PARENT COMPANY STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020
Assets:
Cash and cash equivalents	$	154,374	$	196,021
Investment securities		8,679		6,043
Investment in and advances to:
Bank subsidiary		1,721,520		1,802,150
Non-bank subsidiaries		232,096		196,090
Other assets		18,462		15,290
Total assets	$	2,135,131	$	2,215,594
Liabilities and shareholders' equity:
Accrued interest and other liabilities	$	31,047	$	30,864
Borrowings		3,277		80,623
Shareholders' equity		2,100,807		2,104,107
Total liabilities and shareholders' equity	$	2,135,131	$	2,215,594

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)	2021		2020		2019
Revenues:
Dividends from subsidiaries:
Bank subsidiary	$	125,000	$	105,000	$	115,000
Non-bank subsidiaries		14,000		13,500		27,600
Interest and dividends on investments		245		168		134
Total revenues		139,245		118,668		142,734
Expenses:
Interest on borrowings		446		2,546		4,244
Acquisition expenses		0		450		1,248
Gain on debt extinguishment		0		(421)		0
Other expenses		5,717		4,945		477
Total expenses		6,163		7,520		5,969
Income before tax benefit and equity in undistributed net income of subsidiaries		133,082		111,148		136,765
Income tax benefit		3,964		3,739		4,545
Income before equity in undistributed net income of subsidiaries		137,046		114,887		141,310
Equity in undistributed net income of subsidiaries		52,648		49,789		27,753
Net income	$	189,694	$	164,676	$	169,063
Other comprehensive (loss) income, net of tax:
Changes in other comprehensive income (loss) related to pension and other post retirement obligations		13,403		6,009		(2,045)
Changes in other comprehensive (loss) income related to unrealized (losses) gains on available-for-sale securities		(126,107)		66,294		37,124
Other comprehensive (loss) income		(112,704)		72,303		35,079
Comprehensive income	$	76,990	$	236,979	$	204,142

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)	2021		2020		2019
Operating activities:
Net income	$	189,694	$	164,676	$	169,063
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiaries		(52,648)		(49,789)		(27,753)
Net change in other assets and other liabilities		(3,050)		1,740		86
Net cash provided by operating activities		133,996		116,627		141,396
Investing activities:
Purchases of investment securities		(5,173)		(3,000)		0
Cash paid for acquisitions, net of cash acquired of $0, $448, and $1,328, respectively		0		(20,892)		(92,056)
(Capital contributions to)/Return of capital from		(12,918)		2		100,680
Net cash (used in)/provided by investing activities		(18,091)		(23,890)		8,624
Financing activities:
Repayment of advances from subsidiaries		(482)		(482)		(1,652)
Repayment of borrowings		(77,320)		(12,062)		(22,681)
Issuance of common stock		16,155		22,211		12,200
Purchase of treasury stock		(5,106)		(271)		(286)
Sale of treasury stock		0		85		6,884
Increase in deferred compensation arrangements		252		271		286
Cash dividends paid		(91,051)		(87,131)		(80,241)
Net cash used in financing activities		(157,552)		(77,379)		(85,490)
Change in cash and cash equivalents		(41,647)		15,358		64,530
Cash and cash equivalents at beginning of year		196,021		180,663		116,133
Cash and cash equivalents at end of year	$	154,374	$	196,021	$	180,663
Supplemental disclosures of cash flow information:
Cash paid for interest	$	560	$	2,555	$	4,306
Supplemental disclosures of noncash financing activities:
Dividends declared and unpaid	$	23,235	$	22,695	$	21,342
Advances from subsidiaries		482		932		1,691
Common stock issued for acquisition		0		76,942		0