Financial Institutions, Inc. (NASDAQ:FISI) (the “Company” “we” or
“us”), parent company of Five Star Bank (the “Bank”), SDN Insurance
Agency, LLC (“SDN”), Courier Capital, LLC (“Courier Capital”) and
HNP Capital, LLC (“HNP Capital”), today reported financial and
operational results for the third quarter ended September 30, 2021.
Net income for the quarter was
$17.2 million compared to $12.3 million in the third quarter
of 2020. After preferred dividends, net income available to common
shareholders was $16.8 million, or $1.05 per diluted share,
compared to $11.9 million, or $0.74 per diluted share, in the third
quarter of 2020.
- Reflected in the
increase in quarterly net income was a $541 thousand benefit for
credit losses in the current quarter as compared to a provision of
$4.0 million in the third quarter of 2020. Ongoing improvement in
the national unemployment forecast, positive trends in qualitative
factors and lower net charge-offs resulted in a release of credit
loss reserves and a corresponding benefit for credit losses.
Pre-tax pre-provision income(1) for the quarter
was $21.2 million, an increase of $1.9 million from the third
quarter of 2020.
“We reported strong results grounded in positive
economic trends and sustained incremental organic growth across our
businesses,” said President and Chief Executive Officer Martin K.
Birmingham. “Continued improvement in the economy resulted in a
third consecutive quarterly release of credit loss reserves, and
loan charge-offs remained exceptionally low. Excluding the impact
of Paycheck Protection Program loans, we grew the total loan
portfolio by 2.2% from June 30th and our loan pipelines remain
healthy. Net interest income increased, and we remain focused on
the optimal investment of excess liquidity. While expenses did go
up in the quarter, we also generated strong noninterest income
driven by our insurance and wealth subsidiaries and investments in
limited partnerships, resulting in an efficiency ratio of 58%.
“Five Star Bank relocated its City of Elmira
branch in the quarter, investing in an area undergoing
revitalization while reducing annual operating costs associated
with more favorable lease terms and significantly reduced space.
Our SDN insurance subsidiary completed a bolt-on transaction in
August, acquiring an employee benefits business that adds important
expertise in employee benefits and human resources consulting.
“We continue to make investments in people,
process, technology and strategic bolt-on acquisitions to position
our organization for expected long-term growth and profitability.
We are focused on the successful execution of opportunities related
to ongoing digital transformation, traditional banking and new
businesses associated with banking as a service, or BaaS. I am
incredibly proud of our accomplishments and the associates that
made them possible.”
Chief Financial Officer and Treasurer W. Jack
Plants II added, “Noninterest expense was higher than the second
quarter of 2021 with a significant portion of the increase
attributable to salaries and benefits. Strong year-to-date
performance drove an approximately $690 thousand increase in
commission and incentive compensation. In addition, we’ve made
investments in experienced personnel to support strategic
initiatives including digital banking, retail community banking
expansion, customer experience and technology. We believe these
initiatives, along with the bolt-on acquisitions completed in 2021,
will support future revenue growth. With that said, we will
continue to manage expenses to produce positive long-term operating
leverage.”
Acquisition of North Woods Capital
Benefits
On August 2, 2021, North Woods Capital Benefits
LLC (“North Woods”) was acquired by the Company’s insurance
subsidiary SDN. North Woods was a Buffalo-based employee benefits
and human resources advisory firm with a mission of helping clients
of all sizes navigate the complexities of employee benefits, human
resources and compliance to control costs and maximize long-term
savings.
The acquisition expands SDN’s employee benefits
business and adds important expertise in employee benefits and
human resources consulting. William (Bill) Wadsworth, North Woods’
Founder, continues his long-term client relationships in his new
role leading SDN’s employee benefits practice. Sarah Kirke, former
Director of Client Service and HR Consulting at North Woods, serves
as Employee Benefits Account Manager and HR Consultant at SDN.
Elmira Branch Relocation
Five Star Bank opened its relocated branch in
the City of Elmira on August 2, 2021. The new branch is in a
newly-constructed building that is part of the New York State
Downtown Revitalization Initiative. Consumers and businesses can
access a full spectrum of banking and lending services, insurance
and wealth management and investment services at the new
branch.
