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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 000-26481

 

 

Financial Institutions, Inc.

(Exact name of registrant as specified in its charter)

 

 

New York

 

16-0816610

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

220 LIBERTY STREET, WARSAW, New York

 

14569

(Address of principal executive offices)

 

(Zip Code)

 

(585) 786-1100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

FISI

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☑

The registrant had 15,837,725 shares of Common Stock, $0.01 par value, outstanding as of October 31, 2021.

 


Table of Contents

 

FINANCIAL INSTITUTIONS, INC.

Form 10-Q

For the Quarterly Period Ended September 30, 2021

TABLE OF CONTENTS

 

 

 

PAGE

PART I.

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition (Unaudited) - at September 30, 2021 and December 31, 2020

 

3

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited) - Three and nine months ended September 30, 2021 and 2020

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) - Three and nine months ended September 30, 2021 and 2020

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - Three and nine months ended September 30, 2021 and 2020

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) - Nine months ended September 30, 2021 and 2020

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

9

 

 

 

 

 

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

44

 

 

 

 

 

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

67

 

 

 

 

 

ITEM 4.

 

Controls and Procedures

 

68

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Legal Proceedings

 

69

 

 

 

 

 

ITEM 6.

 

Exhibits

 

70

 

 

 

 

 

 

 

Signatures

 

71

 

 

 

2


Table of Contents

 

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition (Unaudited)

 

(Dollars in thousands, except share and per share data)

 

September 30,
2021

 

 

December 31,
2020

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

288,426

 

 

$

93,878

 

Securities available for sale, at fair value

 

 

1,097,950

 

 

 

628,059

 

Securities held to maturity, at amortized cost (net of allowance for credit losses of $5 and $7, respectively) (fair value of $224,164 and $282,035, respectively)

 

 

218,135

 

 

 

271,966

 

Loans held for sale

 

 

5,916

 

 

 

4,305

 

Loans (net of allowance for credit losses of $45,444 and $52,420, respectively)

 

 

3,608,455

 

 

 

3,542,718

 

Company owned life insurance

 

 

123,034

 

 

 

100,895

 

Premises and equipment, net

 

 

40,605

 

 

 

40,610

 

Goodwill and other intangible assets, net

 

 

74,659

 

 

 

73,789

 

Other assets

 

 

166,013

 

 

 

156,086

 

Total assets

 

$

5,623,193

 

 

$

4,912,306

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand

 

$

1,144,852

 

 

$

1,018,549

 

Interest-bearing demand

 

 

893,976

 

 

 

731,885

 

Savings and money market

 

 

2,015,855

 

 

 

1,642,340

 

Time deposits

 

 

920,280

 

 

 

885,593

 

Total deposits

 

 

4,974,963

 

 

 

4,278,367

 

Short-term borrowings

 

 

 

 

 

5,300

 

Long-term borrowings, net of issuance costs of $1,166 and $1,377, respectively

 

 

73,834

 

 

 

73,623

 

Other liabilities

 

 

80,383

 

 

 

86,653

 

Total liabilities

 

 

5,129,180

 

 

 

4,443,943

 

Shareholders’ equity:

 

 

 

 

 

 

Series A 3% preferred stock, $100 par value; 1,533 shares authorized;
   
1,435 shares issued

 

 

143

 

 

 

143

 

Series B-1 8.48% preferred stock, $100 par value; 200,000 shares authorized;
 
171,486 and 171,847 shares issued, respectively

 

 

17,149

 

 

 

17,185

 

Total preferred equity

 

 

17,292

 

 

 

17,328

 

Common stock, $0.01 par value; 50,000,000 shares authorized; 16,099,556 shares issued

 

 

161

 

 

 

161

 

Additional paid-in capital

 

 

125,785

 

 

 

125,118

 

Retained earnings

 

 

369,019

 

 

 

324,850

 

Accumulated other comprehensive (loss) income

 

 

(12,116

)

 

 

2,128

 

Treasury stock, at cost – 257,475 and 57,630 shares, respectively

 

 

(6,128

)

 

 

(1,222

)

Total shareholders’ equity

 

 

494,013

 

 

 

468,363

 

Total liabilities and shareholders’ equity

 

$

5,623,193

 

 

$

4,912,306

 

 

See accompanying notes to the consolidated financial statements.

