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PARENT COMPANY STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
PARENT COMPANY STATEMENTS |
Condensed Statements of Condition of Parent Company | The condensed statements of condition of the parent company, Community Bank System, Inc., at December 31 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(000's omitted) |  | 2020 |  | 2019
Assets: |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 196,021 | ​ | $ | 180,663
Investment securities | ​ |  | 6,043 | ​ |  | 2,853
Investment in and advances to: | ​ |  | ​ | ​ |  |
Bank subsidiary | ​ |  | 1,802,150 | ​ |  | 1,594,790
Non-bank subsidiaries | ​ |  | 196,090 | ​ |  | 180,487
Other assets | ​ |  | 15,290 | ​ |  | 12,406
Total assets | ​ | $ | 2,215,594 | ​ | $ | 1,971,199
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and shareholders' equity: | ​ |  | ​ | ​ |  |
Accrued interest and other liabilities | ​ | $ | 30,864 | ​ | $ | 24,850
Borrowings | ​ |  | 80,623 | ​ |  | 91,115
Shareholders' equity | ​ |  | 2,104,107 | ​ |  | 1,855,234
Total liabilities and shareholders' equity | ​ | $ | 2,215,594 | ​ | $ | 1,971,199
​
Condensed Statements of Income of Parent Company | The condensed statements of income of the parent company for the years ended December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(000's omitted) |  | 2020 |  | 2019 |  | 2018
Revenues: |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiaries: |  | ​ |  |  | ​ |  |  | ​ |
Bank subsidiary | ​ | $ | 105,000 | ​ | $ | 115,000 | ​ | $ | 98,000
Non-bank subsidiaries | ​ |  | 13,500 | ​ |  | 27,600 | ​ |  | 9,250
Interest and dividends on investments | ​ |  | 168 | ​ |  | 134 | ​ |  | 161
Total revenues | ​ |  | 118,668 | ​ |  | 142,734 | ​ |  | 107,411
Expenses: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest on borrowings | ​ |  | 2,546 | ​ |  | 4,244 | ​ |  | 4,677
Acquisition expenses | ​ |  | 450 | ​ |  | 1,248 | ​ |  | 0
(Gain)/loss on debt extinguishment | ​ |  | (421) | ​ |  | 0 | ​ |  | 318
Other expenses | ​ |  | 4,945 | ​ |  | 477 | ​ |  | 131
Total expenses | ​ |  | 7,520 | ​ |  | 5,969 | ​ |  | 5,126
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before tax benefit and equity in undistributed net income of subsidiaries | ​ |  | 111,148 | ​ |  | 136,765 | ​ |  | 102,285
Income tax benefit | ​ |  | 3,739 | ​ |  | 4,545 | ​ |  | 1,330
Income before equity in undistributed net income of subsidiaries | ​ |  | 114,887 | ​ |  | 141,310 | ​ |  | 103,615
Equity in undistributed net income of subsidiaries | ​ |  | 49,789 | ​ |  | 27,753 | ​ |  | 65,026
Net income | ​ | $ | 164,676 | ​ | $ | 169,063 | ​ | $ | 168,641
Other comprehensive income/(loss), net of tax: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Changes in other comprehensive income/(loss) related to pension and other post retirement obligations | ​ |  | 6,009 | ​ |  | (2,045) | ​ |  | (11,204)
Changes in other comprehensive income/(loss) related to unrealized losses on available-for-sale securities | ​ |  | 66,294 | ​ |  | 37,124 | ​ |  | (30,402)
Other comprehensive income/(loss) | ​ |  | 72,303 | ​ |  | 35,079 | ​ |  | (41,606)
Comprehensive income | ​ | $ | 236,979 | ​ | $ | 204,142 | ​ | $ | 127,035
​
Statements of Cash Flows of Parent Company | The statements of cash flows of the parent company for the years ended December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(000's omitted) |  | 2020 |  | 2019 |  | 2018
Operating activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 164,676 | ​ | $ | 169,063 | ​ | $ | 168,641
Adjustments to reconcile net income to net cash provided by operating activities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed net income of subsidiaries | ​ |  | (49,789) | ​ |  | (27,753) | ​ |  | (65,026)
Net change in other assets and other liabilities | ​ |  | 1,740 | ​ |  | 86 | ​ |  | (1,084)
Net cash provided by operating activities | ​ |  | 116,627 | ​ |  | 141,396 | ​ |  | 102,531
Investing activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Proceeds from redemption of investment securities | ​ |  | 0 | ​ |  | 0 | ​ |  | 776
Purchases of investment securities | ​ | ​ | (3,000) | ​ | ​ | 0 | ​ | ​ | 0
Cash paid for acquisitions, net of cash acquired of $448, $1,328, and $0, respectively | ​ |  | (20,892) | ​ |  | (92,056) | ​ |  | 0
Return of capital from/(capital contributions to) | ​ |  | 2 | ​ |  | 100,680 | ​ |  | 0
Net cash (used in)/provided by investing activities | ​ |  | (23,890) | ​ |  | 8,624 | ​ |  | 776
Financing activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Repayment of advances from subsidiaries | ​ |  | (482) | ​ |  | (1,652) | ​ |  | 0
Repayment of borrowings | ​ |  | (12,062) | ​ |  | (22,681) | ​ |  | (25,207)
Issuance of common stock | ​ |  | 22,211 | ​ |  | 12,200 | ​ |  | 12,507
Purchase of treasury stock | ​ |  | (271) | ​ |  | (286) | ​ |  | (298)
Sale of treasury stock | ​ |  | 85 | ​ |  | 6,884 | ​ |  | 12,561
Increase in deferred compensation arrangements | ​ |  | 271 | ​ |  | 286 | ​ |  | 298
Cash dividends paid | ​ |  | (87,131) | ​ |  | (80,241) | ​ |  | (71,495)
Net cash used in financing activities | ​ |  | (77,379) | ​ |  | (85,490) | ​ |  | (71,634)
Change in cash and cash equivalents | ​ |  | 15,358 | ​ |  | 64,530 | ​ |  | 31,673
Cash and cash equivalents at beginning of year | ​ |  | 180,663 | ​ |  | 116,133 | ​ |  | 84,460
Cash and cash equivalents at end of year | ​ | $ | 196,021 | ​ | $ | 180,663 | ​ | $ | 116,133
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental disclosures of cash flow information: | ​ |  |  | ​ |  | ​ | ​ |  |
Cash paid for interest | ​ | $ | 2,555 | ​ | $ | 4,306 | ​ | $ | 4,857
Supplemental disclosures of noncash financing activities | ​ |  |  | ​ |  |  | ​ |  |
Dividends declared and unpaid | ​ | $ | 22,695 | ​ | $ | 21,342 | ​ | $ | 19,808
Advances from subsidiaries | ​ |  | 932 | ​ |  | 1,691 | ​ |  | 0
Common stock issued for acquisition | ​ |  | 76,942 | ​ |  | 0 | ​ |  | 0

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