Upcoming Dividend • Jun 08
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 10 July 2026. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.3%). Live News • Jun 01
Community Financial System Expands Wealth Management With ClearPoint Acquisition Completion Community Financial System has completed its acquisition of ClearPoint Federal Bank & Trust, a national provider of trust administration services to the death care industry.
The deal significantly expands the revenue base and product offerings of Nottingham Financial Group, the company’s wealth management services arm.
Management highlights that the transaction fits its focus on deploying capital into income streams that are described as durable, recurring and growing.
This acquisition shifts more of the business mix toward fee-based wealth management services tied to long-term trust administration relationships, which can behave differently from traditional spread-based banking income.
Investors may want to watch how Community Financial System integrates ClearPoint operationally and how quickly the combined wealth platform contributes to overall earnings stability and revenue diversification. Board Change • May 26
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Brenda Hall was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 30
First quarter 2026 earnings: EPS in line with expectations, revenues disappoint First quarter 2026 results: EPS: US$1.08 (up from US$0.94 in 1Q 2025). Revenue: US$207.7m (up 9.5% from 1Q 2025). Net income: US$57.2m (up 16% from 1Q 2025). Profit margin: 28% (up from 26% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 26
Fourth quarter dividend of US$0.47 announced Shareholders will receive a dividend of US$0.47. Ex-date: 15th June 2026 Payment date: 10th July 2026 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (46% payout ratio) and is expected to be well covered in 3 years' time (36% forecast payout ratio). The dividend has increased by an average of 4.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 23
Community Financial System, Inc. Announces Quarterly Dividend, Payable on July 10, 2026 Community Financial System, Inc. announced that it has declared a quarterly cash dividend of $0.47 per share on its common stock. The dividend will be payable on July 10, 2026 to shareholders of record as of June 15, 2026. The $0.47 cash dividend represents an annualized yield of 3.0% based on the closing share price of $62.70 on April 21, 2026. Announcement • Mar 30
Community Financial System, Inc., Annual General Meeting, May 20, 2026 Community Financial System, Inc., Annual General Meeting, May 20, 2026. Announcement • Mar 19
Community Financial System, Inc. to Report Q1, 2026 Results on Apr 29, 2026 Community Financial System, Inc. announced that they will report Q1, 2026 results Pre-Market on Apr 29, 2026 New Risk • Mar 17
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$333k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 09
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 16 March 2026. Payment date: 10 April 2026. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.3%). Higher than average of industry peers (2.5%). Reported Earnings • Mar 02
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$3.98 (up from US$3.46 in FY 2024). Revenue: US$796.7m (up 10% from FY 2024). Net income: US$210.5m (up 15% from FY 2024). Profit margin: 26% (up from 25% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Community Financial System, Inc. Appoints Brenda M. Hall as Independent Director and Risk Committee Member, Effective March 1, 2026 Community Financial System, Inc. announced the appointment of Brenda M. Hall to its Board of Directors as a new independent director, effective as of March 1, 2026. Brenda M. Hall is the former Executive Vice President and Chief Operating Officer of Standard Lines at Selective Insurance Group, Inc., where she built a distinguished 24-year career marked by progressive advancement and increasing leadership responsibilities. During her tenure at Selective, Ms. Hall most recently served as Chief Operating Officer from October 2019 until her retirement in January 2026. In this role, she oversaw the company’s largest business segment, leading the development and execution of growth strategies, expansion into new geographic markets, enhancement of data-driven operations, and integration of predictive modeling into underwriting processes. Prior to her role as COO, Ms. Hall held several senior leadership positions at Selective, including Senior Vice President, Chief Strategic Operations Officer, and Senior Vice President, Director of Field Underwriting. Ms. Hall brings to the Board extensive C-suite level experience in the property and casualty insurance industry, with expertise in enterprise strategy, public company oversight, risk management, customer service, and regulatory compliance. The Board has determined that Ms. Hall qualifies as an independent director under New York Stock Exchange and Board standards. With her appointment, the Board now consists of 14 directors, 13 of whom are independent. Ms. Hall also joined the Board of Directors of Community Bank, N.A., the Company’s banking subsidiary, and will serve on the Risk Committee of the Company and the Bank. Announcement • Jan 28
