updated 1/27/2011 8:15:57 AM ET 2011-01-27T13:15:57

WARSAW, N.Y., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq:FISI) (the "Company"), the parent company of Five Star Bank, today announced financial results for the fourth quarter and year ended December 31, 2010. Net income was $5.1 million for the fourth quarter of 2010 compared with $5.4 million for the fourth quarter of 2009, bringing the Company's net income for the full year 2010 to $21.3 million compared to $14.4 million in 2009. After preferred dividends, fourth quarter diluted earnings per share was $0.38 compared with $0.42 per share for the fourth quarter of 2009. On a year to date basis, diluted earnings per share increased $0.62 to $1.61 per share as compared to $0.99 per share for the same period last year.

Highlights for the fourth quarter of 2010 were as follows:

  • Net interest income increased for the 11th consecutive quarter, up $853 thousand or 4% compared to the fourth quarter of 2009
  • Total loans increased $22.7 million or 2% over third quarter 2010 and $84.7 million or 7% over fourth quarter 2009
  • Capital remains well above regulatory minimums, with a leverage ratio of 8.31% at December 31, 2010
  • Book value per common share increased to $14.48 at December 31, 2010, an increase of 8% from $13.39 at December 31, 2009

"I am very pleased with our 2010 results as our back-to-basics banking approach is truly paying off. We continue to be active lenders in our market place, which is driving our revenue growth, while maintaining solid asset quality. We have also been very focused on expense control. The combination of these initiatives has resulted in a 60% efficiency ratio for 2010," stated Peter G. Humphrey, President and Chief Executive Officer.

The Company's 2010 achievements included being named to the Sandler O'Neill Sm-All Stars list of the top performing publicly-traded small-cap banks and thrifts in the nation. Of the 503 banks and thrifts with a market cap of less than $2 billion, Financial Institutions, Inc. was one of only 32 selected for the 2010 Sm-All Stars list. Selection for the Sandler O'Neill list is based on growth, profitability, credit quality, and capital strength.

"We are proud to be named to this elite list of high performing small-cap banks and thrifts," said Humphrey. "Receiving this distinct honor is a testament to our commitment to deliver long-term value to our customers, communities and shareholders."

Net Interest Income and Net Interest Margin

Net interest income totaled $20.1 million for the three months ended December 31, 2010, an increase of $853 thousand or 4% over the fourth quarter of 2009 and up $275 thousand or 1% compared with the third quarter of 2010. The increase in net interest income compared to the fourth quarter of 2009 resulted primarily from lower funding costs. Average earning assets increased $102.2 million or 5% in the fourth quarter of 2010 compared with the fourth quarter last year, with most of the growth in the investment securities portfolio, and the indirect consumer and commercial mortgage loan portfolios. The increase in average indirect consumer loans reflected the Company's continued expansion of its dealer network into the Capital District of New York State.

The net interest margin on a tax-equivalent basis was 4.01% in the fourth quarter of 2010, compared with 4.06% in the fourth quarter of 2009 and the third quarter of 2010. The Company's yield on earning-assets decreased 29 basis points in the fourth quarter of 2010 compared with the same quarter last year. This was due to the effect of reinvesting cash flows in the low interest rate environment and a substantial portion of earning asset growth being concentrated in lower yielding mortgage-backed securities. The cost of interest-bearing liabilities decreased 27 basis points compared with the fourth quarter of 2009 due to continued downward changes in the Company's interest-bearing deposit rates, a result of the continued re-pricing of the Company's certificates of deposit.

Net interest income for the year ended December 31, 2010 totaled $78.8 million, an increase of $6.5 million or 9% compared with $72.3 million for the same period last year. Average earning assets increased $124.3 million during 2010 compared with last year, while the tax-equivalent net interest margin increased 3 basis points to 4.07% during the year ended December 31, 2010. A decrease of 26 basis points in the Company's tax-equivalent earning-assets yield during 2010 was offset by a decrease of 36 basis points in the cost of interest-bearing liabilities.

