Diversified Growth.
PROVEN HISTORY.
2024
ANNUAL
REPORT
1
Community Financial System, Inc. (CFSI) is a diversified financial services enterprise that is focused on four main business lines –
banking, employee benefit services, insurance services and wealth management services.
Its banking subsidiary, Community Bank, N.A. is among the country’s 100 largest banking institutions with over $16 billion in
assets and operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and
Western Massachusetts.
The Company’s Benefit Plans Administrative Services, Inc. (BPAS) subsidiary is a leading provider of employee benefits
administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a
national scale.
The Company’s OneGroup NY, Inc. (OneGroup) subsidiary offers personal and commercial and other risk management products
and services.
The Company also offers comprehensive financial planning, trust administration and wealth management services through its
Wealth Management operating unit.
The Company is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU.
Community Financial System, Inc.
ABOUT US
BANKING SERVICES
INSURANCE SERVICES
Businesses
WEALTH MANAGEMENT SERVICES
EMPLOYEE BENEFIT SERVICES
Community Financial System, Inc. Annual Report 2024 | 2
Table of Contents
Letter to Shareholders ..........................................................................................................3
President and CEO, Community Financial System, Inc.
Performance Highlights .........................................................................................................6
Selected Financial Highlights ..............................................................................................8
Excellence Recognized ..........................................................................................................9
Business Segments .............................................................................................................. 10
Message from Jeffrey Levy .................................................................................................11
SVP, Chief Banking Officer, Community Bank, N.A.
Message from Pierre Morrisseau ......................................................................................13
CIC, President and CEO, OneGroup
Message from Michael Cerminaro ...................................................................................15
President and CEO, Community Bank Wealth Management
Message from Paul Neveu ..................................................................................................17
President and CEO, BPAS
Executive Management .......................................................................................................21
Board of Directors .................................................................................................................22
Administration ....................................................................................................................... 23
Branch Listing .........................................................................................................................24
Corporate / Shareholder Information .........................................................................26
Lake Placid, New York
3
I stepped into the President & CEO role on January 1, 2024 after a smooth
transition and with as much preparation as possible.
With the benefit of a year behind me, I have come to appreciate that the
gamut of things that come across my desk is truly fascinating and hard to
truly prepare for. With that said, I often tend to reset back to my big “To
Dos” below:
VISION AND STRATEGY
This past September we hosted an Investor Day at the New York Stock
Exchange. We talked a lot about the evolution of our Company into a
Financial System, not just a Bank System (and changed our holding
company name accordingly). We have now formally organized ourselves
around our four wonderful businesses – Banking, Insurance Services,
Wealth Management Services and Employee Benefit Services. Here is
why this is important to all of us as shareholders – for various reasons
outside of our control, the banking sector has underperformed the
S&P 500 for the majority of the past 20 years. Financial services more
broadly have done better, and certain subsegments of the financials
sector have done really well – including insurance brokerage, wealth
management, and processing/services related businesses. We deeply
love our Banking business, it is the backbone of our Company and we
take pride both in its performance and in its impact on our communities.
We also feel very fortunate that we have approximately one third of our
total revenues coming from sectors that have been outperforming. I don’t
know how things may change going forward but we are in the business
of permanence, and permanence is hard to build if you have only one
leg on your stool and it goes in and out of favor by the markets. By both
In 2024, we reinforced
our vision as a diversified
financial system,
balancing growth,
stability, and long-
term value creation.
By investing in our
people, expanding our
services, and maintaining
disciplined capital
allocation, we continued
to build a company
designed for permanence.
As we move into 2025,
our focus remains on
delivering sustainable
growth, strengthening our
communities, and driving
above average returns
with below average risk.
Dimitar A. Karaivanov
President and CEO,
Community Financial System, Inc.
2024 operating
noninterest revenues1
derived from its financial
services businesses.
74%
1 Operating noninterest revenues is a non-GAAP measure. A reconciliation of GAAP to
Non-GAAP measures is provided in Item 7, Table 20 of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2024.
Diversified Growth
TO OUR SHAREHOLDERS
AND EMPLOYEES,
Community Financial System, Inc. Annual Report 2024 | 4
design and good fortune our evolution has been almost the opposite of
the broader banking sector and today approximately 40% of our revenues
come from stable, subscription-like fee income streams as compared to
less than 19% for the broader banking sector.
I would encourage all of you interested to review the recording of the
Investor Day for a deeper look. You can really see the permanence in each
one of our businesses evidenced in the consistent, steady, revenue growth
in each line and overall revenue growth regardless of the ups and downs
of the business cycle. To put it simply – our vision and strategy is to keep
growing a diversified financial services company, maintain a low volatility
profile and provide for sustainable growth in earnings and dividends.
PUTTING THE RIGHT PEOPLE IN THE RIGHT SEATS
Execution of the strategy comes down to one thing – people. The strategy
piece is frankly easy, it is the execution that makes the difference. People
is the first pillar of our overall strategic plan which the Board approved
back in October 2023 (Data, Business Mix and Excellence being the other
three pillars) and we have been executing well against the plan. In 2024
we both elevated excellent internal talent and attracted terrific external
talent across all of our businesses. I keep a close eye to the healthy mix
of internal and external talent additions and I could not be more excited
about watching them grow our Company over the next years to come.
CAPITAL ALLOCATION
Arguably one of the most important jobs of
any steward of capital and certainly the most
immediately visible to our shareholders. Here
is the framework you can expect from us going
forward:
a. Organic growth – for our Company this
comes in two forms: 1. Expanding our services
footprint across all four of our businesses – e.g.
launching new services and products, hiring
talent, opening new offices – predominantly
reflected in income statement expenses which
generally will be a drag for the first couple of
years, followed by highly attractive returns
in subsequent periods, and 2. Supporting the
balance sheet growth of our Banking business
which also generates attractive, double digit
returns. In 2024, we invested approximately $70
million in these initiatives.
b. Acquisitions across all of our businesses – we
have a long history of acquisitions in each one of
our four businesses and a deep understanding
of what works for us and what doesn’t. We are
constantly looking for opportunities to generate
double digit and growing return on invested
capital with limited downside in highly durable
operations. We also have a strong bias towards
utilizing cash in acquisitions – we generate
cash capital and are in the business of cash
capital deployment, not share issuances. We
also love our Company and our share ownership
and would rather trade an asset that doesn’t
intrinsically appreciate for a business that does.
