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Financial Institutions Inc (FISI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Financial Institutions Inc

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CIK: 862831 Ticker: FISI

Exhibit 99.1

Financial Institutions, Inc.

 

 

 

 

 

NEWS RELEASE

 

 

For Immediate Release

 

 

FINANCIAL INSTITUTIONS, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 RESULTS

 

WARSAW, N.Y., January 31, 2019

– Financial Institutions, Inc. (NASDAQ:FISI), today reported financial and operational results for the fourth quarter and year ended December 31, 2018. Financial Institutions, Inc. (the “Company”) is the parent company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC (“SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”).

Net income for the quarter was $7.5 million compared to $11.1 million for the fourth quarter of 2017. After preferred dividends, net income available to common shareholders was $7.1 million for the quarter, or $0.45 per diluted share, compared to $10.7 million, or $0.68 per diluted share, for the fourth quarter of 2017.

 

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Results for the fourth quarter of 2018 were negatively impacted by a $2.4 million non-cash goodwill impairment charge related to the acquisition of SDN ($0.15 per diluted share) and $667 thousand of non-recurring expense incurred in connection with employee retirements and severance ($0.03 per diluted share).

 

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Results for the fourth quarter of 2017 were positively impacted by a $2.9 million reduction in income tax expense due to the Tax Cuts and Jobs Act (the “TCJ Act”), primarily driven by a revaluation adjustment to the net deferred tax liability.

Net income for the full year 2018 was $39.5 million, $6.0 million higher than $33.5 million for the full year 2017. After preferred dividends, net income available to common shareholders for the full year 2018 was $38.1 million, or $2.39 per diluted share, compared to $32.1 million, or $2.13 per diluted share, for the full year 2017.

Full Year 2018 Highlights:

 

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Diluted earnings per share of $2.39 was $0.26, or 12.2%, higher than 2017

 

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Net interest income of $122.9 million was $10.2 million, or 9.1%, higher than 2017

 

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Total assets, interest-earning assets, loans and deposits reached record-high year-end levels:

 

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Total assets increased $206.5 million, or 5.0%, in 2018 to $4.31 billion

 

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Total interest-earning assets increased $248.5 million, or 6.6%, in 2018 to $4.03 billion

 

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Total loans increased $351.6 million, or 12.9%, in 2018 to $3.09 billion

 

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Total deposits increased $156.7 million, or 4.9%, in 2018 to $3.37 billion

 

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Dividends of $0.96 per common share were paid in 2018, an increase of 12.9% from 2017

 

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The Company continued to execute its strategy to diversify revenue with the second quarter acquisition of HNP Capital, a Rochester-based investment advisory firm

President and Chief Executive Officer Martin K. Birmingham stated, “We generated $32.0 million of net interest income this quarter– by far the highest level in our Company’s history. Net interest income was $2.3 million higher than the year earlier quarter and $1.1 million higher than the third quarter of 2018, driven by strong loan growth and higher yields. Our average loan yield for the quarter was 4.68%, an increase of 39 basis points from the fourth quarter of 2017 and 13 basis points from the third quarter of 2018.

“We delivered strong loan growth in the quarter and for the year while seeking to maintain credit discipline and manage risk effectively. In the fourth quarter, commercial mortgage led the way with 5.9% growth, followed by 3.7% growth in commercial business and 3.3% growth in residential real estate loans. We believe these impressive results were made possible by the investments made in experienced leaders and producers, combined with our ability to deliver personal service with local leadership and decision-making power.

“We also made progress on our initiative to reposition the balance sheet by converting marketable securities into loans, funding approximately $34 million of fourth quarter loans with investment security maturities, sales and payment proceeds. For the full year 2018, we funded approximately $143 million of loans with proceeds from securities.

