Form 8-K - Current report
04 Setembro 2024 - 7:08AM
Edgar (US Regulatory)
false
COMMUNITY FINANCIAL SYSTEM, INC.
0000723188
0000723188
2024-09-04
2024-09-04
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 4, 2024
(Exact name of registrant as specified in
its charter)
| Delaware |
001-13695 |
16-1213679 |
(State or other
jurisdiction of
incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
| 5790 Widewaters Parkway, DeWitt, New York |
13214 |
| (Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (315)
445-2282
Community Bank System, Inc.
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
| Common Stock, $1.00 par value per share |
CBU |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
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 revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 7.01 | Regulation FD Disclosure. |
On September 6,
2024, beginning at 9:00 AM ET, Community Financial System, Inc. (the “Company”) will hold an in-person and virtual Investor
Day at the New York Stock Exchange conference facilities where the senior leadership team will provide insights into the Company’s
strategies, performance and future outlook. A link to register for the live virtual webcast is included within the Company’s Investor
Day Microsite at: https://investorday.communityfinancialsystem.com.
The Company’s
Investor Day presentation is attached as Exhibit 99.1 to this Report on Form 8-K. The presentation is also available on the
Company’s investor relations website at: https://communityfinancialsystem.com/news-presentations/presentations/.
The information in this Form 8-K, including
Exhibit 99.1 attached hereto, is being furnished under Item 7.01 and shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such filing.
This Report on Form 8-K (including Exhibit 99.1
attached hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For more
information regarding the forward-looking statements included in this Report on Form 8-K (including Exhibit 99.1 attached hereto),
see the Forward-Looking Statements section of the presentation included in Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibit is being furnished pursuant
to Item 7.01 above.
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
Community Financial System, Inc. |
| |
By: |
/s/ Joseph E. Sutaris |
| |
Name: |
Joseph E. Sutaris |
| |
Title: |
Executive Vice President and Chief Financial Officer |
Dated: September 4, 2024
Exhibit Index
Exhibit 99.1
| Investor Day
2024 |
| ‐
‐
Disclaimers |
| Welcome & Opening Remarks
•
•
•
•
• |
| Investor Day Agenda |
| Investor Day Speakers |
| Company Overview &
Investment Thesis |
| Company Overview
•
•
•
•
•
•
• |
| About CBU
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• |
| How We Operate: Our Core Values |
| Our Evolution
Into a Diversified
Financial
Company
•
•
•
•
• |
| Our Investment Thesis:
•
•
•
•
•
• |
| Below Average Risk |
| Above Average Returns |
| Our System Produces Premium Results
10Yr Avg. Relative Premium to KRX (median): 4.2x
5Yr Avg. Relative Premium to KRX (median): 6.1x
Current Relative Premium to KRX (median): 5.0x |
| Our Opportunity Set:
Banking (CBNA)
2023 Summary of Deposits
$ in Millions
Buffalo, NY
MSA
Rochester, NY
MSA
Syracuse, NY
MSA
Albany, NY
MSA
Deposit Market Size: $76,153 $32,626 $18,975 $47,811
Market 5-Year CAGR: 11.8% 7.4% 6.4% 16.1%
CBNA Deposits: $237 $813 $1,052 $183
CBNA Market Share: 0.3% 2.5% 5.5% 0.4%
