provision for credit losses due to the Elmira acquisition, the Company
recorded a provision for credit losses of $10.8 million for full year 2022,
compared to an $8.8 million net benefi t in the provision for credit losses
during the full year of 2021. The full year 2022 provision for credit losses
was refl ective of a $1.52 billion increase in non-PPP loans outstanding, while
the full year 2021 net benefi t in the provision for credit losses was refl ective
of the release of reserves in the fi rst three quarters of 2021 as the economic
outlook and the loan portfolio’s asset quality profi le both steadily
improved during that period.
Loan growth for 2022 totaled $1.44 billion, or 19.5%, driven by increases in
all fi ve of the Company’s loan portfolios due to net organic growth and the
Elmira acquisition despite an $83.8 million decrease in PPP loans.
Business lending loans increased $569.8 million, or 18.5%, consumer
mortgage loans increased $456.4 million, or 17.9%, consumer indirect loans
increased $349.9 million, or 29.4%, home equity loans increased
$35.9 million, or 9.0%, and consumer direct loans increased $23.8 million,
or 15.5%. Commercial loan pipeline remains healthy and there continues to
be an ample amount of new business opportunities for our fi nancial
services businesses.
3
PERFORMANCE PROFILE
CONTINUOUS GROWTH PROFILE
Our focus is always on building additional shareholder value into our diversified financial services enterprise. This is accomplished
through organic growth in core banking relationships, disciplined lending, selective and strategic acquisitions of bank and financial
services businesses, and a consistent approach to business regardless of economic conditions.
DILUTED
$ IN MILLIONS
$1.93
$2.22
$2.19
$2.32
$3.03
$3.24
$3.23
$3.08
$3.48
$3.46
346.8
363.4
371.7
429.5
518.1
568.8
584.9
596.4
620.6
679.4
13
14
15
16
17
18
19
20
21
22
13
14
15
16
17
18
19
20
21
22
10 -YEAR CAGR = 6.0%
10 -YEAR CAGR = 7.5%
$ IN MILLIONS
$ IN MILLIONS
238.1
244.4
248.4
273.9
315.7
345.1
359.2
368.4
374.4
420.6
108.7
119.0
123.3
155.6
202.4
223.7
225.7
228.0
246.2
258.8
13
14
15
16
17
18
19
20
21
22
13
14
15
16
17
18
19
20
21
22
10 -YEAR CAGR = 6.2%
10 -YEAR CAGR = 10.1%
$ IN BILLIONS
DECLARED
6.47
6.64
6.99
7.66
8.81
9.37
9.66
11.36
13.39
14.55
$1.10
$1.16
$1.22
$1.26
$1.32
$1.44
$1.58
$1.66
$1.70
$1.74
13
14
15
16
17
18
19
20
21
22
13
14
15
16
17
18
19
20
21
22
10-YEAR CAGR = 8.6%
10 -YEAR CAGR = 5.1%
1 Excluding securities gains/losses and debt extinguishment charges
4
A core operating objective of the Company is to optimize its customer delivery systems. In the bank, we remain focused on
enhancing the digital banking delivery systems, optimizing the branch network and pursuing strategic acquisitions. In the second
quarter of 2022 we completed the merger with Elmira to expand and enhance our presence in New York’s Southern Tier
and Finger Lakes regions. The merger added eight new branch locations in addition to the 212 customer facilities across Upstate
New York, Northeastern Pennsylvania, Vermont and Western Massachusetts.
With trends in customer behavior progressively shifting since the evolution of electronic banking and our pre-pandemic
commitment to expanding Community Bank’s digital offerings, we continue to explore ways in which customers can bank with
us digitally. We aim to provide the most convenient and sophisticated resources to our customers, in the most profitable way
for our shareholders. Since the rapid adoption of digital banking tools prompted by the COVID-19 pandemic, we continually evaluate
our physical branch network and prudently consolidate branch locations in overbanked regions, while continuing to ensure our
customers all have access to a local branch.
As of the end of 2022, 63% of total customers were digital banking users, while 55% and 26% of core deposit customers were
eStatement users and online bill pay users, respectively.
We continue to invest in our digital channels to enhance client experience, such as personal budgeting tools, Treasury Management
tools and simplified digital account opening and direct deposit setup. We have shifted investments in other areas to improve
efficiencies through workflow automation technology and drive digital traffic, including establishing our Digital Banking department.
We are also continually investing in information security infrastructure to ensure client and data information security.
Last year, we added back-office resources to reduce the mortgage loan pipeline and closing timelines and in 2022 we’ve seen a
significant shift toward online applications, with over 30% of the Bank’s residential mortgage applications being submitted digitally.
In addition to our traditional banking franchise, our focus on revenue quality and stability is enhanced through investments
in diversified and complementary revenue sources. Our diversification efforts focus on building momentum in our noninterest
income component of total revenues including employee benefits, wealth management and insurance services businesses.
In 2022, there was a $5.3 million or 2.9% increase in non-banking revenues, despite the challenge of lower financial market valuations
and prevailing economic uncertainty. While the Company’s wealth management and employee benefit services businesses
were negatively affected by the lower financial market valuations, the impact was partially mitigated by an increase in non-interest
revenue from the Company’s banking services.
BANKING
EMPLOYEE
BENEFIT SERVICES
WEALTH &
RETIREMENT
Community Bank, N.A.
BPAS
• Commercial Banking
• Retirement Plan & Benefits
Community Bank
Wealth Management
• Investment Advising
INSURANCE
SERVICES
OneGroup
• Risk Management
• Cash Management
Administration
• Retirement Plan Design
• Business Insurance
• Municipal
• Agricultural
• Business Banking
• Retail & Consumer
• Actuarial & Pension Services
• Asset Management
• Public-Sector Benefits & VEBA
• Trust Services
• Personal Insurance
• Employee Benefits
• Health & Welfare Plans
• Financial Planning
• Human Resources Services
• Collective Investment Fund
• Family & Succession
& Consulting
Planning
$420.6M
net interest income for 2022
$115.4M
non-interest revenues from
$31.7M
non-interest revenues from
$39.8M
non-interest revenues from
$71.9M
non-interest banking
revenues for 2022
employee benefit services
wealth management services
insurance services for 2022
for 2022
for 2022
5
Banking noninterest revenues increased $7.2 million for 2022, growing 11.2% over 2021, primarily from increases in deposit service
and other banking fees that benefitted from the continued post-pandemic recovery of economic activity, as well as incremental
revenues from the Elmira acquisition, offset, in part, by decreases in mortgage banking revenues. Community Bank’s total
noninterest revenues increased 5.1% to $258.7 million in 2022, accounting for 38.1% of total revenue. In comparison, the median
peer’s non-interest revenues comprised just 19.8% of total revenue in 2022. This significant differentiation continues to be an
important driver of our favorable long term shareholder returns. Through strategic investment, our non-banking businesses have
evolved into sophisticated and complex enterprises with fantastic technology and capabilities that we’re now leveraging into
much larger opportunities in the marketplace. During 2022, our Benefit Plans Administrative Services business rolled-out a state of
the art web-based, multi-device participant website that completely overhauled the digital experience for over 400,000 defined
contribution plan participants we service. In our OneGroup insurance services business, we acquired several smaller practices to
expand our customer base, grow revenues and leverage our service capabilities. To further accelerate growth momentum in our
Wealth Management business in July of 2022, we entered into a strategic relationship agreement with Jacobi Capital Management
to provide investment advisory services to our commercial and high net worth clients in Pennsylvania. We have achieved critical
scale in our nonbanking financial services businesses and expect to remain active acquirers in these spaces while continuing
to drive organic expansion across our national markets.
