United States

Profile: Financial Institutions Inc (FISI.O)

FISI.O on Nasdaq

24 Jun 2019
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Financial Institutions, Inc., 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; Scott Danahy Naylon, LLC (SDN), a full service insurance agency, and Courier Capital, LLC (Courier Capital), an investment advisory and wealth management company. The Company operates through two segments: Banking and Non-Banking. The Banking segment includes all of the Company's retail and commercial banking operations. The Non-Banking segment includes the activities of SDN and Courier Capital. The Company offers a range of banking and related financial services to consumer, commercial and municipal customers through its bank and nonbank subsidiaries. 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 and Central Pennsylvania. It offers a choice of various delivery systems and channels, including telephone, mail, online, debit cards, point-of-sale transactions, automated clearing house (ACH) transactions, remote deposit and mobile banking through telephone or wireless devices.

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. 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. As of December 31, 2016, the Company's total loans were $2.3 billion.

Investment Activities

The Company's composition of its available-for-sale and held to maturity security portfolios include the United States Government agency and government sponsored enterprise securities; mortgage-backed securities (MBS), which include agency mortgage-backed securities and non-agency mortgage-backed securities; asset-backed securities, and state and political subdivisions. As of December 31, 2016, the Company's total investment securities were $1.07 million.

Sources of Funds

The Company's primary sources of funds are deposits and borrowed funds. It maintains a range of deposit products and accounts to meet the needs of the residents and businesses. Its 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 to support its asset base. As of December 31, 2016, the Company's total deposits were $3 billion.

Company Address

Financial Institutions Inc

220 Liberty St
WARSAW   NY   14569-1465
P: +1585.7861100

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