Noninterest Income

Noninterest income totaled $5.3 million for the fourth quarter of 2010, compared to $5.2 million in the fourth quarter of 2009 and $5.1 million for the third quarter of 2010. Noninterest income totaled $19.5 million for the year ended December 31, 2010, compared to $18.8 million for the same period last year. The Company recognized net gains on the sale of investment securities of $169 thousand during 2010, compared to $3.4 million during 2009. Other than temporary impairment ("OTTI") charges on investment securities totaled $594 thousand and $4.7 million for the years ended December 31, 2010 and 2009, respectively. Adjusted for the effect of net gains on sales and OTTI charges on investment securities, noninterest income for the full year 2010 decreased slightly by $153 thousand from the full year 2009.

Noninterest Expense

Noninterest expense was $16.4 million for the fourth quarter of 2010, an increase of $1.3 million or 8% from the fourth quarter of 2009 and up $1.4 million from the third quarter of 2010. During the fourth quarter of 2010 the Company recorded losses of approximately $1.0 million relating to irregular instances of fraudulent debit card activity. The Company took appropriate action to limit its exposure to the fraudulent activity and does not expect to incur further losses relating to these specific incidents.

For the full year 2010 noninterest expense was $60.9 million, a decrease of $1.9 million or 3% over the full year 2009. Salaries and employee benefits decreased $823 thousand or 2% compared with 2009, primarily from lower incentive compensation and pension benefit costs. FDIC assessments decreased $1.1 million or 31% compared with 2009 primarily due to a special assessment on all FDIC-insured banks in 2009. The special assessment for the Company was $923 thousand during the second quarter of 2009.

Balance Sheet

Total loans were $1.349 billion at December 31, 2010, up $22.7 million or 2% from September 30, 2010 and up $84.7 million or 7% from December 31, 2009. Total investment securities were $694.5 million at December 31, 2010, down $25.1 million or 3% from September 30, 2010 and up $74.5 million or 12% from December 31, 2009.

Deposits were $1.883 billion at December 31, 2010, a decrease of $63.5 million from the end of the third quarter and up $139.9 million compared with the end of 2009. The Company's deposit mix remains favorably weighted in lower cost demand, savings and money market accounts, which comprised 60.7% of total deposits at the end of 2010.

"Our continued focus on meeting the financial needs of the communities we serve, through one of the most challenging periods in recent banking history, was rewarded with solid balance sheet growth in both loans and deposits, said Humphrey. "We remain committed to our communities and small businesses as we maintained our enviable Small Business Administration lender rankings. In terms of SBA loan originations, we're ranked second in both the Buffalo and Rochester markets, and 38th nationally. These rankings demonstrate our commitment to serving our communities at a time when many larger banks tapered their small business support." 

Total shareholders' equity was $212.1 million at December 31, 2010, a $4.0 million decrease from September 30, 2010, due to a $7.5 million decrease in accumulated other comprehensive income, partially offset by a net increase of $3.1 million in the Company's retained earnings. The decrease in accumulated comprehensive income was primarily related to a decrease in unrealized gains on investment securities from $13.0 million to $3.1 million driven by an increase in interest rates. The Company's tangible common equity as a percent of tangible assets was 5.56% as of December 31, 2010, with a tangible common book value per share of $11.06.

The Company's leverage ratio improved to 8.31% at the end of the fourth quarter when compared to 7.96% at the end of 2009. The Company's capital ratios comfortably exceed the regulatory thresholds required to be classified as a "well capitalized" institution as established by the Company's primary banking regulators.

Asset Quality and Provision for Loan Losses

Non-performing assets were $8.9 million or 0.40% of total assets at December 31, 2010, up from $8.5 million at September 30, 2010 and down from $10.4 million at the end of last year. The ratio of non-performing loans to total loans was 0.56% at the end of the third and fourth quarters of 2010 versus 0.69% at December 31, 2009. This ratio continues to compare favorably to the average of our peer group, which was 3.71% of total loans at September 30, 2010, the most recent period for which information is available (Source: Federal Financial Institutions Examination Council -- Bank Holding Company Performance Report as of September 30, 2010 -- Top-tier bank holding companies having consolidated assets between $1 billion and $3 billion).