When in doubt I tend to stick to the basics –
more income and less shares seems like a good
basic. In 2024, we invested approximately $20
million in cash acquisitions in our Employee
Benefit Services and Insurance Services
businesses.
c. Dividends – a critical part of our overall
shareholder return and the best example of the
permanence of our Company. We have now
grown our dividend for 32 consecutive years, a
rare feat in the public company space. In 2024,
we returned $96 million in dividends to our
shareholders.
Scan to visit
Community Financial System, Inc.
Investor Day 2024
5
d. Share repurchases – a wise CFO of a very successful bank in the
Southeast told me once “we don’t get paid 18x earnings to buy back
shares” and I couldn’t agree more. With that said, there are times when
the market noise overwhelms intrinsic value and we took advantage
of an excellent opportunity in 2024 to buy back 1,000,000 shares for
approximately $46 million. We will continue to pay close attention to such
market disruptions.
CULTURE AND VALUES
A big part of my job is to be Chief Evangelist of our values – Integrity,
Excellence, Teamwork, and Humility. As a shareholder you should know
that those are non-negotiable in our Company and our approximately
3,000 employees are expected to build on them one interaction at a
time. In 2024, we also formalized our collective purpose – “Contribute to
the prosperity of our Community, including our clients, colleagues and
shareholders.” We do that by consistently: 1. Providing warm, trustworthy,
and personalized service to our clients; 2. Serving each other with
respect; 3. Building a strong community through our local focus, care
and volunteerism; 4. Allowing our core values of Integrity, Excellence,
Teamwork and Humility to guide us in our everyday work, and 5. Delivering
Above Average Returns to our shareholders while managing Below
Average Risk to ensure our long-term success. I am humbled to report
that our Banking business was acknowledged by the American Bankers
Community Foundation with their Volunteerism award – our employees
spent more than 15,000 hours of volunteering in both 2023 and 2024.
A couple of brief reflections on our business results. In short, we had an
excellent year. Revenue growth in our businesses were 4% in Banking and
Corporate, 12% in Employee Benefit Services,
7% in Insurance Services and 15% in Wealth
Management Services. Combined, operating
revenues were up 6%. We gained market share
while managing operating noninterest expenses
to a 5% increase. This led to overall operating
pre-tax pre-provision net revenue growth of
7% over 2023. However, bottom line results
were impacted by an increase in our allowance
for credit losses (of importance credit quality
remains very strong and net charge offs were
approximately half of peer levels) and also an
uptick in the tax rate. Following this letter, you
will find more detailed reports for each of the
businesses. In aggregate, while the accounting
adjustments and assumptions come and go,
I would say that any year that we can grow
operating revenues at a high single digit rate
while keeping credit risk low is an excellent year.
Onto 2025!
Dimitar A. Karaivanov
President and CEO,
Community Financial System, Inc.
in nonbanking fees/
revenue amongst KRX 1,2,3
#1
in fees/revenue
amongst KRX 1,3
#2
in cost of funds
amongst KRX 1,3
#1
(tied) in consecutive annual
dividend increases amongst KRX 3
#2
Our Core Values
Humility
We Respect Everyone
Teamwork
We Work Together
Excellence
We Always Bring Our Best
Integrity
We Do the Right Thing
1 Full Year 2024 results.
2 Regulatory income statement basis. Non-bank revenue
includes fiduciary, investment banking, insurance and
other noninterest income to capture employee benefit
services revenue.
3 The KRX Regional Banking Index (KRX) is a market index
that tracks the performance of 50 publicly traded banks
and thrifts in the U.S.
Performance Highlights
Community Financial System, Inc. Annual Report 2024 | 6
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24
10-Year CAGR = 7.5%
Total Operating Revenues1 $ in Millions
$745.6
$704.3
$679.4
$620.6
$596.4
$584.9
$568.8
$518.1
$429.5
$371.7
$363.4
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24
10-Year CAGR = 4.5%
Earnings per Share Diluted
$3.44
$2.45
$3.46
$3.48
$3.08
$3.23
$3.24
$3.03
$2.32
$2.19
$2.22
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24
10-Year CAGR = 6.3%
Net Interest Income $ in Millions
$449.1
$437.3
$420.6
$374.4
$368.4
$359.2
$345.1
$315.7
$273.9
$248.4
$244.4
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24
10-Year CAGR = 4.6%
Operating Earnings per Share2 Diluted
$3.65
$3.57
$3.80
$3.69
$3.45
$3.53
$3.50
$2.88
$2.43
$2.37
$2.34
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24
10-Year CAGR = 9.6%
Operating Noninterest Revenues1 $ in Millions
$296.4
$267.0
$258.8
$246.2
$228.0
$225.7
$223.7
$202.4
$155.6
$123.3
$119.0
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24
10-Year CAGR = 4.6%
Dividend Growth Declared
$1.82
$1.78
$1.74
$1.70
$1.66
$1.58
$1.44
$1.32
$1.26
$1.22
$1.16
1 Operating revenues, a non-GAAP measure, and operating noninterest revenues, a non-GAAP measure, exclude securities gains/losses and gains/losses on debt
extinguishment. A reconciliation of GAAP to Non-GAAP measures is provided in Item 7, Table 20 of the Company’s Annual Report on Form 10-K for the year ended
Decebmer 31, 2024.
2 Operating earnings per share, a non-GAAP measure, excludes net of tax the effect of acquisition related expenses, gains/losses on investment securities, amortization
of intangible assets and other special charges. A reconciliation of GAAP to Non-GAAP measures is provided in Item 7, Table 20 of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2024.