Community Financial System, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2025 Community Financial System, Inc. reported net charge-offs for the fourth quarter ended December 31, 2025. For the quarter, the company reported net charge-offs of $2,328,000 against $3,211,000 a year ago. Reported Earnings • Jan 28
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$3.98 (up from US$3.45 in FY 2024). Revenue: US$796.7m (up 10% from FY 2024). Net income: US$210.5m (up 16% from FY 2024). Profit margin: 26% (up from 25% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jan 25
Third quarter dividend of US$0.47 announced Shareholders will receive a dividend of US$0.47. Ex-date: 16th March 2026 Payment date: 10th April 2026 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (48% payout ratio) and is expected to be well covered in 3 years' time (36% forecast payout ratio). The dividend has increased by an average of 4.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 22
Community Financial System, Inc. Announces Quarterly Dividend, Payable on April 10, 2026 Community Financial System, Inc. announced that it has declared a quarterly cash dividend of $0.47 per share on its common stock. The dividend will be payable on April 10, 2026 to shareholders of record as of March 16, 2026. The $0.47 cash dividend represents an annualized yield of 3.08% based on the closing share price of $60.99 on January 20, 2026. Announcement • Dec 19
Community Financial System, Inc. to Report Q4, 2025 Results on Jan 27, 2026 Community Financial System, Inc. announced that they will report Q4, 2025 results Pre-Market on Jan 27, 2026 Upcoming Dividend • Dec 05
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 12 December 2025. Payment date: 12 January 2026. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.4%). Announcement • Oct 22
Community Financial System, Inc. Reports Net Charge-Offs for the Third Quarter Ended September 30, 2025 Community Financial System, Inc. reported net charge-offs for the third quarter ended September 30, 2025. For the quarter, the company reported net charge-offs of $2,471,000 against $2,772,000 a year ago. Reported Earnings • Oct 21
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: US$1.04 (up from US$0.83 in 3Q 2024). Revenue: US$201.5m (up 11% from 3Q 2024). Net income: US$55.1m (up 26% from 3Q 2024). Profit margin: 27% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Oct 20
Second quarter dividend of US$0.47 announced Shareholders will receive a dividend of US$0.47. Ex-date: 12th December 2025 Payment date: 12th January 2026 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 4.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 16
Community Financial System, Inc. Announces Quarterly Dividend, Payable on January 12, 2026 Community Financial System, Inc. announced that it has declared a quarterly cash dividend of $0.47 per share on its common stock. The dividend will be payable on January 12, 2026 to shareholders of record as of December 12, 2025. The $0.47 cash dividend represents an annualized yield of 3.21% based on the closing share price of $58.48 on October 14, 2025. Buy Or Sell Opportunity • Oct 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.4% to US$57.59. The fair value is estimated to be US$72.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 4.2%. Revenue is forecast to grow by 13% in a year. Earnings are forecast to grow by 21% in the next year. Announcement • Sep 22
Community Financial System, Inc. to Report Q3, 2025 Results on Oct 21, 2025 Community Financial System, Inc. announced that they will report Q3, 2025 results at 9:30 AM, US Eastern Standard Time on Oct 21, 2025 Announcement • Sep 18