CBNA 5-Year CAGR: 12.6% 14.1% 4.9% 1.0%
CBNA Branches: 3 12 14 6
CBNA De Novo: 3 3 4 3
2023 Summary of Deposits
$ in Millions
Allentown, PA
MSA
Springfield, MA
MSA
Manchester NH,
MSA
Total Selected
MSAs
Deposit Market Size: $25,180 $15,924 $18,790 $235,459
Market 5-Year CAGR: 11.6% 6.5% 7.1% 10.6%
CBNA Deposits: $62 $31 $0 $2,378
CBNA Market Share: 0.3% 0.2% 0.0% 1.0%
CBNA 5-Year CAGR: 6.6% (3.6%) NA 7.6%
CBNA Branches: 2 1 0 38
CBNA De Novo: 3 1 1 18
#1 or #2 deposit market share position in 66% of the
towns we do business in |
| Our Opportunity Set:
Employee Benefit Services (BPAS)
Industry Note
5:
There are over 111 million benefit plan participants in the United States
BPAS
10Yr Operating Revenue CAGR2
:12.1%
5Yr Operating Revenue CAGR2
: 5.9%
3Yr Operating Revenue CAGR2
: 6.1%
880,000+
6
Top 5 |
| Our Opportunity Set:
Insurance Services (OneGroup)
OneGroup
7Yr Operating Revenue CAGR3
: 9.8%
5Yr Operating Revenue CAGR3
: 8.6%
3Yr Operating Revenue CAGR3
: 13.9%
Top 5
13
66th
Industry Note
6:
The top 75 insurance agencies have grown revenue at a 13% CAGR (2019 – 2022) |
| Wealth
10Yr Operating Revenue CAGR2
: 8.3%
5Yr Operating Revenue CAGR2
: 6.1%
3Yr Operating Revenue CAGR2
: 3.6%
Our Opportunity Set:
Wealth Management Services
$12.5B
15.4% |
| Consistently Improving Productivity
5Yr Op. Rev / FTE CAGR2
: 4.6% 5Yr Op. Rev / FTE CAGR2
: 1.6%
5Yr Op. Rev / FTE CAGR2
: 5.5% 5Yr Op. Rev / FTE CAGR2
: 3.4% |
| How Our System Works
•
•
Banking
•
•
•
•
•
•
•
Insurance
Wealth
Benefits
•
Insurance
Wealth
Banking
Our Community Our Financial Solutions Our System
•
•
•
Benefits |
| •
Local Growth Opportunities
•
•
•
•
•
•
U.S. Avg:
1.60%
> 2.5%
1.5% - 2.5%
0% - 1.5%
< 0%
Non-MSA; excluded |
| Banking |
| Banking
•
•
•
•
•
•
• |
| CBNA at a Glance
•
•
•
•
•
•
•
Ranked as one of America’s most
trustworthy banks of 2023 by
Newsweek |
| Liquidity & Credit Are Our
Foundational Strengths
•
•
• 2
2 |
| We Have Grown Net Interest Income
Every Year Since 2006 |
| Business Line Summary
•
•
•
•
•
•
•
•
•
• |
| Loan Portfolios & Asset Quality |
| Our Banking Evolution
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪ |
| De-centralized Regional Structure |
| Established Growth Capabilities
Across All Regions |
| Retail & Business Banking
•
•
•
•
•
•
•
•
•
•
•
• |
| Optimizing
Delivery Channels
for Growth
•
•
•
• |
| •
•
•
•
•
•
•
•
•
Digital
Banking
Capabilities |
| Consumer Lending
•
•
•
•
•
•
•
•
• • • |
| •
•
•
•
•
•
Consumer Lending |
| Commercial Banking |
| Commercial Lending
0.07% 10-year average
net-charge off ratio
(2014-2023)
NOO CRE represents 197% of total
bank-level capital compared to the KRX
bank-held median of 242% |
| Commercial Banking Initiatives
•
•
•
•
•
•
•
•
•
•
•
• |
| Expansion Markets Opportunity
2023 Summary of Deposits
$ in Millions
Buffalo, NY
MSA
Rochester, NY
MSA
Syracuse, NY
MSA
Albany, NY
MSA
Allentown, PA
MSA
Springfield, MA
MSA
Manchester NH,
MSA
Deposit Market Size: $76,153 $32,626 $18,975 $47,811 $25,180 $15,924 $18,790
Market 5-Year CAGR: 11.8% 7.4% 6.4% 16.1% 11.6% 6.5% 7.1%
CBNA Deposits: $237 $813 $1,052 $183 $62 $31 $0
CBNA Market Share: 0.3% 2.5% 5.5% 0.4% 0.3% 0.2% 0.0%
CBNA 5-Year CAGR: 12.6% 14.1% 4.9% 1.0% 6.6% (3.6%) NA
CBNA Branches: 3 12 14 6 2 1 0
CBNA De Novo: 3 3 4 3 3 1 1
#1 Market Share Company: M&T Bank Corp. ESL FCU M&T Bank Corp. Citizens Financial
Group Inc. Wells Fargo & Co. Peoples Bancorp Citizens Financial
Group Inc.
