Community Financial (CBU) director settles deferred stock into shares

Rhea-AI Filing Summary

STEELE SALLY A reported acquisition or exercise transactions in this Form 4 filing.

Community Financial System, Inc. director Sally A. Steele reported a routine compensation-related transaction. On March 19, 2026, her phantom stock units were settled for 1,254 shares of common stock, with 0.5514 units settled in cash at $55.61 per share. Following the settlement, she directly holds 41,218 common shares and 1,230.7635 phantom stock (deferred stock) units, plus 4,585 common shares held indirectly in joint ownership with her brother.

Insider Trade Summary

1,254 shares exercised/converted

Mixed 3 txns

Insider STEELE SALLY A

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Stock (Deferred Stock Units)	1,254	$0.00	--
Exercise	Common Stock	1,254	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock (Deferred Stock Units) — 1,230.764 shares (Direct); Common Stock — 41,218 shares (Direct); Common Stock — 4,585 shares (Indirect, Joint with brother)

Footnotes (1)

1. On March 19, 2026, the reporting person's phantom stock units were settled for 1,254 shares of Community Financial System, Inc. common stock, and .5514 shares were settled in cash at the price of $55.61 per share. The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "LTIP"). Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Financial System, Inc. common stock and will be settled in common stock at a predetermined date.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

STEELE SALLY A

(Last) (First) (Middle)

C/O COMMUNITY FINANCIAL SYSTEM, INC.

333 BUTTERNUT DRIVE

(Street)

SYRACUSE NEW YORK 13214

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

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

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

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

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	03/19/2026		M		1,254	A	(1)	41,218	D
Common Stock								4,585	I	Joint with brother

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
Phantom Stock (Deferred Stock Units)	(2)	03/19/2026		M			1,254	(2)	(2)	Common Stock	1,254	(1)	1,230.7635	D

Explanation of Responses:

1. On March 19, 2026, the reporting person's phantom stock units were settled for 1,254 shares of Community Financial System, Inc. common stock, and .5514 shares were settled in cash at the price of $55.61 per share.

2. The reporting person has received deferred stock units under the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "LTIP"). Each phantom stock unit which represents a deferred stock unit is the economic equivalent of one share of Community Financial System, Inc. common stock and will be settled in common stock at a predetermined date.

	/s/ Danielle M. Cima, pursuant to a Confirming Statement executed by Sally A. Steele	03/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did CBU director Sally A. Steele report?

Sally A. Steele reported settlement of phantom stock units into 1,254 shares of Community Financial System common stock. A small fractional 0.5514-unit balance was settled in cash at $55.61 per share, reflecting routine conversion of deferred director compensation into equity.

Was the CBU Form 4 transaction an open-market purchase or sale?

The Form 4 shows a derivative exercise, not an open-market trade. Phantom stock units were converted into 1,254 common shares and a small cash amount, representing settlement of deferred compensation rather than a discretionary market purchase or sale.

How many Community Financial System (CBU) shares does Sally A. Steele now hold?

After the reported transactions, Sally A. Steele directly holds 41,218 shares of Community Financial System common stock. She also has 1,230.7635 phantom stock (deferred stock) units and 4,585 common shares held indirectly in joint ownership with her brother.

What are phantom stock (deferred stock) units in the CBU filing?

The phantom stock units are deferred stock units granted under Community Financial System’s 2022 Long-Term Incentive Plan. Each unit is economically equivalent to one common share and is settled in common stock or cash at a predetermined date as part of director compensation.

Did Sally A. Steele dispose of any CBU shares in this Form 4?

The Form 4 does not show any open-market sale or disposition of Community Financial System shares. It records the exercise and settlement of phantom stock units into 1,254 common shares and a minor cash settlement, a standard non-market compensation event.