NEWS RELEASE | 220 Liberty Street Warsaw, NY 14569 |
For Additional Information: |
Karl F. Krebs |
Executive VP & CFO |
Phone: 585.786.1125 |
Email: KFKrebs@fiiwarsaw.com |
FINANCIAL INSTITUTIONS, INC. ANNOUNCES 80% EARNINGS GROWTH
FOR THE FIRST QUARTER OF 2010
WARSAW, N.Y., April 29, 2010 — Financial Institutions, Inc. (Nasdaq: FISI) (the “Company”), the parent company of Five Star Bank, today reported net income for the quarter ended March 31, 2010 of $5.328 million or $0.40 per diluted share, an increase of 80% compared to net income of $2.967 million or $0.19 per diluted share, for the same period a year ago.
Highlights for the first quarter of 2010 were as follows:
• | Net interest margin increased to 4.12% in the first quarter, an increase of 6 basis points from the fourth quarter of 2009 and 3 basis points from the similar quarter in 2009. |
• | Net interest income increased $1.9 million or 11% compared to the first quarter of 2009. |
• | A $1.3 million reduction in noninterest expense, 8% less than the same quarter last year. |
• | Solid earnings contribute to leverage capital ratio of 8.32% and total risk-based capital ratio of 13.63% at March 31, 2010, far exceeding regulatory minimums. |
• | Total deposits were up $106.9 million or 6% from December 31, 2009. |
• | Net charge-offs of $573 thousand were down 49% and 43% compared with the fourth and first quarters of 2009, respectively. |
• | Non-performing assets decreased $2.3 million from December 31, 2009. |
“The significantly improved results for the first quarter reflect our ongoing efforts to unlock our full potential. Our disciplined approach to meeting the financial needs of the communities we serve, through one of the most challenging periods in recent banking history, has been rewarded with solid balance sheet growth, an increase of over 10% in net interest income from the first quarter of last year, substantial decreases in noninterest expense and net charge-offs, lower non-performing assets, and of course, the resulting 80% earnings growth from the first quarter of 2009,” said Peter G. Humphrey, President and Chief Executive Officer. “Our communities and shareholders will continue to benefit from our strong capital, liquidity and asset quality.”
Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2010 totaled $19.3 million, an increase of $1.9 million or 11%, compared to the same quarter in 2009. Similarly, the Company’s net interest margin increased during the first quarter of 2010 to 4.12%, compared to 4.09% during the same quarter of 2009. Yields on earning assets declined to 5.08% in the first quarter of 2010 compared to 5.39% during the first quarter of 2009. This decline was more than offset by savings in the Company’s cost of funds, which declined 34 basis points from 1.30% during the first quarter of 2009 to 0.96% during the first quarter of 2010.
Noninterest Income
Noninterest income for the quarter ended March 31, 2010 was $4.1 million, a decrease of $608 thousand from the same period last year. Other-than-temporary impairment charges (“OTTI”) on investment securities included in noninterest income amounted to $526 thousand during the first quarter of 2010 compared to $50 thousand during the first quarter of 2009. Absent the OTTI charges and net gains from securities sales, noninterest income increased 2% when comparing the first quarter of 2010 to that of 2009.
Noninterest Expense
Due in part to the Company’s cost control measures, noninterest expenses have decreased $1.3 million or 8% during the current quarter compared to the first quarter of 2009. Decreases totaling $1.1 million in salaries and employee benefits, professional services and other noninterest expense accounted for the majority of the savings. Salaries and employee benefits expense was favorably impacted by lower incentive compensation and pension benefit costs, while the decrease in professional services resulted from lower expense associated with loan workouts and consulting services. The decrease in other noninterest expense reflects general cost reductions in other operating expenses.
Balance Sheet
Total assets at March 31, 2010 were $2.156 billion, up $93.7 million from $2.062 billion at December 31, 2009. Total loans were $1.268 billion and represented 59% of total assets at March 31, 2010, compared to $1.264 billion and 61% of total assets at December 31, 2009. Total deposits increased $106.9 million to $1.850 billion at March 31, 2010, versus $1.743 billion at December 31, 2009. The majority of deposit growth in the first quarter occurred as a result of higher deposit balances being maintained by existing municipal clients. Total investment securities were $683.2 million at March 31, 2010, up $63.1 million from $620.1 million at December 31, 2009.
