Financial Institutions, Inc. (Nasdaq:FISI), today reported
financial results for the fourth quarter and year ended December
31, 2015. Financial Institutions, Inc. (the “Company”) is the
parent company of Five Star Bank, Scott Danahy Naylon Insurance and
Courier Capital. The Company’s financial results since August
1, 2014 include the results of operations of Scott Danahy Naylon
(“SDN”), an insurance agency the Company acquired in August 2014.
Fourth Quarter and Full Year 2015
Highlights:
- Increased net interest income to a record $24.6 million in the
fourth quarter
- Increased noninterest income to $8.6 million in the fourth
quarter
- Grew total loans $171.8 million or 9% over the prior year
- Increased total deposits by $280.0 million or 11% from the end
of the prior year
- Increased total assets by $291.5 million, to reach $3.38
billion, the Company’s highest level of year-end total assets
- Increased net interest income to $95.3 million in 2015, driven
by a 9% increase in average interest-earning assets
- Strong performance resulted in return on average common equity
of 9.87% for the year
- Focus on commercial lending resulted in 17% growth in
commercial business loans and 19% growth in commercial
mortgages
- Total risk-based capital increased to 13.35% from 11.72%,
strengthening the Company’s capital position to support future
growth
- Opened one and announced plans for a second “Made For You”
financial solution center in the Rochester area; unique customer
service experience to be offered in one of the Company’s targeted
growth markets
- Furthered the diversification of our financial services
business lines through the January 2016 acquisition of Courier
Capital as a wealth management platform
Net income for the fourth quarter 2015 was $6.6 million,
compared to $8.3 million for the third quarter 2015, and $7.9
million for the fourth quarter 2014. After preferred
dividends, fourth quarter 2015 net income available to common
shareholders was $6.3 million or $0.44 per diluted share, compared
with $8.0 million or $0.56 per share for third quarter 2015, and
$7.6 million or $0.54 per share for fourth quarter 2014.
For the full year of 2015, the Company earned net income of
$28.3 million, compared to $29.4 million for the full year of
2014. Net income available to common shareholders was $26.9
million or $1.90 per diluted share for the full year of 2015.
This compares to net income available to common shareholders of
$27.9 million or $2.00 per diluted share for the full year of
2014.
The Company’s President and Chief Executive Officer Martin K.
Birmingham stated, “In 2015 we maintained the momentum of the last
three years. We continued to execute on our growth and
diversification strategy. We saw progress in our core banking
franchise with robust growth in both loans and deposits. We
also continued to integrate the SDN insurance platform into our
sales process and, during the fourth quarter, we announced our
agreement to purchase Courier Capital as our wealth management
platform, which closed at the beginning of 2016.
“Our market presence increased in the City of Rochester with the
opening of our first branch office in November. Our CityGate
Financial Solution Center has received an outstanding
reception. By year-end the office had already exceeded $10
million in deposits.
“We also advanced our leading position as a small business
lender. Through the first three months of the current SBA
fiscal year, we rank #1 in the number of SBA loans in the Rochester
region and #3 in the Buffalo region.* This confirms the
success of our business banking initiatives as we become the small
business lender of choice in Upstate New York,” continued Mr.
Birmingham.
Kevin B. Klotzbach, the Company’s Chief Financial Officer added,
“Total deposits increased 11% from 2014 and we ended the year with
a record level of loans, increasing 9% from 2014. This growth
has allowed us to successfully offset the margin pressure facing
the entire industry.”
During the fourth quarter of 2015, the Company recognized a
non-cash goodwill impairment charge of $751 thousand and a non-cash
fair value adjustment of the contingent consideration liability
that resulted in noninterest income of $1.1 million related to the
SDN acquisition. The fair value of the consideration was recorded
at the time of the SDN acquisition and was included in goodwill as
a component of the purchase price.
“While our fourth quarter 2014 results were positively impacted
by an investment in $3.0 million of historic tax credits, our
fourth quarter 2015 results were adversely impacted by
approximately $300 thousand in acquisition expenses, an increase in
provision for loan losses associated with a significant volume of
loans closed at the end of the quarter and staffing expenses
related to new branch expansion. Even with these fourth quarter
items, we are pleased with our overall 2015 results, especially
considering the investments we have made in compliance, personnel
and infrastructure throughout 2015,” continued Mr. Klotzbach.
Net Interest Income and Net Interest Margin
Net interest income was $24.6 million in the fourth quarter 2015
compared to $24.1 million in the third quarter 2015 and $24.1
million in the fourth quarter 2014. The Company’s net
interest margin increased by 6 basis points from 3.20% for the
third quarter 2015 to 3.26% for the fourth quarter 2015, primarily
due to a corresponding increase in the yield on average loans.
Net interest income for the fourth quarter 2015 increased $493
thousand compared to the fourth quarter 2014. The increase was
primarily related to an increase in average interest-earning assets
of $316.3 million, led by a $172.3 million increase in investment
securities and a $144.0 million increase in loans. The
increase was partially offset by a lower net interest margin, which
decreased 30 basis points from the fourth quarter 2014 to the
fourth quarter 2015.
For the year ended December 31, 2015, net interest income rose
2% to $95.3 million from $93.8 million in 2014 as a result of a
$241.4 million or 9% increase in average interest-earning
assets. These increases were partially offset by a 22 basis
point narrowing of the net interest margin to 3.28% in 2015 from
3.50% in 2014.
Noninterest Income
Noninterest income was $8.6 million for the fourth quarter 2015
compared to $7.0 million in the third quarter 2015 and $5.2 million
in the fourth quarter 2014. The quarter-over-quarter change
was driven primarily by a $1.1 million gain due to the reduction in
the Company’s estimate of the fair value of the contingent
consideration liability recorded for SDN. Compared to the
fourth quarter 2014, noninterest income in the fourth quarter 2015
increased by $3.4 million. The increase was primarily
related to the amortization of a historic tax investment in a
community-based project totaling $2.3 million that was recorded in
the fourth quarter of 2014. These types of investments are
amortized in the first year the project is placed in service and
the Company recognized the amortization as contra-income, included
in noninterest income, with an offsetting tax benefit that reduced
income tax expense.
