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. Q3 2025: $0M, Q2 2025: $11M, Q1 2025: $35M, Q3 2024: $5M

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

Latest quarter $0M vs trailing avg $17M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Missing buyback or cash flow data

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

Repurchased 3,250,000 shares = 6.2% of 52,661,489 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 insider purchases happening during the same quarters the company is actively buying back stock?

Need both buyback and insider purchase data

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $1M (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