The Company’s leverage ratio was 8.32% and its total risk-based capital ratio was 13.63% at the end of the first quarter, both of which comfortably exceeded 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
The Company’s loan portfolio continues to benefit from responsible underwriting and lending practices. Non-performing assets were $8.1 million or 0.38% of total assets at March 31, 2010, and $10.4 million or 0.51% of total assets at December 31, 2009. During the first quarter of 2010 the Company collected substantially all of the $1.9 million commercial relationship included in accruing loans past due 90 days or more at December 31, 2009. The ratio of non-performing loans to total loans was 0.53% at March 31, 2010 versus 0.69% at December 31, 2009 and 0.79% at March 31, 2009. A $354 thousand decrease in non-performing investment securities to $661 thousand at March 31, 2010 also contributed to the overall reduction in non-performing assets.
The allowance for loan losses totaled $20.6 million at March 31, 2010 compared to $20.7 million at December 31, 2009. The ratio of allowance for loan losses to non-performing loans improved to 308% at March 31, 2010, up from 239% at December 31, 2009.
The provision for loan losses was $418 thousand in the first quarter, a decrease of $1.5 million compared with the first quarter of 2009 and a decrease of $670 thousand compared with the fourth quarter of 2009. The decrease in the provision for loan losses is largely due to a 43% decline in net charge-offs compared with the first quarter of 2009, and a decline of 49% compared with the fourth quarter of 2009. Net charge-offs were $573 thousand in the first quarter, compared with $1.0 million in the same quarter last year and $1.1 million in the fourth quarter of 2009. Net charge-offs for the first quarter of 2010 include a $354 thousand recovery on one commercial real estate relationship which was charged off during 2008 and 2009.
About Financial Institutions, Inc.
With approximately $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, 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 | |||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
SELECTED BALANCE SHEET DATA | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Cash and due from banks | $ | 38,081 | 42,874 | 48,721 | 41,405 | 48,073 | ||||||||||||||
Federal funds sold and interest-earning deposits | 33,793 | 85 | 11,385 | 39,910 | 74,616 | |||||||||||||||
Total cash and cash equivalents | �� | 71,874 | 42,959 | 60,106 | 81,315 | 122,689 | ||||||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale | 648,667 | 580,501 | 625,744 | 498,561 | 553,710 | |||||||||||||||
Held-to-maturity | 34,556 | 39,573 | 45,056 | 47,465 | 60,675 | |||||||||||||||
Total investment securities | 683,223 | 620,074 | 670,800 | 546,026 | 614,385 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial | 208,976 | 206,383 | 218,793 | 219,145 | 193,862 | |||||||||||||||
Commercial mortgage | 331,870 | 330,748 | 317,804 | 304,508 | 289,343 | |||||||||||||||
Residential mortgage | 142,406 | 144,636 | 148,479 | 152,931 | 173,124 | |||||||||||||||
Home equity | 200,287 | 200,684 | 198,538 | 194,007 | 189,250 | |||||||||||||||
Consumer indirect | 356,873 | 352,611 | 345,448 | 319,735 | 283,465 | |||||||||||||||
