Profile: Financial Institutions Inc (FISI.O)
26 Jul 2016
Financial Institutions, Inc. (FII), incorporated on September 15, 1931, is a financial holding company. The Company conducts its business through its subsidiaries: Five Star Bank (the Bank), a New York chartered bank, and Scott Danahy Naylon, LLC (SDN), a full service insurance agency. The Company offers an array of deposit, lending, insurance services and other financial services to individuals, municipalities and businesses in Western and Central New York through the Bank. The Company operates through two segments: banking and insurance. The banking segment includes the Company's retail and commercial banking operations. The insurance segment includes the activities of SDN, which provides a range of insurance services to both personal and business clients.
The Company's indirect lending network includes relationships with franchised automobile dealers in Western and Central New York, the Capital District of New York and Northern Pennsylvania. FII provides its services through a network of over 50 offices and a network of automated teller machines (ATMs) throughout Western and Central New York. It is engaged in the banking business through approximately 50 branch offices, of which over 35 are owned and over 15 are leased, in the counties of Western and Central New York, including Allegany, Cattaraugus, Cayuga, Chautauqua, Chemung, Erie, Genesee, Livingston, Monroe, Ontario, Orleans, Schuyler, Seneca, Steuben, Wyoming and Yates counties. It offers a choice of various delivery systems and channels, including telephone, e-mail, online, debit cards, point-of-sale transactions, automated clearing house (ACH) transactions, remote deposit and mobile banking through telephone or wireless devices.
The Company offers a range of loans, including commercial business and revolving lines of credit, commercial mortgages, equipment loans, residential mortgage loans and home equity loans and lines of credit, home improvement loans, automobile loans and personal loans. The Company originates commercial business loans in its primary market areas and underwrites them based on the borrower's ability to service the loan from operating income. FII offers a range of commercial lending products, including term loans and lines of credit. Short and medium-term commercial loans, primarily collateralized, are made available to businesses for working capital (including inventory and receivables), business expansion (including acquisition of real estate, expansion and improvements) and the purchase of equipment. Commercial business loans are offered to the agricultural industry for short-term crop production, farm equipment and livestock financing.
The Company offers commercial mortgage loans to finance the purchase of real property, which generally consists of real estate with completed structures and, to a smaller extent, agricultural real estate financing. The Company originates fixed and variable rate one- to four-family residential mortgages collateralized by owner-occupied properties located in its market areas. It offers a range of real estate loan products, which are amortized over periods of till approximately 30 years. The Company offers a range of loan products to its consumer customers, including home equity loans and lines of credit, automobile loans, secured installment loans and various other types of secured and unsecured personal loans. The Company also originates consumer automobile loans, recreational vehicle loans, boat loans, closed-end home equity loans, home equity lines of credit, personal loans (collateralized and uncollateralized) and deposit account collateralized loans. The Company's total loans amount to approximately $1.99 billion.
The Company's composition of the securities available-for-sale and securities held to maturity security portfolios include the United States treasury securities; the United States Government agency securities, which are securities issued by official Federal government bodies and the United States government sponsored enterprises; mortgage-backed securities (MBS); investment grade municipal securities, including revenue, tax and bond anticipation notes, statutory installment notes and general obligation bonds; certain creditworthy un-rated securities issued by municipalities; certificates of deposit; equity securities at the holding company level, and limited partnership investments. Its available for sale (AFS) investment securities totals to approximately $543.62 million. Its securities held to maturity amount to approximately $485.72 million.
Sources of Funds
The Company's primary sources of funds are deposits, borrowed funds, scheduled amortization and prepayments of principal from loans and mortgage-backed securities, maturities and calls of investment securities and funds provided by operations. It maintains a range of deposit products and accounts to meet the needs of the residents and businesses. FII's products include an array of checking and savings account programs for individuals and small businesses, such as money market accounts, certificates of deposit, sweep investment capabilities, as well as individual retirement accounts and other plan accounts. It has access to a range of borrowing sources and use both short-term and long-term borrowings. Its totals deposits amount to approximately $2.73 billion and borrowings total to approximately $332.09 million.
Financial Institutions Inc
220 Liberty St
WARSAW NY 14569-1465