Noninterest income totaled $30.3 million for the full year 2015,
an increase of $5.0 million when compared to $25.3 million in the
prior year. Insurance income increased by $2.8 million to
$5.2 million during the current year as 2015 reflects the benefit
of a full year of revenue associated with the 2014 SDN acquisition.
2015 noninterest income reflects the $1.1 million gain due to the
reduction in the estimate of the fair value of the contingent
consideration liability recorded for SDN as previously
mentioned. Also included in noninterest income is the tax
credit investment amortization described above of $390 thousand and
$2.3 million for the years ended December 31, 2015 and 2014,
respectively. Offsetting those increases was a $1.2 million
decline in service charges on deposits, due primarily to lower
overdraft fees.
Noninterest Expense
Noninterest expense was $21.8 million for the fourth quarter
2015 compared to $19.3 million in the third quarter 2015 and $19.4
million in the fourth quarter 2014. Salaries and employee
benefits expense, the largest noninterest expense item, was up $1.1
million from the third quarter 2015, and reflects a combination of
additional personnel to support organic growth as part of the
Company’s expansion initiatives and year-end medical expense.
Noninterest expense also included $751 thousand of goodwill
impairment in the fourth quarter of 2015 related to the SDN
acquisition, an increase of $540 thousand in professional service
fees attributable to the acquisition of Courier Capital, and
additional marketing services related to branding and the new
branch opening at CityGate.
Noninterest expense for the full year 2015 totaled $79.4
million, a $7.0 million increase compared to $72.4 million in the
prior year. Salaries and benefits expense increased $3.8
million year-over-year, reflecting the full year impact of the
addition of employees from SDN and increased staffing associated
with the Company’s expansion initiatives. Also contributing
to the increase were higher occupancy and equipment expense,
computer and data processing expense, the previously mentioned
goodwill impairment charge and other noninterest expense.
Income Taxes
Income tax expense was $2.2 million in the fourth quarter 2015
compared to $2.8 million in the third quarter 2015, and $84
thousand in the fourth quarter 2014. When comparing the
fourth quarter 2015 to the same quarter last year, the difference
was driven by the favorable impact of $3.0 million in Federal and
New York State historic tax credits realized in the fourth quarter
2014, as discussed above. As a result of the historic tax credits,
the effective tax rate for the fourth quarter 2014 was 1.0%,
compared with an effective tax rate of 24.5% in the current quarter
and 24.8% in the third quarter 2015.
Income tax expense for the year was $10.5 million, representing
an effective tax rate of 27.1% compared with an effective tax rate
of 24.7% in 2014. The lower effective tax rate in 2014
reflects the historic tax credit benefit described above.
Balance Sheet and Capital Management
Total assets were $3.38 billion at December 31, 2015, up $23.4
million from $3.36 billion at September 30, 2015 and up $291.5
million from $3.09 billion at December 31, 2014. The
increases were attributable to loan growth and higher investment
security balances.
Total loans were $2.08 billion at December 31, 2015, up $47.5
million from September 30, 2015 and up $171.8 million from December
31, 2014. The increase in loans from the prior year was
primarily attributable to organic growth in the commercial
portfolio. Total investment securities were $1.03 billion at
December 31, 2015, down $38.0 million or 4% from the end of the
prior quarter and up $113.2 million or 12% compared with the end of
2014.
Total deposits were $2.73 billion at December 31, 2015, down
$23.0 million from $2.75 billion at September 30, 2015 and up
$280.0 million from $2.45 billion at December 31, 2014. The
decrease during the fourth quarter 2015 was mainly due to seasonal
outflows of municipal deposits, while the year-over-year increase
is largely attributable to successful business development efforts.
Public deposit balances represented 25% of total deposits at
December 31, 2015 and 2014, compared to 27% at September 30,
2015.
Short-term borrowings were $293.1 million at December 31, 2015,
up $51.7 million from September 30, 2015 and down $41.7 million
from December 31, 2014. Short-term borrowings are typically
utilized to manage the seasonality of municipal deposits.
Long-term borrowings, net of issuance costs, were $39.0 million
at December 31, 2015 and September 30, 2015. There were no
long-term borrowings outstanding at December 31, 2014. On
April 15, 2015, the Company completed the sale of $40 million in
aggregate principal amount of 6.00% fixed to floating rate
subordinated notes due 2030 (the “Subordinated Notes”). The
Subordinated Notes qualify as Tier 2 capital for regulatory
purposes. The net proceeds from this offering were intended
for general corporate purposes, including but not limited to,
contribution of capital to Five Star Bank to support organic growth
as well as opportunistic acquisitions.
Shareholders’ equity was $293.8 million at December 31, 2015,
compared with $295.4 million at September 30, 2015 and $279.5
million at December 31, 2014. Common book value per share was
$19.49 at December 31, 2015, a decrease of $0.11 from $19.60 at
September 30, 2015 and an increase of $0.92 from $18.57 at December
31, 2014. Tangible common book value per share was $14.77 at
December 31, 2015, compared to $14.81 at September 30, 2015 and
$13.71 at December 31, 2014. When comparing the fourth
quarter 2015 to the third quarter 2015, the decreases in
shareholders’ equity and the book value per share amounts were
primarily due to lower net unrealized gains on securities available
for sale, a component of accumulated other comprehensive
income.
During the fourth quarter 2015, the Company declared a common
stock dividend of $0.20 per common share. The fourth quarter
2015 dividend returned 45% of fourth quarter net income to common
shareholders.
The Company’s leverage ratio was 7.41% at December 31, 2015,
compared to 7.29% at September 30, 2015 and 7.35% at December 31,
2014. The increases in the leverage ratio were due to higher
regulatory capital, which excludes changes in accumulated other
comprehensive income. During the second quarter of 2015, the
Company contributed $34.0 million of net proceeds from the
Subordinated Notes offering to the Bank as additional paid-in
capital. The Bank’s leverage ratio and total risk-based
capital ratio were 8.09% and 12.66%, respectively, at December 31,
2015.