Other consumer | 27,769 | 29,365 | 31,332 | 31,251 | 31,190 | |||||||||||||||
Total loans | 1,268,181 | 1,264,427 | 1,260,394 | 1,221,577 | 1,160,234 | |||||||||||||||
Allowance for loan losses | 20,586 | 20,741 | 20,782 | 20,614 | 19,657 | |||||||||||||||
Total loans, net | 1,247,595 | 1,243,686 | 1,239,612 | 1,200,693 | 1,140,577 | |||||||||||||||
Total interest-earning assets (1) (2) | 1,979,875 | 1,881,887 | 1,934,786 | 1,802,489 | 1,843,522 | |||||||||||||||
Goodwill | 37,369 | 37,369 | 37,369 | 37,369 | 37,369 | |||||||||||||||
Total assets | 2,156,055 | 2,062,389 | 2,138,205 | 1,996,724 | 2,030,429 | |||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing demand | 308,822 | 324,303 | 298,972 | 292,825 | 279,284 | |||||||||||||||
Interest-bearing demand | 409,094 | 363,698 | 383,982 | 357,443 | 392,353 | |||||||||||||||
Savings and money market | 426,330 | 368,603 | 402,042 | 366,373 | 396,644 | |||||||||||||||
Certificates of deposit | 705,628 | 686,351 | 712,182 | 683,619 | 668,999 | |||||||||||||||
Total deposits | 1,849,874 | 1,742,955 | 1,797,178 | 1,700,260 | 1,737,280 | |||||||||||||||
Borrowings | 83,454 | 106,390 | 120,113 | 79,977 | 78,761 | |||||||||||||||
Total interest-bearing liabilities | 1,624,506 | 1,525,042 | 1,618,319 | 1,487,412 | 1,536,757 | |||||||||||||||
Shareholders’ equity | 203,603 | 198,294 | 195,935 | 192,455 | 191,676 | |||||||||||||||
Common shareholders’ equity (3) | 150,095 | 144,876 | 142,605 | 139,213 | 138,519 | |||||||||||||||
Tangible common shareholders’ equity (4) | 112,726 | 107,507 | 105,176 | 101,712 | 100,946 | |||||||||||||||
Securities available for sale – fair value adjustment | ||||||||||||||||||||
included in shareholders’ equity, net of tax | $ | 3,263 | 1,655 | 4,778 | 3,081 | 3,503 | ||||||||||||||
Common shares outstanding | 10,920 | 10,820 | 10,818 | 10,821 | 10,805 | |||||||||||||||
Treasury shares | 428 | 528 | 530 | 527 | 543 | |||||||||||||||
CAPITAL RATIOS | ||||||||||||||||||||
Leverage ratio | 8.32 | % | 7.96 | 7.89 | 7.84 | 7.96 | ||||||||||||||
Tier 1 risk-based capital | 12.37 | % | 11.95 | 10.73 | 10.69 | 11.23 | ||||||||||||||
Total risk based capital | 13.63 | % | 13.21 | 11.98 | 11.94 | 12.49 | ||||||||||||||
Common equity to assets | 6.96 | % | 7.02 | 6.67 | 6.97 | 6.82 | ||||||||||||||
Tangible common equity to tangible assets (4) | 5.32 | % | 5.31 | 5.01 | 5.19 | 5.07 | ||||||||||||||
Common book value per share | $ | 13.74 | 13.39 | 13.18 | 12.86 | 12.82 | ||||||||||||||
Tangible common book value per share (4) | $ | 10.32 | 9.94 | 9.72 | 9.40 | 9.34 |
1
FINANCIAL INSTITUTIONS, INC.
Summary of Quarterly Financial Data (Unaudited)
2010 | 2009 | |||||||||||||||||||||||
First | Year ended | Fourth Third | Second | First | ||||||||||||||||||||
Quarter | December 31, | Quarter Quarter | Quarter | Quarter | ||||||||||||||||||||
SELECTED INCOME STATEMENT DATA | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Interest income | $ | 23,824 | 94,482 | 24,390 | 23,697 | 23,302 | 23,093 | |||||||||||||||||
Interest expense | 4,572 | 22,217 | 5,175 | 5,619 | 5,657 | 5,766 | ||||||||||||||||||
Net interest income | 19,252 | 72,265 | 19,215 | 18,078 | 17,645 | 17,327 | ||||||||||||||||||
Provision for loan losses | 418 | 7,702 | 1,088 | 2,620 | 2,088 | 1,906 | ||||||||||||||||||
Net interest income after provision | ||||||||||||||||||||||||