7
Investment Thesis
BELOW AVERAGE RISK
Manage Risk & Earnings Volatility Through:
• Revenue Diversity & Stability
• Cost of Funds Management
• Credit & Net Charge-off Management
• Risk-Weighted Asset Management
ABOVE AVERAGE RETURNS
Provide Solid Earnings & Shareholder Return:
• Premium Return on Assets
• Long-term Shareholder Value & Return
Core Return on Assets1
2024
5-Yr Avg
10-Yr Avg
1.21%
1.12%
1.31%
1.12%
1.38%
1.13%
0.00%
0.50%
1.00%
1.50%
CBU KRX (median)2
Cost of Funds
2024
5-Yr Avg
10-Yr Avg
1.38%
2.40%
0.52%
1.01%
0.36%
0.83%
0.00%
1.00%
2.00%
3.00%
CBU KRX (median)2
Net Charge-off Ratio
2024
5-Yr Avg
10-Yr Avg
0.10%
0.19%
0.06%
0.15%
0.10%
0.14%
0.00%
0.10%
0.20%
0.30%
CBU KRX (median)2
CBU KRX (median)2
Core Return on Equity1
2024
5-Yr Avg
10-Yr Avg
11.4%
9.9%
10.8%
10.1%
10.3%
9.8%
0.00%
5.00%
10.00%
15.00%
ABOVE AVERAGE RETURNS
WITH BELOW AVERAGE RISK
Sources: S&P Global, internal filings.
1 Core income, a non-GAAP measure, is net income after taxes and before extraordinary items, less net income attributable to noncontrolling interest, gain or loss
on the sale of securities, amortization of intangibles, goodwill and nonrecurring items. Core ROA is defined as core income divided by average period assets;
annualized. Core ROE is defined as core income divided by average period equity; annualized.
2 The KRX Regional Banking Index (KRX) is a market index that tracks the performance of 50 publicly traded banks and thrifts in the U.S.
Community Financial System, Inc. Annual Report 2024 | 8
Select Financial
Highlights
Income Statement (in millions)
Net interest income
Operating noninterest revenues1
Total operating revenues1
Operating noninterest expenses2
Net income
Per Share Data (Diluted)
Earnings per share
Operating earnings per share3
Cash dividends declared
Book value
Tangible book value
Balance Sheet Data (End of period, in millions)
Assets
Loans
Deposits
Shareholders’ equity
FY 2024
$
449.1
296.4
745.6
472.0
$
182.5
$
3.44
3.65
1.82
33.47
$
17.20
$ 16,386
10,432
13,442
$
1,763
FY 2014
$
244.4
119.0
363.4
219.4
$
91.4
$
2.22
2.34
1.16
24.24
$
15.63
$
7,489
4,236
5,935
$
988
10-Yr
CAGR
6.3%
9.6%
7.5%
8.0%
7.2%
4.5%
4.6%
4.6%
3.3%
1.0%
8.1%
9.4%
8.5%
6.0%
1 Operating noninterest revenues, a non-GAAP measure, and total operating revenues, a non-GAAP measure, exclude
securities gains/losses and debt extinguishment gains/losses. A reconciliation of GAAP to Non-GAAP measures is
provided in Item 7, Table 20 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
2 Operating noninterest expenses, a non-GAAP measure, excludes acquisition-related expenses, litigation accrual,
restructuring expenses and amortization of intangible assets. A reconciliation of GAAP to Non-GAAP measures is
provided in Item 7, Table 20 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
3 Operating earnings per share, a non-GAAP measure, excludes net of tax the effect of acquisition related expenses,
gains/losses on investment securities, amortization of intangible assets and other special charges. A reconciliation of
GAAP to Non-GAAP measures is provided in Item 7, Table 20 of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2024.
Springfield, Massachusetts
9
Excellence
Recognized
Community Financial System,
Inc. continues to be recognized
for its strong performance,
highlighting our commitment
to shareholders, customers,
and employees. In 2024, our
dedication to excellence and
industry leadership remained
evident through continued
achievements and milestones.
S&P Dividend Aristocrat
CBU’s 32 years of consecutive annual
dividend increases have allowed it to retain
the status as an S&P Dividend Aristocrat.
NAPA Top DC Advisor Team
OneGroup Retirement Advisors, a segment of
Wealth Management, was named to the 2024
NAPA Top DC Advisor Teams list for the sixth
consecutive year.
Vermont Business
Magazine “Best Bank”
Regularly named a “best bank” in our
communities, including by Vermont Business
Magazine in 2024.
Volunteerism Award
Received Volunteerism award by the American
Bankers Association in 2024.
Forbes America’s Best
Large Regional Bank
Ranked in top 25 of Forbes America’s Best
Large Regional Banks for 13 of the last 16
years and named to the World’s Best Banks
in 2024.
Top 100 P/C Agency
OneGroup was ranked #66 in Insurance Journal’s
Top 100 Property & Casualty Agencies of 2024,
marking its third consecutive year on the list and an
improvement of nine spots from the previous year.
Bank Director’s Best US Bank
Ranked #89 in Bank Director’s, Best US banks
between $5 and $50 billion in total assets for
2024. An improvement of 27 places and marks the
third consecutive year CBU has been recognized.
NAPA Advisors’ Choice
BPAS: NAPA Advisors’ choice award top 5 record
keeper 2024 for the 3rd consecutive year.
Community Financial System, Inc. Annual Report 2024 | 10
Banking Services
Commercial Banking
Treasury Management
Governmental
Business Banking
Retail & Consumer
Insurance Services
Risk Management
Business Insurance
Personal Insurance
Employee Benefits
Human Resources Services & Consulting
Wealth
Management Services
Investment Advising
Retirement Plan Design
Asset Management
Trust Services
Financial Planning
Family & Succession Planning
Diversified and Complementary
Revenue Streams
1 Segment-level operating revenue results. Segment results include certain Intercompany transactions that are eliminated in consolidation to Community Financial
System, Inc. Segment-level operating results are presented utilizing methodology consistent with the Segment Information disclosure in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2024.
$445.8M1
Net Interest Income for 2024
2.5% increase from 2023
Employee
Benefit Services
Retirement Plan & Benefits Administration
Actuarial & Pension Services
Public-Sector Benefits & VEBA
Health & Welfare Plans
Collective Investment Fund
$137.4M1
Operating revenues from employee
benefit services for 2024
11.9% increase from 2023
$50.5M1
Operating revenues from
insurance services for 2024
6.7% increase from 2023
$38.7M1
Operating revenues from wealth
management services for 2024
14.9% increase from 2023
$78.2M1
Noninterest banking revenues for 2024
11.8% increase from 2023
11
Banking Services
JEFFREY LEVY
In 2024, we strengthened
our foundation for
growth—expanding into
key markets, deepening
client relationships, and
leveraging technology
to enhance our banking
experience. As we look
ahead to 2025, our focus
remains on strategic
expansion and delivering
the high-touch service
that sets us apart.