The success and growth of the Company’s business is largely dependent on its ability to attract, develop, and retain a population of
talented and high-performing employees with a diversity of background and skill sets at all levels of our organization. The Company
is committed to fostering a workforce in an inclusive environment that enhances the culture of shared identity, civility, dignity, and
respect. In 2022 we appointed a Culture and Diversity Officer to advance culture and diversity initiatives and lead key aspects of our
ESG strategy. In October of 2022, Dimitar Karaivanov, was promoted to Executive Vice President and Chief Operating Officer
of the Company and the Bank. Mr. Karaivanov has served as Executive Vice President of Financial Services and Corporate
Development since joining the Company in June 2021. In his role as Chief Operating Officer, Mr. Karaivanov had oversight over all
banking, wealth management, employee benefit services, and insurance services and related business activities. After bringing
fresh ideas and innovative thinking to his role as the Executive Vice President of Financial Services and Corporate Development,
Mr. Karaivanov effectively led the Company’s mergers and acquisition strategy and reshaped the Company’s wealth management,
employee benefit services, and insurance business units. Through this appointment, his focus will be on our banking operations
in order to optimize our core business with a focus on increased revenue growth.
At this year’s Annual Meeting of Shareholders, Jeffrey L. Davis will retire as a director of the Company. Jeff has been a
tremendous asset to our Board and our Company since joining in 2017 with the Merchants Bank merger. Jeff has served as a
member of the Audit Committee, Risk Committee, Trust & Financial Services Committee, and Chaired the Company’s
Governance Committee during his tenure. His guidance, insight and leadership laid the foundation for the Company’s governance
to meet the current and future expectations of our shareholders. Jeff’s positive outlook, steady hand and strong support
in our New England market will be missed. On behalf of the shareholders, Board and employees, we wish Jeff best wishes for
a happy and healthy retirement.
We believe we are well-positioned with strong fundamentals coupled with investments in technology and talent to provide superior
returns to our shareholders while continuing to support our customers and communities. Our solid capital position allows us to
pursue growth opportunities, invest in our infrastructure, and better serve our customers. Our expanding digital presence has
enabled us to reach new customers and enhance our services to our existing ones. Our diversified revenue streams provided by our
nonbanking businesses help us achieve stable and consistent returns. I would like to extend my sincerest gratitude to our employees
for their hard work and dedication, our shareholders for their continued support, and our customers for their loyalty.
Eric E. Stickels Chairman of the Board
Mark E. Tryniski President and Chief Executive Officer
6
Community Bank System has a well-earned reputation for attaining strong performance that refl ects our consistent approach to
business, regardless of the economic environment, and commitment to eff ective execution. Our success does not go unnoticed.
CULTURE AND DIVERSITY
In 2022, we appointed Monticia Prather as the Culture & Diversity Offi cer. The Culture & Diversity Council
was established in 2020 under the leadership of Executive Chair with the goal of unifying our employees across
CBSI business lines and improving our culture, diversity, and inclusion eff orts. The Council has made signifi cant
progress and identifi ed the need for a dedicated professional in this important role.
Monticia joined CBSI in 2017 and has held various roles within the organization. She has been an active member
of the community, serving on boards for the Champlain Valley Physician’s Hospital and the United Way of
The Adirondack Region, and has been recognized publicly for her leadership and community involvement eff orts.
Monticia received her master’s degree in Human Relations & Organizational Development in May 2021 and a
Leadership Certifi cate from Champlain College, demonstrating her commitment to continuous education and growth.
Her strong leadership skills, work ethic, institutional knowledge, community engagement, and passion to make a diff erence will serve her
well in her new role.
Our company-wide culture, values, and respect for individual diff erences are the source of our strength and sustainability, and we are
confi dent that Monticia will continue to help us support our employees, customers, and communities.
7
2022 ELMIRA SAVINGS
BANK ACQUISITION
STRENGTHENED SOUTHERN
TIER OF NEW YORK
Enhanced the Company’s
presence in fi ve counties of
New York’s Southern Tier and
Finger Lakes regions
Highly complementary franchise
with consistent performance
track record
Productive use of CBU’s capital
Immediately accretive to
operating EPS
$15.8B
Successful in-market strategy focused on high quality banking partners
through low-risk, accretive acquisitions
MOST RECENT BANKING ACQUISITIONS
Elmira Savings Bank
TRANSITION TYPE
WHOLE
NET BRANCHES
8
ASSETS IN MILLIONS
$583
Steuben Trust Corporation
TRANSITION TYPE
WHOLE
NET BRANCHES
11
ASSETS IN MILLIONS
$608
Kinderhook Bank Corp.
TRANSITION TYPE
WHOLE
NET BRANCHES
11
ASSETS IN MILLIONS
$643
Merchants Bancshares , Inc.
TRANSITION TYPE
WHOLE
NET BRANCHES
32
ASSETS IN MILLIONS
$1,999
Oneida Financial Corp
TRANSITION TYPE
WHOLE
NET BRANCHES
12
ASSETS IN MILLIONS
$769
Bank of America , N.A.
TRANSITION TYPE
BRANCH
NET BRANCHES
8
ASSETS IN MILLIONS
$303 (Deposits)
HSBC Bank U.S.A., N.A./First Niagara Bank, N.A.
