Community Financial System, Inc. · NYSE:CBU
Community Financial System — Q1 2026 Earnings Presentation
69 slides from Community Financial System's earnings presentation, Apr 29, 2026
Slide 1: Investor Presentation
MAY 2026 Investor Presentation COMMUNITY FINANCIAL SYSTEM, INC . | NYSE: CBU
Slide 2: Disclaimers
Disclaimers Forward ‐Looking Statements This presentation contains comments or information that constitute forward -looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Forward -looking statements often us
Slide 3: Our Investment Thesis: Above Average Returns with Below Average Risk
Our Investment Above Average Returns with Below Average Risk Thesis: Total Shareholder Return 1 20% 14.2% 13.3% Sustainable returns in Financial Services accrue 10% 8.7% 8.9% to diversified, lower capital -intensity companies 0% 15-Year (annualized) KBW Regional Bank Index (KRX) S&P 500 Asset Mgmt &
Slide 4: About CBU
About CBU SUCCESSFUL AND GROWING FINANCIAL SERVICES COMPANY operating four scaled, complementary business lines Banking Employee Benefit Insurance Wealth Management Services Services Services Services Operating Revenue Mix • $17.0 billion in total assets • Retirement Plan & Benefits • $14.0 billion
Slide 5: Our Evolution Into a Diversified Financial Company
Our Evolution Into a Diversified 40.0% Operating Noninterest Revenues / Operating Revenues (FTE) 1 37.7% Financial 36.2% 35.0% 4.5% 4.6% 30.0% 6.3% Company 5.4% 25.4% 25.9% 24.5% 25.0% 3.6% 10.8% 20.0% 17.1% Q1 2026 operating noninterest revenues 6.5% 16.6% 15.0% were 37% of total operating revenues
Slide 6: Focus on Revenue Quality, Diversification and Sustainable Growth
Focus on Total Operating Revenue 8.2% total operating revenue 10 -year CAGR (2016 -2025) 1 Growth Revenue $900 $817.6 $835.3 6% Millions $800 5% $700 Quality, $600 4% $500 3% Diversification $400 $300 2% $200 and Sustainable 1% $100 $0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Results
Slide 7: Below Average Risk
Below Average Risk Operating Revenue 1 Growth Stability 14% Revenue Growth 10% CBU 6% Banking Industry 2 2% (2%) 2020 2021 2022 2023 2024 2025 YTD Cost of Funds Net Charge -off Ratio 2.00% 1.90% 0.20% 0.16% 1.39% 0.14% 0.13% 1.19% 1.00% 0.11% 0.10% 1.00% 0.75% 0.10% 0.07% 0.47% 0.00% 0.00% YTD 2026
Slide 8: Above Average Returns
Above Average Returns Core Return on Equity 1 Core Return on Assets 1 1.41% 1.32% 1.39% 30.00% 1.50% 1.30% 22.9% 23.4% 1.17% 1.16% 20.6% 20.00% 14.6% 14.7% 14.2% 1.00% 12.2%10.5% 11.4%10.5% 10.6% 9.9% 10.00% 0.50% 0.00% 0.00% YTD 2026 5-Yr Avg 10-Yr Avg YTD 2026 5-Yr Avg 10-Yr Avg YTD 2026 5-Yr Avg
Slide 9: Our System Produces Premium Results
Our System Produces Premium Results Adjusted Return on Tangible Equity (“ROATCE”) 1 Peer Valuation (Price/ TTM EPS) 1 55.6% 25.0x 21.3x 60% 19.8x 50% 20.0x 38.9% 14.0x 40% 15.0x 27.7% 29.0% 11.6x 30% 25.7% 10.0x 20% 10% 5.0x 0% 0.0x 3 4 5 Banking Benefits Insurance Wealth Mgmt CBU KRX (median) Benef
Slide 10: Company Performance First Quarter 2026
Company Performance First Quarter 2026 • First quarter 2026 fully -diluted GAAP EPS of $1.08 increased $0.15, or 16.1%, from the first quarter of 2025 3.4% organic deposit growth • First quarter 2026 operating pre -tax, pre -provision net revenue per share (non -GAAP) 2 of $1.61 per share, up $0.21,
Slide 11: Segment Operating Performance
Segment Operating Performance 10Yr Operating Revenue CAGR3: 6.7% 10Yr Operating Revenue CAGR3: 11.7% 3Yr Avg. Operating Margin4: 35.3% 3Yr Avg. Operating Margin4: 40.1% Banking Services & Corporate Employee Benefit Services $800 50% $200 50% Millions Millions $603.9 $144.6 40% $600 40% $150 30% 30%
