PARENT COMPANY STATEMENTS (Tables)

12 Months Ended

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