TRANSITION TYPE
BRANCH
NET BRANCHES
19
ASSETS IN MILLIONS
$797 (Deposits)
Wilber Corporation
TRANSITION TYPE
WHOLE
NET BRANCHES
22
ASSETS IN MILLIONS
$848
$ IN BILLIONS
5.9
5.9
6.9
7.1
8.4
8.3
9.0
11.2
12.9
13.0
13
14
15
16
17
18
19
20
21
22
10-YEAR CAGR = 8.7%
8
DIVERSIFIED LENDING PORTFOLIO
Our loan portfolio is well balanced with approximately 42% in business
lending, 35% residential mortgage loans, and 23% in consumer installment
loans. Consumer loans include more than $1.5 billion of indirect lending,
refl ecting more than 35 years of experience of originating loans through
dealerships within our service footprint.
$3.6B business lending portfolio at 12/31/2022
$3.0B of consumer mortgage loans at 12/31/2022
$1.5B consumer indirect portfolio at 12/31/2022
$0.4B of home equity loans at 12/31/2022
$0.2B in consumer direct loans at 12/31/2022
$151,000 average residential mortgage origination amount
$69,000 average home equity origination amount
$27,000 average indirect loan origination amount
$567,000 average commercial loan relationship
at 12/31/2022
More than 900 dealerships serviced through indirect
dealer retail center
$8.8B
ASSET QUALITY METRICS
AS OF DECEMBER 31, 2022
Our asset quality metrics are consistently very
strong, refl ecting disciplined underwriting
standards, combined with a deep understanding
of our markets and customer base.
Net charge-off s to average loans
were just 4 basis points in 2022
Nonperforming loans to total
loans of 0.38%
Delinquent loans to total loans
of 0.89%
Allowance for credit losses to
nonperforming loans ratio of 183%
Allowance for credit losses to loans
outstanding was 0.69%
0.17% 0.15% 0.15% 0.13% 0.18% 015% 0.12% 0.07% 0.04%
0.04%
0.24%
0.12%
13
14
15
16
17
18
19
20
21
22
10-YEAR CAGR = -16.1%
9
BA NKING
From left, Doug Babbitt discusses
plans with Dave Fitz-Gerald.
DAVE FITZ-GERALD, CHIEF FINANCIAL OFFICER, CARRI S REELS
10
Carris Reels has been a reel manufacturer with a comprehensive product line for over 72 years. Their Employee Stock
Ownership Plan (ESOP) structure allows hundreds of employees to share in the success of the growing business.
For the last eight years, the strong partnership between Community Bank and Carris Reels has been led by Doug Babbitt,
Vice President and Commercial Banking Offi cer. Doug and the Community Bank team provide valuable support, refl ecting
values of integrity, excellence, teamwork, and humility, which align with Carris Reels’ values of safety, commitment to
customers, and ownership.
Carris Reels relies on Community Bank to play a vital role in helping the company secure the funds to continue their
growth trajectory and achieve long-term goals, such as modernizing certain manufacturing facilities. The relationship
emphasizes the importance of building trust, listening to our customers and understanding their business needs.
The growth Carris Reels has achieved has allowed them to better serve their employees and communities through
charitable contributions. The Community Bank team has played a signifi cant role in supporting Carris Reels with
the guidance and expertise necessary to achieve substantial and sustainable growth, while also meeting the unique
requirements of the ESOP ownership structure.
DO UG BA BBITT, VICE PRESIDENT AND COMMER CI AL BANKI NG OFFICER
8 YEARS WITH COMM UN ITY BANK
11
38.1%
BA NKING
COMMUNITY BANK WITH
COMMUNITY BANK WITH
STRONG MARKET PRESENCE
STRONG MARKET PRESENCE
Through a series of strategic acquisitions, we have built Community Bank
into one of the largest community banks based in Upstate New York
with more than $15 billion in total assets. Today, our branch network serves
individual and business customers across four states.
NORTHERN NEW YORK
North Country of New York, including the Adirondacks and east to the Vermont border
MARKET AREA ~16,700 Sq. Mi.
POPULATION 1,000,000
SOUTHERN NEW YORK
New York’s Southern Tier, encompassing much of Western New York and the Finger Lakes
MARKET AREA ~12,000 Sq. Mi.
POPULATION 2,800,000
CENTRAL NEW YORK
From the Eastern Shore of Lake Ontario through Syracuse and reaching the Hudson Valley
MARKET AREA ~7,200 Sq. Mi.
POPULATION 1,100,000
CAPITAL REGION NEW YORK
Serving Albany and the fi ve counties in and around the Capital District
MARKET AREA ~2,700 Sq. Mi.
POPULATION 600,000
PENNSYLVANIA
Serving the Northeastern portion of Pennsylvania
MARKET AREA ~4,100 Sq. Mi.
POPULATION 700,000
NEW ENGLAND
Encompassing Vermont and part of Western Massachusetts
MARKET AREA ~8,500 Sq. Mi.
POPULATION 1,100,000
EMPLOYEE SPOTLIGHT
PENNSYLVANNIA REGIONAL RETAIL
BANKING MANAGER
Susanne Mullin is a longstanding member of the Community
Bank team, having started her career as a Personal Banking
Representative in 1994. Over the years, she has held various roles
within the organization, including Branch Assistant, Branch Manager,
and District Manager. In January of last year, she assumed her
current position as PA Regional Retail Banking Manager.
Refl ecting on her experience at Community Bank, Susanne
emphasizes the company’s commitment to excellence for
employees, shareholders, and customers. She values the bank’s
unwavering dedication to core values of integrity and honesty,
which are never compromised.
12
SUSANNE MULLIN
29 YEARS WITH COMMUNI TY BANK
EMPLOYEE BE NE F IT S ERV IC ES
BPAS, Inc. is a national provider of retirement plans, benefi t plans, fund
administration, and collective investment trusts. It operates eight subsidiaries
through 13 offi ces located in the United States and Puerto Rico. These
subsidiaries include Benefi t Plans Administrative Services, LLC, BPAS
Actuarial & Pension Services, LLC, Hand Benefi ts & Trust, Hand Securities,
Inc., Northeast Retirement Services, LLC, Global Trust Company, BPAS Trust
Company of Puerto Rico, and Fringe Benefi ts Design of Minnesota.
Our benefi ts business is the primary contributor of
noninterest revenue which has grown at a 12.4% 10-year
CAGR (2012-2022).
BPAS is one of the country’s largest benefi ts plans providers,
serving more than 620,000 participants.