Jeffrey Levy
SVP, Chief Banking Officer,
Community Bank, N.A.
EXPANDING OUR REACH: GROWTH & INNOVATION IN 2024
Our banking business had another strong year in 2024. We executed
well on our strategic initiatives, delivering solid financial performance
across all lines of business. Our focus remains on driving organic growth
by deepening relationships with our existing business and retail banking
clients, expanding our customer base, and leveraging the value-added
services of our Employee Benefit, Insurance, and Wealth Management
partners.
We continue to enhance the customer experience through strategic
investments in talent, technology, and digital banking enhancements.
These efforts have once again earned us recognition from respected
national and regional publications, including Forbes, Newsweek, and “Best
Bank” awards in Pennsylvania and Vermont, highlighting our industry-
leading service and financial strength.
EXPANDING OUR PRESENCE
We continuously evaluate opportunities to optimize our delivery networks
and expand strategically in response to market demand. In 2024, we
focused on strengthening our existing footprint while identifying high-
potential growth markets. As part of this effort, we are in the early stages
of establishing eighteen new branches, marking the most significant
capital investment in our retail banking franchise in our 159-year history.
This initiative is already underway, with our first two new branches
opening in Syracuse, New York, in late 2024 and Buffalo, New York, in
February 2025. By expanding our reach, we are creating new opportunities
for customers, strengthening local economies, and enhancing access to
our growing suite of services.
MARKET EXPANSION & GROWTH
Our disciplined market strategy and execution have led to deeper
penetration in our core, legacy markets, reflected in year-over-year growth
in loans, deposits, and fee income. We also gained market share in Upstate
New York’s most competitive markets—Albany, Buffalo, Rochester, and
Syracuse—where we now have an established branch presence. These
markets present significant opportunities for accelerated growth as we
expand both banking and non-banking services.
Our commercial banking expansion into New Hampshire and the Lehigh
Valley in Pennsylvania is also progressing well, with early indicators of
Community Financial System, Inc. Annual Report 2024 | 12
success. Notably, all of these key markets will see retail branch openings in
2025, further reinforcing our commitment to strategic growth.
In commercial banking, we built on another year of double-digit loan
growth while significantly expanding fee income through the launch
of Interest Rate Derivative product offerings and the growth of our
Commercial Real Estate capital markets capabilities.
On the consumer side, Residential Mortgage and Consumer Installment
Lending both delivered another year of strong growth. We remain focused
on implementing efficiencies and technology enhancements to improve
customer experience and support our retail banking partners.
2024 FINANCIAL PERFORMANCE HIGHLIGHTS
• TOTAL REVENUES: $524.0 million, a 3.8% increase over the prior year
• LOAN GROWTH: $727.8 million, or 7.5%, with increases across
Commercial, Consumer Mortgage, and Consumer Installment Loans
• DEPOSIT GROWTH: $513.6 million, or 4.0%
• FEE INCOME: $78.2 million, an 11.8% increase over the prior year
• OPERATING EXPENSES: A modest 2.7% increase, reflecting
disciplined cost management
• NET CHARGE-OFFS: 10 basis points, a modest increase, reinforcing
our strong asset quality performance
LOOKING AHEAD TO 2025
As we enter 2025, our focus remains on scaling the strategies that have
driven our success. We are committed to serving our communities and
customers with the high-touch, relationship-driven approach that sets us
apart while leveraging technology to enhance the products and services
our clients expect.
We continue to thrive in the community banking
space, successfully competing against—and
winning market share from—larger banks in our
footprint.
We are also optimistic about the broader
economic environment. The resilience of
our markets, strong employment trends, and
significant public-private investments—
particularly in Semiconductor/Chip Manufacturing
through the CHIPS Act, NY CREATES, Micron
Technology, and Global Foundries—position us
well for continued growth.
Our branch expansion initiative will remain our
top priority in 2025. Building new commercial and
consumer financial service relationships in these
growing markets will be a primary focus across
our leadership team.
2024 was a strong year, and we are well-
positioned to seize the opportunities that 2025
will bring. Thank you to our dedicated team and
valued customers for being part of this exciting
journey.
Jeffrey Levy
SVP, Chief Banking Officer,
Community Bank, N.A.
Wilkes-Barre, Pennsylvania
13
Insurance Services
PIERRE MORRISSEAU
GROWTH, INNOVATION & MARKET LEADERSHIP IN 2024
2024 was a transformative year for OneGroup—one of growth,
operational strength, and a deepened commitment to serving our clients
at the highest level. In a challenging insurance landscape, we not only
navigated complexity but built a stronger foundation for the future.
One of the biggest milestones this year was surpassing $50 million in
revenue, reinforcing our position as a leader in the industry. We continued
to move up the rankings in Business Insurance’s Top 100 Insurance
Brokers and Insurance Journal’s Top 100 Property and Casualty Insurance
Agencies, a testament to our growing influence and market leadership.
For the past five years, we’ve been intentional about deepening our
presence in key markets while expanding our specialty expertise and
acquiring firms that complement our vision—regardless of geography.
In 2024 alone, five firms joined OneGroup, strengthening our talent in
public schools and municipalities, increasing our market share in the North
Country and Florida, and expanding into Buffalo.
STRENGTHENING OUR FOUNDATION FOR GROWTH
Growth is only as good as the infrastructure supporting it, and this year,
we made meaningful progress in standardizing our merger and acquisition
process to ensure seamless integration and efficiency across all locations.
We also stabilized our technology environment, leveraging best-in-class
platforms that enhance security, improve operations, and position us to
fully harness data, analytics, and AI in 2025.
With our footprint now spanning five states, we restructured our
management team to scale effectively and ensure we remain agile,
responsive, and ready for continued expansion.
Our commitment to specialization continues to pay off. Our Food and
Life Sciences practice had a standout year, winning new business across
the U.S., while our manufacturing expertise and advisory-led approach
helped clients proactively manage risk—leading to major wins with large
manufacturers.
THE POWER OF COLLABORATION & INNOVATION
Collaboration and innovation are at the heart of how we operate. Across
all CFSI entities, we’ve strengthened cross-functional collaboration,
combining our scale, expertise, and technology to drive better outcomes.
Our approach is simple: when you work with one part of OneGroup, you
gain access to the full strength of our entire organization. That’s what
makes us different.