The provision for loan losses was $2.0 million for the fourth quarter of 2010, compared to $2.2 million for the third quarter of 2010 and $1.1 million in the fourth quarter of 2009.  Net charge-offs were $1.2 million, or 0.37% annualized, of average loans, down from $4.3 million, or 1.30% annualized, of average loans in the third quarter of 2010 and up from $1.1 million, or 0.35% annualized, of average loans in the fourth quarter of 2009. As previously disclosed, the third quarter of 2010 included a $3.1 million charge-off related to one commercial business loan.

The allowance for loan losses was $20.5 million at December 31, 2010, compared with $19.7 million at September 30, 2010 and $20.7 million at December 31, 2009. The ratio of the allowance for loan losses to total loans was 1.52% at December 31, 2010, compared with 1.49% at September 30, 2010 and 1.64% at December 31, 2009. The ratio of allowance for loan losses to non-performing loans was 270% at December 31, 2010, compared with 268% at September 30, 2010 and 239% at December 31, 2009.

"Our disciplined underwriting standards are reflected by our strong asset quality ratios," said Humphrey. "However, Five Star Bank's quality is demonstrated not just in our measures of asset quality, but also by the solutions we provide our customers and the way we treat our customers. At Five Star, we continually strive to make banking easier and more enjoyable for our customers by offering a broad spectrum of products and services, delivered through an experienced and knowledgeable workforce."

About Financial Institutions, Inc.

With over $2.2 billion in assets, Financial Institutions, Inc. provides diversified financial services through its subsidiaries, Five Star Bank and Five Star Investment Services, Inc. Five Star Bank provides a wide range of consumer and commercial banking services to individuals, municipalities and businesses through a network of over 50 offices and more than 70 ATMs in Western and Central New York State. Five Star Investment Services provides brokerage and insurance products and services within the same New York State markets. The consolidated entity employs over 600 individuals. The Company's stock is listed on the Nasdaq Global Select Market under the symbol FISI. Additional information is available at the Company's website: www.fiiwarsaw.com .

Safe Harbor Statement

This press release may contain forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current beliefs or projections. There are a number of important factors that could affect the Company's forward-looking statements which include its ability to implement its strategic plan, its ability to redeploy investment assets into loan assets, the attitudes and preferences of its customers, the competitive environment, fluctuations in the fair value of securities in the investment portfolio, and general economic and credit market conditions nationally and regionally. For more information about these factors please see the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q on file with the SEC. All of these factors should be carefully reviewed, and readers should not place undue reliance on these forward-looking statements. The Company undertakes no obligation to revise these statements following the date of this press release.

FINANCIAL INSTITUTIONS, INC.    
Summary of Quarterly Financial Data (Unaudited)    
  2010 2009
  December 31, September 30, June 30, March 31, December 31,
SELECTED BALANCE SHEET DATA          
(Amounts in thousands)          
           
Cash and cash equivalents:          
Cash and due from banks $ 38,964  73,354  43,326  38,081  42,874
Federal funds sold and interest-earning deposits 94 94 93 33,793 85
Total cash and cash equivalents 39,058 73,448 43,419 71,874 42,959
           
Investment securities:          
Available for sale 666,368 687,955 651,533 648,667 580,501
Held-to-maturity 28,162 31,669 27,404 34,556 39,573
Total investment securities 694,530 719,624 678,937 683,223 620,074
           
Loans:          
Commercial business 211,031 206,137 208,618 208,976 206,383
Commercial mortgage 352,930 340,307 334,043 331,870 330,748
Residential mortgage 132,718 137,376 139,112 142,406 144,636
Home equity 208,327 204,583 200,929 200,287 200,684
Consumer indirect 418,016 411,237 381,464 356,873 352,611
Other consumer 26,106 26,741 27,417 27,769 29,365
Total loans 1,349,128 1,326,381 1,291,583 1,268,181 1,264,427
Allowance for loan losses 20,466 19,732 21,825 20,586 20,741
Total loans, net 1,328,662 1,306,649 1,269,758 1,247,595 1,243,686
           
Total interest-earning assets (1) (2) 2,040,644 2,033,109 1,958,411 1,979,875 1,881,887
Goodwill 37,369 37,369 37,369 37,369 37,369
Total assets 2,214,307 2,249,531 2,142,931 2,156,055 2,062,389
           