for loan losses | 18,834 | 64,563 | 18,127 | 15,458 | 15,557 | 15,421 | ||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||
Service charges on deposits | 2,230 | 10,065 | 2,585 | 2,643 | 2,517 | 2,320 | ||||||||||||||||||
ATM and debit card | 934 | 3,610 | 971 | 920 | 908 | 811 | ||||||||||||||||||
Loan servicing | 280 | 1,308 | 277 | 304 | 470 | 257 | ||||||||||||||||||
Company owned life insurance | 269 | 1,096 | 290 | 271 | 275 | 260 | ||||||||||||||||||
Broker-dealer fees and commissions | 380 | 1,022 | 281 | 238 | 234 | 269 | ||||||||||||||||||
Net gain on sale of loans held for sale | 62 | 699 | 154 | 129 | 246 | 170 | ||||||||||||||||||
Net gain on investment securities | 6 | 3,429 | 501 | 1,721 | 1,153 | 54 | ||||||||||||||||||
Impairment charge on investment securities | (526 | ) | (4,666 | ) | (565 | ) | (2,318 | ) | (1,733 | ) | (50 | ) | ||||||||||||
Net gain on sale of other assets | 2 | 180 | 3 | 19 | — | 158 | ||||||||||||||||||
Other | 446 | 2,052 | 686 | 479 | 445 | 442 | ||||||||||||||||||
Total noninterest income | 4,083 | 18,795 | 5,183 | 4,406 | 4,515 | 4,691 | ||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||
Salaries and employee benefits | 8,247 | 33,634 | 8,213 | 8,253 | 8,437 | 8,731 | ||||||||||||||||||
Occupancy and equipment | 2,771 | 11,062 | 2,773 | 2,730 | 2,683 | 2,876 | ||||||||||||||||||
Professional services | 606 | 2,524 | 552 | 532 | 591 | 849 | ||||||||||||||||||
FDIC assessments | 602 | 3,651 | 625 | 753 | 1,593 | 680 | ||||||||||||||||||
Computer and data processing | 571 | 2,340 | 583 | 578 | 562 | 617 | ||||||||||||||||||
Supplies and postage | 445 | 1,846 | 432 | 473 | 476 | 465 | ||||||||||||||||||
Advertising and promotions | 187 | 949 | 299 | 227 | 249 | 174 | ||||||||||||||||||
Other | 1,309 | 6,771 | 1,640 | 1,596 | 1,849 | 1,686 | ||||||||||||||||||
Total noninterest expense | 14,738 | 62,777 | 15,117 | 15,142 | 16,440 | 16,078 | ||||||||||||||||||
Income before income taxes | 8,179 | 20,581 | 8,193 | 4,722 | 3,632 | 4,034 | ||||||||||||||||||
Income tax expense | 2,851 | 6,140 | 2,756 | 1,313 | 1,004 | 1,067 | ||||||||||||||||||
Net income | $ | 5,328 | 14,441 | 5,437 | 3,409 | 2,628 | 2,967 | |||||||||||||||||
Preferred stock dividends | 929 | 3,697 | 927 | 927 | 925 | 918 | ||||||||||||||||||
Net income applicable to | ||||||||||||||||||||||||
common shareholders | $ | 4,399 | 10,744 | 4,510 | 2,482 | 1,703 | 2,049 | |||||||||||||||||
STOCK AND RELATED PER SHARE DATA | ||||||||||||||||||||||||
Net income per share – basic | $ | 0.41 | 0.99 | 0.42 | 0.23 | 0.16 | 0.19 | |||||||||||||||||
Net income per share – diluted | $ | 0.40 | 0.99 | 0.42 | 0.23 | 0.16 | 0.19 | |||||||||||||||||
Cash dividends declared on common stock | $ | 0.10 | 0.40 | 0.10 | 0.10 | 0.10 | 0.10 | |||||||||||||||||
Common dividend payout ratio (5) | 24.39 | % | 40.40 | 23.81 | 43.48 | 62.50 | 52.63 | |||||||||||||||||
Dividend yield (annualized) | 2.77 | % | 3.40 | 3.37 | 3.98 | 2.94 | 5.32 | |||||||||||||||||
Stock price (Nasdaq: FISI): | ||||||||||||||||||||||||
High | $ | 15.40 | 15.99 | 12.25 | 15.00 | 15.99 | 14.95 | |||||||||||||||||
Low | $ | 10.91 | 3.27 | 9.71 | 9.90 | 6.98 | 3.27 | |||||||||||||||||
Close | $ | 14.62 | 11.78 | 11.78 | 9.97 | 13.66 | 7.62 |
2
FINANCIAL INSTITUTIONS, INC.
