Profile: Financial Institutions Inc (FISI.O)

FISI.O on Nasdaq

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Financial Institutions, Inc. (FII) is a financial holding company. Through the Company’s subsidiaries, including its wholly owned banking subsidiary, Five Star Bank (the Bank), it provides an array of deposit, lending and other financial services to retail, commercial, and municipal customers in Western and Central New York. In addition, the Company’s business operations include a wholly owned broker-dealer and investment adviser subsidiary, Five Star Investment Services, Inc. (FSIS). The Company provides a range of consumer and commercial banking and financial services to individuals, municipalities and businesses through a network of over 50 offices and more than 70 automated teller machines (ATMs) in 14 counties of Western and Central New York: Allegany, Cattaraugus, Cayuga, Chautauqua, Chemung, Erie, Genesee, Livingston, Monroe, Ontario, Seneca, Steuben, Wyoming and Yates Counties.

Lending Activities

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. It 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. The Company offers a variety of real estate loan products, which are generally amortized over periods of up to 30 years. As of December 31, 2011, the residential mortgage servicing portfolio totaled $297.8 million.

The Company offers a variety 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, home improvement loans, closed-end home equity loans, home equity lines of credit, personal loans (collateralized and uncollateralized) and deposit account collateralized loans. The other consumer portfolio totaled $24.3 million as of December 31, 2011, all of which were fixed rate loans.

Investment Activities

As of December 31, 2011, the Company’s composition of the available-for-sale and held to maturity security portfolios included the United States Government agency and government-sponsored enterprise securities, state and political subdivisions, mortgage-backed securities, asset-backed securities, and state and political subdivisions. As of December 31, 2011, the state and political subdivisions (municipals) portfolio totaled $147.7 million, of which $124.4 million was classified as available-for-sale. All of the mortgage-backed securities held by the Company as of December 31, 2011, were issued by the United States Government sponsored entities and agencies, primarily Government National Mortgage Association (GNMA).

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 in its primary service area. Products include an array of checking and savings account programs for individuals and small businesses, including money market accounts, certificates of deposit, sweep investment capabilities, as well as Individual Retirement Accounts and other plan accounts. It has access to a variety of borrowing sources and use both short-term and long-term borrowings.

At December 31, 2011, total deposits were $1.932 billion. Certificates of deposit were approximately 36% of total deposits at December 31, 2011. Nonpublic deposits, the largest component of its funding sources, represented 80% of total deposits and totaled $1.541 billion as of December 31, 2011. It had no traditional brokered deposits at December 31, 2011. Reciprocal Certificate of Deposit Account Registry Service (CDARS) deposits totaled $46.5 million at December 31, 2011. It offers a variety of public deposit products to towns, villages, counties and school districts within its market. As of December 31, 2011, total public deposits were $390.2 million, or 20%, of total deposits. Federal funds purchased totaled $11.6 million at December 31, 2011. Short-term Federal Home Loan Bank (FHLB) borrowings at December 31, 2011 consisted of $65 million in overnight borrowings and $37.8 million in short-term advances.

Company Address

Financial Institutions Inc

220 Liberty Street
WARSAW   NY   14569
P: +1585.7861100

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