Community Financial System, Inc. Appoints John A. Vaccaro as New Independent Director, Effective October 1, 2025 Community Financial System, Inc. announced the appointment of John A. Vaccaro to its Board of Directors as a new independent director, effective as of October 1, 2025. Mr. Vaccaro is Chairman Emeritus of MML Investors Services, LLC and Chairman of MassMutual Private Wealth & Trust, FSB, both subsidiaries of Massachusetts Mutual Life Insurance Company. He led MassMutual Financial Advisors and served as CEO of MML Investors Services from 2009 until March 2025, when he stepped down as Chief Executive Officer in connection with his upcoming retirement in 2026, where he led a team of over 7,500 financial advisors and 3,000 support staff across more than 1,600 locations nationwide. Mr. Vaccaro brings to the Board extensive experience in wealth management, insurance, business strategy, financial oversight, and regulatory compliance. The Board has determined that Mr. Vaccaro qualifies as an independent director under New York Stock Exchange and Board standards. With his appointment, the Board now consists of 13 directors, 12 of whom are independent. Mr. Vaccaro also joined the Board of Directors of Community Bank, N.A. and will serve on its Trust Committee. Mr. Vaccaro currently serves on the Board of Governors of the Financial Industry Regulatory Authority (“FINRA”) and previously served on its regional district committee (2009–2012). He was also a Director of the Securities Industry and Financial Markets Association from 2022 to 2024. Mr. Vaccaro was appointed by Deval Patrick, Governor of the Commonwealth of Massachusetts, to the Board of Trustees of Holyoke Community College (2013-2017), served as a board member of LL Global, Inc., the non-profit parent company for LIMRA (formerly the Life Insurance Marketing and Research Association) and LOMA (2020-2022), and is an Honorary Trustee of the Million Dollar Round Table Foundation, an industry-wide charitable organization. In September 2023, he joined the Board of Directors of Invest in Others, a charitable foundation that focuses and amplifies the charitable work of financial advisors. Mr. Vaccaro is a graduate of Saint Anselm College in Manchester, New Hampshire and served on its Board of Trustees from 2013 – 2023. Upcoming Dividend • Sep 05
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 12 September 2025. Payment date: 10 October 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.4%). Reported Earnings • Jul 23
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: US$0.97 (up from US$0.91 in 2Q 2024). Revenue: US$195.1m (up 7.8% from 2Q 2024). Net income: US$51.3m (up 7.5% from 2Q 2024). Profit margin: 26% (in line with 2Q 2024). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 4.0%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 21
First quarter dividend increased to US$0.47 Dividend of US$0.47 is 2.2% higher than last year. Ex-date: 12th September 2025 Payment date: 10th October 2025 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 17
Community Financial System, Inc. Announces Quarterly Dividend, Payable on October 10, 2025 Community Financial System, Inc. announced that it has declared a quarterly cash dividend of $0.47 per share on its common stock. The dividend will be payable on October 10, 2025 to shareholders of record as of September 12, 2025. New Risk • Jul 03
New major risk - Revenue and earnings growth Earnings have declined by 0.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jun 23
Community Financial System, Inc. to Report Q2, 2025 Results on Jul 22, 2025 Community Financial System, Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 22, 2025 Upcoming Dividend • Jun 06
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 10 July 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (2.7%). Reported Earnings • Apr 29
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$0.94 (up from US$0.77 in 1Q 2024). Revenue: US$189.6m (up 11% from 1Q 2024). Net income: US$49.6m (up 22% from 1Q 2024). Profit margin: 26% (up from 24% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 20
Fourth quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 13th June 2025 Payment date: 10th July 2025 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 5.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 17
Community Financial System, Inc. Announces Quarterly Dividend, Payable on July 10,2025 Community Financial System, Inc. announced that it has declared a quarterly cash dividend of $0.46 per share on its common stock. The dividend will be payable on July 10, 2025 to shareholders of record as of June 13, 2025. The $0.46 cash dividend represents an annualized yield of 3.47% based on the closing share price of $53.08 on April 15, 2025. Announcement • Mar 31
Community Financial System, Inc., Annual General Meeting, May 21, 2025 Community Financial System, Inc., Annual General Meeting, May 21, 2025. Announcement • Mar 24