The branch is designed to serve as a financial
solution center, with no teller lines and no barriers between bank
associates and customers. It features a blend of new technology
including Interactive Teller Machines and the comfort of community
banking with Certified Personal Bankers. Our new design aligns
services with shifting customer needs and preferences including
rapid advancements in financial technology that enable consumers to
bank virtually from anywhere, anytime.
Five Star Bank is committed to the use of green
and energy efficient materials in construction. Materials sourced
for the Elmira branch received certifications from Cradle to
Cradle, Declare, Forest Stewardship Council, Green Square and
GreenGuard. Materials with a high percentage of recycled content
were used when possible and energy-efficient LED lighting was used
throughout the interior and exterior.
Net Interest Income and Net Interest
Margin
Net interest income was $38.3 million for the
quarter, an increase of $541 thousand from the second quarter of
2021 and an increase of $2.8 million from the third quarter of
2020.
- Average
interest-earning assets for the quarter were $4.97 billion, a
decrease of $6.1 million from the second quarter of 2021 due to a
$92.1 million decrease in Federal Reserve interest-earning cash and
a $34.3 decrease in total loans that was driven by the Paycheck
Protection Program (“PPP”) loan forgiveness process, partially
offset by a $120.3 million increase in investment securities.
Average interest-earning assets for the quarter were $553.0 million
higher than the third quarter of 2020 due to a $35.3 million
increase in Federal Reserve interest-earning cash, a $407.6 million
increase in investment securities and a $110.1 million increase in
total loans.
- The average
balance of PPP loans net of deferred fees was $141.3 million in the
third quarter of 2021, $232.0 million in the second quarter of 2021
and $263.0 million in the third quarter of 2020.
Net interest margin was 3.07% as compared to
3.06% in the second quarter of 2021 and 3.22% in the third quarter
of 2020. Excluding the impact of lower-yielding PPP loans and
related loan origination fees accreted over the term of the loan or
upon loan forgiveness, net interest margin was 3.05% in the third
quarter of 2021, 3.02% in the second quarter of 2021 and 3.27% in
the third quarter of 2020.
- Our net interest
margin has been impacted by the interest rate environment that
reflects a flatter yield curve and lower rates. Our excess
liquidity position has placed further pressure on net interest
margin throughout 2021, resulting in higher average balances of
interest-earning cash and investment securities, albeit at lower
comparative yields, based on current market conditions. In the
third quarter, we shifted excess liquidity from interest-earning
cash to investment securities with the intention of reducing net
interest margin compression. We expect the investment securities
portfolio to serve as a source of liquidity to fund future loan
growth.
Noninterest Income
Noninterest income was $12.1 million for
the quarter, an increase of $1.9 million from the second quarter of
2021 and a decrease of $134 thousand from the third quarter of
2020.
- Insurance income
of $1.9 million was $717 thousand higher than the second quarter of
2021 primarily as a result of the timing of commercial renewals and
the impact of the August 2021 acquisition of North Woods. The
increase of $507 thousand from the third quarter of 2020 was driven
by the two 2021 bolt-on acquisitions (North Woods in August and
Landmark in February) and growth in the legacy SDN business,
including the impact of increasing insurance premiums.
- Investment
advisory fees of $3.0 million were $83 thousand higher than the
second quarter of 2021 and $526 thousand higher than the third
quarter of 2020 due to an increase in assets under management
driven by a combination of market gains, new customer accounts and
contributions to existing accounts.
- Company owned
life insurance income of $776 thousand was $83 thousand higher than
the second quarter of 2021 and $306 thousand higher than the third
quarter of 2020. We made additional investments in company-owned
life insurance of $20.0 million in the third quarter of 2021 and
$30.0 million in the fourth quarter of 2020 to take advantage of
attractive tax-equivalent yields and partially offset employee
benefit expenses.