Deposits:          
Noninterest-bearing demand 350,877 345,257 328,937 308,822 324,303
Interest-bearing demand 374,900 398,682 370,584 409,094 363,698
Savings and money market 417,359 439,615 399,972 426,330 368,603
Certificates of deposit 739,754 762,843 722,452 705,628 686,351
Total deposits 1,882,890 1,946,397 1,821,945 1,849,874 1,742,955
           
Borrowings 103,877 66,736 93,654 83,454 106,390
Total interest-bearing liabilities 1,635,890 1,667,876 1,586,662 1,624,506 1,525,042
Shareholders' equity 212,144 216,189 211,699 203,603 198,294
Common shareholders' equity (3) 158,359 162,497 158,100 150,095 144,876
Tangible common shareholders' equity (4) 120,990 125,128 120,731 112,726 107,507
Securities available for sale – fair value adjustment included in shareholders' equity, net of tax $1,877  7,965  7,481  3,263  1,655
           
Common shares outstanding 10,937 10,931 10,942 10,920 10,820
Treasury shares 411 417 406 428 528
           
CAPITAL RATIOS          
           
Leverage ratio 8.31% 8.66 8.45 8.32 7.96
Tier 1 risk-based capital 12.34% 12.68 12.73 12.37 11.95
Total risk-based capital 13.60% 13.93 13.99 13.63 13.21
Common equity to assets 7.15% 7.22 7.38 6.96 7.02
Tangible common equity to tangible assets (4) 5.56% 5.66 5.73 5.32 5.31
           
Common book value per share $ 14.48  14.87  14.45  13.74  13.39 
Tangible common book value per share (4) $ 11.06  11.45  11.03  10.32  9.94 
     
     
FINANCIAL INSTITUTIONS, INC.    
Summary of Quarterly Financial Data (Unaudited)    
    Quarterly Trends
    2010 2009
  Year ended

December 31,
Fourth Third Second First Fourth
  2010 2009 Quarter Quarter Quarter Quarter Quarter
SELECTED INCOME STATEMENT DATA              
(Dollar amounts in thousands)              
               
Interest income $ 96,509  94,482  24,297 24,186 24,202 23,824 24,390
Interest expense 17,720 22,217 4,229 4,393 4,526 4,572 5,175
Net interest income 78,789 72,265 20,068 19,793 19,676 19,252 19,215
Provision for loan losses 6,687 7,702 1,980 2,184 2,105 418 1,088
Net interest income after provision for loan losses 72,102 64,563 18,088 17,609 17,571 18,834 18,127
               
Noninterest income:              
Service charges on deposits 9,585 10,065 2,325 2,528 2,502 2,230 2,585
ATM and debit card 3,995 3,610 961 1,046 1,054 934 971
Broker-dealer fees and commissions 1,283 1,022 281 263 359 380 281
Company owned life insurance 1,107 1,096 285 271 282 269 290
Loan servicing 1,124 1,308 437 267 140 280 277
Net gain on sale of loans held for sale 650 699 276 197 115 62 154
Net gain on investment securities 169 3,429 30 70 63 6 501
Impairment charge on investment securities (594) (4,666) (68) -- -- (526) (565)
Net (loss) gain on other assets (203) 180 (17) (188) -- 2 3
Other 2,338 2,052 764 677 451 446 686
Total noninterest income 19,454 18,795 5,274 5,131 4,966 4,083 5,183
               
Noninterest expense:              
Salaries and employee benefits 32,811 33,634 8,389 8,131 8,044 8,247 8,213
Occupancy and equipment 10,818 11,062 2,641 2,736 2,670 2,771 2,773
FDIC assessments 2,507 3,651 642 629 634 602 625
Computer and data processing 2,487 2,340 749 552 615 571 583
Professional services 2,197 2,524 579 534 478 606 552
Supplies and postage 1,772 1,846 454 442 431 445 432
Advertising and promotions 1,121 949 244 338 352 187 299
Other 7,204 6,771 2,675 1,574 1,646 1,309 1,640
Total noninterest expense 60,917 62,777 16,373 14,936 14,870 14,738 15,117
               