Community Financial System, Inc. to Report Q1, 2025 Results on Apr 29, 2025 Community Financial System, Inc. announced that they will report Q1, 2025 results at 9:30 AM, US Eastern Standard Time on Apr 29, 2025 Upcoming Dividend • Mar 07
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 14 March 2025. Payment date: 10 April 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (4.6%). Higher than average of industry peers (2.7%). Reported Earnings • Mar 04
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: US$3.45 (up from US$2.45 in FY 2023). Revenue: US$723.5m (up 13% from FY 2023). Net income: US$181.7m (up 38% from FY 2023). Profit margin: 25% (up from 21% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.07% (down from 3.14% in FY 2023). Cost-to-income ratio: 63.0% (down from 63.2% in FY 2023). Non-performing loans: 0.70% (up from 0.56% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 5% per year. Announcement • Feb 15
Community Financial System, Inc. Announces Retirement of Susan E. Skerritt as Member of the Board of Directors On February 13, 2025, Susan E. Skerritt, a member of the Board of Directors of Community Financial System, Inc. (the Company) notified the Company that she will not stand for re-election at the Company’s 2025 Annual Meeting of Shareholders (the 2025 Annual Meeting) and will retire from the Board, effective immediately following the 2025 Annual Meeting. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Reported Earnings • Jan 22
Full year 2024 earnings released Full year 2024 results: Net income: (down US$131.5m from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 4% per year. New Risk • Jan 21
New major risk - Revenue and earnings growth Earnings have declined by 1.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Declared Dividend • Jan 19
Third quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 14th March 2025 Payment date: 10th April 2025 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (58% payout ratio) and is expected to be covered in 3 years' time (41% forecast payout ratio). The dividend has increased by an average of 5.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 39% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 16
Community Financial System, Inc. Announces Quarterly Cash Dividend, Payable on April 10, 2025 Community Financial System, Inc. announced that it has declared a quarterly cash dividend of $0.46 per share on its common stock. The dividend will be payable on April 10, 2025 to shareholders of record as of March 14, 2025. The $0.46 cash dividend represents an annualized yield of 3.0% based on the closing share price of $61.60 on January 14, 2025. Announcement • Dec 19
Community Financial System, Inc. to Report Fiscal Year 2024 Results on Jan 21, 2025 Community Financial System, Inc. announced that they will report fiscal year 2024 results Pre-Market on Jan 21, 2025 Upcoming Dividend • Dec 06
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 10 January 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.2%). In line with average of industry peers (2.5%). Recent Insider Transactions Derivative • Nov 29
Executive VP exercised options and sold US$441k worth of stock On the 26th of November, Joseph Sutaris exercised options to acquire 6k shares at no cost and sold these for an average price of US$71.45 per share. This trade did not impact their existing holding. Since March 2024, Joseph's direct individual holding has increased from 19.09k shares to 22.76k. Company insiders have collectively sold US$1.1m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$70.99, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 5.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$126 per share. Price Target Changed • Oct 23
Price target increased by 7.5% to US$64.75 Up from US$60.25, the current price target is an average from 4 analysts. New target price is 11% above last closing price of US$58.12. Stock is up 54% over the past year. The company is forecast to post earnings per share of US$3.40 for next year compared to US$2.45 last year. Reported Earnings • Oct 23
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: US$0.83. Revenue: US$181.2m (up 5.1% from 3Q 2023). Net income: US$43.9m (flat on 3Q 2023). Profit margin: 24% (down from 26% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Declared Dividend • Oct 20
Second quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 13th December 2024 Payment date: 10th January 2025 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (58% payout ratio) and is expected to be covered in 3 years' time (44% forecast payout ratio). The dividend has increased by an average of 5.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 17