4,500 retirement plans
$107B in trust assets
~400 employees within our BPAS subsidiary
5 employee benefi t services acquisitions since 2015
EMPLOYEE SPOTLIGHT
VICE PRESIDENT, CONSULTING,
BPAS ACTUARIAL & PENSION SERVICES
Kevin has been with BPAS for over 30 years and oversees client
relationships, proactively manages those relationships, and ensures
client satisfaction of BPAS services. Kevin is actively involved in
the coaching and mentoring program, which helps employees
develop their skills and career path. Kevin has been encouraged and
supported through the years by BPAS management in pursuit of his
professional goals and thoroughly enjoys coaching and mentoring
young professionals embarking on their actuarial careers. He is
known for his exceptional communication skills and dedication to
delivering outstanding customer service. Kevin has helped establish
BPAS as a leader in the industry and he continues to play an
important role in shaping the future of BPAS.
EMPLOYEE PLAN
BENEFIT ADMINISTRATION
AND TRUST SERVICES
BPAS
Acquired 1998
Hand Benefits & Trust
Acquired 2007
BPAS Trust Company
of Puerto Rico
Founded 2012
Northeast
Retirement Services
Acquired 2017
Global Trust Company
Acquired 2017
Fringe Benefits Design
of Minnesota, Inc.
Acquired 2021
KEVIN WADE
33 YEARS WITH BPAS
13
EMPLOYEE BE NE F IT S ERV IC ES
From left, Amy Kemp goes over options with Eric Campbell.
ERIC C AMPBELL, CHIEF FIN ANCIAL OFFICER, OSWE GO HEALTH
14
Oswego Health has been providing acute care to its community for over 140 years. The partnership between Oswego
Health and BPAS began in 1998 with annual services to the Retirement Plan such as actuarial valuations, regulatory fi lings,
participant notices, benefi t calculations, and other actuarial services. Amy Kemp, Vice President, Consulting at BPAS
has managed the relationship with Oswego Health since 1998. Amy and the team at BPAS have provided consulting services
to Oswego Health to help with reducing retirement plan expenses and off ering other retirement benefi t alternatives
to the hospital system employees. This has allowed Oswego Health to provide consistent and reliable retirement benefi t
alternatives to their employees.
The partnership between Oswego Health and the BPAS team has evolved over time, to include a broader range of services,
including the record-keeping services for the 403(b) plan. BPAS has provided clear, concise, and trustworthy
recommendations which have allowed the administrative team at the hospital to work more effi ciently. The partnership has
fl ourished through a shared vision of providing excellent service to the community. Oswego Health’s core values of
caring for patients and employees, and being the trusted community hospital, are refl ected in the BPAS team’s unwavering
commitment to helping the hospital to provide retirement benefi ts and other postretirement benefi t plans to
Oswego Health employees.
A MY KEMP, VICE PRESIDENT, CONSULTI NG
MANAGING THE OSWEGO H EA LTH RE LATION SH IP FO R 25 YE A RS
15
WEALTH & RE TIR EM ENT
From left, George Pifer meets with Joe Butler.
GEORGE P IFER, WEALTH CUSTOMER FO R OVE R 20 YE ARS
16
George Pifer, a retired resident of Watertown, NY and an avid fi sherman, has been relying on Joe Butler, a fi nancial
advisor at Community Bank Wealth Management, for almost 20 years. George chose Community Bank Wealth
Management after his previous fi nancial planner failed to meet his expectations, and he values their conservative
approach to ensure the growth and protection of his wealth into his retirement years. Joe and George meet
regularly to review his portfolio and discuss any minor adjustments.
George appreciates the size and nature of Community Bank’s locations and their friendly and cordial employees.
Joe speaks fondly of their relationship, noting their mutual care and respect for one. The partnership strengthened
signifi cantly over time, with George entrusting Joe with investing his entire retirement portfolio.
Their partnership refl ects the Community Bank Wealth Management commitment to integrity, honesty, and relationship
building. The team’s open communication, risk management strategies, and common interests enable them to build
enduring relationships with their clients.
JO E BUTLER, FINANCIAL ADVISOR AIF®
OVER 20 YEARS WITH COMM UNIT Y BAN K WE ALT H M A N AGE M E NT
17
WEALTH & RE TIR EM ENT
WEALTH MANAGEMENT SERVICES IN NY, PA, VT,
MA AND FL
Our wealth management subsidiaries including Community Investment
Services, Inc., Nottingham Advisors, Inc., Community Bank Trust Services,
The Carta Group, Inc. and OneGroup Wealth Partners, Inc. Through these we
provide comprehensive asset management, strategic wealth planning and
management, and trust administration.
$7.3B assets under management or administration
$31.7M in 2022 total revenues
6 wealth management services acquisitions since 2017
120+ Financial Professionals
100+ years of serving the needs of our customers
EMPLOYEE SPOTLIGHT
VP, CFP,® FINANCIAL CONSULTANT,
COMMUNITY BANK WEALTH MANAGEMENT
Dan Drappo has been a Financial Consultant at Community Bank
Wealth Management for nearly 29 years. He started in 1994
and helped build out a program and a team of fi nancial planners and
consultants. Dan is a Certifi ed Financial Planner, demonstrating
his expertise and commitment to his profession and providing
top-notch fi nancial planning services to clients. Dan appreciates
the collaborative and team oriented culture at Community, which
is focused on open communication, sharing of ideas, perspectives
and strategies. Receiving the support to pursue his professional
and career goals while working at Community has allowed Dan to
achieve professional designations and become actively involved
in various community organizations within his close-knit
community of Watertown, NY.
18
DAN DRAPPO
29 YEARS WITH COMMUNI TY BANK
WEALTH MANAGEMENT
INSURANCE SERVICE S
ONE GROUP
OneGroup has over 200 experts and specialists in a wide range
of business and personal services striving to reduce overall cost of risk.
With 17 locations across eastern United States, OneGroup is one of
the fastest-growing insurance brokers in the United States serving clients
nationally and internationally.
$39.8M revenue in 2022
100+ years of industry experience
OneGroup is a leading risk
management and insurance broker
providing holistic solutions
Business Insurance
Personal Insurance
Risk Management and Consulting
Claims Management
Employee Benefi ts
8th largest bank-owned property/casualty agency in
Insurance Journal’s 2022 ranking
Human Resources Services
and Consulting
12 insurance services acquisitions since 2015
Supporting organic growth through opportunistic M&A
Recently acquired several personal lines practices
in Florida and New York and a Boston-based
specialty-lines commercial insurance broker
EMPLOYEE SPOTLIGHT
VICE PRESIDENT OF INFORMATION
SYSTEMS AT ONEGROUP
Linda has been an integral member of Community Bank’s
OneGroup team for over 30 years, starting as a data processor and
working her way up to Vice President of Information Systems.
