[Form 4] Community Financial System, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider transaction summary: The Form 4 reports that Jeffrey M. Levy, SVP & Chief Banking Officer and director-related officer of Community Financial System, Inc. (CBU), sold 1,440 shares of the issuer's common stock at a price of $61.375 per share on the transaction date reported. After the reported sale, Mr. Levy is shown as beneficially owning 6,656.6389 shares directly and 6,059.7858 shares indirectly through the company 401(k) plan. The filing includes a confirming signature attesting to the accuracy of the statement.

Positive

• Timely Section 16 disclosure filed and signed, providing transparency on insider activity
• Clear ownership breakdown showing both direct and indirect (401(k)) holdings

Negative

• Insider sale of 1,440 shares at $61.375 reduces the reporting person’s direct holdings
• Sale may be perceived negatively by some investors despite being modest in size

Insights

Financial Analyst

TL;DR: A modest insider sale was disclosed with remaining substantial direct and indirect holdings; not immediately material to valuation.

The reported sale of 1,440 shares at $61.375 reduces the reporting person’s direct stake while leaving a meaningful combined holding (direct plus 401(k) indirect). The size of the disposition relative to the remaining holdings appears limited based on the reported balances and does not by itself indicate a significant shift in insider alignment with shareholders. The clear disclosure supports market transparency.

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure of an insider sale with confirming signature; governance controls appear to function normally.

The Form 4 shows the officer executed the required Section 16 reporting for a sale and the document is signed by a confirming party. Indirect ownership via the 401(k) plan is disclosed, which helps clarify ownership structure. There is no indication in the filing of undisclosed agreements, trading plan triggers, or material changes to control.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LEVY JEFFREY M

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

5790 WIDEWATERS PARKWAY

(Street)

DEWITT NY 13214

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMUNITY FINANCIAL SYSTEM, INC. [ CBU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & Chief Banking Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/27/2025		S		1,440	D	$61.375	6,656.6389	D
Common Stock								6,059.7858	I	By 401(k) Plan(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The number of shares reported herein acquired pursuant to Community Financial System, Inc.'s 401(k) Plan and are based on a current plan statement.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Jeffrey M. Levy	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Jeffrey M. Levy report on Form 4 for CBU?

He reported a sale of 1,440 shares of Community Financial System, Inc. common stock at a price of $61.375 per share.

How many shares does Jeffrey M. Levy beneficially own after the reported transaction?

He beneficially owns 6,656.6389 shares directly and 6,059.7858 shares indirectly through a 401(k) plan.

What is the nature of the indirect ownership reported by Levy?

Indirect ownership is held via the company 401(k) plan, as stated in the filing explanation.

Was the Form 4 signed or confirmed?

Yes. The filing includes a confirming signature executed on behalf of Jeffrey M. Levy.

Does the Form 4 indicate any derivative transactions or plans (e.g., 10b5-1)?

No derivative securities or 10b5-1 plan disclosures are included in the reported sections of this Form 4.