Community Financial System, Inc. Announces Quarterly Dividend on Common Stock, Payable on January 10, 2025 Community Financial System, Inc. announced that it has declared a quarterly cash dividend of $0.46 per share on its common stock. The dividend will be payable on January 10, 2025 to shareholders of record as of December 13, 2024. The $0.46 cash dividend represents an annualized yield of 3.0% based on the closing share price of $61.37 on October 15, 2024. Announcement • Sep 27
Community Financial System, Inc. Appoints Savneet Singh as Independent Director, Effective October 1, 2024 Community Financial System, Inc. announced the appointment of Savneet Singh to its Board of Directors as a new independent director, effective as of October 1, 2024. Mr. Singh is the Chief Executive Officer (CEO) and President of PAR Technology Corporation and President of ParTech, Inc. (ParTech). Headquartered in Upstate New York, PAR Technology Corporation (PAR) is a global food service technology company providing leading omnichannel cloud-based software and hardware solutions to the restaurant and retail industries. Mr. Singh joined PAR’s Board of Directors in April 2018, was appointed PAR’s Interim CEO and President and Interim President of ParTech in December 2018, and since March 2019, has served as the CEO and President of PAR and President of ParTech. In addition to his service on PAR’s Board of Directors, Mr. Singh has previously served on the Boards of a number of public and private companies including the Boards of CDON AB, Blockchain Power Trust, Sharp Spring, Inc., Osprey Technology Acquisition Corp., and TCGplayer, Inc. Mr. Singh’s appointment expands the Company’s Board to 13 Directors, 12 of whom are independent. Mr. Singh was also appointed to the Board of Directors of Community Bank, N.A. (the “Bank”), the Company’s wholly-owned banking subsidiary. Mr. Singh will serve on the Bank’s and the Company’s joint Risk Committee and as one of the Board’s representatives to the Company’s Technology Committee. Mr. Singh received his B.S. in Applied Economics and Management from Cornell University where he serves on the Dyson Advisory Committee. He has received numerous awards including the Forbes 30 under 30 and Crain’s New York Business 40 under 40. Announcement • Sep 23
Community Financial System, Inc. to Report Q3, 2024 Results on Oct 22, 2024 Community Financial System, Inc. announced that they will report Q3, 2024 results Pre-Market on Oct 22, 2024 Upcoming Dividend • Sep 06
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 10 October 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.8%). Buy Or Sell Opportunity • Jul 30
Now 22% undervalued Over the last 90 days, the stock has risen 41% to US$60.77. The fair value is estimated to be US$78.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 8.3%. Revenue is forecast to grow by 8.8% in a year. Earnings are forecast to grow by 12% in the next year. Price Target Changed • Jul 24
Price target increased by 8.2% to US$56.75 Up from US$52.43, the current price target is an average from 4 analysts. New target price is 5.6% below last closing price of US$60.13. Stock is up 14% over the past year. The company is forecast to post earnings per share of US$3.42 for next year compared to US$2.45 last year. Declared Dividend • Jul 21
First quarter dividend increased to US$0.46 Dividend of US$0.46 is 2.2% higher than last year. Ex-date: 13th September 2024 Payment date: 10th October 2024 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 4.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.5% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 18
Community Financial System, Inc. Announces Quarterly Dividend, Payable on October 10, 2024 Community Financial System, Inc. announced that it has declared a quarterly cash dividend of $0.46 per share on its common stock. The dividend will be payable on October 10, 2024 to shareholders of record as of September 13, 2024. The $0.46 cash dividend represents a $0.01, or 2.2%, increase and an annualized yield of 3.25% based on the closing share price of $56.63 on July 16, 2024. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$54.35, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Banks industry in the US. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$73.60 per share. Announcement • Jun 25
Community Financial System, Inc. to Report Q2, 2024 Results on Jul 23, 2024 Community Financial System, Inc. announced that they will report Q2, 2024 results Pre-Market on Jul 23, 2024 Upcoming Dividend • Jun 07
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 10 July 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.0%). Declared Dividend • May 19
First quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 14th June 2024 Payment date: 10th July 2024 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.6% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 16
Community Bank System, Inc. Declares Quarterly Dividend, Payable on July 10, 2024 Community Financial System, Inc. declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend will be payable on July 10, 2024 to Shareholders of record as of June 14, 2024. The $0.45 cash dividend represents an annualized yield of 3.78% based on the closing share price of $47.64 on May 14, 2024. Reported Earnings • Apr 24
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: US$0.77 (up from US$0.11 in 1Q 2023). Revenue: US$171.1m (up 42% from 1Q 2023). Net income: US$40.9m (up US$35.1m from 1Q 2023). Profit margin: 24% (up from 4.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Mar 30
Community Bank System, Inc., Annual General Meeting, May 15, 2024 Community Bank System, Inc., Annual General Meeting, May 15, 2024, at 12:00 US Eastern Standard Time. Location: Marriott Syracuse Downtown Persian Terrace, 100 E. Onondaga Street, Syracuse, NY 13202 New York United States Agenda: To elect 12 of the current Directors for a one year term and until their successors are elected and qualified; to hold an advisory vote on executive compensation; to approve the Community Bank System, Inc. 2022 Long-Term Incentive Plan, as amended; to ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for 2024. Announcement • Mar 26
Community Bank System, Inc. to Report Q1, 2024 Results on Apr 23, 2024 Community Bank System, Inc. announced that they will report Q1, 2024 results at 11:00 AM, US Eastern Standard Time on Apr 23, 2024 Upcoming Dividend • Mar 07
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 10 April 2024. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 04
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.45 (down from US$3.48 in FY 2022). Revenue: US$640.7m (down 3.6% from FY 2022). Net income: US$131.5m (down 30% from FY 2022). Profit margin: 21% (down from 28% in FY 2022). The decrease in margin was primarily driven by higher expenses. Net interest margin (NIM): 3.14% (up from 2.92% in FY 2022). Cost-to-income ratio: 63.5% (up from 59.5% in FY 2022). Non-performing loans: 0.56% (up from 0.38% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Declared Dividend • Feb 18
Fourth quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 14th March 2024 Payment date: 10th April 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (70% payout ratio) and is expected to be covered in 3 years' time (53% forecast payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 15
Community Bank System, Inc. Announces Quarterly Dividend, Payable on April 10, 2024 Community Bank System, Inc. announced that it has declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend will be payable on April 10, 2024 to shareholders of record as of March 15, 2024. Announcement • Feb 02
Community Bank Appoints Dan Kennell as New Commercial Banking Officer Community Bank has announced the appointment of a new commercial banking officer. Dan Kennell has been appointed by the bank to its Rochester, NY, commercial banking team. In the role, Kennell is to manage loan and deposit relationships. Prior to joining Community Bank, Kennell was a relationship manager, commercial middle market at KeyBank. Reported Earnings • Jan 24
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.54 (down from US$3.48 in FY 2022). Revenue: US$640.7m (down 3.6% from FY 2022). Net income: US$136.5m (down 27% from FY 2022). Profit margin: 21% (down from 28% in FY 2022). The decrease in margin was primarily driven by higher expenses. Net interest margin (NIM): 3.14% (up from 2.92% in FY 2022). Non-performing loans: 0.56% (up from 0.38% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 10% per year. Announcement • Jan 24
Community Bank System, Inc. Reports Net Charge-Offs for the Fourth Quarter 2023 Community Bank System, Inc. reports net charge-offs for the fourth quarter 2023. For the quarter, Net charge-offs were $2,337,000 against $1,249,000 reported a year ago. Announcement • Jan 20
