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Section 1: 10-Q (10-Q)

fisi-10q_20200630.htm
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us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30

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              June 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 16,037,585 shares of Common Stock, $0.01 par value, outstanding as of July 31, 2020.

 

 


Table of Contents

 

FINANCIAL INSTITUTIONS, INC.

Form 10-Q

For the Quarterly Period Ended June 30, 2020

TABLE OF CONTENTS

 

 

 

PAGE

PART I.

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

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

 

3

 

 

 

 

 

 

 

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

 

4

 

 

 

 

 

 

 

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

 

5

 

 

 

 

 

 

 

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

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) - Six months ended June 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

 

43

 

 

 

 

 

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

62

 

 

 

 

 

ITEM 4.

 

Controls and Procedures

 

63

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Legal Proceedings

 

64

 

 

 

 

 

ITEM 1A.

 

Risk Factors

 

64

 

 

 

 

 

ITEM 6.

 

Exhibits

 

66

 

 

 

 

 

 

 

Signatures

 

67

 

 

 

- 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)

 

June 30,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

119,610

 

 

$

112,947

 

Securities available for sale, at fair value

 

 

469,413

 

 

 

417,917

 

Securities held to maturity, at amortized cost (net of allowance for credit losses of $8 and $0, respectively) (fair value of $320,954 and $363,259, respectively)

 

 

309,872

 

 

 

359,000

 

Loans held for sale

 

 

6,654

 

 

 

4,224

 

Loans (net of allowance for credit losses of $46,316 and $30,482, respectively)

 

 

3,439,505

 

 

 

3,190,505

 

Company owned life insurance

 

 

69,876

 

 

 

68,942

 

Premises and equipment, net

 

 

41,403

 

 

 

41,424

 

Goodwill and other intangible assets, net

 

 

74,342

 

 

 

74,923

 

Other assets

 

 

150,255

 

 

 

114,296

 

Total assets

 

$

4,680,930

 

 

$

4,384,178

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

1,008,958

 

 

$

707,752

 

Interest-bearing demand

 

 

727,676

 

 

 

627,842

 

Savings and money market

 

 

1,368,805

 

 

 

1,039,892

 

Time deposits

 

 

888,569

 

 

 

1,180,189

 

Total deposits

 

 

3,994,008

 

 

 

3,555,675

 

Short-term borrowings

 

 

105,300

 

 

 

275,500

 

Long-term borrowings, net of issuance costs of $692 and $727, respectively

 

 

39,308

 

 

 

39,273

 

Other liabilities

 

 

94,269

 

 

 

74,783

 

Total liabilities

 

 

4,232,885

 

 

 

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

 

 

124,523

 

 

 

124,582

 

Retained earnings

 

 

307,845

 

 

 

313,364

 

Accumulated other comprehensive loss

 

 

(496

)

 

 

(14,513

)

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

 

 

(1,316

)

 

 

(1,975

)

Total shareholders’ equity

 

 

448,045

 

 

 

438,947

 

Total liabilities and shareholders’ equity

 

$

4,680,930

 

 

$

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

June 30,

 

 

Six months ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

35,197

 

 

$

37,807

 

 

$

72,057

 

 

$

74,273

 

Interest and dividends on investment securities

 

 

4,538

 

 

 

4,752

 

 

 

9,120

 

 

 

9,698

 

Other interest income

 

 

24

 

 

 

89

 

 

 

235

 

 

 

191

 

Total interest income

 

 

39,759

 

 

 

42,648

 

 

 

81,412

 

 

 

84,162

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

4,677

 

 

 

7,378

 

 

 

11,696

 

 

 

14,177

 

Short-term borrowings

 

 

284

 

 

 

2,189

 

 

 

1,176

 

 

 

4,494

 

Long-term borrowings

 

 

617

 

 

 

617

 

 

 

1,235

 

 

 

1,235

 

Total interest expense

 

 

5,578

 

 

 

10,184

 

 

 

14,107

 

 

 

19,906

 

Net interest income

 

 

34,181

 

 

 

32,464

 

 

 

67,305

 

 

 

64,256

 

Provision for credit losses

 

 

3,746

 

 

 

2,354

 

 

 

17,661

 

 

 

3,547

 

Net interest income after provision for credit losses

 

 

30,435

 

 

 

30,110

 

 

 

49,644

 

 

 

60,709

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

480

 

 

 

1,756

 

 

 

2,067

 

 

 

3,436

 

Insurance income

 

 

819

 

 

 

872

 

 

 

2,168

 

 

 

2,250

 

ATM and debit card

 

 

1,776

 

 

 

1,739

 