Credit Quality
Non-performing loans were $8.4 million at December 31, 2015,
compared to $8.5 million at September 30, 2015 and $10.2 million at
December 31, 2014. The $1.7 million decrease from the prior
year end was due to due to improvements in the commercial
portfolios, partially offset by increases in non-performing
residential real estate, home equity and indirect consumer loans on
a larger consolidated base in the 2015 period. The ratio of
non-performing loans to total loans was 0.41% at December 31, 2015
compared with 0.42% at September 30, 2015 and 0.53% at December 31,
2014.
The provision for loans losses for the fourth quarter 2015 was
$2.6 million, an increase of $1.8 million from the prior quarter
and $688 thousand from the fourth quarter 2014. The increase
in the provision for loans losses during the fourth quarter 2015
was primarily due to loan growth. Net charge-offs were $2.0
million during the current quarter, a $169 thousand increase
compared to the prior quarter and a $451 thousand increase from the
fourth quarter 2014. The ratio of annualized net charge-offs
to total average loans was 0.38% during the current quarter,
compared to 0.35% during the prior quarter and 0.32% during the
fourth quarter 2014.
The provision for loans losses for the full year 2015 was $7.4
million, down from $7.8 million in 2014. Net charge-offs were
$7.9 million during the current year, a $1.0 million increase
compared to the prior year. The ratio of annualized net
charge-offs to total average loans was 0.40% during 2015 compared
to 0.37% during the prior year.
The allowance for loans losses to total loans ratio was 1.30% at
December 31, 2015 and September 30, 2015, compared with 1.45% at
December 31, 2014. The allowance to non-performing loans
ratio was 321% at December 31, 2015, compared with 311% at
September 30, 2015, and 272% at December 31, 2014.
About Financial Institutions,
Inc.
Financial Institutions, Inc. provides
diversified financial services through its subsidiaries, Five Star
Bank, Scott Danahy Naylon and Courier Capital. 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 60 ATMs throughout Western and
Central New York State. Scott Danahy Naylon provides a broad
range of insurance services to personal and business clients across
44 states. Courier Capital provides customized investment
management, investment consulting and retirement plan services to
individuals, businesses, institutions, foundations and retirement
plans. Financial Institutions, Inc. and its subsidiaries
employ approximately 700 individuals. The Company’s stock is
listed on the Nasdaq Global Select Market under the symbol FISI and
is a member of the NASDAQ OMX ABA Community Bank Index.
Additional information is available at the Company’s website:
www.fiiwarsaw.com.
Non-GAAP Financial
Information
This news release contains financial
information, such as tangible common equity, determined by methods
other than in accordance with U.S. generally accepted accounting
principles ("GAAP"). The Company believes that non-GAAP
financial measures provide a meaningful comparison of the
underlying operational performance of the Company, and facilitate
investors' assessments of its business and performance trends. In
addition, the Company believes the exclusion of these non-operating
items enables management to perform a more effective evaluation and
comparison of the Company's results and to assess performance in
relation to the Company's ongoing operations. These disclosures
should not be viewed as a substitute for financial measures
determined in accordance with GAAP, nor are they necessarily
comparable to non-GAAP performance measures that may be presented
by other companies. Where non-GAAP disclosures are used in this
news release, the comparable GAAP financial measure, as well as the
reconciliation to the comparable GAAP financial measure, can be
found in Appendix A to this document.
Safe Harbor Statement
This press release may contain forward-looking
statements as defined by Section 21E of the Securities Exchange Act
of 1934, as amended, that involve significant risks and
uncertainties. Statements herein are based on certain assumptions
and analyses by the Company and are factors it believes are
appropriate in the circumstances. Actual results could differ
materially from those contained in or implied by such statements
for a variety of reasons including, but not limited to: the
Company’s ability to implement its strategic plan, the Company’s
ability to redeploy investment assets into loan assets, whether the
Company experiences greater credit losses than expected, whether
the Company experiences breaches of its, or third party,
information systems, the attitudes and preferences of the Company’s
customers, the Company’s ability to successfully integrate and
profitably operate SDN and Courier Capital, the competitive
environment, fluctuations in the fair value of securities in its
investment portfolio, changes in the regulatory environment and the
Company’s compliance with regulatory requirements, changes in
interest rates and general economic and credit market conditions
nationally and regionally. Consequently, all forward-looking
statements made herein are qualified by these cautionary statements
and the cautionary language in the Company’s Annual Report on Form
10-K, its Quarterly Reports on Form 10-Q and other documents filed
with the SEC. Except as required by law, the Company
undertakes no obligation to revise these statements following the
date of this press release.