Community Bank System, Inc. Elects Michele Sullivan as Independent Director, Effective as of February 1, 2024 Community Bank System, Inc. announced the election of Michele Sullivan to its Board of Directors as a new independent director, effective as of February 1, 2024. Ms. Sullivan is a retired partner of Crowe LLP (Crowe) where she served in Crowe’s consulting practice specializing in the financial services sector. She worked with top United States and global banks, as well as mid-market insurance carriers and fintech companies, providing consulting services on risk, compliance, internal audit, technology, strategic acquisitions, merger integration, and governance matters. Ms. Sullivan is a certified public accountant (CPA) and a certified risk management professional (CRMA). Ms. Sullivan joined Crowe in 1992 and, prior to her retirement in March 2023, served on Crowe’s Board of Directors for seven years and its Audit and Risk Committee. During her time on Crowe’s Board, she developed and led the Corporate Governance Strategic Initiative. She was a founding member of Crowe’s Exceptional Client Experience and Women Into Leadership programs and served on their steering committees. Ms. Sullivan’s election expands the Company’s Board to 14 Directors, 12 of whom are independent. Ms. Sullivan was also appointed to the Board of Directors of Community Bank, N.A., the Company’s wholly-owned banking subsidiary. The Board has determined that Ms. Sullivan is a qualified financial expert and she will serve on the Board’s Audit Committee and Risk Committee. Ms. Sullivan graduated from Indiana University with a B.S. in Accounting and has completed Board and Corporate Governance course work through Northwestern University’s Kellogg School of Management Executive Development Program. Price Target Changed • Jan 10
Price target increased by 8.4% to US$52.43 Up from US$48.36, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of US$50.25. Stock is down 22% over the past year. The company is forecast to post earnings per share of US$2.65 for next year compared to US$3.48 last year. Announcement • Jan 09
Community Bank Names Jeff Levy as New Chief Banking Officer Community Bank announced that Jeff Levy is taking on a newly created role. Levy, who has more than four decades of banking experience, has been promoted from president of commercial banking to chief banking officer, the company announced. In his new position, Levy will manage all the company's banking business, which includes commercial banking, retail banking and consumer lending. Levy joined Community Bank in 2018 as a regional executive and set about establishing its presence in the Capital Region, beginning with commercial banking. The following year, Community Bank System, the parent company of Community Bank, acquired Kinderhook Bank, broadening its services and reach in the area. Levy holds a bachelor's degree in business economics from SUNY Oneonta and an MBA from Fairleigh Dickinson University. He lives in Saratoga Springs with his wife, Rosemary Sgroi Levy. Buying Opportunity • Dec 31
Now 21% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be US$65.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has declined by 4.0%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 18% in the next 2 years. Price Target Changed • Dec 27
Price target increased by 9.4% to US$48.36 Up from US$44.21, the current price target is an average from 7 analysts. New target price is 9.1% below last closing price of US$53.19. Stock is down 14% over the past year. The company is forecast to post earnings per share of US$2.65 for next year compared to US$3.48 last year. Announcement • Dec 22
Community Bank System, Inc. to Report Fiscal Year 2023 Results on Jan 23, 2024 Community Bank System, Inc. announced that they will report fiscal year 2023 results Pre-Market on Jan 23, 2024 Upcoming Dividend • Dec 07
Upcoming dividend of US$0.45 per share at 3.8% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 10 January 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (3.5%). Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. Independent Director Jeff Knauss was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 17
Community Bank System, Inc. Announces its Quarterly Dividend, Payable on January 10, 2024 Community Bank System, Inc. declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend will be payable on January 10, 2024 to shareholders of record as of December 15, 2023. The $0.45 cash dividend represents an annualized yield of 4.01% based on the closing share price of $44.87 on November 14, 2023. Reported Earnings • Oct 25
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: US$0.82 (down from US$0.90 in 3Q 2022). Revenue: US$172.5m (up 1.1% from 3Q 2022). Net income: US$44.1m (down 9.1% from 3Q 2022). Profit margin: 26% (down from 28% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.8%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • Oct 25
Community Bank System, Inc. Reports Net Charge-Offs for the Third Quarter 2023 Community Bank System, Inc. reports net charge-offs for the third quarter 2023. For the quarter, Net charge-offs were $1,249,000 against $358,000 reported a year ago. 