 

 

3,378

 

 

 

3,182

 

Investment advisory

 

 

2,251

 

 

 

2,327

 

 

 

4,497

 

 

 

4,543

 

Company owned life insurance

 

 

462

 

 

 

424

 

 

 

927

 

 

 

834

 

Investments in limited partnerships

 

 

(244

)

 

 

144

 

 

 

(31

)

 

 

376

 

Loan servicing

 

 

50

 

 

 

104

 

 

 

57

 

 

 

214

 

Income from derivative instruments, net

 

 

1,940

 

 

 

(45

)

 

 

2,686

 

 

 

123

 

Net gain on sale of loans held for sale

 

 

731

 

 

 

407

 

 

 

1,035

 

 

 

589

 

Net gain on investment securities

 

 

674

 

 

 

166

 

 

 

895

 

 

 

113

 

Net (loss) gain on other assets

 

 

(1

)

 

 

9

 

 

 

63

 

 

 

58

 

Loss on tax credit investments

 

 

(40

)

 

 

 

 

 

(80

)

 

 

 

Other

 

 

934

 

 

 

1,330

 

 

 

2,132

 

 

 

2,635

 

Total noninterest income

 

 

9,832

 

 

 

9,233

 

 

 

19,794

 

 

 

18,353

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,074

 

 

 

13,249

 

 

 

30,088

 

 

 

27,250

 

Occupancy and equipment

 

 

3,388

 

 

 

3,252

 

 

 

7,144

 

 

 

6,725

 

Professional services

 

 

1,580

 

 

 

932

 

 

 

3,732

 

 

 

2,090

 

Computer and data processing

 

 

2,699

 

 

 

2,424

 

 

 

5,372

 

 

 

4,760

 

Supplies and postage

 

 

517

 

 

 

498

 

 

 

1,070

 

 

 

1,032

 

FDIC assessments

 

 

539

 

 

 

486

 

 

 

911

 

 

 

998

 

Advertising and promotions

 

 

545

 

 

 

1,086

 

 

 

1,100

 

 

 

1,606

 

Amortization of intangibles

 

 

287

 

 

 

316

 

 

 

581

 

 

 

639

 

Other

 

 

2,065

 

 

 

2,760

 

 

 

4,418

 

 

 

5,074

 

Total noninterest expense

 

 

26,694

 

 

 

25,003

 

 

 

54,416

 

 

 

50,174

 

Income before income taxes

 

 

13,573

 

 

 

14,340

 

 

 

15,022

 

 

 

28,888

 

Income tax expense

 

 

2,441

 

 

 

2,939

 

 

 

2,763

 

 

 

5,966

 

Net income

 

$

11,132

 

 

$

11,401

 

 

$

12,259

 

 

$

22,922

 

Preferred stock dividends

 

 

366

 

 

 

366

 

 

 

731

 

 

 

731

 

Net income available to common shareholders

 

$

10,766

 

 

$

11,035

 

 

$

11,528

 

 

$

22,191

 

Earnings per common share (Note 2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.67

 

 

$

0.69

 

 

$

0.72

 

 

$

1.39

 

Diluted

 

$

0.67

 

 

$

0.69

 

 

$

0.72

 

 

$

1.39

 

Cash dividends declared per common share

 

$

0.26

 

 

$

0.25

 

 

$

0.52

 

 

$

0.50

 

 

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

June 30,

 

 

Six months ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

11,132

 

 

$

11,401

 

 

$

12,259

 

 

$

22,922

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities

 

 

1,741

 

 

 

5,239

 

 

 

13,847

 

 

 

10,742

 

Hedging derivative instruments

 

 

(388

)

 

 

(106

)

 

 

(297

)

 

 

(360

)

Pension and post-retirement obligations

 

 

233

 

 

 

261

 

 

 

467

 

 

 

522

 

Total other comprehensive income, net of tax

 

 

1,586

 

 

 

5,394

 

 

 

14,017

 

 

 

10,904

 

Comprehensive income

 

$

12,718

 

 

$

16,795

 

 

$

26,276

 

 

$

33,826

 

 

See accompanying notes to the consolidated financial statements.

- 5 -


Table of Contents

 

FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

Three and six months ended June 30, 2020 and 2019

 

(Dollars in thousands, except per share data)

 

Preferred

Equity

 

 

Common

Stock

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Total

Shareholders’

Equity

 

Balance at December 31, 2019

 

$

17,328

 

 

$

161

 

 

$

124,582

 

 

$

313,364

 

 

$

(14,513

)

 

$

(1,975

)

 

$

438,947

 

Cumulative-effect adjustment