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PARENT COMPANY STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
PARENT COMPANY STATEMENTS |
Summary of 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) |  | 2023 |  | 2022
Assets: |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 134,023 | ​ | $ | 160,045
Investment securities | ​ |  | 10,352 | ​ |  | 7,881
Investment in and advances to: | ​ |  | ​ | ​ |  | ​
Bank subsidiary | ​ |  | 1,341,146 | ​ |  | 1,194,314
Non-bank subsidiaries | ​ |  | 226,202 | ​ |  | 207,172
Other assets | ​ |  | 20,765 | ​ |  | 17,106
Total assets | ​ | $ | 1,732,488 | ​ | $ | 1,586,518
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and shareholders’ equity: | ​ |  | ​ | ​ |  | ​
Accrued interest and other liabilities | ​ | $ | 34,551 | ​ | $ | 31,564
Borrowings | ​ |  | 0 | ​ |  | 3,249
Shareholders’ equity | ​ |  | 1,697,937 | ​ |  | 1,551,705
Total liabilities and shareholders’ equity | ​ | $ | 1,732,488 | ​ | $ | 1,586,518
​
Summary of 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) |  | 2023 |  | 2022 |  | 2021
Revenues: |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiaries: |  | ​ |  |  | ​ |  |  | ​ |
Bank subsidiary | ​ | $ | 89,500 | ​ | $ | 53,000 | ​ | $ | 125,000
Non-bank subsidiaries | ​ |  | 10,000 | ​ |  | 55,000 | ​ |  | 14,000
Interest and dividends on investments | ​ |  | 343 | ​ |  | 342 | ​ |  | 245
Gain on debt extinguishment | ​ | ​ | 242 | ​ | ​ | 0 | ​ | ​ | 0
Total revenues | ​ |  | 100,085 | ​ |  | 108,342 | ​ |  | 139,245
Expenses: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest on borrowings | ​ |  | 38 | ​ |  | 153 | ​ |  | 446
Other expenses | ​ |  | 6,877 | ​ |  | 6,091 | ​ |  | 5,717
Total expenses | ​ |  | 6,915 | ​ |  | 6,244 | ​ |  | 6,163
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before tax benefit and equity in undistributed net income of subsidiaries | ​ |  | 93,170 | ​ |  | 102,098 | ​ |  | 133,082
Income tax benefit | ​ |  | 2,227 | ​ |  | 2,942 | ​ |  | 3,964
Income before equity in undistributed net income of subsidiaries | ​ |  | 95,397 | ​ |  | 105,040 | ​ |  | 137,046
Equity in undistributed net income of subsidiaries | ​ |  | 36,527 | ​ |  | 83,041 | ​ |  | 52,648
Net income | ​ | $ | 131,924 | ​ | $ | 188,081 | ​ | $ | 189,694
Other comprehensive income (loss), net of tax: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Changes in other comprehensive income (loss) related to pension and other post retirement obligations | ​ | $ | 4,097 | ​ | $ | (15,831) | ​ | $ | 13,403
Changes in other comprehensive income (loss) related to unrealized gains (losses) on investment securities | ​ |  | 125,450 | ​ |  | (619,981) | ​ |  | (126,107)
Other comprehensive income (loss) | ​ |  | 129,547 | ​ |  | (635,812) | ​ |  | (112,704)
Comprehensive income (loss) | ​ | $ | 261,471 | ​ | $ | (447,731) | ​ | $ | 76,990
​
Summary of 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) |  | 2023 |  | 2022 |  | 2021
Operating activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 131,924 | ​ | $ | 188,081 | ​ | $ | 189,694
Adjustments to reconcile net income to net cash provided by operating activities | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed net income of subsidiaries | ​ |  | (36,527) | ​ |  | (83,041) | ​ |  | (52,648)
Gain on debt extinguishment | ​ | ​ | (242) | ​ | ​ | 0 | ​ | ​ | 0
Net change in other assets and other liabilities | ​ |  | (573) | ​ |  | 2,155 | ​ |  | (3,050)
Net cash provided by operating activities | ​ |  | 94,582 | ​ |  | 107,195 | ​ |  | 133,996
Investing activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Purchases of investment securities | ​ | ​ | (2,237) | ​ | ​ | (175) | ​ | ​ | (5,173)
Capital contributions to | ​ |  | 0 | ​ |  | 0 | ​ |  | (12,918)
Net cash used in investing activities | ​ |  | (2,237) | ​ |  | (175) | ​ |  | (18,091)
Financing activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Repayment of advances from subsidiaries | ​ |  | (533) | ​ |  | (506) | ​ |  | (482)
Repayment of borrowings | ​ |  | (3,000) | ​ |  | 0 | ​ |  | (77,320)
Issuance of common stock | ​ |  | 10,284 | ​ |  | 8,922 | ​ |  | 16,155
Purchase of treasury stock | ​ |  | (30,233) | ​ |  | (16,614) | ​ |  | (5,106)
Increase in deferred compensation arrangements | ​ |  | 217 | ​ |  | 236 | ​ |  | 252
Cash dividends paid | ​ |  | (95,102) | ​ |  | (93,387) | ​ |  | (91,051)
Net cash used in financing activities | ​ |  | (118,367) | ​ |  | (101,349) | ​ |  | (157,552)
Change in cash and cash equivalents | ​ |  | (26,022) | ​ |  | 5,671 | ​ |  | (41,647)
Cash and cash equivalents at beginning of year | ​ |  | 160,045 | ​ |  | 154,374 | ​ |  | 196,021
Cash and cash equivalents at end of year | ​ | $ | 134,023 | ​ | $ | 160,045 | ​ | $ | 154,374
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental disclosures of cash flow information: | ​ |  |  | ​ |  |  | ​ |  | ​
Cash paid for interest | ​ | $ | 45 | ​ | $ | 180 | ​ | $ | 560
Supplemental disclosures of noncash financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Dividends declared and unpaid | ​ | $ | 24,168 | ​ | $ | 23,763 | ​ | $ | 23,235
Advances from subsidiaries | ​ |  | 533 | ​ |  | 506 | ​ |  | 482
​

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