Income before income taxes 30,639 20,581 6,989 7,804 7,667 8,179 8,193
Income tax expense 9,352 6,140 1,891 2,141 2,469 2,851 2,756
Net income $ 21,287  $ 14,441  5,098 5,663 5,198 5,328  5,437
Preferred stock dividends 3,725 3,697 933 932 931 929 927
Net income applicable to common shareholders $ 17,562  $ 10,744  4,165 4,731 4,267 4,399  4,510
               
STOCK AND RELATED PER SHARE DATA              
               
Net income per share – basic $ 1.62  0.99  0.38 0.44 0.39 0.41  0.42
Net income per share – diluted $ 1.61  0.99  0.38 0.43 0.39 0.40  0.42
Cash dividends declared on common stock $ 0.40  0.40  0.10 0.10 0.10  0.10  0.10
Common dividend payout ratio (5) 24.69% 40.40 26.32 22.73 25.64 24.39 23.81
Dividend yield (annualized) 2.11% 3.40 2.09 2.25 2.26 2.77 3.37
               
Stock price (Nasdaq:FISI):              
High $ 20.74  15.99  20.74 19.94 19.48 15.40  12.25
Low $ 10.91  3.27   16.80 14.14 14.07 10.91  9.71
Close $ 18.97  11.78  18.97 17.66 17.76 14.62  11.78
     
     
FINANCIAL INSTITUTIONS, INC.    
Summary of Quarterly Financial Data (Unaudited)    
    Quarterly Trends
    2010 2009
  Year ended 

December 31,
Fourth Third Second First Fourth
  2010 2009 Quarter Quarter Quarter Quarter Quarter
SELECTED AVERAGE BALANCES              
(Amounts in thousands)              
               
Federal funds sold and interest-earning deposits $ 5,034  37,214 646 842 4,479 14,366  16,457
Investment securities (1) 680,756 609,606 704,140 668,175 692,162 658,181 657,299
Loans (2):              
Commercial business 206,167 204,235 205,360 206,071 208,327 204,905 211,626
Commercial mortgage 338,149 306,763 346,630 337,992 334,253 333,579 326,313
Residential mortgage 138,954 161,055 133,765 137,451 140,946 143,780 146,853
Home equity 202,189 193,929 206,291 202,621 199,865 199,903 199,367
Consumer indirect 382,977 313,239 416,315 397,161 364,801 352,778 349,231
Other consumer 26,950 30,791 26,081 26,541 27,060 28,145 29,903
Total loans 1,295,386 1,210,012 1,334,442 1,307,837 1,275,252 1,263,090 1,263,293
Total interest-earning assets 1,981,176 1,856,832 2,039,228 1,976,854 1,971,893 1,935,637 1,937,049
Goodwill 37,369 37,369 37,369 37,369 37,369 37,369 37,369
Total assets 2,166,596 2,033,916 2,230,381 2,163,633 2,158,912 2,112,192 2,117,775
               
Interest-bearing liabilities:              
Interest-bearing demand 382,517 365,873 389,792 360,947 386,703 392,896 374,787
Savings and money market 414,953 383,697 434,911 402,601 420,774 401,294 400,966
Certificates of deposit 726,330 685,259 750,919 749,021 715,168 689,284 697,292
Borrowings 86,147 90,005 76,621 83,634 89,753 94,811 114,721
Total interest-bearing liabilities 1,609,947 1,524,834 1,652,243 1,596,203 1,612,398 1,578,285 1,587,766
               
Noninterest-bearing demand deposits 329,853 293,852 344,387 336,591 324,790 313,227 308,491
Total deposits 1,853,653 1,728,681 1,920,009 1,849,160 1,847,435 1,796,701 1,781,536
Total liabilities 1,955,285 1,839,576 2,011,654 1,947,549 1,951,241 1,909,662 1,919,352
Shareholders' equity 211,311 194,340 218,727 216,084 207,671 202,530 198,423
Common equity (3) 157,716 141,102 164,999 162,448 154,122 149,066 145,055
Tangible common equity (4)  $ 120,347  103,593  127,630 125,079 116,753 111,697  107,654
Common shares outstanding:              
Basic 10,767 10,730 10,783 10,778 10,761 10,746 10,742
Diluted 10,845 10,769 10,909 10,870 10,846 10,801 10,785
               