 

3


Table of Contents

 

FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

 

(In thousands, except per share amounts)

 

Three months ended
September 30,

 

 

 Nine months ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

36,242

 

 

$

35,602

 

 

$

109,694

 

 

$

107,659

 

Interest and dividends on investment securities

 

 

4,918

 

 

 

4,086

 

 

 

13,603

 

 

 

13,206

 

Other interest income

 

 

67

 

 

 

31

 

 

 

155

 

 

 

266

 

Total interest income

 

 

41,227

 

 

 

39,719

 

 

 

123,452

 

 

 

121,131

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,894

 

 

 

3,370

 

 

 

6,294

 

 

 

15,066

 

Short-term borrowings

 

 

 

 

 

232

 

 

 

119

 

 

 

1,408

 

Long-term borrowings

 

 

1,060

 

 

 

618

 

 

 

3,177

 

 

 

1,853

 

Total interest expense

 

 

2,954

 

 

 

4,220

 

 

 

9,590

 

 

 

18,327

 

Net interest income

 

 

38,273

 

 

 

35,499

 

 

 

113,862

 

 

 

102,804

 

(Benefit) provision for credit losses

 

 

(541

)

 

 

4,028

 

 

 

(7,144

)

 

 

21,689

 

Net interest income after (benefit) provision for credit losses

 

 

38,814

 

 

 

31,471

 

 

 

121,006

 

 

 

81,115

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

1,502

 

 

 

1,254

 

 

 

4,081

 

 

 

3,321

 

Insurance income

 

 

1,864

 

 

 

1,357

 

 

 

4,407

 

 

 

3,525

 

Card interchange income

 

 

2,118

 

 

 

1,943

 

 

 

6,270

 

 

 

5,321

 

Investment advisory

 

 

2,969

 

 

 

2,443

 

 

 

8,627

 

 

 

6,940

 

Company owned life insurance

 

 

776

 

 

 

470

 

 

 

2,126

 

 

 

1,397

 

Investments in limited partnerships

 

 

694

 

 

 

(105

)

 

 

1,787

 

 

 

(136

)

Loan servicing

 

 

105

 

 

 

49

 

 

 

293

 

 

 

106

 

Income from derivative instruments, net

 

 

377

 

 

 

1,931

 

 

 

1,660

 

 

 

4,617

 

Net gain on sale of loans held for sale

 

 

600

 

 

 

1,397

 

 

 

2,468

 

 

 

2,261

 

Net gain on investment securities

 

 

 

 

 

554

 

 

 

71

 

 

 

1,449

 

Net gain (loss) on other assets

 

 

138

 

 

 

(55

)

 

 

286

 

 

 

8

 

Net (loss) gain on tax credit investments

 

 

(129

)

 

 

(40

)

 

 

62

 

 

 

(120

)

Other

 

 

1,069

 

 

 

1,019

 

 

 

3,094

 

 

 

3,151

 

Total noninterest income

 

 

12,083

 

 

 

12,217

 

 

 

35,232

 

 

 

31,840

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,798

 

 

 

15,085

 

 

 

44,782

 

 

 

45,173

 

Occupancy and equipment

 

 

3,834

 

 

 

3,263

 

 

 

10,502

 

 

 

10,407

 

Professional services

 

 

1,600

 

 

 

1,242

 

 

 

5,098

 

 

 

4,974

 

Computer and data processing

 

 

3,579

 

 

 

3,250

 

 

 

10,160

 

 

 

8,622

 

Supplies and postage

 

 

447

 

 

 

463

 

 

 

1,361

 

 

 

1,533

 

FDIC assessments

 

 

697

 

 

 

594

 

 

 

1,942

 

 

 

1,505

 

Advertising and promotions

 

 

474

 

 

 

955

 

 

 

1,234

 

 

 

2,055

 

Amortization of intangibles

 

 

264

 

 

 

280

 

 

 

801

 

 

 

861

 

Restructuring charges

 

 

 

 

 

1,362

 

 

 

 

 

 

1,362

 

Other

 

 

2,476

 

 

 

1,981

 

 

 

6,973

 

 

 

6,228

 

Total noninterest expense

 

 

29,169

 

 

 

28,475

 

 

 

82,853

 

 

 

82,720

 

Income before income taxes

 

 

21,728

 

 

 

15,213

 

 

 

73,385

 

 

 

30,235

 

Income tax expense

 

 

4,553

 

 

 

2,940

 

 

 

15,300

 

 

 

5,703

 

Net income

 

$

17,175

 

 

$

12,273

 

 

$

58,085

 

 

$

24,532

 

Preferred stock dividends

 

 

364

 

 

 

365

 

 

 

1,095

 

 

 

1,096

 

Net income available to common shareholders

 

$

16,811

 

 

$

11,908

 

 

$

56,990

 

 

$

23,436

 

Earnings per common share (Note 4):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.06

 

 

$

0.74

 

 

$

3.60

 

 

$

1.46

 

Diluted

 

$

1.05

 

 

$

0.74

 

 

$

3.58

 

 

$

1.46

 

Cash dividends declared per common share

 

$

0.27

 

 

$

0.26

 

 

$

0.81

 

 

$

0.78

 

 

See accompanying notes to the consolidated financial statements.

 

4


Table of Contents

 

FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

 

(Dollars in thousands)

 

Three months ended
September 30,

 

 

 Nine months ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

17,175

 

 

$

12,273

 

 

$

58,085

 

 

$

24,532

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities

 

 

(6,400

)

 

 

(69

)

 

 

(15,800

)

 

 

13,778

 

Hedging derivative instruments

 

 

80

 

 

 

123

 

 

 

1,143

 

 

 

(174

)

Pension and post-retirement obligations

 

 

138