2024 was a year of
transformation for
OneGroup—not just in
growth, but in building
a stronger foundation
for the future. As we
enter 2025, we remain
committed to delivering
exceptional value and
setting new industry
standards.
Pierre Morrisseau
CIC, President and CEO,
OneGroup
Community Financial System, Inc. Annual Report 2024 | 14
OneGroup has consistently demonstrated a
deep understanding of our industry’s unique
challenges and has provided us with tailored
recommendations and insurance solutions that
align perfectly with our business needs.
C.J. Madonna Esq., General Counsel
Schluter®-Systems
Looking ahead to 2025, we’re doubling down on these efforts—
leveraging technology to enhance, not replace, the human
element of what we do. By streamlining backend processes,
we’re giving our people more time to focus on what matters
most: delivering exceptional service and building lasting client
relationships.
As we move forward, our mission remains the same: to build
on this momentum, drive sustainable growth, and continue
delivering value to our clients, employees, and partners. The
strength of our team, the depth of our expertise, and our focus
on innovation will continue to fuel our success.
Thank you for being part of this journey. Here’s to another year of
growth, collaboration, and success.
Pierre Morrisseau
CIC, President and CEO,
OneGroup
Syracuse, New York
Annual Premiums
Offices
FTEs
Acquisitions since 2021
7-year revenue CAGR
> $400M
22
239
16
9.7%
15
Our success in 2024
wasn’t just about
market conditions—it
was driven by strategic
investments in our
people, technology,
and partnerships.
In 2025, we remain
committed to delivering
high-quality wealth
management solutions
that empower our
clients and strengthen
the CFSI family.
Michael Cerminaro
President and CEO,
Community Bank Wealth
Management
Wealth Management Services
MICHAEL CERMINARO
BUILDING MOMENTUM: OUR BEST YEAR YET
The Wealth Management division reached new heights in 2024,
capitalizing on strong momentum to seize new opportunities and continue
delivering exceptional service to our clients.
At the core of our success is a commitment to providing comprehensive,
unrivaled financial solutions—including investment and insurance services,
trust services, asset management, retirement plan consulting, financial
planning, and partner solutions. Our highest priority remains seamlessly
integrating our wealth management services to benefit the entire CFSI
family of businesses and clients.
2024 PERFORMANCE HIGHLIGHTS
Our division achieved record-breaking results:
• Total revenues reached $38.7 million, an all-time full-year record
• New advisory assets surpassed $1 billion
• We closed the year with $13.2 billion in AUMA
While favorable market conditions played a role, our success was
primarily driven by strategic investments in our people, technology, and
partnerships:
• Talent Growth: We welcomed 10 new team members, expanding our
expertise and capacity.
• Professional Development: 30 employees completed an advanced
professional development program, reinforcing our commitment to
excellence.
• Stronger Bank Partnerships: Closer collaboration with our retail
banking colleagues resulted in over 1,900 qualified leads for our
financial consultants and trust officers.
• Technology Enhancements: We deployed a new customer relationship
management (CRM) platform, streamlining integration across teams
and enhancing the client experience.
LOOKING AHEAD TO 2025
We are committed to sustaining this momentum in 2025 by deepening
our relationships with partners and clients across CFSI while expanding
our platforms and service offerings. Our goal is clearer than ever: to deliver
best-in-class wealth management solutions that empower our clients and
strengthen the CFSI family.
Michael Cerminaro
President and CEO,
Community Bank Wealth Management
Community Financial System, Inc. Annual Report 2024 | 16
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24
$0
$10
$20
$30
$40
40%
30%
20%
10%
0%
Millions
Nottingham Financial Group
In the coming months, Community Bank Wealth Management will
rebrand as Nottingham Financial Group. Leveraging the Nottingham
name already used by our trust and asset management services,
we’ll create modern, unified branding and messaging for the division.
A strong, recognizable brand will help us stand out in a crowded
marketplace and position our organization as one that customers
can trust for quality financial services delivered by experienced
professionals. We’re excited about this new chapter and look forward
to debuting new logos, materials, and an overhauled digital presence
in the coming months.
Here’s a sneak peek.
Our Next Chapter
In Wealth Management
1 Includes $3.3 billion of intercompany AUMA
1 Total Operating Revenues includes segment net interest income plus operating noninterest revenues (total noninterest revenues less securities and debt gains/losses).
Includes certain intersegment revenues that eliminate upon consolidation.
2 Operating Margin is calculated by total segment adjusted pre-tax income divided by total segment operating revenues. Total segment adjusted pre-tax income is
calculated by segment net interest income plus operating noninterest revenues less operating noninterest expenses (total noninterest expenses less acquisition
expenses, amortization of intangible assets and other special charges). Includes certain intersegment revenues and expenses that eliminate upon consolidation.
Wealth Management
Operating Revenues1
- - - Operating Margin2
Financial Professionals
Trust Officers
AUMA1
10-year revenue CAGR
FTEs
30
19
$13.2B
8.4%
113
17
2024: SMOOTH TAKEOFF AND LANDING OF AIRPLANES
Have you ever sat near a major airport at night, where planes take off and
land seamlessly, one after another, without disruption? That’s how 2024
was here at BPAS: Tackling key initiatives, onboarding significant new
business, and welcoming new talent into our firm. And through it all, our
incredible team carried us forward with a sense of calm and grace.
BPAS TODAY
BPAS is a leading national provider of retirement plan services and
institutional trust services, serving a diverse range of financial partners and
intermediaries across the U.S. Now fifty-two years into our evolution, we
achieved record setting milestones across the board in 2024. We’re proud
to now support 6,100 plans, $110 billion in trust assets, and $1.3 trillion in
assets under fund administration, with some 910,000 participants in our
care. We provide a comprehensive range of services within the industry,
spanning defined contribution, defined benefit consulting and actuarial,
nonqualified, health & welfare, IRA accounts and more. We continuously
strive to expand our capabilities, take ownership of challenges and deliver
meaningful solutions for our partners.
In 2024, BPAS achieved total revenues of $137.4 million, reflecting an
increase of $14.5 million, or 11.8%, compared to the previous year. These
results were largely driven by a sizeable increase in the number of total
plans, assets and participants in our care. Our team is made up of 460
employees, across 32 states, 17 offices and four time zones, but we
continue to operate with the agility, accountability and personal touch of a
mid-sized company, ensuring that every client and partner feels valued.