- Income from
investments in limited partnerships of $694 thousand was $456
thousand higher than the second quarter of 2021 and $799 thousand
higher than the third quarter of 2020. The Company has made several
investments in limited partnerships, primarily small business
investment companies, and accounts for these investments under the
equity method. Income from these investments fluctuates based on
the maturity and performance of the underlying investments.
- Income (loss)
from derivative instruments, net was $377 thousand, $969 thousand
higher than the second quarter of 2021 and $1.6 million lower than
the third quarter of 2020. Income from derivative instruments, net
is based on the number and value of interest rate swap transactions
executed during the quarter combined with the impact of changes in
the fair market value of borrower-facing trades.
- Net gain on sale
of loans held for sale of $600 thousand was $190 thousand lower
than the second quarter of 2020 and $797 thousand lower than the
third quarter of 2020 due to lower transaction volume. Sale volume
and margin were at historically high levels in the third quarter of
2020, driven by mortgage refinancing activity.
- No gain or loss
was recognized on investment securities in the quarter compared to
a net loss of $3 thousand in the second quarter of 2021 and a net
gain of $554 thousand in the third quarter of 2020. The net gain in
the third quarter of 2020 was attributable to the management of
premium risk, largely achieved through the sale of $20.0 million of
fixed rate mortgage backed securities with higher expected
prepayment speeds. Proceeds were reinvested in current coupon
bonds, with lower anticipated prepayment behavior.
Noninterest Expense
Noninterest expense was $29.2 million in
the quarter compared to $26.9 million in the second quarter of 2021
and $28.5 million in the third quarter of 2020.
- Salaries and
employee benefits expense of $15.8 million was $1.3 million higher
than the second quarter of 2021 and $713 thousand higher than the
third quarter of 2020 due to higher incentive compensation and
commissions, investments in personnel and the impact of 2021
acquisitions.
- Occupancy and
equipment expense of $3.8 million was $548 thousand higher than the
second quarter of 2021 and $571 thousand higher than the third
quarter of 2020 as a result of the purchase of security equipment
for multiple locations, timing differences related to the
outsourcing of property management services and expenses related to
two Five Star Bank branches opened in Buffalo in June 2021.
- Professional
services expense of $1.6 million was relatively unchanged as
compared to the second quarter of 2021 and $358 thousand higher
than the third quarter of 2020 primarily due to the timing of fees
for consulting and advisory projects including financial technology
and improvement initiatives.
- Computer and
data processing expense of $3.6 million was $119 thousand higher
than the second quarter of 2021 and $329 thousand higher than the
third quarter of 2020 as a result of the Company’s investments in
technology, including digital banking initiatives.
- Advertising and
promotions expense of $474 thousand was $38 thousand higher than
the second quarter of 2021 and $481 thousand lower than the third
quarter of 2020. The decrease as compared to the prior year quarter
is related to the ongoing evolution of our long-term marketing
strategy and a temporary reduction in external advertising
expense.
- Third quarter
2020 restructuring charges of $1.4 million represents non-recurring
real estate related charges related to the closure of six bank
branches and a staffing reduction.
- Other expense of
$2.5 million was relatively unchanged as compared to the second
quarter of 2021 and $495 thousand higher than the third quarter of
2020 primarily as a result of the timing of charitable
contributions, an increase in travel and entertainment expenses as
in-person meetings and in-person training sessions resume, the
outsourcing of certain services and other miscellaneous items.
Income Taxes
Income tax expense was $4.6 million for the
quarter compared to $5.4 million in the second quarter of 2021 and
$2.9 million in the third quarter of 2020. The Company recognized
federal and state tax benefits related to tax credit investments
placed in service and/or amortized during the third quarter of
2021, second quarter of 2021, and third quarter of 2020, resulting
in income tax expense reductions of approximately $535 thousand,
$424 thousand and $213 thousand, respectively.
The effective tax rate was 21.0% for the quarter
compared to 21.1% for the second quarter of 2021 and 19.3% for the
third quarter of 2020. The year-over-year increase in effective tax
rates is the result of higher pre-tax earnings in comparison to the
prior year. The Company’s effective tax rates differ from statutory
rates because of interest income from tax-exempt securities,
earnings on company owned life insurance and the impact of tax
credit investments.