2023 Market Share: 65.4% 17.2% 19.5% 23.6% 16.2% 14.3% 24.2%
Top 3 Institution Market Share: 79.6% 40.4% 46.8% 55.5% 35.2% 38.8% 61.8%
Top Non-Super Regional,
Non-Credit Union Market Share:
Northwest
Bancshares, Inc.
Canandaigua
National Corp. NBT Bancorp Inc. TrustCo Bank
Corp NY Fulton Financial Corp Peoples Bancorp Primary Bank
2023 Market Share: 3.2% 11.0% 6.8% 7.2% 7.3% 14.3% 3.1% |
| Expansion
Markets |
| What the Future Brings |
| Employee Benefit
Services |
| Employee Benefit Services
•
•
•
•
•
•
• |
| One Company, One Call
•
•
•
•
•
•
•
• |
| BPAS at a Glance |
| Our History |
| Well Positioned For Success in a
Growing Industry |
| Business Line Summary
•
• • •
•
• |
| Revenue Model &
Performance
10Yr Operating Revenue CAGR1,4: 12.1%
3Yr Avg. Operating Margin3,5: 42.9%
TTM Revenue by Source
51% asset-based
45% fee-based
4% other |
| Recordkeeping
& TPA
•
•
•
•
•
•
•
•
•
•
•
•
•
• |
| How We Win in Recordkeeping
•
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•
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•
•
• |
| State of the Art Technology |
| Other Revenue Verticals
•
•
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•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• |
| CIT Fund Administration
BPAS is one of the three largest
special purpose trust companies
focused on collective funds3
•
•
•
•
•
•
•
Industry Note:
Morningstar notes that CITs now represent 49% of total DC plan assets and will
overtake mutual funds this year as the most popular target-date vehicle
2 |
| Future Outlook |
| Insurance Services |
| Insurance Services
•
•
•
•
•
• |
| Insurance Services
•
•
•
•
•
•
•
•
•
•
•
• |
| OneGroup at a Glance |
| •
•
•
•
Insurance
Brokerage
Industry |
| Favorable Business Mix
With Deep Specialties |
| Lines of Business
•
•
•
•
•
•
•
•
•
• |
| Revenue Performance
7Yr Operating Revenue CAGR1,4: 9.8%
3Yr Avg. Operating Margin3,5: 18.8% |
| Carrier Depth •
• |
| Future Outlook |
| Wealth Management
Services |
| Wealth Management Services
•
•
•
•
• |
| Wealth Management Services
•
•
•
•
•
•
•
•
•
•
• |
| Well Positioned For Success in a
Growing Industry |
| Uniquely Broad and Deep Capabilities
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• |
| Trended
Results |
| Wealth Management Services:
Financial Performance
10Yr Operating Revenue CAGR1,4: 8.3%
3Yr Avg. Operating Margin3,5: 31.2% |
| Future Outlook |
| Risk Management |
| Risk Management
•
•
•
•
•
•
• |
| Risk Management Framework |
| CBNA’s Lending Philosophy & Credit
Risk Management |
| Debt-to-Income Ratio |
| Loan Losses |
| Loan Mix Comparison |
| Retail Lending |
| Funding Metrics |
| Deposit Granularity
$17 $32
$0
$100
$200
$300
$400
$500
$600
CBNA Industry
Thousands
Average Deposit Account Balance
$201
$508
$1,120
$0
$200
$400
$600
$800
$1,000
$1,200
First Republic Signature SVB
Thousands
Average Deposit Account Balance |
| Financial Performance |
| Financial Performance
•
•
•
•
•
•
•
• |
| Fundamental Elements of Our
Enduring Success |