STRATEGIC INITIATIVES
Many of the initiatives underway at BPAS center on technology. In March
of 2024, we rolled out a new portal for plan sponsors and partners,
delivering ten years of evolution over a weekend. Throughout 2024, we
made continuous enhancements to our BPAS University mobile app adding
new content, designed to engage and inspire participants on their path to
long-term financial success. We are now working to incorporate business
intelligence and dashboard technology in a variety of our sites; working
on a major upgrade of our core operating system and CRM in the coming
quarters; and expanding our integration with payroll providers. Across our
business, dozens of projects are underway that will deliver new automation
and efficiency, transform manual processes into a digital experience, and
capitalize on AI to automate repetitive tasks. We are also embarking on
Employee Benefit Services
PAUL NEVEU
In 2024, BPAS operated
with the precision of a
well-orchestrated flight—
smooth execution, steady
momentum, and a clear path
forward. Our commitment
to innovation, client service,
and strategic expansion
continues to set us apart, and
as we move into 2025, we
remain focused on delivering
lasting value for our clients
and partners.
Paul Neveu
President and CEO,
BPAS
the Enterprise Call Center – a four-year initiative that will bring enormous
efficiencies to our participant service center while enhancing the user
experience in dramatic ways. Our goal is to leverage our team’s deep
industry expertise to create a meaningful impact for clients, while our
technology streamlines processes and removes obstacles.
MOVEMENT OF THE PUCK
In recent years, our industry has undergone significant change driven
by acquisitions and major transitions at some of the largest firms,
negatively impacting the client experience for many. In this environment,
clients are craving single point of contact service, quick responses and
accountability; they want to work with subject matter experts rather
than a bullpen of generalists. All of this has moved the puck into our end
of the ice. At BPAS, we prioritize retaining top talent with deep industry
expertise, ensuring our clients receive consistent, knowledgeable support.
Our strong, collaborative team culture fosters stability, with a personalized
experience that builds lasting client relationships. As a testament to our
commitment to customer service, BPAS was recognized for the third
consecutive year in the NAPA Advisors’ Choice Awards, and received a
record-high response rate in our 2024 plan sponsor survey. We take none
of this for granted. We’re always listening and working on how we can do
things better, but feedback like this fuels our
motivations for the future.
EMBRACING THE FOURTH LANE OF THE
HIGHWAY
Most firms in the retirement business operate on
“three lanes of the highway” – working with plan
participants, employers, and advisors as their
core strategy. Taking a cue from our institutional
trust business, BPAS has added a fourth lane to
our highway, partnering with firms who may be
competitors in certain spaces, who have niche
needs we can solve together. This could be DB
Outsourcing, Healthcare Consulting, DB360,
partnering on VEBA or Section 115 engagements,
IRAs or niche plan types the partner doesn’t
support internally. We understand the trust and
confidence that comes with such partnerships
and are adept at using single sign-on technology
and other techniques to make it work seamlessly.
BPAS saw substantial growth during 2024 in
Boston, Massachusetts
Community Financial System, Inc. Annual Report 2024 | 18
19
BPAS revenues. Now in 2025, we are developing
new strategies and opportunities, driven by client
requests and new strategic partnerships. We will
continue to drive the growth of legacy business
and relationships, while adding creative solutions
to meet the changing needs of asset owners and
asset managers. This will be the third evolution
of our Trust services. As we’ve added new
capabilities, we’ve received an exciting response
from partners. We see the continued growth of
collective investment funds, custom funds and co-
manufactured products driving our future, as we
participate in a larger segment of the marketplace.
At BPAS, we prioritize steady and strategic
growth. While expansion remains a key objective,
we are equally committed to evolving our business
while preserving our culture and firm identity. As
we focus on 2025 and 2026, we remain dedicated
to the partners, clients and plan participants who
place their trust in us, while staying true to the
operating philosophies and strategies that built
our firm over the decades.
Paul Neveu
President and CEO,
BPAS
this fourth lane, especially in our VEBA and DB Outsourcing business
lines. We thrive as a flexible and adaptive player in the middle of the
marketplace, tailoring our approach to meet the unique needs of each
client engagement.
TWO ITEMS OF NOTE IN 2024
In February of 2024, we acquired Creative Plan Designs on Long Island,
which came with approximately 30 professionals in total. In strategically
integrating this team, we’ve created the Creative Plan Design practice of
BPAS, which now consists of approximately 70 professionals, offering third
party administrator, small defined benefit, length of service award programs,
and other consulting services as an expansion of our services. This team
extends our reach and influence on retirement plans across the U.S. in a
third-party administrator and consulting capacity. We also saw something
interesting in 2024, when changes at other firms drove a significant
expansion of our ESOP / kSOP business. BPAS has a rare, vertically
integrated model that provides compelling advantages for an ESOP or kSOP
– allowing us to be accountable for the entire relationship with a single plan
consultant handling all sides of the plan. We see our ESOP / kSOP business
as another large driver of growth in 2025 and beyond.
THRIVING INSTITUTIONAL TRUST BUSINESS
Through our institutional trust business with offices in Boston and Houston,
BPAS is a major provider of collective investment funds, common funds,
LLCs, donor advised funds, endowment and foundation administration,
synthetic portfolios, and other niche services, in cooperation with custodian
banks, asset managers, consulting firms and other intermediaries. Our Trust
business had a solid 2024 fiscal year, generating approximately 44% of
1 Total Operating Revenues includes segment net interest income plus operating noninterest revenues (total noninterest revenues less securities and debt gains/losses).
Includes certain intersegment revenues that eliminate upon consolidation.
2 Operating Margin is calculated by total segment adjusted pre-tax income divided by total segment operating revenues. Total segment adjusted pre-tax income is
calculated by segment net interest income plus operating noninterest revenues less operating noninterest expenses (total noninterest expenses less acquisition
expenses, amortization of intangible assets and other special charges). Includes certain intersegment revenues and expenses that eliminate upon consolidation.