Summary of Quarterly Financial Data (Unaudited)
2010 | 2009 | |||||||||||||||||||||||||||
First | Year ended | Fourth Third | Second | First | ||||||||||||||||||||||||
Quarter | December 31, | Quarter Quarter | Quarter | Quarter | ||||||||||||||||||||||||
SELECTED AVERAGE BALANCES | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Federal funds sold and interest-earning deposits | $ | 14,366 | 37,214 | 16,457 | 39,945 | 49,105 | 43,618 | |||||||||||||||||||||
Investment securities (1) | 658,181 | 609,606 | 657,299 | 585,830 | 593,740 | 601,199 | ||||||||||||||||||||||
Loans (2): | ||||||||||||||||||||||||||||
Commercial | 204,905 | 204,235 | 211,626 | 216,235 | 203,286 | 185,372 | ||||||||||||||||||||||
Commercial mortgage | 333,579 | 306,763 | 326,313 | 310,476 | 298,090 | 291,755 | ||||||||||||||||||||||
Residential mortgage | 143,780 | 161,055 | 146,853 | 149,815 | 170,865 | 177,142 | ||||||||||||||||||||||
Home equity | 199,903 | 193,929 | 199,367 | 195,601 | 191,291 | 189,328 | ||||||||||||||||||||||
Consumer indirect | 352,778 | 313,239 | 349,231 | 334,123 | 301,112 | 267,360 | ||||||||||||||||||||||
Other consumer | 28,145 | 30,791 | 29,903 | 30,754 | 30,831 | 31,696 | ||||||||||||||||||||||
Total loans | 1,263,090 | 1,210,012 | 1,263,293 | 1,237,004 | 1,195,475 | 1,142,653 | ||||||||||||||||||||||
Total interest-earning assets | 1,935,637 | 1,856,832 | 1,937,049 | 1,862,779 | 1,838,320 | 1,787,470 | ||||||||||||||||||||||
Goodwill | 37,369 | 37,369 | 37,369 | 37,369 | 37,369 | 37,369 | ||||||||||||||||||||||
Total assets | 2,112,192 | 2,033,916 | 2,117,775 | 2,040,030 | 2,012,337 | 1,963,764 | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||
Interest-bearing demand | 392,896 | 365,873 | 374,787 | 361,147 | 366,985 | 360,470 | ||||||||||||||||||||||
Savings and money market | 401,294 | 383,697 | 400,966 | 369,562 | 392,355 | 371,738 | ||||||||||||||||||||||
Certificates of deposit | 689,284 | 685,259 | 697,292 | 699,011 | 676,221 | 668,041 | ||||||||||||||||||||||
Borrowings | 94,811 | 90,005 | 114,721 | 94,642 | 78,763 | 71,363 | ||||||||||||||||||||||
Total interest-bearing liabilities | 1,578,285 | 1,524,834 | 1,587,766 | 1,524,362 | 1,514,324 | 1,471,612 | ||||||||||||||||||||||
Noninterest-bearing demand deposits | 313,227 | 293,852 | 308,491 | 298,723 | 286,155 | 281,690 | ||||||||||||||||||||||
Total deposits | 1,796,701 | 1,728,681 | 1,781,536 | 1,728,443 | 1,721,716 | 1,681,939 | ||||||||||||||||||||||
Total liabilities | 1,909,662 | 1,839,576 | 1,919,352 | 1,845,010 | 1,819,891 | 1,772,377 | ||||||||||||||||||||||
Shareholders’ equity | 202,530 | 194,340 | 198,423 | 195,020 | 192,446 | 191,387 | ||||||||||||||||||||||
Common equity (3) | 149,066 | 141,102 | 145,055 | 141,741 | 139,253 | 138,281 | ||||||||||||||||||||||
Tangible common equity (4) | $ | 111,697 | 103,593 | 107,654 | 104,269 | 101,709 | 100,660 | |||||||||||||||||||||
Common shares outstanding: | ||||||||||||||||||||||||||||
Basic | 10,746 | 10,730 | 10,742 | 10,738 | 10,723 | 10,716 | ||||||||||||||||||||||
Diluted | 10,801 | 10,769 | 10,785 | 10,779 | 10,765 | 10,747 | ||||||||||||||||||||||
SELECTED AVERAGE YIELDS/ | ||||||||||||||||||||||||||||
RATES AND RATIOS | ||||||||||||||||||||||||||||
(Tax equivalent basis) | ||||||||||||||||||||||||||||
Federal funds sold and interest-earning deposits | 0.21 | % | 0.22 | 0.22 | 0.20 | 0.21 | 0.25 | |||||||||||||||||||||