* U.S. Small Business Administration, Buffalo District
Office, SBA Bank Reports Newsletter FYE15 (September 30, 2015)
|
|
|
|
FINANCIAL INSTITUTIONS,
INC. |
|
|
|
Selected Financial Information
(Unaudited) |
|
|
|
(Amounts in thousands, except per share
amounts) |
|
|
|
|
2015 |
|
2014 |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
SELECTED
BALANCE SHEET DATA: |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
60,121 |
|
|
51,334 |
|
|
52,554 |
|
|
135,972 |
|
58,151 |
Investment
securities: |
|
|
|
|
|
|
|
|
|
Available for sale |
|
544,395 |
|
|
577,509 |
|
|
772,639 |
|
|
639,275 |
|
622,494 |
Held-to-maturity |
|
485,717 |
|
|
490,638 |
|
|
320,820 |
|
|
306,255 |
|
294,438 |
Total investment securities |
|
1,030,112 |
|
|
1,068,147 |
|
|
1,093,459 |
|
|
945,530 |
|
916,932 |
Loans held for
sale |
|
1,430 |
|
|
1,568 |
|
|
448 |
|
|
656 |
|
755 |
Loans: |
|
|
|
|
|
|
|
|
|
Commercial business |
|
313,758 |
|
|
297,876 |
|
|
292,791 |
|
|
277,464 |
|
267,409 |
Commercial mortgage |
|
566,101 |
|
|
548,529 |
|
|
536,590 |
|
|
479,226 |
|
475,092 |
Residential mortgage |
|
98,309 |
|
|
96,279 |
|
|
95,162 |
|
|
97,717 |
|
100,101 |
Home equity |
|
410,112 |
|
|
408,634 |
|
|
398,854 |
|
|
386,961 |
|
386,615 |
Consumer indirect |
|
676,940 |
|
|
665,714 |
|
|
666,550 |
|
|
662,213 |
|
661,673 |
Other consumer |
|
18,542 |
|
|
19,204 |
|
|
19,326 |
|
|
19,373 |
|
21,112 |
Total loans |
|
2,083,762 |
|
|
2,036,236 |
|
|
2,009,273 |
|
|
1,922,954 |
|
1,912,002 |
Allowance for loan losses |
|
27,085 |
|
|
26,455 |
|
|
27,500 |
|
|
27,191 |
|
27,637 |
Total loans, net |
|
2,056,677 |
|
|
2,009,781 |
|
|
1,981,773 |
|
|
1,895,763 |
|
1,884,365 |
Total interest-earning
assets (1) (2) |
|
3,114,530 |
|
|
3,097,315 |
|
|
3,104,631 |
|
|
2,860,605 |
|
2,826,488 |
Goodwill and other
intangible assets, net |
|
66,946 |
|
|
67,925 |
|
|
68,158 |
|
|
68,396 |
|
68,639 |
Total assets |
|
3,381,024 |
|
|
3,357,608 |
|
|
3,359,459 |
|
|
3,197,077 |
|
3,089,521 |
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
641,972 |
|
|
623,296 |
|
|
602,143 |
|
|
559,646 |
|
571,260 |
Interest-bearing demand |
|
523,366 |
|
|
563,731 |
|
|
530,861 |
|
|
611,104 |
|
490,190 |
Savings and money market |
|
928,175 |
|
|
942,673 |
|
|
910,215 |
|
|
922,093 |
|
795,835 |
Certificates of deposit |
|
637,018 |
|
|
623,800 |
|
|
613,019 |
|
|
611,852 |
|
593,242 |
Total deposits |
|
2,730,531 |
|
|
2,753,500 |
|
|
2,656,238 |
|
|
2,704,695 |
|
2,450,527 |
Short-term
borrowings |
|
293,100 |
|
|
241,400 |
|
|
350,600 |
|
|
175,573 |
|
334,804 |
Long-term borrowings,
net |
|
38,990 |
|
|
38,972 |
|
|
38,955 |
|
|
- |
|
- |
Total interest-bearing
liabilities |
|
2,420,649 |
|
|
2,410,576 |
|
|
2,443,650 |
|
|
2,320,622 |
|
2,214,071 |
Shareholders’
equity |
|
293,844 |
|
|
295,434 |
|
|
284,435 |
|
|
286,689 |
|
279,532 |
Common shareholders’
equity (3) |
|
276,504 |
|
|
278,094 |
|
|
267,095 |
|
|
269,349 |
|
262,192 |
Tangible common equity
(4) |
|
209,558 |
|
|
210,169 |
|
|
198,937 |
|
|
200,953 |
|
193,553 |
Unrealized gain (loss)
on investment securities, net of tax |
$ |
443 |
|
|
5,270 |
|
|
(924 |
) |
|
5,241 |
|
1,933 |
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
14,191 |
|
|
14,189 |
|
|
14,184 |
|
|
14,167 |
|
14,118 |
Treasury shares |
|
207 |
|
|
209 |
|
|
214 |
|
|
231 |
|
280 |
CAPITAL RATIOS
AND PER SHARE DATA: |
|
|
|
|
|
|
|
|
|
Leverage ratio (5) |
|
7.41 |
% |
|
7.29 |
|
|
7.31 |
|
|
7.53 |
|
7.35 |
Common equity Tier 1
ratio (5) |
|
9.77 |
% |
|
9.74 |
|
|
9.50 |
|
|
9.66 |
|
n/a |
Tier 1 risk-based
capital (5) |
|
10.50 |
% |
|
10.49 |
|
|
10.25 |
|
|
10.45 |
|
10.47 |
Total risk-based
capital (5) |
|
13.35 |
% |
|
13.37 |
|
|
13.17 |
|
|
11.69 |
|
11.72 |
Common equity to
assets |
|
8.18 |
% |
|
8.28 |
|
|
7.95 |
|
|
8.42 |
|
8.49 |
Tangible common equity
to tangible assets (4) |
|
6.32 |
% |
|
6.39 |
|
|
6.04 |
|
|
6.42 |
|
6.41 |
|
|
|
|
|
|
|
|
|
|
Common book value per
share |
$ |
19.49 |
|
|
19.60 |
|
|
18.83 |
|
|
19.01 |
|
18.57 |
Tangible common book
value per share (4) |
|
14.77 |
|
|
14.81 |
|
|
14.03 |
|
|
14.18 |
|
13.71 |
________(1) Includes investment securities
at adjusted amortized cost and non-performing investment
securities.(2) Includes nonaccrual loans.(3) Excludes
preferred shareholders’ equity.(4) See Appendix A – Non-GAAP
to GAAP Reconciliation for the computation of this Non-GAAP
measure.(5) 2015 ratios calculated under Basel III rules,
which became effective January 1, 2015.