Slide 12: Segment Pre-Tax ROATCE
Segment Pre-Tax ROATCE Adjusted Return on Tangible Equity 1 Banking Services & Corporate Employee Benefit Services 100% 100% 80% 80% 55.6% 60% 60% 53.1% 40% 40% 25.7% 20% 20% 24.7% 0% 0% 2021 2022 2023 2024 2025 TTM 2021 2022 2023 2024 2025 TTM Adjusted Return on Tangible Equity Period Average Adjus
Slide 13: How Our System Works
Community Financial System, Inc. was named Business of the Year (More than 50 Employees) by CenterState CEO in How Our System Works 2026, recognizing the company’s leadership, growth, and meaningful impact across Central New York. Our Community Our Financial Solutions Our System • #1 or #2 market sh
Slide 14: Banking Services
MAY 2026 Banking Services COMMUNITY FINANCIAL SYSTEM, INC. | NYSE: CBU
Slide 15: CBNA at a Glance
Community Bank, N.A. was recognized as Company of the Year in Banking by CBNA at a Glance Buffalo Business First in 2025 Deeply Penetrated Footprint 201 ~586,000 • First or second deposit market share in over 60% of towns branches customers we operate in • Large bank capabilities with local service
Slide 16: Liquidity & Credit Are Our Foundational Strengths
Liquidity & Credit Are Our Foundational Strengths Liquidity Credit Loan/Deposit (“L/D”) Ratio & COF Trend 1 100% 3.0% 74.9% 75% 68.3% Net Charge -offs (“NCOs”) 1 Cost of Funds 2.0% 0.60% L/D Ratio (NCOs/ Average Loans) 50% 1.19% 0.50% 1.0% 25% 0.40% 0% 0.0% 0.30% 2016 2017 2018 2019 2020 2021 2022 2
Slide 17: Liquidity Position & Sources
Liquidity Position & Sources Conservative approach Dollars in thousands March 31, 2026 • Loan to deposit ratio of 74.9% as of March 31, 2026 Unrestricted cash and cash equivalents $557,413 • Investment portfolio consists of lower risk investments FHLB borrowing availability 1,626,602 FRB borrowing c
Slide 18: Allowance Industry Comparison
Allowance Industry Comparison Ample loss coverage compared to industry Allowance for Credit Losses (“ACL”) Ratio 1 Allowance Loss Coverage 2.00% (ACL Ratio 1 / Average Period Net Charge -Off Ratio) 1.52% 1.50% 8.00x 6.4x 6.1x 6.00x 1.00% 0.81% 4.1x 3.6x 4.00x 0.50% 2.00x 0.00% 0.00x 2 3 CBU Industry
Slide 19: Loan Portfolios & Asset Quality
Loan Portfolios & Asset Quality Successful track record of organic growth and acquisition integration combined with consistently strong credit results Commercial Loans Consumer Real Estate Consumer Installment 5Yr 5Yr 5Yr CAGR CAGR CAGR $6.0 1 10.4% $6.0 8.2% $3.0 12.3% Commercial Loans $4.88 Consum
Slide 20: We Have Grown Net Interest Income Every Year Since 2006
We Have Grown Net Interest Income Every Year Since 2006 1 of only 3 KRX peers to achieve that consistent growth Net Interest Income $600 Millions $506.5 $521.0 $500 $400 $300 $200 $134.8 $100 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM N
Slide 21: Diversified In-footprint Lender
Diversified $952K average commercial loan In-footprint Lender 1 relationship Diversified Loan Portfolio 1%1% • $11.13 billion in total loans as of March 31, 2026 3% 1-4 Family Resi RE 16% 1-4 Family Resi Construction • Average consumer loan originations are uniquely granular 1-4 Family Jr Lien for a
Slide 22: Commercial Lending
0.08% 10-year average Commercial Lending net charge-off ratio (2016-2025) Well diversified lending portfolio C&I, Owner Occupied CRE & All Other Business 1 Multifamily & Non -Owner Occupied CRE (“NOO CRE”) 2 ($2.19 billion; 20% of total loans) ($2.69 billion; 24% of total loans) Retail Other Lessors