Investment securities | 3.47 | % | 4.00 | 3.55 | 3.79 | 4.16 | 4.54 | |||||||||||||||||||||
Loans | 5.97 | % | 6.01 | 6.00 | 6.01 | 5.99 | 6.04 | |||||||||||||||||||||
Total interest-earning assets | 5.08 | % | 5.23 | 5.12 | 5.19 | 5.24 | 5.39 | |||||||||||||||||||||
Interest-bearing demand | 0.20 | % | 0.21 | 0.20 | 0.19 | 0.20 | 0.25 | |||||||||||||||||||||
Savings and money market | 0.28 | % | 0.28 | 0.30 | 0.29 | 0.27 | 0.27 | |||||||||||||||||||||
Certificates of deposit | 1.95 | % | 2.51 | 2.20 | 2.49 | 2.63 | 2.76 | |||||||||||||||||||||
Borrowings | 3.34 | % | 3.47 | 2.84 | 3.35 | 3.91 | 4.21 | |||||||||||||||||||||
Total interest-bearing liabilities | 1.17 | % | 1.46 | 1.29 | 1.46 | 1.50 | 1.59 | |||||||||||||||||||||
Net interest rate spread | 3.91 | % | 3.77 | 3.83 | 3.73 | 3.74 | 3.80 | |||||||||||||||||||||
Net interest rate margin | 4.12 | % | 4.04 | 4.06 | 3.99 | 4.01 | 4.09 | |||||||||||||||||||||
Net income (annualized returns on): | ||||||||||||||||||||||||||||
Average assets | 1.02 | % | 0.71 | 1.02 | 0.66 | 0.52 | 0.61 | |||||||||||||||||||||
Average equity | 10.67 | % | 7.43 | 10.87 | 6.93 | 5.48 | 6.29 | |||||||||||||||||||||
Average common equity (6) | 11.97 | % | 7.61 | 12.33 | 6.95 | 4.91 | 6.01 | |||||||||||||||||||||
Average tangible common equity (7) | 15.97 | % | 10.37 | 16.62 | 9.45 | 6.72 | 8.25 | |||||||||||||||||||||
Efficiency ratio (8) | 60.31 | % | 65.52 | 59.93 | 63.43 | 69.49 | 69.72 |
3
FINANCIAL INSTITUTIONS, INC.
Summary of Quarterly Financial Data (Unaudited)
2010 | 2009 | |||||||||||||||||||||||
First | Year ended | Fourth Third | Second | First | ||||||||||||||||||||
Quarter | December 31, | Quarter Quarter | Quarter | Quarter | ||||||||||||||||||||
ASSET QUALITY DATA | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Nonaccrual loans | $ | 6,685 | 6,822 | 6,822 | 5,816 | 9,496 | 8,826 | |||||||||||||||||
Accruing loans past due 90 days or more | 2 | 1,859 | 1,859 | 1 | 2 | 301 | ||||||||||||||||||
Total non-performing loans | 6,687 | 8,681 | 8,681 | 5,817 | 9,498 | 9,127 | ||||||||||||||||||
Foreclosed assets | 771 | 746 | 746 | 696 | 1,046 | 877 | ||||||||||||||||||
Non-performing investment securities | 661 | 1,015 | 1,015 | 1,431 | 3,175 | 3,396 | ||||||||||||||||||
Total non-performing assets | $ | 8,119 | 10,442 | 10,442 | 7,944 | 13,719 | 13,400 | |||||||||||||||||
Net loan charge-offs | $ | 573 | 5,710 | 1,129 | 2,452 | 1,131 | 998 | |||||||||||||||||
Net charge-offs to average loans (annualized) | 0.18 | % | 0.47 | 0.35 | 0.79 | 0.38 | 0.35 | |||||||||||||||||
Total non-performing loans to total loans | 0.53 | % | 0.69 | 0.69 | 0.46 | 0.78 | 0.79 | |||||||||||||||||
Total non-performing assets to total assets | 0.38 | % | 0.51 | 0.51 | 0.37 | 0.69 | 0.66 | |||||||||||||||||
Allowance for loan losses to total loans | 1.62 | % | 1.64 | 1.64 | 1.65 | 1.69 | 1.70 | |||||||||||||||||
Allowance for loan losses to | ||||||||||||||||||||||||
non-performing loans | 308 | % | 239 | 239 | 357 | 217 | 215 |
(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. There is no ratio shown for periods where the Company both declares a dividend and incurs a loss during the period because the ratio would result in a negative payout since the dividend declared (paid out) will always be greater than 100% of earnings. |
(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. |
4