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FINANCIAL
INSTITUTIONS, INC. |
|
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|
Selected
Financial Information (Unaudited) |
|
|
|
|
|
|
|
(Amounts in thousands,
except per share amounts) |
|
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|
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Years ended |
|
2015 |
|
|
2014 |
|
|
December 31, |
|
Fourth |
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Third |
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Second |
|
First |
|
Fourth |
|
|
2015 |
|
|
|
2014 |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
SELECTED INCOME
STATEMENT DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
105,450 |
|
|
|
101,055 |
|
|
27,487 |
|
|
27,007 |
|
|
25,959 |
|
24,997 |
|
|
25,984 |
|
Interest expense |
|
10,137 |
|
|
|
7,281 |
|
|
2,856 |
|
|
2,876 |
|
|
2,555 |
|
1,850 |
|
|
1,846 |
|
Net interest income |
|
95,313 |
|
|
|
93,774 |
|
|
24,631 |
|
|
24,131 |
|
|
23,404 |
|
23,147 |
|
|
24,138 |
|
Provision for loan
losses |
|
7,381 |
|
|
|
7,789 |
|
|
2,598 |
|
|
754 |
|
|
1,288 |
|
2,741 |
|
|
1,910 |
|
Net interest income after
provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
for loan losses |
|
87,932 |
|
|
|
85,985 |
|
|
22,033 |
|
|
23,377 |
|
|
22,116 |
|
20,406 |
|
|
22,228 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
7,742 |
|
|
|
8,954 |
|
|
1,862 |
|
|
2,037 |
|
|
1,964 |
|
1,879 |
|
|
2,186 |
|
Insurance income |
|
5,166 |
|
|
|
2,399 |
|
|
1,236 |
|
|
1,265 |
|
|
1,057 |
|
1,608 |
|
|
1,420 |
|
ATM and debit card |
|
5,084 |
|
|
|
4,963 |
|
|
1,311 |
|
|
1,297 |
|
|
1,283 |
|
1,193 |
|
|
1,269 |
|
Investment advisory |
|
2,193 |
|
|
|
2,138 |
|
|
642 |
|
|
523 |
|
|
541 |
|
487 |
|
|
491 |
|
Company owned life insurance |
|
1,962 |
|
|
|
1,753 |
|
|
514 |
|
|
488 |
|
|
493 |
|
467 |
|
|
504 |
|
Investments in limited
partnerships |
|
895 |
|
|
|
1,103 |
|
|
30 |
|
|
336 |
|
|
55 |
|
474 |
|
|
209 |
|
Loan servicing |
|
503 |
|
|
|
568 |
|
|
87 |
|
|
153 |
|
|
96 |
|
167 |
|
|
118 |
|
Net gain on sale of loans held for
sale |
|
249 |
|
|
|
313 |
|
|
88 |
|
|
53 |
|
|
39 |
|
69 |
|
|
82 |
|
Net gain on investment
securities |
|
1,988 |
|
|
|
2,041 |
|
|
640 |
|
|
286 |
|
|
- |
|
1,062 |
|
|
264 |
|
Net gain on sale of other
assets |
|
27 |
|
|
|
69 |
|
|
7 |
|
|
- |
|
|
16 |
|
4 |
|
|
8 |
|
Amortization of tax credit
investment |
|
(390 |
) |
|
|
(2,323 |
) |
|
- |
|
|
(390 |
) |
|
- |
|
- |
|
|
(2,323 |
) |
Other |
|
4,918 |
|
|
|
3,372 |
|
|
2,163 |
|
|
957 |
|
|
911 |
|
887 |
|
|
927 |
|
Total noninterest income |
|
30,337 |
|
|
|
25,350 |
|
|
8,580 |
|
|
7,005 |
|
|
6,455 |
|
8,297 |
|
|
5,155 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
42,439 |
|
|
|
38,595 |
|
|
11,332 |
|
|
10,278 |
|
|
10,606 |
|
10,223 |
|
|
10,551 |
|
Occupancy and equipment |
|
13,856 |
|
|
|
12,829 |
|
|
3,365 |
|
|
3,417 |
|
|
3,375 |
|
3,699 |
|
|
3,324 |
|
Professional services |
|
4,502 |
|
|
|
4,760 |
|
|
1,604 |
|
|
1,064 |
|
|
866 |
|
968 |
|
|
1,428 |
|
Computer and data processing |
|
3,186 |
|
|
|
3,016 |
|
|
895 |
|
|
779 |
|
|
810 |
|
702 |
|
|
791 |
|
Supplies and postage |
|
2,155 |
|
|
|
2,053 |
|
|
544 |
|
|
540 |
|
|
508 |
|
563 |
|
|
499 |
|
FDIC assessments |
|
1,719 |
|
|
|
1,592 |
|
|
442 |
|
|
444 |
|
|
415 |
|
418 |
|
|
392 |
|
Advertising and promotions |
|
1,120 |
|
|
|
805 |
|
|
331 |
|
|
312 |
|
|
238 |
|
239 |
|
|
196 |
|
Goodwill impairment charge |
|
751 |
|
|
|
- |
|
|
751 |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
Other |
|
9,665 |
|
|
|
8,705 |
|
|
2,564 |
|
|
2,484 |
|
|
2,418 |
|
2,199 |
|
|
2,198 |
|
Total noninterest expense |
|
79,393 |
|
|
|
72,355 |
|
|
21,828 |
|
|
19,318 |
|
|
19,236 |
|
19,011 |
|
|
19,379 |
|
Income before income taxes |
|
38,876 |
|
|
|
38,980 |
|
|
8,785 |
|
|
11,064 |
|
|
9,335 |
|
9,692 |
|
|
8,004 |
|
Income tax expense |
|
10,539 |
|
|
|
9,625 |
|
|
2,150 |
|
|
2,748 |
|
|
2,750 |
|
2,891 |
|
|
84 |
|
Net income |
|
28,337 |
|
|
|
29,355 |
|
|
6,635 |
|
|
8,316 |
|
|
6,585 |
|
6,801 |
|
|
7,920 |
|
Preferred stock
dividends |
|
1,462 |
|
|
|
1,462 |
|
|