Slide 23: Consumer Lending
Consumer Lending 1 Durable loss history versus industry 0.12% Consumer Real Estate Loss History 2,3 0.10% Consumer Real Estate ($4.15 billion) 0.08% 0.06% • Broad product set including non -conforming, FHA, VA and 1 st time 0.04% homebuyers' program 0.02% 0.00% • 87% consumer mortgage / 13% home equ
Slide 24: Optimizing Delivery Channels for Growth
Optimizing • • Addressing redundancies through consolidations and expanding digital banking services Delivery Channels 78 branches consolidated since 2020 • The Company is currently investing in the retail network through de novo branch expansion in new, more densely populated markets throughout the
Slide 25: Expansion Markets
Expansion Markets The Company is investing in the retail network through de novo branch expansion in new, more densely populated markets throughout the current geographic footprint Job Growth • Employment growth in our expansion markets exceeds statewide and nationwide averages In-market economic de
Slide 26: De Novo Openings
De Novo Openings Our de novo expansion markets are mid -sized, economically diverse regions characterized by stable employment in healthcare, educ ation, and government sectors. While overall population trends are modest, several markets offer long -term growth potential driven by indus trial invest
Slide 27: Employee Benefit Services
MAY 2026 Employee Benefit Services COMMUNITY FINANCIAL SYSTEM, INC. | NYSE: CBU
Slide 28: Employee Benefit Services
Employee Benefit Services BPAS earned top recognition in NAPA’s 2025 Advisors’ Choice Awards, ranking as a Top 5 Recordkeeper across six key service categories BPAS is an emerging player in the national retirement landscape Growth Strategy $144.6M 1,000,000+ • Organic and acquired TTM revenue 1 plan
Slide 29: BPAS Business Line Summary
BPAS Business Line Summary Recordkeeping & TPA Health, Welfare & RHS Actuarial & DBO CIT Fund Administration One of the nation’s 25 largest Offer Health Savings Accounts One of the 13 largest pension One of the three largest special defined contribution (“DC”) (HSA) and Retiree Health actuaries suit
Slide 30: Revenue Model & Performance
Revenue Model & TTM Revenue by Source Performance 49% asset-based 51% fee/other We have grown revenue every year for the past 20+ years 10Yr Operating Revenue CAGR1,4: 11.7% 3Yr Avg. Operating Margin3,5: 40.1% Employee Benefit Services $160 50% Millions $140 40% $120 $100 30% $80 $60 20% $40 10% $20
Slide 31: Segment Pre-Tax ROATCE
Segment Pre-Tax ROATCE Adjusted Return on Tangible Equity 1 Employee Benefit Services 100% 90% 80% 70% 60% 55.6% 50% 53.1% 40% 30% 20% 10% 0% 2021 2022 2023 2024 2025 TTM Adjusted Return on Tangible Equity Period Average 1 Adjusted ROATCE is a non -GAAP measure defined as annualized segment adjusted
Slide 32: Insurance Services
MAY 2026 Insurance Services COMMUNITY FINANCIAL SYSTEM, INC. | NYSE: CBU
Slide 33: Insurance Services
3rd largest bank-owned insurance Insurance Services broker based on revenue OneGroup is a leading risk management and insurance broker providing holistic solutions $52.5M $428M+ TTM Experienced Team annual premiums revenue 1 • Serving much of the East Coast with offices in: • NY • PA • FL • KY (2.0%
Slide 34: Favorable Business Mix With Deep Specialties
Favorable Business Mix With Deep Specialties TTM Revenue Mix Specialties Industry Manufacturing Food & Agricultural Life Sciences 31% 49% OneGroup ■ Personal 51% ■ Commercial 1 69% Public Entities Education Healthcare Construction Real Estate Non -Profits / Sources: S&P Global, Internal filings 1 Co