She values the company’s culture, which prioritizes diversity,
community, and personal growth. With the Company’s support,
Linda has had the opportunity to be involved in various professional
organizations and pursue personal and lifestyle goals within the
community of Oneida, NY. Linda served on the SAUCI Board, the
research and development committee for Vertafore, has been
LINDA FIND LAY
involved with NETVU and has even worked as a country-wide
educator. OneGroup’s family-like culture has remained consistent
as it has grown and supports Linda’s deep connection to the
community, as well as the growth of the small-town community.
33 YEARS WI TH ONE GROUP AND
COMMUNITY BANK
19
INSURANCE SERVICE S
From left, Cyndi Borozny and Carole Krytusa review a policy.
CY NDI B OROZNY, CHIEF FINANCIAL OFFI CER, TH E ARC NEW YORK
20
The Arc New York is a not-for-profi t organization that provides services to individuals with disabilities throughout
New York State. OneGroup Senior Vice President of Business Insurance, Carole Krytusa has managed the relationship with
The Arc New York for the last 17 years.
OneGroup has supported The Arc New York achieve several signifi cant goals, such as underwriting their workers
compensation insurance policy and launching a single retirement program for all chapters across the state to participate in.
The partnership has enabled The Arc New York to improve the safety of their employees through a comprehensive policy
covering all 36 chapters of the organization, updating policy language to account for new risks in today’s
environment, establishing risk management policies and the development of an injury reporting program and
claims review processes.
Carole and the OneGroup team have taken the time to understand The Arc New York’s values and mission, which
has helped to build trust, understanding, and confi dence between the two organizations. OneGroup’s culture, which values
innovation, transparency, and community engagement, aligns closely with The Arc New York values and mission and
has played a large part in the growth of this partnership over time.
The strong partnership between OneGroup and The Arc New York has
enabled both organizations to expand their relationship over time, off ering
new products and services to The Arc New York, and make a positive
impact within their communities. Over the duration of this relationship,
OneGroup has gained the expertise to better serve customers in the social
services segment.
CARO LE KRYTUSA, SENIOR VICE PRESIDENT BUSI NESS I NSURANCE AT ONEGROUP
21
Mark E. Tryniski
PRESIDENT and
CHIEF EXECUTIVE OFFICER
Joined CBU in 2003 and has previously
served as CFO and COO. Prior to
joining the company, he was a partner
with PricewaterhouseCoopers, LLP.
Dimitar A. Karaivanov
EVP, CHIEF OPERATING OFFICER
Joined Community Bank System in
June 2021. Prior to then, Mr. Karaivanov
served as Managing Director in
Lazard’s Financial Institutions Group.
Joseph E. Sutaris
EVP, CHIEF FINANCIAL OFFICER
Joined CBU in 2011 following its
acquisition of The Wilber Corporation,
where he held several roles,
including CFO.
Maureen Gillan-Myer
EVP, CHIEF HUMAN
RESOURCES OFFICER
Prior to joining Community Bank System
in October 2021, Ms. Gillan-Myer
served as Senior Executive Vice President
and Chief Human Resources Officer
of HSBC, USA.
Michael N. Abdo
EVP, GENERAL COUNSEL
Prior to joining CBU in 2013, he served
as an associate with Cadwalader
Wickersham & Taft in its New York City
Office, with a focus on commercial
and financial litigation.
Jeffrey M. Levy
SVP, PRESIDENT of
COMMERCIAL BANKING
Joined CBU in 2018 as a regional
executive and was promoted
in January 2022 to his current role.
Mr. Levy previously worked at
NBT Bank and M&T Bank.
22
From left to right: Michael Abdo, Dimitar Karaivanov, Mark Tryniski,
Jeffrey Levy, Maureen Gillan-Myer and Joseph Sutaris
INVESTMENT CONSIDERATIONS: CBU
Consistent business model for over 20 years
Market-leading branch system serving predominantly
non-urban markets
Excellent core deposit base
Focused on strong customer relationships
Committed to successful operating strategy focused
on intelligent low-risk acquisitions, organic growth, and
prudent capital management
Disciplined growth through organic and
acquired opportunities
Focused on low-risk accretive mergers and acquisitions
Goal of 10% average annual shareholder returns over time
Cash dividend payment raised every year for the past
30 years, providing a meaningful dividend and yield
Focus on revenue diversifi cation
Successful and eff ective operating strategy
Strong fundamentals with strong asset quality on
a consistent basis
NYSE-listed company with both signifi cant institutional
ownership and signifi cant liquidity
415%
OWNERSHIP SUMMARY
AS OF DECEMBER 31, 2022
53.7M shares outstanding
39.3M shares held by institutions
73% of shares held by institutions
321 institutional holders
Approximately 14.4M retail shares
Approximately 27% of outstanding
shares are retail shares
23
Eric E. Stickels
CHAIRPERSON OF THE BOARD
RETIRED PRESIDENT, COO and SECRETARY
ONEIDA FINANCIAL CORP.
DIRECTOR SINCE 2015
Brian R. Ace
RETIRED OWNER LACEYVILLE HARDWARE
COMMITTEES Governance; Compensation
DIRECTOR SINCE 2003
Mark J. Bolus
PRESIDENT and CEO
BOLUS MOTOR LINES, INC.
COMMITTEES Compensation, Chair;
Strategic/Executive; Trust and Financial Services
DIRECTOR SINCE 2010
Neil E. Fesette
OWNER, PRESIDENT and CEO
FESETTE REALTY, LLC and
FESETTE PROPERTY MANAGEMENT
COMMITTEES Strategic/Executive, Chair;
Compensation; Governance
DIRECTOR SINCE 2010
Kerrie D. MacPherson
RETIRED SENIOR PARTNER
ERNST & YOUNG, LLP
COMMITTEES Audit; Trust and Financial Services
DIRECTOR SINCE 2019
Jeff rey L. Davis
PRESIDENT J.L. DAVIS, INC.
COMMITTEES Governance, Chair; Audit
DIRECTOR SINCE 2017
Jeff ery J. Knauss
FORMER CEO and CO-FOUNDER DIGITAL HYVE
COMMITTEES Governance
DIRECTOR SINCE 2021
John Parente
CEO CP MEDIA, LLC
COMMITTEES Trust and Financial Services, Chair;
Strategic/Executive
DIRECTOR SINCE 2010
Raymond C. Pecor, III
PRESIDENT LAKE CHAMPLAIN
TRANSPORTATION COMPANY
COMMITTEES Risk, Chair; Compensation
DIRECTOR SINCE 2017
Susan E. Skerritt
RETIRED CHAIRWOMAN, CEO and PRESIDENT
DEUTSCHE BANK TRUST COMPANY AMERICAS
COMMITTEES Audit; Compensation
DIRECTOR SINCE 2020
Mark E. Tryniski
PRESIDENT and CEO
COMMUNITY BANK SYSTEM, INC.