365 |
|
|
366 |
|
|
366 |
|
365 |
|
|
365 |
|
Net income available to
common shareholders |
$ |
26,875 |
|
|
|
27,893 |
|
|
6,270 |
|
|
7,950 |
|
|
6,219 |
|
6,436 |
|
|
7,555 |
|
FINANCIAL
RATIOS AND STOCK DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share –
basic |
$ |
1.91 |
|
|
|
2.01 |
|
|
0.44 |
|
|
0.56 |
|
|
0.44 |
|
0.46 |
|
|
0.54 |
|
Earnings per share –
diluted |
$ |
1.90 |
|
|
|
2.00 |
|
|
0.44 |
|
|
0.56 |
|
|
0.44 |
|
0.46 |
|
|
0.54 |
|
Cash dividends declared
on common stock |
$ |
0.80 |
|
|
|
0.77 |
|
|
0.20 |
|
|
0.20 |
|
|
0.20 |
|
0.20 |
|
|
0.20 |
|
Common dividend payout
ratio (1) |
|
41.88 |
% |
|
|
38.31 |
|
|
45.45 |
|
|
35.71 |
|
|
45.45 |
|
43.48 |
|
|
37.04 |
|
Dividend yield
(annualized) |
|
2.86 |
% |
|
|
3.06 |
|
|
2.83 |
|
|
3.20 |
|
|
3.23 |
|
3.54 |
|
|
3.15 |
|
Return on average
assets |
|
0.87 |
% |
|
|
0.98 |
|
|
0.78 |
|
|
0.99 |
|
|
0.81 |
|
0.89 |
|
|
1.03 |
|
Return on average
equity |
|
9.78 |
% |
|
|
10.80 |
|
|
8.86 |
|
|
11.41 |
|
|
9.19 |
|
9.68 |
|
|
11.07 |
|
Return on average
common equity (2) |
|
9.87 |
% |
|
|
10.96 |
|
|
8.89 |
|
|
11.60 |
|
|
9.24 |
|
9.75 |
|
|
11.25 |
|
Efficiency ratio
(3) |
|
61.58 |
% |
|
|
58.59 |
|
|
64.55 |
|
|
59.46 |
|
|
62.00 |
|
60.27 |
|
|
59.58 |
|
Stock price
(Nasdaq:FISI): |
|
|
|
|
|
|
|
|
|
|
|
|
|
High |
$ |
29.04 |
|
|
|
27.02 |
|
|
29.04 |
|
|
25.21 |
|
|
25.50 |
|
25.38 |
|
|
27.02 |
|
Low |
$ |
21.67 |
|
|
|
19.72 |
|
|
24.05 |
|
|
23.54 |
|
|
22.50 |
|
21.67 |
|
|
22.45 |
|
Close |
$ |
28.00 |
|
|
|
25.15 |
|
|
28.00 |
|
|
24.78 |
|
|
24.84 |
|
22.93 |
|
|
25.15 |
|
________(1) Common dividend payout ratio
equals dividends declared during the period divided by earnings per
share for the equivalent period.(2) Annualized net income
available to common shareholders divided by average common
equity.(3) Efficiency ratio equals noninterest expense less
other real estate expense and amortization and impairment of
goodwill and other intangible assets as a percentage of net
revenue, defined as the sum of tax-equivalent net interest income
and noninterest income before net gains on investment securities,
adjustments to contingent liabilities and amortizations of tax
credit investment.
|
|
|
|
|
|
FINANCIAL
INSTITUTIONS, INC. |
|
|
|
|
|
Selected
Financial Information (Unaudited) |
|
|
|
|
|
(Amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
2015 |
|
2014 |
|
December 31, |
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|
|
2015 |
|
|
2014 |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
SELECTED
AVERAGE BALANCES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
interest-earning deposits |
$ |
37 |
|
|
114 |
|
- |
|
- |
|
26 |
|
124 |
|
- |
Investment securities
(1) |
|
1,014,171 |
|
|
877,673 |
|
1,049,217 |
|
1,067,815 |
|
1,029,640 |
|
907,871 |
|
876,932 |
Loans (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business |
|
286,019 |
|
|
269,877 |
|
297,033 |
|
297,216 |
|
284,535 |
|
264,814 |
|
265,979 |
Commercial mortgage |
|
522,328 |
|
|
473,372 |
|
554,327 |
|
545,875 |
|
509,317 |
|
478,705 |
|
473,694 |
Residential mortgage |
|
97,651 |
|
|
107,254 |
|
98,111 |
|
96,776 |
|
96,474 |
|
99,264 |
|
101,982 |
Home equity |
|
396,906 |
|
|
359,511 |
|
408,766 |
|
402,368 |
|
390,135 |
|
386,046 |
|
384,138 |
Consumer indirect |
|
665,454 |
|
|
651,279 |
|
671,888 |
|
663,884 |
|
664,222 |
|
661,727 |
|
658,337 |
Other consumer |
|
18,969 |
|
|
21,094 |
|
18,626 |
|
18,680 |
|
18,848 |
|
19,736 |
|
20,630 |
Total loans |
|
1,987,327 |
|
|
1,882,387 |
|
2,048,751 |
|
2,024,799 |
|
1,963,531 |
|
1,910,292 |
|
1,904,760 |
Total interest-earning
assets |
|
3,001,535 |
|
|
2,760,174 |
|
3,097,968 |
|
3,092,614 |
|
2,993,197 |
|
2,818,287 |
|
2,781,692 |
Goodwill and other
intangible assets, net |
|
68,138 |
|
|
57,039 |
|
67,692 |
|
68,050 |
|
68,294 |
|
68,527 |
|
68,771 |
Total assets |
|
3,269,890 |
|
|
2,994,604 |
|
3,353,702 |
|
3,343,802 |
|
3,263,111 |
|
3,115,516 |
|
3,052,499 |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
543,690 |
|
|
504,584 |
|
545,602 |
|
516,448 |
|
561,570 |
|
551,503 |
|
511,749 |
Savings and money market |
|
908,614 |