SELECTED AVERAGE YIELDS/              
RATES AND RATIOS              
(Tax equivalent basis)              
               
Federal funds sold and interest-earning deposits 0.21% 0.22 0.22 0.23 0.20 0.21 0.22
Investment securities 3.31% 4.00 3.00 3.30 3.44 3.47 3.55
Loans 5.86% 6.01 5.80 5.79 5.88 5.97 6.00
Total interest-earning assets 4.97% 5.23 4.83 4.95 5.01 5.08 5.12
Interest-bearing demand 0.18% 0.21 0.18 0.18 0.19 0.20 0.20
Savings and money market 0.27% 0.28 0.26 0.27 0.28 0.28 0.30
Certificates of deposit 1.79% 2.51 1.66 1.75 1.83 1.95 2.20
Borrowings 3.33% 3.47 3.28 3.12 3.55 3.34 2.84
Total interest-bearing liabilities 1.10% 1.46 1.02 1.09 1.13 1.17 1.29
Net interest rate spread 3.87% 3.77 3.81 3.86 3.88 3.91 3.83
Net interest rate margin 4.07% 4.04 4.01 4.06 4.09 4.12 4.06
               
Net income (annualized returns on):              
Average assets 0.98% 0.71 0.91 1.04 0.97 1.02 1.02
Average equity 10.07% 7.43 9.25 10.40 10.04 10.67 10.87
Average common equity (6) 11.14% 7.61 10.01 11.55 11.11 11.97 12.33
Average tangible common equity (7) 14.59% 10.37 12.94 15.01 14.66 15.97 16.62
Efficiency ratio (8) 60.36% 65.52 62.98 59.05 59.16 60.31 59.93
     
     
FINANCIAL INSTITUTIONS, INC.   Quarterly Trends
Summary of Quarterly Financial Data (Unaudited)   2010 2009
  Year ended

December 31,
Fourth Third Second First Fourth
  2010 2009 Quarter Quarter Quarter Quarter Quarter  
ASSET QUALITY DATA                
(Dollar amounts in thousands)                
                 
Nonaccrual loans $ 7,579 6,822 7,579 7,364 11,304 6,685 6,822  
Accruing loans past due 90 days or more 3 1,859 3 1 61 2 1,859  
Total non-performing loans 7,582 8,681 7,582 7,365 11,365 6,687 8,681  
Foreclosed assets 741 746 741 463 500 771 746  
Non-performing investment securities 572 1,015 572 648 646 661 1,015  
Total non-performing assets $ 8,895  10,442 8,895  8,476 12,511 8,119 10,442  
                 
Allowance for loan losses $ 20,466 20,741 20,466 19,732 21,825 20,586 20,741  
Provision for loan losses 6,687 7,702 1,980 2,184 2,105 418 1,088  
Net loan charge-offs $ 6,962  5,710 1,246 4,277 866 573 1,129  
Net charge-offs to average loans (annualized) 0.54% 0.47 0.37 1.30 0.27 0.18 0.35  
Total non-performing loans to total loans 0.56% 0.69 0.56 0.56 0.88 0.53 0.69  
Total non-performing assets to total assets 0.40% 0.51 0.40 0.38 0.58 0.38 0.51  
Allowance for loan losses to total loans 1.52% 1.64 1.52 1.49 1.69 1.62 1.64  
Allowance for loan losses to non-performing loans 270% 239 270 268 192 308 239  
                 
 
(1) Includes investment securities at adjusted amortized cost and non-performing investment securities.
(2) Includes nonaccrual loans.
(3) Excludes preferred shareholders' equity.
(4) Excludes preferred shareholders' equity, goodwill and other intangible assets.
(5) Common dividend payout ratio equals dividends declared during the period divided by earnings per share for the equivalent period.
(6) Net income available to common shareholders divided by average common equity.
(7) Net income available to common shareholders divided by average tangible equity.
(8) Efficiency ratio equals noninterest expense less other real estate expense and amortization of intangible assets as a percentage of net revenue, defined as the sum of tax-equivalent net interest income and noninterest income before net gains and impairment charges on investment securities.
CONTACT: Karl F. Krebs
         Executive VP & CFO
         Phone:  585.786.1125
         Email: KFKrebs@fiiwarsaw.com

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