DIRECTOR SINCE 2006
Sally A. Steele
LEAD DIRECTOR
ATTORNEY AT LAW
COMMITTEES Governance; Strategic/Executive;
Trust and Financial Services
DIRECTOR SINCE 2003
John F. Whipple, Jr.
CEO BUFFAMANTE WHIPPLE BUTTAFARO, P.C.
COMMITTEES Audit, Chair; Governance
DIRECTOR SINCE 2010
24
NOTE All bank board members
participate in the Risk Committee
EXECUTIVE
Mark E. Tryniski, President and Chief Executive Officer
Dimitar A. Karaivanov, EVP, Chief Operating Officer
Joseph E. Sutaris, EVP, Chief Financial Officer
Maureen Gillan-Myer, EVP, Chief Human Resources Officer
Mike Abdo, EVP, General Counsel
Jeffrey M. Levy, SVP, President of Commercial Banking
RETAIL BANKING
Hal Wentworth, SVP, Retail Banking and Marketing
Anita Bourgeois, SVP, Retail and Municipal Banking Manager
Lynne Wadsworth, Branch Services Administrator
Dara Penny, Director of Marketing
Kent Backus, Senior Regional Retail Banking Manager
Lisa Allenson, Senior Regional Retail Banking Manager
Jody Tonkery, Senior Regional Retail Banking Manager
Janet Briggs, Regional Retail Banking Manager
Robert Liedka, Regional Retail Banking Manager
Susanne Mullin, Regional Retail Banking Manager
Victoria Strader, Regional Retail Banking Manager
COMMERCIAL/CONSUMER LENDING
AND CREDIT ADMINISTRATION
Scott Boser, SVP, Director of Consumer and Mortgage Lending
John Keshavan, SVP, Regional Credit Officer
Susan McCarthy, SVP, Regional Credit Officer
James Murphy, SVP, Chief Commercial Credit Officer
FINANCE & TREASURY MANAGEMENT
Joseph J. Lemchak, SVP, Chief Investment Officer
Deresa Durkee, SVP, Corporate Controller
Robert Frost, VP, Director of Financial Planning and Analysis
Sean Howard, Senior Treasury Officer
ADMINISTRATIVE SERVICES
Danielle Cima, Senior Associate General Counsel,
Corporate Secretary
Colin Quillinan, Associate General Counsel Compliance
Anna Richards, Associate General Counsel
Dorothy Quarltere, Chief Compliance Officer
Brett Fisk, Director of Facilities
Randy Pray, Corporate Purchasing Manager
INFORMATION TECHNOLOGY & OPERATIONS
Aaron Friot, SVP, Chief Technology and Operations Officer
Paula Demo, Director of Operations
Shelley Quinn, Director of Customer Care and Cash Management
RISK MANAGEMENT
Paul Ward, SVP, Chief Risk Officer
Dennelle Michalski, Director of Risk Management
Timothy Miller, Chief Information Security Officer
John Miller, Bank Secrecy Officer
Gail Whipple, Director of Internal Audit
COMMUNITY BANK
COMMERCIAL BANKING
W E S T E R N R E G I O N
John Eagleton, SVP, Commercial Banking Group Manager
Christopher Humphrey, SVP, Commercial Banking Team Leader
N O R T H E R N R E G I O N
Allen Racine, Commercial Banking Team Leader
Ronald Bacon, Commercial Banking Team Leader
S Y R AC U S E / O N E I DA R E G I O N
Russell Brewer, SVP, Commercial Banking Group Manager
Thomas Breed, Commercial Banking Team Leader
S O U T H E R N R E G I O N
D. James Vedora, SVP, Commercial Banking Group Manager
Ed Michalek, Commercial Banking Team Leader
C E N T R A L R E G I O N
Jeffrey Lord, SVP, Commercial Banking Sales Manager
C A P I TA L R E G I O N
Ken Countermine, SVP, Commercial Banking Group Manager
P E N N S Y LVA N I A R E G I O N
Barbara Maculloch, Regional President Pennsylvania
Matthew Dougherty, SVP, Commercial Banking Group Manager
N E W E N G L A N D R E G I O N
Matthew Durkee, Regional President New England
Bruce Bernier, SVP, Commercial Banking Group Manager
Patrick Calecas, Commercial Banking Team Leader
WEALTH MANAGEMENT GROUP
Paul Restante, Managing Director
COMMUNITY INVESTMENT SERVICES, INC.
Theresa Kalil-Lennon, SVP, Sales and Marketing Director
Scott Duggleby, SVP, Regional Sales Manager
Chasity Jaynes, SVP, Director of Operations
TRUST SERVICES
Charles Perrillo, SVP, Chief Trust Investment Officer,
South Burlington
Catherine Koebelin, SVP, Chief Trust Officer, Olean
Karissa McDonough, SVP, Senior Fixed Income Strategist
Kristopher Hacker, SVP, Senior Equity Strategist
NOTTINGHAM ADVISORS, LLC
100 Corporate Parkway, Suite 338, Amherst, NY
Thomas Quealy, Chief Executive Officer
Lawrence Whistler, President, Chief Investment Officer
ONE GROUP
706 North Clinton Street, Syracuse, NY
Pierre Morrisseau, Chief Executive Officer
Chris Mason, President
BENEFIT PLAN SERVICES
B PA S
6 Rhoads Drive, Utica, NY
Paul M. Neveu, Chief Executive Officer
Linda S. Pritchard, SVP, Recordkeeping Services
3401 Masons Mill Road, Suite 601, Huntingdon Valley, PA
Mary Anne Geary, President
B PA S AC T U A R I A L A N D P E N S I O N S E R V I C E S
706 North Clinton Street, Syracuse, NY
Vincent F. Spina, President
Steven P. Chase, SVP
Sarah E. Dam, SVP
60 East 42nd Street, Suite 1062, New York, NY
Sheryl Gabriel, SVP
H A N D B E N E F I T S & T R U S T
820 Gessner, Suite 1250, Houston, TX
Stephen Hand, President
Kathy A. Harvey, SVP
Gregg K. Zimmerman, SVP
B PA S T R U S T C O M PA N Y P U E R T O R I C O
VIG Tower, 1225 Ponce De Leon Ave, Suite 804, San Juan, PR
Alfredo Matheu, BPAS President, Puerto Rico
N O R T H E A S T R E T I R E M E N T S E R V I C E S , I N C . ( N R S )
12 Gill Street, Suite 2600, Woburn, MA
Chris Hulse, Chief Executive Officer
Freddie Jacobs, Chief Operating Officer
Frank Lallos, Chief Business Officer
Christopher Ellis, Chief Financial Officer
C O M M U N I T Y B A N K , N . A .