Slide 35: Revenue Performance
In Q3 2025, the Company invested in Revenue Leap Holdings, Inc., a tech-driven insurance provider offering rent-guaranty and deposit-replacement services for the Performance rental housing sector, strengthening its insurance services business and diversification strategy We have grown revenue every
Slide 36: Segment Pre-Tax ROATCE
Segment Pre-Tax ROATCE Adjusted Return on Tangible Equity 1 Insurance Services 100% 90% 80% 70% 60% 62.7% 50% 40% 27.7% 30% 20% 10% 0% 2 2 2021 2022 2023 2024 2025 TTM Adjusted Return on Tangible Equity Period Average 1 Adjusted ROATCE is a non -GAAP measure defined as annualized segment adjusted pr
Slide 37: Wealth Management Services
MAY 2026 Wealth Management Services COMMUNITY FINANCIAL SYSTEM, INC. | NYSE: CBU
Slide 38: Wealth Management Services
Wealth Management Services Nottingham Financial Group provides comprehensive asset management, strategic wealth planning and management, and trust administration ClearPoint Transaction $40.0M 30 • Announced the acquisition of ClearPoint Federal Bank & Trust in January 2026 TTM financial • National l
Slide 39: Trended Results
Revenue by Category Trended $45 7.9% 10-year CAGR $40.0 $38.7 $39.4 Millions $40 $34.5 $33.0 $33.6 11.1% $35 $29.0 Results $30 $26.8 $26.8 $23.1 $25 $20.7 50.6% $20 $15 Nottingham Financial Group has experienced a $10 38.3% $5 consistent level of both revenue and asset growth $0 through market appre
Slide 40: Revenue Performance
Nottingham Advisors was recently Revenue recognized as a 5-Star Wealth Management Team by InvestmentNews, recognizing firms Performance that excel in client growth, retention, and service. 10Yr Operating Revenue CAGR1,4: 7.9% Wealth Management Services 3Yr Avg. Operating Margin3,5: 27.8% $45 50% Mil
Slide 41: Segment Pre-Tax ROATCE
Segment Pre-Tax ROATCE Adjusted Return on Tangible Equity 1 Wealth Management Services 100% 90% 80% 70% 60% 50% 46.8% 40% 38.9% 30% 20% 10% 0% 2021 2022 2023 2024 2025 TTM Adjusted Return on Tangible Equity Period Average 1 Adjusted ROATCE is a non -GAAP measure defined as annualized segment adjuste
Slide 42: Financial Performance
MAY 2026 Financial Performance COMMUNITY FINANCIAL SYSTEM, INC. | NYSE: CBU
Slide 43: Operating Performance Summary
Operating Performance Summary As of March 31, 2026 Financial Q1 2026 % Change in millions, except from Highlights per share metrics Q1 2025 Net interest income $134.7 12.1% Operating noninterest revenues 1 79.0 4.2% 17.4% growth Total operating revenues 1 213.7 9.0% Operating noninterest expenses 1
Slide 44: Solid Capital Position
Solid Capital Solid Capital Position $2.5 20% Billions Position 18% $2.0 16% 13.89% 14% Ready to support growth 12.13% $1.5 12% • Tier 1 leverage ratio maintained well above PCA 1 9.20% 10% well-capitalized standards to support future $1.0 8% 6.68% organic growth and strategic M&A 6% • Risk -based c
Slide 45: Outperformance During Turbulence
Outperformance During Turbulence Core ROAA 1 2.0% Period Average 3 1.0% CBU: 1.28% 0.0% KRX: 1.08% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD CBU KRX (median) Operating Noninterest Revenues / Operating Revenues 2 40% Period Average 3
Slide 46: Loan Repricing Opportunity
36% of outstanding loan balances are expected to reprice or be repaid in the next 12 months1 Loan Repricing Loan Repricing Opportunities Opportunity Loans repricing or cash months (NTM) $ in millions -flowing over the next 12 Repricing Loans 1 (NTM) % of Total Loans Wtd Avg Rate Floating & Adjustabl
