Community Financial System, Inc. (the “Company”) (NYSE: CBU) reported fourth quarter and full year 2024 results that are included in the attached supplement. This earnings release, including supporting financial tables, is also available within the press releases section of the Company's investor relations website at: https://communityfinancialsystem.com/news. An archived webcast of the earnings call will be available on this site for one full year.

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Fourth Quarter and Full Year 2024 Performance Summary

• Fourth quarter net income of $49.8 million, or $0.94 per share, increased $0.31 per share from the prior year’s fourth quarter and increased $0.11 per share from the third quarter of 2024 while full year net income of $182.5 million, or $3.44 per share, increased $0.99 per share from the prior year
• Fourth quarter operating net income¹ of $52.9 million, or $1.00 per share, increased $0.18 per share from the prior year’s fourth quarter and increased $0.12 per share from the third quarter of 2024 while full year operating net income¹ of $193.9 million, or $3.65 per share increased $0.08 per share from the prior year
• Fourth quarter total revenues of $196.3 million, a new quarterly record for the Company, increased $19.3 million, or 10.9%, from the prior year’s fourth quarter and increased $7.3 million, or 3.9%, from the third quarter of 2024 while full year total revenues of $746.3 million increased $94.2 million, or 14.4%, from the prior year which included a $52.3 million realized loss on sales of investment securities
• Fourth quarter net interest income of $120.0 million, a new quarterly record for the Company, increased $10.8 million, or 9.9%, from the prior year’s fourth quarter and increased $7.2 million, or 6.4%, from the third quarter of 2024 while full year net interest income of $449.1 million increased $11.8 million, or 2.7%, from the prior year resulting in the eighteenth consecutive year of net interest income growth
• Fourth quarter total financial services (employee benefit services, insurance services and wealth management services) noninterest revenues of $56.0 million, a new quarterly record for the Company, increased $6.5 million, or 13.1%, from the prior year’s fourth quarter and increased $0.2 million, or 0.4%, from the third quarter of 2024 while full year financial services noninterest revenues of $217.9 million increased $20.9 million, or 10.6%, from the prior year
• Fourth quarter operating pre-tax, pre-provision net revenue (“PPNR”)¹ of $74.3 million, or $1.40 per share, increased $0.27 per share from the prior year’s fourth quarter and increased $0.11 per share from the third quarter of 2024 while full year operating PPNR¹ of $273.6 million, or $5.15 per share, increased $0.39 per share from the prior year
• Total ending loans of $10.43 billion increased $180.7 million, or 1.8%, from the end of the third quarter of 2024, marking the fourteenth consecutive quarter of loan growth, and increased $727.8 million, or 7.5%, from the end of the prior year
• Total ending deposits of $13.44 billion decreased $34.5 million, or 0.3%, from the end of the third quarter of 2024 and increased $513.6 million, or 4.0%, from the end of the prior year
• Tier 1 leverage ratio of 9.19% continues to substantially exceed the regulatory well-capitalized standard of 5.0%

¹Non-GAAP Measure. For more information on Non-GAAP measures refer to “Non-GAAP Measures” section along with the Quarterly GAAP to Non-GAAP Reconciliations included within the “Summary of Financial Data (unaudited)” tables included within the Company’s earnings release supplement.

Company management will conduct an investor call at 11:00 a.m. (ET) today, January 21, 2025, to discuss the fourth quarter and full year 2024 results. The conference call can be accessed at 1-833-630-0464 (1-412-317-1809 if outside the United States and Canada). Investors may also listen live via the Internet at: https://app.webinar.net/0o75WawYdEm.

About Community Financial System, Inc.

Community Financial System, Inc. is a diversified financial services company that is focused on four main business lines – banking, employee benefit services, insurance services and wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions with over $16 billion in assets and operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 75 U.S. insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating unit. The Company is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about the Company visit www.cbna.com or www.communityfinancialsystem.com.

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