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CBU Investor Presentation INVESTOR PRESENTATION MAY 2021 DISCLAIMERS Forward‐Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of Community Bank System, Inc. These statements are often, but not always, identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “target,” “may,” “might,” “should,” “could,” “would,” “predict,” “potential,” “mission,” “models,” “continue,” “will,” “seek,” “plan,” “projection,” “annualized,” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. Examples of forward-looking statements include, among others, statements we make regarding our projected growth, anticipated future financial performance, financial condition, credit quality, Management’s long-term performance goals and the future plans and prospects of Community Bank System, Inc. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our Management’s current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. In addition to the factors previously disclosed in our reports filed with the U.S. Securities and Exchange Commission (the “SEC”), the following factors, among others, could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements: the effects of the COVID-19 pandemic, including its effects on the economic environment, our clients and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic; our ability to successfully manage credit risk and maintain an adequate level of allowance for loan losses; interest rate risks associated with our business; our ability to successfully manage liquidity risk; new or revised accounting standards, including the Current Expected Credit Loss Standard; business and economic conditions generally and in the financial services industry, nationally and within our market areas, including the effect of a stock market decrease on our fee income businesses, including our employee benefit services, wealth management, and insurance businesses; the overall condition of the real estate market in the locations where we operate and the nation in general; increased competition in the financial services industry; concentrations within our loan portfolio; the level of nonperforming assets on our balance sheet; our ability to implement our organic and acquisition growth strategies; the impact of economic or market conditions on our fee-based services; our ability to continue to grow our wealth management, insurance, and retirement and benefit services businesses; our ability to expand and maintain customer relationships; our ability to continue to originate residential mortgages and home equity loans; the occurrence of fraudulent activity, breaches or failures of our information security controls or cybersecurity related incidents; interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our executive management team, our ability to attract and retain key personnel, and the success of our succession plan; our ability to utilize technology to efficiently and effectively develop, market, and deliver new products and services; the effectiveness of our enterprise risk management framework; the commencement and outcome of significant litigation and other legal proceedings and regulatory actions against us or to which we may become subject; the changes in legislation, regulation, governmental activities, oversight, supervisions and public policy affecting the financial service industry as a whole, and Community Bank System, Inc. and our subsidiaries individually or collectively, including affecting capital management activities, monetary policy, tax policy or other areas; fluctuations in the values of the securities held in our securities portfolio; political developments, severe weather, natural disasters, widespread disease or pandemics, acts of war or terrorism or other adverse external events; and our success at managing the risks involved in the foregoing items. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. We assume no obligation to update or revise any forward-looking statements that are made from time to time, either as a result of future developments, new information, or otherwise, except as may be required by law. Note Regarding Non‐GAAP Financial Measures This presentation includes certain ratios and amounts that do not conform to U.S. Generally Accepted Accounting Principles, or GAAP. Management uses certain non-GAAP financial measures to evaluate financial performance and business trends from period to period and believes that disclosure of these non-GAAP financial measures will help investors, rating agencies and analysts evaluate the financial performance and condition of Community Bank System, Inc. This presentation includes a reconciliation of each non-GAAP financial measure to the most comparable GAAP equivalent. COMPANY PROFILE • Successful, growing community bank headquartered outside of Syracuse, New York. • One of the largest community banks based in Upstate New York with approximately $14.6 billion1 in total assets. • More than 225 customer banking facilities across Upstate New York, Northeast Pennsylvania, Vermont and Massachusetts. • Dominant market share: 1st or 2nd in approximately two-thirds of the towns where we do business • Significant and growing fee based non-banking businesses • Market capitalization of $4.18 billion (at 4/30/21 share price of $77.63) COMPANY STRENGTHS • Track record of superior shareholder returns • Our 10-year cumulative total return to shareholders is 320% (15.4% annualized). This compares to a 10-year cumulative total return for the KBW Regional Banking Index of 196% (11.5% annualized). (2) • Industry leading dividend record – 28 consecutive years of increases. • Strong asset quality even through the great recession and COVID-19 Pandemic • Primarily non-urban footprint provides stable, 2% to 5% growth a year. • Focus on smaller, in-footprint customers than our large competitors. • Significant fee based non-banking businesses reduce dependence on net interest income. • Benefit Plans Administration, Wealth Management and Insurance contributed approximately 73% of the Company’s noninterest income in Q1 2021. (1) As of March 31, 2021 2 (2) Total return based on 10-year historical performance through April 30, 2021 assuming dividend reinvestment. RECENT ACCOMPLISHMENTS • Navigated challenges of COVID pandemic, while generating solid operating results in the first quarter of 2021 • Return on Assets – 1.51% • Return on Tangible Equity – 16.9% (1) • Deposit Funding Costs – 0.11% • GAAP EPS – $0.97; up $0.21 per share from the first quarter of 2020 • Operating EPS (2) – $0.97; up $0.20 per share from the first quarter of 2020 • Raised our dividend in August 2020 for the 28th consecutive year, retaining our “Dividend Aristocrat“ Status • In 2021, identified as a “Performance Powerhouse” by Bank Director Magazine. Ranked #1 in retail strategy. • Regularly in the Top 10 of America’s best large banks by Forbes Magazine. Ranked #7 for the 2021 list. • Maintained strong asset quality • 0.02% net charge off ratio in Q1 2021. Part of our operating DNA. • 0.07% net charge off ratio in 2020 STRATEGIC PROFILE • Consistent business model for over 20 years • Market-leading branch system serving predominantly non-urban markets • Excellent core deposit customer base • Decentralized decision-making and authority • Investment in noninterest revenue businesses • Goal of 10% annual total shareholder return over time • Disciplined growth through organic and acquired opportunities; focused on profitable relationships • Focused on low risk accretive transactions (1) Return on Tangible Equity is calculated by dividing Net Income by Average Shareholders’ Equity less average intangible assets, net of deferred tax on intangible assets. (2) Operating earnings are a non-GAAP measure and exclude one time securities gains, merger related expenses and special charges; net of tax effect. Please see Appendix for 3 details. OPERATING PERFORMANCE SUMMARY Q1 2021 % Change YTD 2020 % Change In Millions from Q1 2020 In Millions from YTD 2019 (except EPS) (except EPS) Net interest income $94.0 4.3% $368.4 2.6% Non-interest revenues 58.5 (0.2%) 228.4 (1.0%) Operating expenses (1) 93.2 (0.1%) 368.7 1.4% Provision for
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