PENNSYLVANIA REGIONAL ADVISORY BOARD
John Basalyga
William Ruark
Colleen Doyle, Esq.
Lissa Bryan-Smith
John Graham
James Shoemaker, Esq.
Gerard O’Donnell
Tara Mugford Wilson
25
A HIGHLY COST-EFFECTIVE FUNDING NETWORK
We have built an eff ective and highly effi cient funding engine powered by
our strong market position in primarily non-metropolitan locations across
New York, Pennsylvania, Vermont, and Massachusetts. This strength is
refl ected by our fi rst or second market share in approximately two thirds
of the towns and cities where we have a branch location.
63%
Approximately 93% of deposits come from core checking,
money market and savings accounts.
DIGITAL TRANSFORMATION
$13.0B of total deposits at 12/31/2022
$4.2B in noninterest-bearing deposits at 12/31/2022
$12.1B of core checking & savings deposits at 12/31/2022
Deposit funding costs averaged 0.11% for full year 2022
Interest checking accounts were 24.8% of total deposits
Money market accounts were 17.7% of total deposits
Savings accounts were 18.7% of total deposits
Time deposits were 7.0% of total deposits
35,000 new retail checking accounts opened in 2022
5,000 new business checking accounts opened in 2022
Selected Financial Highlights
Income Statement
IN MILLIONS
Net interest income
Noninterest income
Total revenue1
Operating expenses2
Net income
Net interest margin
2022
2012
$ 420.6
258.7
679.4
419.5
188.1
2.92%
$
$
230.4
99.2
329.4
203.5
77.1
3.88%
$
Per Share Data (Diluted)
Earnings per share
Operating earnings per share3
Cash dividends declared
Book value
Tangible book value
$
$
3.46
3.58
1.74
28.88
12.93
Balance Sheet Data
END OF PERIOD, IN MILLIONS
Assets
Loans
Deposits
Shareholders’ equity
$
15,836
78,809
13,012
1,552
$
$
$
$
$
1.93
2.12
1.06
22.78
13.72
7,497
3,866
5,628
903
CAGR
10-YEAR
6.2%
10.1%
7.5%
7.5%
9.3%
(2.8%)
6.0%
5.4%
5.1%
2.4%
(0.6%)
7.8%
8.6%
8.7%
5.6%
1 Excluding securities gains/losses and debt extinguishment charges
2 Excluding acquisition-related expenses
3 Operating EPS is a non-GAAP measure and excludes acquisition expenses, acquisition-related provision for
credit losses, acquisition-related contingent consideration adjustment and gains(losses) on securities.
26
Investing for the future also means
strengthening our digital capabilities.
In recent years, we have made signifi cant
upgrades to our customer-facing
technology, creating robust and easy
to use platforms that have earned
positive feedback from our customers.
These enhancements have included a new
mobile banking app launched in 2020,
a small business loan application online
portal, a treasury management tool
for business and municipal customers, and
a loan application portal for second-draw
PPP loans. Our focus on technology
also supports our eff orts to implement
environmentally sound practices.
For example, our online mortgage banking
platform helps to reduce paper usage
during the lending process.
More than 253,000 active
mobile banking users
26% of consumer core deposit
customers use online bill pay
55% of core deposit customers
are eStatement users
31% of residential mortgage
applications submitted online
More than 7.1 million monthly
debit card transactions on
average in 2022
Hinesburg
Jericho
Johnson
Manchester
Rutland (Green Mountain Plaza)
Rutland (Woodstock Ave)
Drive-thru Only
South Burlington
(Shelburne Rd)
South Burlington
(Williston Rd)
South Hero
Springfield, MA
Springfield, VT
St. Albans
St. Johnsbury
Vergennes
Waterbury
White River Junction
Drive-thru Only
Williston (Cottonwood Dr)
Wilmington
Winooski
PENNSYLVANIA
Back Mountain
Carbondale Drive-thru Only
Clarks Summit
Daleville
Edwardsville Drive-thru Only
Freeland
Hazleton (Airport Rd)
Hazleton (South Church St)
Jermyn
Kingston
Laceyville
Lansford
Lehighton
Meshoppen
Montrose
Olyphant
Pittston
Scranton (Keyser Ave)
Scranton (Minooka)
Scranton (North Washington Ave)
Scranton (Wyoming Ave)
Tunkhannock
Wilkes Barre (Liberty Plaza)
Wilkes Barre (South Main St)
Wyalusing
NORTHERN NEW YORK
Adams
Alexandria Bay
Ausable Forks
Black River
Canton (Court St)
Drive-thru Only
Canton (Main St)
Champlain
Chateaugay
Clayton
Fulton
Gouverneur
Hannibal
Harrisville
Indian Lake
Lake Placid
Long Lake
Lowville (State St)
Lowville (Turin Rd)
Drive-thru Only
Lyons Falls
Madrid
Malone (Elm St) Drive-thru Only
Malone (West Main St)
Massena
North Creek
Norwood
Ogdensburg (State St)
Oswego
Plattsburgh (Margaret St)
Plattsburgh (Route 3)
Potsdam (Market St)
Potsdam (May Rd)
Drive-thru Only
Pulaski
Saranac Lake (Broadway)
Saranac Lake (Lake Flower)
Drive-thru Only
St. Regis Falls
Star Lake
Ticonderoga
Tupper Lake
Watertown (Arsenal St)
Watertown (Washington St)
West Carthage
Whitehall
SOUTHERN NEW YORK
Addison
Alfred
Allegany
Arkport
Avon
Bath
Belfast
Belmont
Bolivar
Boonville (Headwaters Plaza)
Drive-thru Only
Boonville (Main St.)
Camden
Canandaigua
Cassadaga Drive-thru Only
Cato
Cicero
Clarence
Clifton Springs (Main St)
Clifton Springs (Clifton Plaza)
Drive-thru Only
Clymer
Corning (West Market St)
Corning (West Pulteney St)
Cuba
Dansville
Dewitt
Dunkirk (Central Ave)
Dunkirk (Vineyard Dr)
Elmira (Big Flats)
Elmira (East Water St.)
Elmira (Southport)
Elmira (West Church St.)
Elmira (West Water St.)
