Community Financial System Inc 2024年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscalyear endedDecember 31, 2024 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto.Commission file number001-13695 Registrant’s telephone number, including area code:(315)445-2282 Securities registered pursuant to Section12(b)of the Act: Securities registered pursuant to Section12(g)of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☒No☐. Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☒. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes☒No☐. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. Large acceleratedfiler☒Non-acceleratedfiler☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any ofthe registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒. The aggregate market value of the common stock, $1.00 par value per share, held by non-affiliates of the registrant computed by reference to the closing price as of theclose of business on June 28, 2024 (the last business day of the registrant’s most recently completed second fiscal quarter):$2,455,654,871. The number of shares of the common stock, $1.00 par value per share, outstanding as of the close of business on January31, 2025:52,712,324 DOCUMENTS INCORPORATED BY REFERENCE. Portions of the Definitive Proxy Statement for the Annual Meeting of the Shareholders to be held on May 21, 2025 (the “Proxy Statement”) are incorporated byreference in Part III of this Annual Report on Form10-K. TABLE OF CONTENTS PARTIPageItem1Business3Item1ARisk Factors17Item1BUnresolved Staff Comments30Item 1CCybersecurity31Item2Properties34Item3Legal Proceedings34Item4Mine Safety Disclosures34PARTIIItem5Market for the Registrant’s Common Equity, Related Stockholders Matters and Issuer Purchases ofEquity Securities35Item6[Reserved]38Item7Management’s Discussion and Analysis of Financial Condition and Results of Operations38Item7AQuantitative and Qualitative Disclosures about Market Risk81Item8Financial Statements and Supplementary Data:83Consolidated Statements of Condition84Consolidated Statements of Income85Consolidated Statements of Comprehensive Income (Loss)86Consolidated Statements of Changes in Shareholders’ Equity87Consolidated Statements of Cash Flows88Notesto Consolidated Financial Statements89Report on Internal Control over Financial Reporting152Report of Independent Registered Public Accounting Firm153Item9Changes in and Disagreements with Accountants on Accounting and Financial Disclosure155Item9AControls and Procedures155Item9BOther Information155Item9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections155PARTIIIItem10 Directors, Executive Officers and Corporate Governance156Item11 Executive Compensation156Item12 Security Ownership of Certain Beneficial Owners and