|
|
783,784 |
|
960,768 |
|
903,491 |
|
929,701 |
|
839,218 |
|
824,661 |
Certificates of deposit |
|
616,747 |
|
|
624,299 |
|
628,944 |
|
619,459 |
|
616,145 |
|
602,115 |
|
614,654 |
Short-term borrowings |
|
262,494 |
|
|
247,956 |
|
241,957 |
|
329,050 |
|
226,577 |
|
251,768 |
|
232,935 |
Long-term borrowings, net |
|
27,886 |
|
|
- |
|
38,979 |
|
38,962 |
|
33,053 |
|
- |
|
- |
Total interest-bearing
liabilities |
|
2,359,431 |
|
|
2,160,623 |
|
2,416,250 |
|
2,407,410 |
|
2,367,046 |
|
2,244,604 |
|
2,183,999 |
Noninterest-bearing
demand deposits |
|
599,334 |
|
|
545,904 |
|
619,423 |
|
625,131 |
|
587,396 |
|
564,500 |
|
564,336 |
Total deposits |
|
2,668,385 |
|
|
2,458,571 |
|
2,754,737 |
|
2,664,529 |
|
2,694,812 |
|
2,557,336 |
|
2,515,400 |
Total liabilities |
|
2,980,183 |
|
|
2,722,730 |
|
3,056,541 |
|
3,054,573 |
|
2,975,762 |
|
2,830,557 |
|
2,768,693 |
Shareholders’
equity |
|
289,707 |
|
|
271,874 |
|
297,161 |
|
289,229 |
|
287,349 |
|
284,959 |
|
283,806 |
Common equity (3) |
|
272,367 |
|
|
254,533 |
|
279,821 |
|
271,889 |
|
270,009 |
|
267,619 |
|
266,466 |
Tangible common equity
(4) |
$ |
204,229 |
|
|
197,494 |
|
212,129 |
|
203,839 |
|
201,715 |
|
199,092 |
|
197,695 |
Common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
14,081 |
|
|
13,893 |
|
14,095 |
|
14,087 |
|
14,078 |
|
14,063 |
|
14,049 |
Diluted |
|
14,135 |
|
|
13,946 |
|
14,163 |
|
14,139 |
|
14,121 |
|
14,113 |
|
14,112 |
SELECTED
AVERAGE YIELDS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Tax equivalent
basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
interest-earning deposits |
|
0.40 |
% |
|
0.14 |
|
- |
|
- |
|
0.39 |
|
0.19 |
|
- |
Investment
securities |
|
2.46 |
% |
|
2.44 |
|
2.47 |
|
2.46 |
|
2.44 |
|
2.47 |
|
2.48 |
Loans |
|
4.21 |
% |
|
4.38 |
|
4.22 |
|
4.16 |
|
4.18 |
|
4.27 |
|
4.44 |
Total interest-earning
assets |
|
3.62 |
% |
|
3.76 |
|
3.63 |
|
3.57 |
|
3.58 |
|
3.69 |
|
3.82 |
Interest-bearing
demand |
|
0.14 |
% |
|
0.12 |
|
0.15 |
|
0.15 |
|
0.14 |
|
0.11 |
|
0.11 |
Savings and money
market |
|
0.13 |
% |
|
0.12 |
|
0.14 |
|
0.14 |
|
0.12 |
|
0.10 |
|
0.11 |
Certificates of
deposit |
|
0.87 |
% |
|
0.78 |
|
0.88 |
|
0.89 |
|
0.87 |
|
0.84 |
|
0.82 |
Short-term
borrowings |
|
0.41 |
% |
|
0.37 |
|
0.49 |
|
0.41 |
|
0.38 |
|
0.37 |
|
0.36 |
Long-term borrowings,
net |
|
6.28 |
% |
|
- |
|
6.34 |
|
6.34 |
|
6.23 |
|
- |
|
- |
Total interest-bearing
liabilities |
|
0.43 |
% |
|
0.34 |
|
0.47 |
|
0.47 |
|
0.43 |
|
0.33 |
|
0.34 |
Net interest rate
spread |
|
3.19 |
% |
|
3.42 |
|
3.16 |
|
3.10 |
|
3.15 |
|
3.36 |
|
3.48 |
Net interest rate
margin |
|
3.28 |
% |
|
3.50 |
|
3.26 |
|
3.20 |
|
3.24 |
|
3.43 |
|
3.56 |
________(1) Includes investment securities
at adjusted amortized cost.(2) Includes nonaccrual
loans.(3) Excludes preferred shareholders’ equity.(4) See
Appendix A – Non-GAAP to GAAP Reconciliation for the computation of
this Non-GAAP measure.
|
|
|
|
|
|
FINANCIAL
INSTITUTIONS, INC. |
|
|
|
|
|
Selected
Financial Information (Unaudited) |
|
|
|
|
|
(Amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
ASSET QUALITY
DATA: |
|
|
|
|
|
|
|
|
|
Allowance for
Loan Losses |
|
|
|
|
|
|
|
|
|
Beginning balance |
$ |
26,455 |
|
|
27,500 |
|
|
27,191 |
|
|
27,637 |
|
|
27,244 |
|
Net loan charge-offs
(recoveries): |
|
|
|
|
|
|
|
|
|
Commercial business |
|
133 |
|
|
68 |
|
|
(73 |
) |
|
1,093 |
|
|
(15 |
) |
Commercial mortgage |
|
23 |
|
|
12 |
|
|
194 |
|
|
520 |
|
|
(57 |
) |
Residential mortgage |
|
59 |
|
|
3 |
|
|
9 |
|
|
22 |
|
|
22 |
|
Home equity |
|
75 |
|
|
64 |
|
|
145 |
|
|
74 |
|
|
(4 |
) |
Consumer indirect |
|
1,519 |
|
|
1,475 |
|
|
645 |
|
|
1,317 |
|
|
1,420 |
|
Other consumer |
|
159 |
|
|
177 |
|
|
59 |
|
|
161 |
|
|
151 |
|
Total net charge-offs |
|
1,968 |
|
|
1,799 |
|
|
979 |
|
|
3,187 |
|
|
1,517 |
|
Provision for loan
losses |
|
2,598 |
|
|
754 |
|
|
1,288 |
|
|
2,741 |
|
|
1,910 |
|
Ending balance |
$ |
27,085 |
|
|
26,455 |
|
|
27,500 |
|
|
27,191 |
|
|
27,637 |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (annualized): |
|
|
|
|
|
|
|
|
|
Commercial business |
|
0.18 |
% |
|
0.09 |
|
|
-0.10 |
|
|