| •
•
Focus on
Revenue
Quality,
Diversification
and Sustainable
Results |
| Strong Asset Quality |
| Allowance Industry Comparison |
| •
•
•
•
•
Core Deposit
Strength
22% cycle to date deposit beta1
24% cycle to date funding beta1
30% cycle to date interest-bearing
deposit beta1 |
| Liquidity Position & Sources
•
•
•
•
• |
| •
•
Solid Capital
Position |
| Outperformance During Turbulence |
| Company Performance
9.3%
4.5% 1.29% 40%
$1.29
0.06%
$0.95 0.05% |
| Segment Performance
10Yr Operating Revenue CAGR3
: 12.1%
3Yr Avg. Operating Margin4
: 42.9%
10Yr Operating Revenue CAGR3
: 5.4%
3Yr Avg. Operating Margin4
: 38.9%
7Yr Operating Revenue CAGR3
: 9.8%
3Yr Avg. Operating Margin4
: 18.8%
10Yr Operating Revenue CAGR3
: 8.3%
3Yr Avg. Operating Margin4
: 31.2% |
| Capital Deployment
Since 12/31/2018
46.5% operating payout ratio
53.1% payout ratio |
| Catalysts for Earnings Growth &
Shareholder Value Creation |
| •
•
Loan Repricing
Opportunity
28% of outstanding loan
balances are expected to
reprice or be repaid in
the next 12 months1 |
| •
•
Securities
Redeployment
Opportunity |
| Opportunities and Financial Targets
•
•
•
•
•
•
•
•
•
•
• |
| Valuation
Considerations |
| Valuation Considerations
10Yr Avg. Relative Premium to KRX (median): 4.2x
5Yr Avg. Relative Premium to KRX (median): 6.1x
Current Relative Premium to KRX (median): 5.0x |
| P/E Reference Framework |
| 5Yr
Avg
10Yr
Avg
KRX (median): 1.52x 1.71x
KRX (top quartile): 1.80x 2.05x
Illustrative P/TBV Context |
| Closing Remarks |
| Closing Remarks
▪
▪
▪
▪
▪
▪ |
| Thank you! |
| Appendix |
| Glossary of Terms |
| Primary
Subsidiaries |
| Board of Directors |
| KRX Peer Group |
| Multifamily & NOO CRE by Location |
| •
•
•
•
Reconciliation of GAAP and Non-GAAP |
| Pre-tax, Pre-provision Components |
| Operating Net Income |
| Net Interest Margin & Operating ROA |
| Operating Revenues |
| Equity-to-Assets |
| Book Value |
| Operating Noninterest Expenses |
| Core Results |
Cover
|
Sep. 04, 2024 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Sep. 04, 2024
|
| Entity File Number |
001-13695
|
| Entity Registrant Name |
COMMUNITY FINANCIAL SYSTEM, INC.
|
| Entity Central Index Key |
0000723188
|
| Entity Tax Identification Number |
16-1213679
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
5790 Widewaters Parkway
|
| Entity Address, City or Town |
DeWitt
|
| Entity Address, State or Province |
NY
|
| Entity Address, Postal Zip Code |
13214
|
| City Area Code |
315
|
| Local Phone Number |
445-2282
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common Stock, $1.00 par value per share
|
| Trading Symbol |
CBU
|
| Security Exchange Name |
NYSE
|
| Entity Emerging Growth Company |
false
|
| Entity Information, Former Legal or Registered Name |
Community Bank System, Inc.
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
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-Name Securities Act
-Number 230
-Section 425
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