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The following information was filed by Financial Institutions Inc (FISI) on Thursday, January 31, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Financial Institutions Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Income
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified Out Of Each Component Of Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Loss) (Components Of Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Borrowings
Borrowings (Narrative) (Details)
Borrowings (Summary Of Outstanding Borrowings) (Details)
Borrowings (Tables)
Business Combinations
Business Combinations (Goodwill And Other Intangible Assets Acquired) (Details)
Business Combinations (Narrative) (Details)
Business Combinations (Schedule Of Assets Purchased And Liabilities Assumed) (Details)
Business Combinations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Leases Future Minimum Payments By Years And In The Aggregate) (Details)
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Off-Balance Sheet Commitments) (Details)
Commitments And Contingencies (Tables)
Deposits
Deposits (Interest Expense By Deposits Type) (Details)
Deposits (Narrative) (Details)
Deposits (Summary Of Deposits) (Details)
Deposits (Tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Effect Of Derivative Instruments On The Income Statement) (Details)
Derivative Instruments And Hedging Activities (Fair Values Of Derivative Instruments On The Balance Sheet) (Details)
Derivative Instruments And Hedging Activities (Narrative) (Details)
Derivative Instruments And Hedging Activities (Tables)
Earnings Per Common Share
Earnings Per Common Share (Reconciliation Of Earnings And Shares Used In Calculating Basic And Diluted Eps) (Details)
Earnings Per Common Share (Shares Excluded From Computation Of Diluted Eps) (Details)
Earnings Per Common Share (Tables)
Earnings Per Common Share - (Narrative) (Details)
Employee Benefit Plans
Employee Benefit Plans (Actuarial Assumptions Used, Net Periodic Pension Cost) (Details)
Employee Benefit Plans (Actuarial Assumptions Used, Projected Benefit Obligation) (Details)
Employee Benefit Plans (Changes In Fair Value Of Plan Assets) (Details)
Employee Benefit Plans (Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss) (Details)
Employee Benefit Plans (Components Of Net Periodic Benefit Expense) (Details)
Employee Benefit Plans (Components Of Other Comprehensive Loss Related To Defined Benefit Plan And Postretirement Benefit Plan) (Details)
Employee Benefit Plans (Estimated Benefit Payments Under The Pension Plan) (Details)
Employee Benefit Plans (Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status) (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans (Target Allocation, Percentage Of Plan Assets And Weighted Average Expected Rate Of Return) (Details)
Employee Benefit Plans (The Major Categories Of Plan Assets Measured At Fair Value On A Recurring Basis) (Details)
Employee Benefit Plans - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Additional Quantitative Information About Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details)
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details)
Fair Value Measurements (Carrying Amount, Estimated Fair Value, And Placement In Fair Value Hierarchy Of Financial Instruments) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details)
Goodwill And Other Intangible Assets (Changes In Gross Carrying Amount Accumulated Amortization And Net Book Value) (Details)
Goodwill And Other Intangible Assets (Estimated Core Deposit Intangible Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Income Tax Expense (Benefit)) (Details)
Income Taxes (Income Tax Expense Allocation) (Details)
Income Taxes (Income Tax Expense Differed From Statutory Federal Income Tax Rate) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Net Deferred Tax Assets) (Details)
Income Taxes (Tables)
Investment Securities
Investment Securities (Amortized Cost And Fair Value Of Investment Securities) (Details)
Investment Securities (Interest And Dividends On Securities) (Details)
Investment Securities (Investments Gross Unrealized Losses And Fair Value) (Details)
Investment Securities (Narrative) (Details)
Investment Securities (Sales And Calls Of Securities Available For Sale) (Details)
Investment Securities (Scheduled Maturities Of Securities Available For Sale And Securities Held To Maturity) (Details)
Investment Securities (Tables)
Loans
Loans (Changes In The Allowance For Loan Losses) (Details)
Loans (Commercial Loan Portfolio Categorized By Internally Assigned Asset Classification) (Details)
Loans (Information Related To Loans Modified In A Tdr) (Details)
Loans (Loan Portfolio) (Details)
Loans (Narrative) (Details)
Loans (Recorded Investment By Loan Class In Current And Nonaccrual Loans) (Details)
Loans (Retail Loan Portfolio Categorized By Payment Status) (Details)
Loans (Summary Of Impaired Loans) (Details)
Loans (Tables)
Loans Held For Sale And Loan Servicing Rights
Loans Held For Sale And Loan Servicing Rights (Activity In Capitalized Mortgage Serving Assets) (Details)
Loans Held For Sale And Loan Servicing Rights (Details)
Loans Held For Sale And Loan Servicing Rights (Tables)
Parent Company Financial Information
Parent Company Financial Information (Condensed Statements Of Cash Flows) (Details)
Parent Company Financial Information (Condensed Statements Of Condition) (Details)
Parent Company Financial Information (Condensed Statements Of Income) (Details)
Parent Company Financial Information (Tables)
Premises And Equipment, Net
Premises And Equipment, Net (Major Classes Of Premises And Equipment) (Details)
Premises And Equipment, Net (Tables)
Regulatory Matters
Regulatory Matters (Actual And Required Capital Ratios) (Details)
Regulatory Matters (Narrative) (Details)
Regulatory Matters (Tables)
Segment Reporting
Segment Reporting (Business Segment Profit (Loss)) (Details)
Segment Reporting (Business Segments Assets) (Details)
Segment Reporting (Narrative) (Details)
Segment Reporting (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Share-Based Compensation Expense Included In Consolidated Statements Of Income) (Details)
Share-Based Compensation (Summary Of Restricted Stock Award Activity) (Details)
Share-Based Compensation (Summary Of Stock Option Activity) (Details)
Share-Based Compensation (Tables)
Shareholders Equity
Shareholders Equity (Narrative) (Details)
Shareholders' Equity (Changes In Shares Of Common Stock) (Details)
Shareholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Summary Of Supplemental Cash Flow Information) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: FISI
CIK: 862831
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-006936
Submitted to the SEC: Fri Mar 08 2019 8:57:38 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: National Commercial Banks

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