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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 March 31, 2022
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 15,299,077 shares of Common Stock, $0.01 par value, outstanding as of April 29, 2022.
Table of Contents
FINANCIAL INSTITUTIONS, INC.
Form 10-Q
For the Quarterly Period Ended March 31, 2022
TABLE OF CONTENTS
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) |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
ASSETS |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
170,404 |
|
|
$ |
79,112 |
|
Securities available for sale, at fair value |
|
|
1,119,362 |
|
|
|
1,178,515 |
|
Securities held to maturity, at amortized cost (net of allowance for credit losses of $6 and $5, respectively) (fair value of $206,367 and $209,820, respectively) |
|
|
211,173 |
|
|
|
205,581 |
|
Loans held for sale |
|
|
5,544 |
|
|
|
6,202 |
|
Loans (net of allowance for credit losses of $40,966 and $39,676, respectively) |
|
|
3,692,682 |
|
|
|
3,639,760 |
|
Company owned life insurance |
|
|
124,742 |
|
|
|
123,898 |
|
Premises and equipment, net |
|
|
40,115 |
|
|
|
40,111 |
|
Goodwill and other intangible assets, net |
|
|
74,146 |
|
|
|
74,400 |
|
Other assets |
|
|
192,330 |
|
|
|
173,200 |
|
Total assets |
|
$ |
5,630,498 |
|
|
$ |
5,520,779 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
1,079,949 |
|
|
$ |
1,107,561 |
|
Interest-bearing demand |
|
|
990,404 |
|
|
|
864,528 |
|
Savings and money market |
|
|
2,015,384 |
|
|
|
1,933,047 |
|
Time deposits |
|
|
917,195 |
|
|
|
921,954 |
|
Total deposits |
|
|
5,002,932 |
|
|
|
4,827,090 |
|
Short-term borrowings |
|
|
— |
|
|
|
30,000 |
|
Long-term borrowings, net of issuance costs of $1,011 and $1,089, respectively |
|
|
73,989 |
|
|
|
73,911 |
|
Other liabilities |
|
|
106,731 |
|
|
|
84,636 |
|
Total liabilities |
|
|
5,183,652 |
|
|
|
5,015,637 |
|
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 shares issued |
|
|
17,149 |
|
|
|
17,149 |
|
Total preferred equity |
|
|
17,292 |
|
|
|
17,292 |
|
Common stock, $0.01 par value; 50,000,000 shares authorized; 16,099,556 shares issued |
|
|
161 |
|
|
|
161 |
|
Additional paid-in capital |
|
|
125,881 |
|
|
|
126,105 |
|
Retained earnings |
|
|
394,181 |
|
|
|
384,007 |
|
Accumulated other comprehensive loss |
|
|
(67,094 |
) |
|
|
(13,207 |
) |
Treasury stock, at cost – 800,479 and 354,103 shares, respectively |
|
|
(23,575 |
) |
|
|
(9,216 |
) |
Total shareholders’ equity |
|
|
446,846 |
|
|
|
505,142 |
|
Total liabilities and shareholders’ equity |
|
$ |
5,630,498 |
|
|
$ |
5,520,779 |
|
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 March 31, |
|
|
|
2022 |
|
|
2021 |
|
Interest income: |
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
36,298 |
|
|
$ |
37,059 |
|
Interest and dividends on investment securities |
|
|
6,036 |
|
|
|
4,187 |
|
Other interest income |
|
|
17 |
|
|
|
27 |
|
Total interest income |
|
|
42,351 |
|
|
|
41,273 |
|
Interest expense: |
|
|
|
|
|
|
Deposits |
|
|
1,705 |
|
|
|
2,235 |
|
Short-term borrowings |
|
|
28 |
|
|
|
119 |
|
Long-term borrowings |
|
|
1,060 |
|
|
|
1,062 |
|
Total interest expense |
|
|
2,793 |
|
|
|
3,416 |
|
Net interest income |
|
|
39,558 |
|
|
|
37,857 |
|
Provision (benefit) for credit losses |
|
|
2,319 |
|
|
|
(1,981 |
) |
Net interest income after provision (benefit) for credit losses |
|
|
37,239 |
|
|
|
39,838 |
|
Noninterest income: |
|
|
|
|
|
|
Service charges on deposits |
|
|
1,369 |
|
|
|
1,292 |
|
Insurance income |
|
|
2,097 |
|
|
|
1,396 |
|
Card interchange income |
|
|
1,952 |
|
|
|
1,958 |
|
Investment advisory |
|
|
3,041 |
|
|
|
2,772 |
|
Company owned life insurance |
|
|
833 |
|
|
|
657 |
|
Investments in limited partnerships |
|
|
795 |
|
|
|
855 |
|
Loan servicing |
|
|
109 |
|
|
|
97 |
|
Income from derivative instruments, net |
|
|
519 |
|
|
|
1,875 |
|
Net (loss) gain on sale of loans held for sale |
|
|
(91 |
) |
|
|
1,078 |
|
Net gain on investment securities |
|
|
— |
|
|
|
74 |
|