Falconer
Fillmore
Franklinville
Geneseo
Geneva
Gowanda
Hammondsport
Henrietta
Hornell (Steuben Square)
Horseheads (Consumer Square)
Horseheads (Grand Central Ave)
Ithaca (East Buffalo St)
Ithaca (South Meadow St)
Ithaca (Triphammer)
Ithaca (West State St)
Jamestown (Brooklyn Square)
Lakewood
Livonia
Moravia
Mount Morris
Naples
Newark Plaza
North Collins
Olean (Delaware Park)
Drive-thru Only
Olean (North Union St)
Orchard Park
Ovid
Painted Post
Palmyra
Penn Yan (Lake St)
Drive-thru Only
Penn Yan (Main St)
Phelps
Portville
Randolph
Ripley
Rome (Griffiss Park)
Rome (Turin Rd)
Rushville
Salamanca
Seneca Falls
Sherman
Silver Creek
Skaneateles
Springville (North Buffalo St)
Springville (South Cascade Dr)
Warsaw
Waterloo
Watkins Glen
Wellsville (North Highland Ave)
Wellsville (North Main St)
Westfield
Westmoreland
Woodhull
Yorkshire
CENTRAL NEW YORK
Boiceville
Canastota
Cazenovia
Chittenango
Cobleskill
Cooperstown (Otsego)
Delhi
Hamilton
Johnson City
Milford
Morris
Nichols
Norwich Town
Oneida (182 Main St)
Oneida (585 Main St)
Oneonta (Chestnut St)
Oneonta (Main St)
Oneonta (Southside)
Owego
Schenevus
Sidney
Vernon
Walton
CAPITAL REGION
OF NEW YORK
Albany
Amsterdam
Canajoharie
Chatham
Delmar
East Greenbush
Greenport
Johnstown
Kinderhook
Latham
Valatie
NEW ENGLAND
Vermont and Massachusetts
Barre
Bennington
Bradford
Brattleboro
Bristol
Burlington (College St)
Burlington (North Ave)
Enosburg
Essex Junction
Fair Haven
Hardwick
27
DILUTED
$1.93
$2.22
$2.19
$2.32
$3.03
$3.24
$3.23
$3.08
$3.48
$3.46
13
14
15
16
17
18
19
20
21
22
10 -YEAR CAGR = 6.0%
Stock Performance
AT 12/31/22
CLOSING
PRICE
PRICE/EARNINGS
(TTM)
AVERAGE 3-MONTH
DAILY VOLUME
52 WEEK HIGH
STOCK PRICE
52 WEEK LOW
STOCK PRICE
$62.95
18.19
215,000
$74.05
$54.63
$ IN MILLIONS
78.8
91.4
91.2
103.8
150.7
168.6
169.1
164.7
189.7
188.1
Total Shareholder Returns (ANNUALIZED)
1 YEAR 5 YEARS 10 YEARS 15 YEARS
CBU
(13.2%) 5.8% 11.7% 11.5%
S&P 600 Commercial Banks Index
(7.9%) 3.6% 10.9% 5.2%
KBW Regional Bank Index
(6.9%) 3.5% 10.4% 5.4%
13
14
15
16
17
18
19
20
21
22
10 -YEAR CAGR = 9.3%
Through December 31, 2022 or most recent available,
including reinvestment of dividends
Source: Bloomberg
Integrity
WE DO THE RIGHT THING
Excellence
WE ALWAYS BRING OUR BEST
O U R C O R E V A L U E S
Teamwork
WE WORK TOGETHER
Humility
WE RESPECT EVERYONE
28
10.85%
Investor Information
Investor and shareholder information
regarding Community Bank System, Inc.,
including all fi lings with the Securities and
Exchange Commission, is available through
the company’s website: cbna.com
Copies may also be obtained without charge
upon written request to:
Marguerite Geiss
Investor Relations Department
Community Bank System, Inc.
5790 Widewaters Parkway
DeWitt, NY 13214-1883
315.445.7313
marguerite.geiss@cbna.com
CORPORATE HEADQUARTERS
Community Bank System, Inc.
5790 Widewaters Parkway
DeWitt, NY 13214-1883
PHONE 315.445.2282 or 800.724.2262
FAX 315.445.7347
cbna.com
Annual Meeting
Wednesday, May 17, 2023
12:00pm EST
Turning Stone Resort Casino
Onondaga Conference Room
5218 Patrick Road
Verona, New York 13478
STOCK LISTING
CBU
The common stock symbol of
Community Bank System, Inc. listing
on the New York Stock Exchange
(NYSE)
CmntyBkSys
Newspaper listing for common stock
TRANSFER AGENT AND
REGISTRANT OF STOCK
Shareholders requiring a change
of name, address or ownership
of stock, or information about
shareholder records, lost or stolen
certifi cates, and dividend checks,
direct deposit and reinvestment
should contact:
AST
Operations Center
6201 15th Avenue
Brooklyn, NY 11219
astfi nancial.com
General questions: 877.253.6847
INDEPENDENT AUDITORS
The Board of Directors appointed
PricewaterhouseCoopers, LLP
as auditor for the company for the
year ended December 31, 2022.
ANALYST COVERAGE
The following analysts published
research about Community Bank
System in 2022:
American Capital Partners
Anthony Polini / 908.625.1931
apolini@acpweb.com
D.A. Davidson & Co.
Manuel Navas / 212.223.5405
mnavas@dadco.com
Hovde Group LLC
Erik E. Zwick / 617.510.1239
ezwick@hovdegroup.com
Keefe, Bruyette & Woods, Inc.
Christopher O’Connell / 212.887.4725
oconnellch@kbw.com
Piper Sandler
Alexander Twerdahl / 212.466.7916
alex.twerdahl@psc.com
Raymond James Financial Inc.
Steve Moss / 202.872.5931
steve.moss@raymondjames.com
Stephens, Inc.
Matthew M. Breese / 401.658.1114
matt.breese@stephens.com
INVESTOR’S CHOICE PROGRAM
CBU off ers convenient,
low-cost options for investors
wishing to steadily buy shares.
For information, contact:
AST
Operations Center
6201 15th Avenue
Brooklyn, NY 11219
astfi nancial.com
General questions: 877.253.6847
SA FE HARBOR STATEMENT
The Community Bank System, Inc. Annual Report contains forward-looking statements,
within the provisions of the Private Security Litigation Reform Act of 1995, that are based
on current expectations, estimates, and projections about the industry, markets and
economic environment in which the company operates. Such statements involve risks
and uncertainties that could cause actual results to diff er materially from the results
discussed in these statements. These risks are detailed in the company’s periodic reports
fi led with the Securities and Exchange Commission.
29
COMMUNITY BANK SYSTEM, INC.
5790 Widewaters Parkway
DeWitt, NY 13214-1883
800.724.2262
315.445.7347 fax
cbna.com