Slide 47: Securities Redeployment Opportunity
Maturing Securities Cashflow & Yield Securities $800 $713 4% Millions $639 $600 3.58% 3% $441 Redeployment $392 $400 2% 2.03% 2.11% $200 1.57% 1.61% 1% $105 Opportunity $0 0% Q2-Q4 2026 2027 2028 2029 2030 Maturing Securities Cashflow Maturing Securities Yield Hypothetical Redeployment of Securities
Slide 48: Shareholder Returns & Key Investment Merits
Shareholder Committed to successful operating strategy focused on intelligent low - Superior long -term return to shareholders Returns & Key risk acquisitions, organic growth, and prudent capital management and long -standing dividend growth Investment Strong fundamentals with consistent Long -term
Slide 49: Valuation Considerations
MAY 2026 Valuation Considerations COMMUNITY FINANCIAL SYSTEM, INC. | NYSE: CBU
Slide 50: Valuation Considerations
Valuation Considerations #1 #2 #2 #2 (tied) 0.12% 1.38 % in nonbanking fees/ in fees/ revenue in cost of funds NCO % Core ROAA % in consecutive revenue amongst amongst KRX 1 amongst KRX 1 vs. vs. annual dividend KRX 1,2 0.18% for KRX 1.29% for KRX increases amongst median 1 median 1,3 KRX CBU Valuat
Slide 51: P/E Reference Framework
P/E Reference Framework Employee Benefits 4 (15.4x -18.0x) Insurance 3 (14.2x -15.8x) Revenue Stability Wealth 2 (11.1x-13.4x) KRX (10.5x -11.8x) Consumer Finance 1 (7.7x -9.9x) Revenue Quality 1 Estimates based on the following publicly traded consumer finance firms: ALLY, AXP, BFN, COF, SLM, SYF 2
Slide 52: Illustrative P/TBV Context
Illustrative P/TBV Context 2026 Estimates Illustrative Segment Valuation Nonbanking Business Proxies ROE Price/ Revenue Price/ EBITDA Price/ Earnings Valuation Per Share Price / TBV $ in Millions, except per share figures TTM Median Bottom Quartile Top Quartile Median of 2026 Estimates N/A Employee
Slide 53: Appendix
MAY 2026 Appendix COMMUNITY FINANCIAL SYSTEM, INC. | NYSE: CBU
Slide 54: Glossary of Terms
Glossary of Terms Term / Acronym Defined as Term / Acronym Defined as ACL Allowance for credit losses MRQ Most recent quarter AFS Available for sale MSA Metropolitan Statistical Area AOCI Accumulated other comprehensive income NCO Net charge -offs AUA Assets under administration NOO CRE Non -owner o
Slide 55: Primary Subsidiaries
Wealth Banking Insurance Employee Benefit Management Services Services Services Services Benefit Plans Nottingham Investment Community Bank, N.A. OneGroup NY, Inc. Administrative Services, Services, Inc. Inc. Benefit Plans Primary Nottingham Advisors, Administrative Services, Inc. LLC Nottingham Tru
Slide 56: How We Operate: Our Core Values
How We Operate: Our Core Values Our Mission: “Contribute to the prosperity of our Community, including our clients, colleagues and shareholders.” INTEGRITY EXCELLENCE WE DO THE RIGHT THING WE ALWAYS BRING OUR BEST TEAMWORK HUMILITY WE WORK TOGETHER WE RESPECT EVERYONE Community Financial System, Inc
Slide 57: KRX Peer Group
KRX Peer Group Peer Company Name Ticker Location Total Assets 1 Peer Company Name Ticker Location Total Assets 1 Pinnacle Financial Partners, Inc. PNFP Atlanta, GA $122,766 Eastern Bankshares, Inc. EBC Boston, MA $30,633 Flagstar Bank, National Association FLG Hicksville, NY $87,129 Axos Financial,
Slide 58: Reconciliation of GAAP and Non-GAAP
Reconciliation of GAAP and Non-GAAP Community Financial System, Inc.’s (the “Company”) management uses the term "non -GAAP" financial measures in their analysis of t he Company's performance and operations. Management believes that these non - GAAP financial measures help investors and analysts meas