1.67 |
|
|
-0.02 |
|
Commercial mortgage |
|
0.02 |
% |
|
0.01 |
|
|
0.15 |
|
|
0.44 |
|
|
-0.05 |
|
Residential mortgage |
|
0.24 |
% |
|
0.01 |
|
|
0.04 |
|
|
0.09 |
|
|
0.09 |
|
Home equity |
|
0.07 |
% |
|
0.06 |
|
|
0.15 |
|
|
0.08 |
|
|
0.00 |
|
Consumer indirect |
|
0.90 |
% |
|
0.88 |
|
|
0.39 |
|
|
0.81 |
|
|
0.86 |
|
Other consumer |
|
3.39 |
% |
|
3.76 |
|
|
1.26 |
|
|
3.31 |
|
|
2.90 |
|
Total loans |
|
0.38 |
% |
|
0.35 |
|
|
0.20 |
|
|
0.68 |
|
|
0.32 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
information (1) |
|
|
|
|
|
|
|
|
|
Non-performing
loans: |
|
|
|
|
|
|
|
|
|
Commercial business |
$ |
3,922 |
|
|
3,064 |
|
|
4,643 |
|
|
4,587 |
|
|
4,288 |
|
Commercial mortgage |
|
947 |
|
|
1,802 |
|
|
3,070 |
|
|
3,411 |
|
|
3,020 |
|
Residential mortgage |
|
1,325 |
|
|
1,523 |
|
|
1,628 |
|
|
1,361 |
|
|
1,194 |
|
Home equity |
|
758 |
|
|
792 |
|
|
619 |
|
|
672 |
|
|
463 |
|
Consumer indirect |
|
1,467 |
|
|
1,292 |
|
|
728 |
|
|
994 |
|
|
1,169 |
|
Other consumer |
|
21 |
|
|
20 |
|
|
20 |
|
|
47 |
|
|
19 |
|
Total non-performing loans |
|
8,440 |
|
|
8,493 |
|
|
10,708 |
|
|
11,072 |
|
|
10,153 |
|
Foreclosed assets |
|
163 |
|
|
286 |
|
|
165 |
|
|
139 |
|
|
194 |
|
Total non-performing assets |
$ |
8,603 |
|
|
8,779 |
|
|
10,873 |
|
|
11,211 |
|
|
10,347 |
|
|
|
|
|
|
|
|
|
|
|
Total non-performing
loans to total loans |
|
0.41 |
% |
|
0.42 |
|
|
0.53 |
|
|
0.58 |
|
|
0.53 |
|
Total non-performing
assets to total assets |
|
0.25 |
% |
|
0.26 |
|
|
0.32 |
|
|
0.35 |
|
|
0.33 |
|
Allowance for loan
losses to total loans |
|
1.30 |
% |
|
1.30 |
|
|
1.37 |
|
|
1.41 |
|
|
1.45 |
|
Allowance for loan
losses to non-performing loans |
|
321 |
% |
|
311 |
|
|
257 |
|
|
246 |
|
|
272 |
|
________(1) At period end.
|
|
|
|
|
|
FINANCIAL
INSTITUTIONS, INC. |
|
|
|
|
|
Appendix A -
Non-GAAP to GAAP Reconciliation (Unaudited) |
|
|
|
|
|
(In thousands, except
per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
2015 |
|
2014 |
|
December 31, |
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|
2015 |
|
2014 |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
Ending tangible
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
$ |
3,381,024 |
|
|
3,357,608 |
|
3,359,459 |
|
3,197,077 |
|
3,089,521 |
Less: Goodwill
and other intangible assets, net |
|
|
|
|
|
66,946 |
|
|
67,925 |
|
68,158 |
|
68,396 |
|
68,639 |
Tangible assets
(non-GAAP) |
|
|
|
|
$ |
3,314,078 |
|
|
3,289,683 |
|
3,291,301 |
|
3,128,681 |
|
3,020,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending tangible
common equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders’
equity |
|
|
|
|
$ |
276,504 |
|
|
278,094 |
|
267,095 |
|
269,349 |
|
262,192 |
Less: Goodwill
and other intangible assets, net |
|
|
|
|
|
66,946 |
|
|
67,925 |
|
68,158 |
|
68,396 |
|
68,639 |
Tangible common equity
(non-GAAP) |
|
|
|
|
$ |
209,558 |
|
|
210,169 |
|
198,937 |
|
200,953 |
|
193,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
common equity to tangible assets (non-GAAP) (1) |
|
|
|
|
6.32 |
% |
|
6.39 |
|
6.04 |
|
6.42 |
|
6.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding |
|
|
|
|
|
14,191 |
|
|
14,189 |
|
14,184 |
|
14,167 |
|
14,118 |
Tangible
common book value per share (non-GAAP) (2) |
|
|
|
$ |
14.77 |
|
|
14.81 |
|
14.03 |
|
14.18 |
|
13.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
common equity |
$ |
272,367 |
|
|
254,533 |
|
|
279,821 |
|
|
271,889 |
|
270,009 |
|
267,619 |
|
266,466 |
Average
goodwill and other intangible assets, net |
|
68,138 |
|
|
57,039 |
|
|
67,692 |
|
|
68,050 |
|
68,294 |
|
68,527 |
|
68,771 |
Average
tangible common equity (non-GAAP) |
$ |
204,229 |
|
|
197,494 |
|
|
212,129 |
|
|
203,839 |
|
201,715 |
|
199,092 |
|
197,695 |
________(1) Tangible common equity divided
by tangible assets.(2) Tangible common equity divided by
common shares outstanding.
For additional information contact:
Kevin B. Klotzbach
Chief Financial Officer & Treasurer
Phone: 585.786.1130
Email: KBKlotzbach@five-starbank.com
Jordan Darrow
Darrow Associates
Phone: 631.367.1866
Email: jdarrow@darrowir.com
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