PARENT COMPANY STATEMENTS

12 Months Ended

Dec. 31, 2023

PARENT COMPANY STATEMENTS

PARENT COMPANY STATEMENTS

NOTE P: PARENT COMPANY STATEMENTS

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

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

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