Slide 59: Pre-tax, Pre-provision Components
Pre-tax, Pre-provision Components Dollars in thousands, except per share data YTD 2026 YTD 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Operating pre -tax, pre -provision net revenue (“PPNR”) (non -GAAP) Net income (GAAP) $57,218 $49,614 $49,614 $51,331 $55,088 $54,422 $57,218 Income taxes 17,396 14
Slide 60: Operating Net Income
Operating Net Income Dollars in thousands, except per share data Q1 2020 2021 2022 2023 2024 2025 2026 Net income (GAAP) $164,676 $189,694 $188,081 $131,924 $182,481 $210,455 $54,422 Acquisition expenses, net of tax effect 3,942 551 3,930 50 173 2,885 334 Acquisition -related contingent consideratio
Slide 61: Net Interest Margin
Net Interest Margin Dollars in thousands Q1 2020 2021 2022 2023 2024 2025 2026 Net interest margin Net interest income $368,403 $374,412 $420,630 $437,285 $449,117 $506,550 $134,712 Total average interest -earning assets 11,358,162 13,393,383 14,548,665 14,078,061 14,754,880 15,393,824 15,940,176 Ne
Slide 62: Operating Revenues
Operating Revenues Dollars in thousands Q1 2006 2016 2020 2021 2022 2023 2024 2025 2026 Operating noninterest revenues (non -GAAP) Noninterest revenues (GAAP) $49,276 $155,625 $228,419 $246,235 $258,725 $214,834 $297,186 $311,457 $78,574 Unrealized loss (gain) on equity securities - - 6 (17) 44 47 (
Slide 63: Equity-to-Assets
Equity-to-Assets Dollars in thousands Q1 2020 2021 2022 2023 2024 2025 2026 Total tangible assets (non -GAAP) Total assets (GAAP) $13,931,094 $15,552,657 $15,835,651 $15,555,753 $16,386,044 $17,303,296 $17,744,859 Goodwill and other intangible assets, net (846,648) (864,335) (902,837) (897,987) (901
Slide 64: Operating ROA & ROATCE
Operating ROA & ROATCE Dollars in thousands Q1 2020 2021 2022 2023 2024 2025 2026 Average total assets – denominator $12,896,499 $14,835,025 $15,567,139 $15,242,884 $15,990,697 $16,743,361 $17,468,804 Net income (GAAP) – numerator $164,676 $189,694 $188,081 $131,924 $182,481 $210,455 $57,218 Return
Slide 65: Adjusted Pre-Tax ROATCE
Adjusted Pre-Tax ROATCE Dollars in thousands Q1 2020 2021 2022 2023 2024 2025 2026 Banking & Corporate Adjusted income before taxes $169,748 $182,233 $197,468 $178,171 $177,152 $215,537 $59,611 Average shareholders’ equity 1,786,816 1,797,538 1,436,280 1,308,491 1,399,849 1,556,633 1,667,914 Average
Slide 66: Book Value
Book Value Dollars and shares in thousands Q1 2020 2021 2022 2023 2024 2025 2026 Book value (GAAP) Total shareholders’ equity (GAAP) $2,104,107 $2,100,807 $1,551,705 $1,697,937 $1,762,834 $2,006,034 $2,023,992 Period end common shares outstanding 53,593 53,878 53,737 53,327 52,668 52,682 52,537 Book
Slide 67: Operating Noninterest Expenses
Operating Noninterest Expenses Dollars in thousands Q1 2020 2021 2022 2023 2024 2025 2026 Operating noninterest expenses (non -GAAP) Noninterest expenses (GAAP) $376,534 $388,138 $424,268 $472,685 $486,825 $521,263 $133,036 Acquisition expenses (4,933) (701) (5,021) (63) (213) (3,663) (433) Acquisit
Slide 68: Core Results
Core Results 1 Dollars in thousands, except per share data Q1 2020 2021 2022 2023 2024 2025 2026 Net income (GAAP) $164,676 $189,694 $188,081 $131,924 $182,481 $210,455 $57,218 Acquisition expenses, net of statutory tax effect 2 3,897 554 3,966 50 168 2,894 342 Acquisition -related contingent consid
Slide 69: Thank you!
Thank you! INVESTOR RELATIONS CONTACT Marya B. Wlos EVP & Chief Financial Officer Marya.Wlos@cbna.com 315.299.2946 www.communityfinancialsystem.com
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