XML 68 R49.htm IDEA: XBRL DOCUMENT

PARENT COMPANY STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2024

PARENT COMPANY STATEMENTS

Summary of condensed statements of condition of parent company

The condensed statements of condition of the parent company, Community Financial System, Inc., at December 31 are as follows:


(000's omitted)		2024			2023
Assets:
Cash and cash equivalents		$	132,038		$	134,023
Investment securities			11,076			10,352
Investment in and advances to:
Bank subsidiary			1,423,702			1,341,146
Non-bank subsidiaries			208,477			226,202
Other assets			23,485			20,765
Total assets		$	1,798,778		$	1,732,488

Liabilities and shareholders' equity:
Accrued interest and other liabilities		$	35,943		$	34,551
Shareholders' equity			1,762,835			1,697,937
Total liabilities and shareholders' equity		$	1,798,778		$	1,732,488

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)		2024			2023			2022
Revenues:
Dividends from subsidiaries:
Bank subsidiary		$	77,000		$	89,500		$	53,000
Non-bank subsidiaries			52,000			10,000			55,000
Interest and dividends on investments			344			343			342
Gain on debt extinguishment			0			242			0
Total revenues			129,344			100,085			108,342
Expenses:
Interest on borrowings			0			38			153
Other expenses			7,346			6,877			6,091
Total expenses			7,346			6,915			6,244

Income before tax benefit and equity in undistributed net income of subsidiaries			121,998			93,170			102,098
Income tax benefit			4,231			2,227			2,942
Income before equity in undistributed net income of subsidiaries			126,229			95,397			105,040
Equity in undistributed net income of subsidiaries			56,252			36,527			83,041
Net income		$	182,481		$	131,924		$	188,081
Other comprehensive income (loss), net of tax:
Changes in other comprehensive income (loss) related to pension and other post retirement obligations		$	9,611		$	4,097		$	(15,831)
Changes in other comprehensive (loss) income related to unrealized (losses) gains on investment securities			(804)			125,450			(619,981)
Other comprehensive income (loss)			8,807			129,547			(635,812)
Comprehensive income (loss)		$	191,288		$	261,471		$	(447,731)

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)		2024			2023			2022
Operating activities:
Net income		$	182,481		$	131,924		$	188,081
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiaries			(56,252)			(36,527)			(83,041)
Gain on debt extinguishment			0			(242)			0
Net change in other assets and other liabilities			(1,080)			(573)			2,155
Net cash provided by operating activities			125,149			94,582			107,195
Investing activities:
Purchases of investment securities, net			(364)			(2,237)			(175)
Net cash used in investing activities			(364)			(2,237)			(175)
Financing activities:
Repayment of advances from subsidiaries			(622)			(533)			(506)
Repayment of borrowings			0			(3,000)			0
Issuance of common stock			15,465			10,284			8,922
Purchase of treasury stock			(46,029)			(30,233)			(16,614)
Increase in deferred compensation arrangements			193			217			236
Cash dividends paid			(95,777)			(95,102)			(93,387)
Net cash used in financing activities			(126,770)			(118,367)			(101,349)
Change in cash and cash equivalents			(1,985)			(26,022)			5,671
Cash and cash equivalents at beginning of year			134,023			160,045			154,374
Cash and cash equivalents at end of year		$	132,038		$	134,023		$	160,045

Supplemental disclosures of cash flow information:
Cash paid for interest		$	0		$	45		$	180
Supplemental disclosures of noncash financing activities:
Dividends declared and unpaid		$	24,410		$	24,168		$	23,763
Advances from subsidiaries			622			533			506