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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
PATTERSON DAVID CHARLES

(Last) (First) (Middle)
256 POTTER ROAD

(Street)
CANTON NY 13617

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
COMMUNITY BANK 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)
3. Date of Earliest Transaction (Month/Day/Year)
12/31/2006
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 01/01/2007 M 1,262 A $0 22,192 D
Common Stock 5,501.87(1) I By Trustee, W&P P.S. Plan
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
Stock Option $22.94 01/17/2007 A 3,817 01/17/2007 01/17/2017 Common Stock 3,817 $0 3,817 D
Phantom Stock (Stock Balance Plan) (2) 01/17/2007 A 893.33 (3) (3) Common Stock 893.33 $0 13,081.22 D
Deferred Stock (Deferred Comp.) (4) 12/31/2006 A 449.897 (5) (5) Common Stock 449.897 $0 16,931.3201 D
Deferred Stock (Deferred Comp.) (4) 01/01/2007 M 1,262.066 (5) (5) Common Stock 1,262.066 $0 15,669.2541 D
Deferred Stock (Deferred Comp.) (4) 01/10/2007 A 145.8339 (5) (5) Common Stock 145.8339 $0 15,815.088 D
Explanation of Responses:
1. Includes 29.301 and 29.961 shares acquired on October 10, 2006 and January 10, 2007, respectively, under the Community Bank System, Inc. Dividend Reinvestment Plan.
2. Each phantom stock unit is the economic equivalent of one share of Community Bank System, Inc. common stock.
3. Phantom Stock (Stock Balance Plan) may be settled upon the later of the reporting person's attainment of age 55 or termination of service on Community Bank System, Inc.'s Board of Directors.
4. Each deferred stock unit entitles the reporting person to receive one share of Community Bank System, Inc. common stock.
5. Awards relating to the Deferred Stock units (Deferred Comp. Plan) may be settled upon the reporting person's attainment of age 64.
Remarks:
Donna J. Drengel, as attorney-in-fact, pursuant to a power of attorney 01/19/2007
** 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.
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