Financial Institutions Inc. (FISI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Financial Institutions Inc. has a market cap of $193.7 million; its shares were traded at around $17.65 with a P/E ratio of 12.2 and P/S ratio of 1.6. The dividend yield of Financial Institutions Inc. stocks is 2.2%.FISI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Net income increased $2.3 million, or 66%, for the third quarter of 2010, compared to the same period in 2009, and increased $7.2 million, or 80%, for the nine months ended September 30, 2010 compared to the same period in 2009. The $2.3 million increase for the third quarter of 2010 was primarily the result of an increase of $1.7 million in net interest income and a $436 thousand decrease in the provision for loan losses. The increase in net income during the nine months ended September 30, 2010 was driven by increases of $5.7 million and $568 thousand in net interest income and noninterest income, respectively, and decreases of $1.9 million and $3.1 million in the provision for loan losses and noninterest expense, respectively. These improvements were offset by a $4.1 million increase in income tax expense.
Average interest-earning assets were $1.977 billion for the third quarter of 2010, an increase of $114.1 million or 6% from the comparable quarter last year, with average securities up $82.3 million and average loans up $70.8 million. The growth in average loans was comprised of increases in retail loans (up $65.8 million, primarily indirect loans) and commercial loans (up $17.4 million), while residential mortgages decreased (down $12.4 million).
Average interest-bearing liabilities of $1.596 billion in the third quarter of 2010 were $71.8 million or 5% higher than the third quarter of 2009. On average, interest-bearing deposits grew $82.8 million (primarily attributable to $82.3 million higher retail deposits), while noninterest-bearing demand deposits (a principal component of net free funds) were up $37.9 million. Average wholesale funding balances decreased $11.0 million between the third quarter periods, primarily due to the repayment of long-term borrowings during the third quarter of 2010.
Average interest-earning assets were $1.962 billion for the first nine months of 2010, an increase of $131.8 million or 7% from the comparable period last year, with average loans up $90.2 million and average securities up $79.3 million. The growth in average loans was comprised of increases in retail loans (up $75.5 million, primarily indirect loans) and commercial loans (up $39.8 million), while residential mortgages decreased (down $25.1 million).
Average interest-bearing liabilities of $1.596 billion in the first nine months of 2010 were $92.1 million or 6% higher than the first nine months of 2009. On average, interest-bearing deposits grew $84.4 million (primarily attributable to $79.5 million higher retail deposits), while noninterest-bearing demand deposits were up $36.0 million. Average wholesale funding balances increased $7.7 million between the first nine 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 $193.7 million; its shares were traded at around $17.65 with a P/E ratio of 12.2 and P/S ratio of 1.6. The dividend yield of Financial Institutions Inc. stocks is 2.2%.FISI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Net income was $5.7 million for the third quarter of 2010 compared to $3.4 million for the third quarter of 2009. Net income available to common shareholders for the third quarter of 2010 was $4.7 million, or $0.43 per diluted share, compared with $2.5 million, or $0.23 per diluted share, for the third quarter of last year. Return on average equity was 10.40% and return on average assets was 1.04% for the third quarter of 2010 compared to 6.93% and 0.66%, respectively, for the third quarter of 2009. Net income for the nine months ended September 30, 2010 totaled $16.2 million compared to $9.0 million for the same period in 2009. For the first nine months of 2010 net income available to common shareholders was $13.4 million, or $1.23 per diluted share, compared with $6.2 million, or $0.57 per diluted share, for the first nine months of 2009. Return on average equity was 10.37% and return on average assets was 1.01% for the nine months ended September 30, 2010 compared to 6.24% and 0.60%, respectively, for the same period in 2009.Net income increased $2.3 million, or 66%, for the third quarter of 2010, compared to the same period in 2009, and increased $7.2 million, or 80%, for the nine months ended September 30, 2010 compared to the same period in 2009. The $2.3 million increase for the third quarter of 2010 was primarily the result of an increase of $1.7 million in net interest income and a $436 thousand decrease in the provision for loan losses. The increase in net income during the nine months ended September 30, 2010 was driven by increases of $5.7 million and $568 thousand in net interest income and noninterest income, respectively, and decreases of $1.9 million and $3.1 million in the provision for loan losses and noninterest expense, respectively. These improvements were offset by a $4.1 million increase in income tax expense.
Average interest-earning assets were $1.977 billion for the third quarter of 2010, an increase of $114.1 million or 6% from the comparable quarter last year, with average securities up $82.3 million and average loans up $70.8 million. The growth in average loans was comprised of increases in retail loans (up $65.8 million, primarily indirect loans) and commercial loans (up $17.4 million), while residential mortgages decreased (down $12.4 million).
Average interest-bearing liabilities of $1.596 billion in the third quarter of 2010 were $71.8 million or 5% higher than the third quarter of 2009. On average, interest-bearing deposits grew $82.8 million (primarily attributable to $82.3 million higher retail deposits), while noninterest-bearing demand deposits (a principal component of net free funds) were up $37.9 million. Average wholesale funding balances decreased $11.0 million between the third quarter periods, primarily due to the repayment of long-term borrowings during the third quarter of 2010.
Average interest-earning assets were $1.962 billion for the first nine months of 2010, an increase of $131.8 million or 7% from the comparable period last year, with average loans up $90.2 million and average securities up $79.3 million. The growth in average loans was comprised of increases in retail loans (up $75.5 million, primarily indirect loans) and commercial loans (up $39.8 million), while residential mortgages decreased (down $25.1 million).
Average interest-bearing liabilities of $1.596 billion in the first nine months of 2010 were $92.1 million or 6% higher than the first nine months of 2009. On average, interest-bearing deposits grew $84.4 million (primarily attributable to $79.5 million higher retail deposits), while noninterest-bearing demand deposits were up $36.0 million. Average wholesale funding balances increased $7.7 million between the first nine months of 2010 and the same period in 2009, primarily due to higher short-term borrowings.
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