CBU COMMUNITY FINANCIAL SYSTEM, INC.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $0M, Q3 2025: $0M, Q2 2025: $11M, Q1 2025: $35M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $15M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Missing buyback or cash flow data

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 2,750,000 shares = 5.2% of 52,554,929 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $1M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 954109.8x more than bought. 2 C-suite officers among sellers

• Gillan-Myer Maureen A (EVP, Chief Admin & HR Officer) sold 3,450 shares on 2025-12-29
• LEVY JEFFREY M (SVP & Chief Banking Officer) sold 1,440 shares on 2025-08-27