Financial Institutions Inc. (FISI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Financial Institutions Inc. has a market cap of $209.4 million; its shares were traded at around $19.21 with a P/E ratio of 13.3 and P/S ratio of 1.9. The dividend yield of Financial Institutions Inc. stocks is 2.1%.FISI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Net income increased $2.6 million, or 98%, for the second quarter of 2010, compared to the same period in 2009, and increased $4.9 million, or 88%, for the six months ended June 30, 2010 compared to the same period in 2009. The $2.6 million increase for the second quarter of 2010 was primarily the result of an increase of $2.0 million in net interest income, a $451 thousand increase in noninterest income and a $1.6 million decrease in noninterest expense, offset by a $1.5 million increase in income tax expense. There were no other-than-temporary impairment charges during the second quarter of 2010. Noninterest income for the second quarter of 2009 included $1.7 million of other-than-temporary impairment charges on privately issued whole loan collateralized mortgage obligations. The increase in net income during the six months ended June 30, 2010 was driven by a $4.0 million increase in net interest income, a $1.5 million decrease in the provision for loan losses and a $2.9 million decrease in noninterest expense, offset by a $3.2 million increase in income tax expense.
Average interest-earning assets were $1.972 billion for the second quarter of 2010, an increase of $133.6 million or 7% from the comparable quarter last year, with average loans up $79.8 million and average securities up $98.4 million. The growth in average loans was comprised of increases in retail loans (up $68.5 million, primarily indirect loans) and commercial loans (up $41.2 million), while residential mortgages decreased (down $29.9 million).
Average interest-bearing liabilities of $1.612 billion in the second quarter of 2010 were $98.1 million or 6% higher than the second quarter of 2009. On average, interest-bearing deposits grew $87.1 million (primarily attributable to $85.6 million higher retail deposits), while noninterest-bearing demand deposits (a principal component of net free funds) were up $38.6 million. Average wholesale funding balances increased $11.0 million between the second quarter periods, primarily due to higher short-term borrowings.
Average interest-earning assets were $1.954 billion for the first six months of 2010, an increase of $140.8 million or 8% from the comparable period last year, with average loans up $100.0 million and average securities up $77.8 million. The growth in average loans was comprised of increases in retail loans (up $80.4 million, primarily indirect loans) and commercial loans (up $51.2 million), while residential mortgages decreased (down $31.6 million).
Average interest-bearing liabilities of $1.595 billion in the first six months of 2010 were $102.4 million or 7% higher than the first six months of 2009. On average, interest-bearing deposits grew $85.2 million (primarily attributable to $78.1 million higher retail deposits), while noninterest-bearing demand deposits were up $35.1 million. Average wholesale funding balances increased $17.2 million between the first six months of 2010 and the same period in 2009, primarily due to higher short-term borrowings.
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Financial Institutions Inc. has a market cap of $209.4 million; its shares were traded at around $19.21 with a P/E ratio of 13.3 and P/S ratio of 1.9. The dividend yield of Financial Institutions Inc. stocks is 2.1%.FISI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Net income was $5.2 million for the second quarter of 2010 compared to $2.6 million for the second quarter of 2009. Net income available to common shareholders for the second quarter of 2010 was $4.3 million, or $0.39 per diluted share, compared with $1.7 million, or $0.16 per diluted share, for the second quarter of last year. Return on average equity was 10.04% and return on average assets was 0.97% for the second quarter of 2010 compared to 5.48% and 0.52%, respectively, for the second quarter of 2009. Net income for the six months ended June 30, 2010 totaled $10.5 million compared to $5.6 million for the same period in 2009. For the first six months of 2010 net income available to common shareholders was $8.7 million, or $0.80 per diluted share, compared with $3.8 million, or $0.35 per diluted share, for the first six months of 2009. Return on average equity was 10.35% and return on average assets was 0.99% for the six months ended June 30, 2010 compared to 5.88% and 0.57%, respectively, for the same period in 2009.Net income increased $2.6 million, or 98%, for the second quarter of 2010, compared to the same period in 2009, and increased $4.9 million, or 88%, for the six months ended June 30, 2010 compared to the same period in 2009. The $2.6 million increase for the second quarter of 2010 was primarily the result of an increase of $2.0 million in net interest income, a $451 thousand increase in noninterest income and a $1.6 million decrease in noninterest expense, offset by a $1.5 million increase in income tax expense. There were no other-than-temporary impairment charges during the second quarter of 2010. Noninterest income for the second quarter of 2009 included $1.7 million of other-than-temporary impairment charges on privately issued whole loan collateralized mortgage obligations. The increase in net income during the six months ended June 30, 2010 was driven by a $4.0 million increase in net interest income, a $1.5 million decrease in the provision for loan losses and a $2.9 million decrease in noninterest expense, offset by a $3.2 million increase in income tax expense.
Average interest-earning assets were $1.972 billion for the second quarter of 2010, an increase of $133.6 million or 7% from the comparable quarter last year, with average loans up $79.8 million and average securities up $98.4 million. The growth in average loans was comprised of increases in retail loans (up $68.5 million, primarily indirect loans) and commercial loans (up $41.2 million), while residential mortgages decreased (down $29.9 million).
Average interest-bearing liabilities of $1.612 billion in the second quarter of 2010 were $98.1 million or 6% higher than the second quarter of 2009. On average, interest-bearing deposits grew $87.1 million (primarily attributable to $85.6 million higher retail deposits), while noninterest-bearing demand deposits (a principal component of net free funds) were up $38.6 million. Average wholesale funding balances increased $11.0 million between the second quarter periods, primarily due to higher short-term borrowings.
Average interest-earning assets were $1.954 billion for the first six months of 2010, an increase of $140.8 million or 8% from the comparable period last year, with average loans up $100.0 million and average securities up $77.8 million. The growth in average loans was comprised of increases in retail loans (up $80.4 million, primarily indirect loans) and commercial loans (up $51.2 million), while residential mortgages decreased (down $31.6 million).
Average interest-bearing liabilities of $1.595 billion in the first six months of 2010 were $102.4 million or 7% higher than the first six months of 2009. On average, interest-bearing deposits grew $85.2 million (primarily attributable to $78.1 million higher retail deposits), while noninterest-bearing demand deposits were up $35.1 million. Average wholesale funding balances increased $17.2 million between the first six months of 2010 and the same period in 2009, primarily due to higher short-term borrowings.
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