Employee Benefit Services
Operating Revenues1
- - - Operating Margin2
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23 FY24
$0
$50
$100
$150
50%
40%
30%
20%
10%
0%
Millions
Community Financial System, Inc. Annual Report 2024 | 20
Investment Profile
• Consistent business model for over 20 years
• Committed to successful operating strategy focused on
low-risk acquisitions, organic growth, and prudent capital
management
• Strong long-term return to shareholders and long-
standing dividend growth
• Strong fundamentals with consistent asset quality and
high quality, durable revenues
• Long-term responsible growth focus
Investment Profile
As of December 31, 2024
• 52.7M Shares Outstanding
• 39.0M Shares Held by Institutions
• 290 Institutional Holders
• Approximately 13.0M Retail Shares
• Approximately 24.7% shares of outstanding are
Retail Shares
Ownership Summary
Buffalo, New York
21
Executive Management
DIMITAR A. KARAIVANOV
President and Chief Executive Officer
Joined CBU in 2021 and has previously served as COO. 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 the Company’s acquisition of The Wilber Corporation, where
he held several roles, including CFO.
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, Chief Banking Officer
Mr. Levy joined CBU in 2018 as a Regional Executive. In January 2022, he was promoted
to Senior Vice President (SVP), President of Commercial Banking, before advancing to his
current position as Chief Banking Officer. Prior to CBU, he held positions at NBT Bank and
M&T Bank.
MAUREEN GILLAN-MYER
EVP Chief Administration and Human Resources Officer
Prior to joining CBU in October 2021, Ms. Gillan-Myer served as Senior Executive Vice
President and Chief Human Resources Officer of HSBC, USA.
Community Financial System, Inc. Annual Report 2024 | 22
Board Members
ERIC E. STICKELS
Chairperson of the Board
Retired President, COO and Secretary
Oneida Financial Corp.
Director Since 2015
RAYMOND C. PECOR, III
President
Lake Champlain Transportation Company
COMMITTEES Risk, Chair; Governance;
Executive
Director Since 2017
SAVNEET SINGH
President and CEO
PAR Technology Corporation
President
ParTech, Inc.
Director Since 2024
SUSAN E. SKERRIT
Lead Director
Retired Chairwoman, CEO and President
Deutsche Bank Trust Company Americas
COMMITTEES Audit; Compensation
Director Since 2020
SALLY A. STEELE
Retired Attorney at Law
COMMITTEES Trust; Compensation
Director Since 2003
MICHELE P. SULLIVAN
Retired Partner
Crowe LLP
COMMITTEES Audit; Trust
Director Since 2024
JOHN F. WHIPPLE, JR.
CEO
Buffamante Whipple Buttafaro, P.C.
COMMITTEES Governance; Chair; Audit;
Executive
Director Since 2010
DIMITAR A. KARAIVANOV
President and CEO
Community Financial System, Inc.
Director Since 2024
MARK J. BOLUS
President and CEO
Bolus Motor Lines, Inc.
COMMITTEES Compensation, Chair;
Executive; Trust
Director Since 2010
NEIL E. FESETTE
Owner, President and CEO
Fesette Realty, LLC and Fesette
Property Management
COMMITTEES Executive, Chair;
Compensation; Audit
Director Since 2010
JEFFERY J. KNAUSS
Co-Founder and CEO Arcovo AI
Former CEO and Co-Founder
Digital Hyve
COMMITTEES Compensation; Governance
Director Since 2021
KERRIE D. MACPHERSON
Retired Senior Partner
Ernst & Young, LLP
COMMITTEES Audit, Chair;
Governance; Executive
Director Since 2019
JOHN PARENTE
CEO
CP Media, LLC
COMMITTEES Trust, Chair; Executive;
Governance
Director Since 2010
Note: All bank board members serve on in the Risk Committee
23
Administration
EXECUTIVE
Dimitar A. Karaivanov, President and Chief Executive Officer
Joseph E. Sutaris, EVP, Chief Financial Officer
Maureen Gillan-Myer, EVP, Chief Administration and Human
Resources Officer
Michael N. Abdo, EVP, General Counsel
Jeffrey M. Levy, SVP, Chief Banking Officer
INFORMATION TECHNOLOGY & OPERATIONS
Aaron Friot, SVP, Chief Technology and Operations Officer
RISK MANAGEMENT
Daniel L. Bailey, SVP, Chief Risk Officer
BANKING SERVICES
Melissa Bollman, Head of Retail Banking
Scott Boser, SVP, Director of Consumer and Mortgage Lending
Matthew Durkee, Regional President, New England & President of
Commercial Lending
Barbara Maculloch, Regional President, Pennsylvania
Lindsay Weichert, Regional President, Central New York
Bryant Cassella, Regional President, Eastern New York
Christopher Humphrey, Regional President, Western New York
EMPLOYEE BENEFIT SERVICES
Paul M. Neveu, President and Chief Executive Officer
INSURANCE SERVICES
Pierre J. Morrisseau, CIC, President and Chief Executive Officer
WEALTH MANAGEMENT SERVICES
Michael Cerminaro, President and Chief Executive Officer
COMMUNITY BANK, N.A.
PENNSYLVANIA REGIONAL ADVISORY BOARD
John Basalyga
Colleen Doyle, Esq.
John Graham
Gerard O’Donnell
William Ruark
Lissa Bryan-Smith
James Shoemaker, Esq.