Net loss on other assets |
|
|
— |
|
|
|
(5 |
) |
Net loss on tax credit investments |
|
|
(227 |
) |
|
|
(85 |
) |
Other |
|
|
925 |
|
|
|
995 |
|
Total noninterest income |
|
|
11,322 |
|
|
|
12,959 |
|
Noninterest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
|
16,616 |
|
|
|
14,465 |
|
Occupancy and equipment |
|
|
3,756 |
|
|
|
3,382 |
|
Professional services |
|
|
1,656 |
|
|
|
1,895 |
|
Computer and data processing |
|
|
3,979 |
|
|
|
3,121 |
|
Supplies and postage |
|
|
541 |
|
|
|
484 |
|
FDIC assessments |
|
|
513 |
|
|
|
765 |
|
Advertising and promotions |
|
|
380 |
|
|
|
324 |
|
Amortization of intangibles |
|
|
254 |
|
|
|
271 |
|
Other |
|
|
2,440 |
|
|
|
2,033 |
|
Total noninterest expense |
|
|
30,135 |
|
|
|
26,740 |
|
Income before income taxes |
|
|
18,426 |
|
|
|
26,057 |
|
Income tax expense |
|
|
3,443 |
|
|
|
5,347 |
|
Net income |
|
$ |
14,983 |
|
|
$ |
20,710 |
|
Preferred stock dividends |
|
|
365 |
|
|
|
365 |
|
Net income available to common shareholders |
|
$ |
14,618 |
|
|
$ |
20,345 |
|
Earnings per common share (Note 4): |
|
|
|
|
|
|
Basic |
|
$ |
0.94 |
|
|
$ |
1.28 |
|
Diluted |
|
$ |
0.93 |
|
|
$ |
1.27 |
|
Cash dividends declared per common share |
|
$ |
0.29 |
|
|
$ |
0.27 |
|
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 March 31, |
|
|
|
2022 |
|
|
2021 |
|
Net income |
|
$ |
14,983 |
|
|
$ |
20,710 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
Securities available for sale and transferred securities |
|
|
(55,773 |
) |
|
|
(14,402 |
) |
Hedging derivative instruments |
|
|
1,838 |
|
|
|
1,564 |
|
Pension and post-retirement obligations |
|
|
48 |
|
|
|
138 |
|
Total other comprehensive loss, net of tax |
|
|
(53,887 |
) |
|
|
(12,700 |
) |
Comprehensive (loss) income |
|
$ |
(38,904 |
) |
|
$ |
8,010 |
|
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 months ended March 31, 2022 and 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2021 |
|
$ |
17,292 |
|
|
$ |
161 |
|
|
$ |
126,105 |
|
|
$ |
384,007 |
|
|
$ |
(13,207 |
) |
|
$ |
(9,216 |
) |
|
$ |
505,142 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,983 |
|
|
|
— |
|
|
|
— |
|
|
|
14,983 |
|
Other comprehensive loss, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(53,887 |
) |
|
|
— |
|
|
|
(53,887 |
) |
Purchases of common stock for treasury |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,026 |
) |
|
|
(15,026 |
) |
Share-based compensation plans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
443 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
443 |
|
Restricted stock units released |
|
|
— |
|
|
|
— |
|
|
|
(667 |
) |
|
|
— |
|
|
|
— |
|
|
|
667 |
|
|
|
— |
|
Cash dividends declared: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A 3% Preferred-$0.75 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Series B-1 8.48% Preferred-$2.12 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(364 |
) |
|
|
— |
|
|
|
— |
|
|
|
(364 |
) |
Common-$0.29 per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,444 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,444 |
) |
Balance at March 31, 2022 |
|
$ |
17,292 |
|
|
$ |
161 |
|
|
$ |
125,881 |
|
|
$ |
394,181 |
|
|
$ |
(67,094 |
) |
|
$ |
(23,575 |
) |
|
$ |
446,846 |
|
Continued on next page
See accompanying notes to the consolidated financial statements.
6
Table of Contents
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Continued)
Three months ended March 31, 2022 and 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
Preferred Equity |
|
|
Common Stock |
|
|
Additional Paid-in Capital |
|
|
Retained Earnings |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Treasury Stock |
|
|
Total Shareholders’ Equity |
|
Balance at December 31, 2020 |
|
$ |
17,328 |
|
|
$ |
161 |
|
|
$ |
125,118 |
|
|
$ |
324,850 |
|
|
$ |
2,128 |
|
|
$ |
(1,222 |
) |
|
$ |
468,363 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,710 |
|
|
|
— |
|
|
|
— |
|
|
|
20,710 |
|
Other comprehensive loss, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |