0001564590-20-051964.txt : 20201106 0001564590-20-051964.hdr.sgml : 20201106 20201106160715 ACCESSION NUMBER: 0001564590-20-051964 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 108 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201106 DATE AS OF CHANGE: 20201106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FINANCIAL INSTITUTIONS INC CENTRAL INDEX KEY: 0000862831 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 160816610 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26481 FILM NUMBER: 201294452 BUSINESS ADDRESS: STREET 1: 220 LIBERTY STREET CITY: WARSAW STATE: NY ZIP: 14569 BUSINESS PHONE: 5857861100 MAIL ADDRESS: STREET 1: 220 LIBERTY STREET CITY: WARSAW STATE: NY ZIP: 14569 10-Q 1 fisi-10q_20200930.htm 10-Q fisi-10q_20200930.htm
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us-gaap:OperatingSegmentsMember 2019-01-01 2019-09-30

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, 2020            

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 16,038,220 shares of Common Stock, $0.01 par value, outstanding as of October 31, 2020.

 

 


Table of Contents

 

FINANCIAL INSTITUTIONS, INC.

Form 10-Q

For the Quarterly Period Ended September 30, 2020

TABLE OF CONTENTS

 

 

 

PAGE

PART I.

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition (Unaudited) - at September 30, 2020 and December 31, 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited) - Three and nine months ended September 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) - Three and nine months ended September 30, 2020 and 2019

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - Three and nine months ended September 30, 2020 and 2019

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) - Nine months ended September 30, 2020 and 2019

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

9

 

 

 

 

 

ITEM 2.

 

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

 

42

 

 

 

 

 

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

63

 

 

 

 

 

ITEM 4.

 

Controls and Procedures

 

64

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Legal Proceedings

 

65

 

 

 

 

 

ITEM 1A.

 

Risk Factors

 

65

 

 

 

 

 

ITEM 6.

 

Exhibits

 

67

 

 

 

 

 

 

 

Signatures

 

68

 

 

 

- 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,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

282,070

 

 

$

112,947

 

Securities available for sale, at fair value

 

 

515,971

 

 

 

417,917

 

Securities held to maturity, at amortized cost (net of allowance for credit losses of $8 and $0, respectively) (fair value of $301,878 and $363,259, respectively)

 

 

290,946

 

 

 

359,000

 

Loans held for sale

 

 

7,076

 

 

 

4,224

 

Loans (net of allowance for credit losses of $49,395 and $30,482, respectively)

 

 

3,519,144

 

 

 

3,190,505

 

Company owned life insurance

 

 

70,347

 

 

 

68,942

 

Premises and equipment, net

 

 

40,568

 

 

 

41,424

 

Goodwill and other intangible assets, net

 

 

74,062

 

 

 

74,923

 

Other assets

 

 

159,017

 

 

 

114,296

 

Total assets

 

$

4,959,201

 

 

$

4,384,178

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

1,013,176

 

 

$

707,752

 

Interest-bearing demand

 

 

786,059

 

 

 

627,842

 

Savings and money market

 

 

1,724,463

 

 

 

1,039,892

 

Time deposits

 

 

841,230

 

 

 

1,180,189

 

Total deposits

 

 

4,364,928

 

 

 

3,555,675

 

Short-term borrowings

 

 

5,300

 

 

 

275,500

 

Long-term borrowings, net of issuance costs of $742 and $727, respectively

 

 

39,258

 

 

 

39,273

 

Other liabilities

 

 

93,354

 

 

 

74,783

 

Total liabilities

 

 

4,502,840

 

 

 

3,945,231

 

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;

   171,847 shares issued

 

 

17,185

 

 

 

17,185

 

Total preferred equity

 

 

17,328

 

 

 

17,328

 

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

 

 

161

 

 

 

161

 

Additional paid-in capital

 

 

124,812

 

 

 

124,582

 

Retained earnings

 

 

315,585

 

 

 

313,364

 

Accumulated other comprehensive loss

 

 

(209

)

 

 

(14,513

)

Treasury stock, at cost – 61,971 and 96,657 shares, respectively

 

 

(1,316

)

 

 

(1,975

)

Total shareholders’ equity

 

 

456,361

 

 

 

438,947

 

Total liabilities and shareholders’ equity

 

$

4,959,201

 

 

$

4,384,178

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

35,602

 

 

$

37,904

 

 

$

107,659

 

 

$

112,177

 

Interest and dividends on investment securities

 

 

4,086

 

 

 

4,449

 

 

 

13,206

 

 

 

14,147

 

Other interest income

 

 

31

 

 

 

106

 

 

 

266

 

 

 

297

 

Total interest income

 

 

39,719

 

 

 

42,459

 

 

 

121,131

 

 

 

126,621

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,370

 

 

 

7,277

 

 

 

15,066

 

 

 

21,454

 

Short-term borrowings

 

 

232

 

 

 

2,081

 

 

 

1,408

 

 

 

6,575

 

Long-term borrowings

 

 

618

 

 

 

618

 

 

 

1,853

 

 

 

1,853

 

Total interest expense

 

 

4,220

 

 

 

9,976

 

 

 

18,327

 

 

 

29,882

 

Net interest income

 

 

35,499

 

 

 

32,483

 

 

 

102,804

 

 

 

96,739

 

Provision for credit losses

 

 

4,028

 

 

 

1,844

 

 

 

21,689

 

 

 

5,391

 

Net interest income after provision for credit losses

 

 

31,471

 

 

 

30,639

 

 

 

81,115

 

 

 

91,348

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

1,254

 

 

 

1,925

 

 

 

3,321

 

 

 

5,361

 

Insurance income

 

 

1,357

 

 

 

1,439

 

 

 

3,525

 

 

 

3,689

 

ATM and debit card

 

 

1,943

 

 

 

1,801

 

 

 

5,321

 

 

 

4,983

 

Investment advisory

 

 

2,443

 

 

 

2,269

 

 

 

6,940

 

 

 

6,812

 

Company owned life insurance

 

 

470

 

 

 

459

 

 

 

1,397

 

 

 

1,293

 

Investments in limited partnerships

 

 

(105

)

 

 

116

 

 

 

(136

)

 

 

492

 

Loan servicing

 

 

49

 

 

 

102

 

 

 

106

 

 

 

316

 

Income from derivative instruments, net

 

 

1,931

 

 

 

890

 

 

 

4,617

 

 

 

1,013

 

Net gain on sale of loans held for sale

 

 

1,581

 

 

 

439

 

 

 

2,616

 

 

 

1,028

 

Net gain on investment securities

 

 

554

 

 

 

1,608

 

 

 

1,449

 

 

 

1,721

 

Net (loss) gain on other assets

 

 

(55

)

 

 

(2

)

 

 

8

 

 

 

56

 

Loss on tax credit investments

 

 

(40

)

 

 

 

 

 

(120

)

 

 

 

Other

 

 

1,019

 

 

 

1,315

 

 

 

3,151

 

 

 

3,950

 

Total noninterest income

 

 

12,401

 

 

 

12,361

 

 

 

32,195

 

 

 

30,714

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,085

 

 

 

14,411

 

 

 

45,173

 

 

 

41,661

 

Occupancy and equipment

 

 

3,263

 

 

 

4,650

 

 

 

10,407

 

 

 

10,106

 

Professional services

 

 

1,242

 

 

 

1,528

 

 

 

4,974

 

 

 

3,618

 

Computer and data processing

 

 

3,250

 

 

 

1,378

 

 

 

8,622

 

 

 

7,407

 

Supplies and postage

 

 

463

 

 

 

522

 

 

 

1,533

 

 

 

1,554

 

FDIC assessments

 

 

594

 

 

 

7

 

 

 

1,505

 

 

 

1,005

 

Advertising and promotions

 

 

955

 

 

 

745

 

 

 

2,055

 

 

 

2,351

 

Amortization of intangibles

 

 

280

 

 

 

309

 

 

 

861

 

 

 

948

 

Restructuring charges

 

 

1,362

 

 

 

 

 

 

1,362

 

 

 

 

Other

 

 

2,165

 

 

 

2,336

 

 

 

6,583

 

 

 

7,410

 

Total noninterest expense

 

 

28,659

 

 

 

25,886

 

 

 

83,075

 

 

 

76,060

 

Income before income taxes

 

 

15,213

 

 

 

17,114

 

 

 

30,235

 

 

 

46,002

 

Income tax expense

 

 

2,940

 

 

 

4,281

 

 

 

5,703

 

 

 

10,247

 

Net income

 

$

12,273

 

 

$

12,833

 

 

$

24,532

 

 

$

35,755

 

Preferred stock dividends

 

 

365

 

 

 

365

 

 

 

1,096

 

 

 

1,096

 

Net income available to common shareholders

 

$

11,908

 

 

$

12,468

 

 

$

23,436

 

 

$

34,659

 

Earnings per common share (Note 3):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.74

 

 

$

0.78

 

 

$

1.46

 

 

$

2.17

 

Diluted

 

$

0.74

 

 

$

0.78

 

 

$

1.46

 

 

$

2.16

 

Cash dividends declared per common share

 

$

0.26

 

 

$

0.25

 

 

$

0.78

 

 

$

0.75

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

12,273

 

 

$

12,833

 

 

$

24,532

 

 

$

35,755

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities

 

 

(69

)

 

 

1,121

 

 

 

13,778

 

 

 

11,863

 

Hedging derivative instruments

 

 

123

 

 

 

43

 

 

 

(174

)

 

 

(317

)

Pension and post-retirement obligations

 

 

233

 

 

 

262