Tara Mugford Wilson
Burlington, Vermont
Community Financial System, Inc. Annual Report 2024 | 24
Burlington, Vermont
Community Bank, N.A. Locations
BRANCH AND DRIVE-THRU
ALBANY REGION
Albany
Amsterdam
AuSable Forks
Boiceville
Canajoharie
Champlain
Chateaugay
Chatham
Delmar
East Greenbush
Greenport
Indian Lake
Johnstown
Lake Placid
Latham
Long Lake
Malone (West Main St)
Malone (Elm St)*
North Creek
Plattsburgh (Route 3)
Plattsburgh (Margaret St)
Saranac Lake (Broadway)
Saranac Lake (Lake Flower)*
St Regis Falls
Ticonderoga
Tupper Lake
Valatie
Whitehall
BINGHAMTON REGION
Canastota
Cato
Cazenovia
Chittenango
Cobleskill
Cooperstown (Otsego)
Delhi
Hamilton
Ithaca (East Buffalo St)
Ithaca (South Meadow St)
Ithaca (Triphammer)
Ithaca (West State St)
Johnson City
Moravia
Nichols
Norwich Town
Oneida (182 Main St)
Oneida (585 Main St)
Oneonta (Chestnut St)
Oneonta (Main St)
Oneonta (Southside)
Sidney
Walton
BUFFALO REGION
Alfred
Allegany
Belfast
Belmont
Bolivar
Buffalo
Clymer
Cuba
Dunkirk (Central Ave)
Dunkirk (Vineyard Dr)
Falconer
Fillmore
Franklinville
Gowanda
Jamestown
Lakewood
North Collins
Olean (North Union St)
Olean (Delaware Pk)*
Orchard Park
Randolph
Salamanca
Sherman
Silver Creek
Springville
Warsaw
Wellsville (North Highland Ave)
Wellsville (North Main St)
Westfield
Yorkshire
NEW ENGLAND REGION
Barre
Bennington
Bradford
Brattleboro
Bristol
Burlington (College St)
Burlington (North Ave)
Enosburg
Essex Junction
Fair Haven
Hardwick
Hinesburg
Jericho
Johnson
Manchester
Rutland (Green Mountain Plaza)
Rutland (Woodstock Ave)*
South Burlington (Shelburne Rd)
South Burlington (Williston Rd)
South Hero
Springfield, MA
Springfield, VT
St Albans
St Johnsbury
Vergennes
Waterbury
White River Junction*
Williston
Wilmington
Winooski
PENNSYLVANIA REGION
Back Mountain
Carbondale*
Clarks Summit
Daleville
Edwardsville*
Freeland
Hazelton (South Church St)
Hazleton (Airport Rd)
Jermyn
Kingston
Laceyville
Lansford
Lehighton
Meshoppen
Montrose
Olyphant
Pittston
Scranton (Keyser Ave)
Scranton (Minooka)
Scranton (North Washington Ave)
Scranton (Wyoming Ave)
Tunkhannock
Wilkes Barre (South Main St)
Wilkes-Barre (Liberty Plaza)
Wyalusing
ROCHESTER REGION
Addison
Avon
Bath
Canandaigua
Clifton Springs Plaza
Corning
Dansville
Elmira (Big Flats)
Elmira (East Water St)
Elmira (Southport)
Elmira (West Water St)
Geneseo
Geneva
Hammondsport
Henrietta
Hornell
Horseheads
Livonia
Naples
Newark Plaza
Ovid
Palmyra
Penn Yan (Main St)
Penn Yan (Lake St)*
Phelps
Seneca Falls
Waterloo
Watkins Glen
SYRACUSE REGION
Adams
Alexandria Bay
Black River
Boonville (Main St)
Boonville (Headwaters Plaza)*
Camden
Canton (Main St)
Canton (Court St)*
Cicero
Clayton
DeWitt
Fulton
Gouverneur
Hannibal
Lowville (State St)
Lowville (Turin Rd)*
Lyons Falls
Madrid
Massena
Ogdensburg
Old Forge
Oswego
Potsdam
Pulaski
Rome
Skaneateles
Star Lake
Syracuse
Vernon
Watertown (Arsenal St)
Watertown (Washington St)
West Carthage
Westmoreland
* Drive-up Only
25
Growth Profile
CBU
S&P 600 Commercial Banks Index
KBW Regional Bank Index
1 Year
22.6%
14.6%
13.2%
5 Year
0.2%
4.4%
5.5%
10 Year
7.9%
7.3%
7.2%
15 Year
11.5%
10.3%
9.5%
Through December 31, 2024, Including Reinvestment of Dividends
Source: Bloomberg
Total Shareholder Returns (Annualized)
Closing Price
$61.68
Price/Earnings (TTM)
17.93
Average 3-Month
Daily Volume
238,033
52 Week High
Stock Price
$73.39
52 Week Low
Stock Price
$41.50
Stock Performance At 12.31.24
Albany, New York
Community Financial System, Inc. Annual Report 2024 | 26
Corporate and
Shareholder Information
CORPORATE HEADQUARTERS
Community Financial System, Inc.
5790 Widewaters Parkway
DeWitt, NY 13214-1883
Phone: 315.445.2282 or 800.724.2262
Fax: 315.445.7347
communityfinancialsystem.com
STOCK LISTING
CBU
The common stock symbol of Community Financial System, Inc.
listing on the New York Stock Exchange (NYSE)
ANNUAL MEETING
Virtual Meeting on
Wednesday, May 21, 2025 at
12:00 p.m. Eastern Daylight Time
www.virtualshareholdermeeting.com/CBU2025
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 certificates, and dividend checks, direct deposit and
reinvestment should contact:
EQUINITI TRUST COMPANY
P.O. Box 500
Newark, NJ 07101
equiniti.com
General questions: 877.253.6847
INVESTOR INFORMATION
Investor and shareholder information regarding Community
Financial System, Inc., including all filings with the Securities
and Exchange Commission, is available through the company’s
website: communityfinancialsystem.com.
COPIES MAY ALSO BE OBTAINED WITHOUT
CHARGE UPON WRITTEN REQUEST TO:
Ms. Marguerite Geiss
Investor Relations
Community Financial System, Inc.
5790 Widewaters Parkway
DeWitt, NY 13214-1883
315.445.7313
marguerite.geiss@cbna.com
INDEPENDENT AUDITORS
The Board of Directors appointed PricewaterhouseCoopers, LLP
as auditor for the company for the year ended
December 31, 2024
ANALYST COVERAGE
The following analysts published research about Community
Financial System, Inc. in December 31, 2024:
D.A. DAVIDSON & CO.
Manuel Navas
212.223.5405
mnavas@dadco.com
JANNEY MONTGOMERY SCOTT LLC
Jake Civiello
207.536.2171
jciviello@janney.com
KEEFE, BRUYETTE & WOODS, INC.
Christopher O’Connell
212.887.4725
oconnellch@kbw.com
PIPER SANDLER
Frank Schiraldi
212.466.7931
Frank.Schiraldi@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 offers convenient, low-cost options for investors wishing to
steadily buy shares. For information, contact:
EQUINITI TRUST COMPANY
P.O .Box 500
Newark, NJ 07101
equiniti.com
General questions: 877.253.6847
SAFE HARBOR STATEMENT
The Community Financial 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 differ materially from the results
discussed in these statements. These risks are detailed in
the company’s periodic reports filed with the Securities and
Exchange Commission.
COMMUNITY FINANCIAL SYSTEM, INC.
5790 Widewaters Parkway
DeWitt, NY 13214-1883
800.724.2262
communityfinancialsystem.com