Balance Sheet and Capital
Management
Total assets were $5.62 billion at
September 30, 2021, up $328.1 million from June 30, 2021, and up
$664.0 million from September 30, 2020.
Investment securities were $1.32 billion at
September 30, 2021, up $194.4 million from June 30, 2021, and up
$509.2 million from September 30, 2020. The Company’s primary
investment strategy for 2020 was to reinvest cash flow from the
securities portfolio; however, the focus was redirected to
deploying excess liquidity into cash flowing agency mortgage backed
securities given the elevated cash position the Company has
continued to experience. Increased purchase activity in the first
nine months of 2021 resulted from the execution of the strategy to
reallocate excess Federal Reserve cash balances into collateral
eligible agency mortgage backed securities that demonstrated higher
yields, on a relative basis.
Total loans were $3.65 billion at September 30,
2021, up $21.7 million, or 0.6%, from June 30, 2021, and up
$85.4 million, or 2.4%, from September 30, 2020.
- Commercial
business loans totaled $686.2 million, down $45.0 million, or 6.2%,
from June 30, 2021, and down $131.9 million, or 16.1%, from
September 30, 2020. Declines were driven by the forgiveness or
repayment of PPP loans. PPP loans net of deferred fees are included
in commercial business loans and were $116.7 million at September
30, 2021, $171.9 million at June 30, 2021, and $264.1 million at
September 30, 2020. Accordingly, commercial business loans
excluding the impact of PPP loans increased 1.8% from June 30, 2021
and increased 2.8% from September 30, 2020.
- Commercial
mortgage loans totaled $1.35 billion, up $33.1 million, or 2.5%,
from June 30, 2021, and up $146.5 million, or 12.2%, from September
30, 2020.
- Residential real
estate loans totaled $584.1 million, down $6.2 million, or 1.1%,
from June 30, 2021, and down $12.8 million, or 2.1%, from
September 30, 2020.
- Consumer
indirect loans totaled $940.5 million, up $41.5 million, or
4.6%, from June 30, 2021 and up $100.0 million, or 11.9%, from
September 30, 2020.
Total loans, excluding PPP loans net of deferred
fees, were $3.54 billion at September 30, 2021, up $77.0 million,
or 2.2%, from June 30, 2021, and up $232.8 million, or 7.0%,
from September 30, 2020.
Total deposits were $4.97 billion at September
30, 2021, $315.7 million higher than June 30, 2021, and
$610.0 million higher than September 30, 2020. The increase
from June 30, 2021, was primarily the result of a seasonal increase
in public deposits and growth in reciprocal and brokered deposits.
The increase from September 30, 2020, was primarily the result of
growth in public, non-public and reciprocal deposits. Public
deposit balances represented 24% of total deposits at September 30,
2021, compared to 21% at June 30, 2021, and 23% at September 30,
2020.
There were no short-term borrowings outstanding
at September 30, 2021 or June 30, 2021. The decline from $5.3
million at September 30, 2020, is the result of the Company’s
decision to utilize brokered deposits as a cost-effective
alternative to Federal Home Loan Bank borrowings. Short-term
borrowings and brokered deposits have historically been utilized to
manage the seasonality of public deposits. In February 2020, the
Company entered a long-term brokered sweep arrangement as a stable
alternative borrowing source to diversify the wholesale funding
base.
Shareholders’ equity was $494.0 million at
September 30, 2021, compared to $487.1 million at June 30, 2021,
and $456.4 million at September 30, 2020. Common book value
per share was $30.09 at September 30, 2021, an increase of $0.43 or
1.4% from $29.66 at June 30, 2021, and an increase of $2.71 or 9.9%
from $27.38 at September 30, 2020. Tangible common book value per
share(1) was $25.38 at September 30, 2021, an increase of $0.41 or
1.6% from $24.97 at June 30, 2021, and an increase of $2.62 or
11.5% from $22.76 at September 30, 2020.
On November 4, 2020, the Company announced a
stock repurchase program for up to 801,879 shares of common stock,
or approximately 5% of the Company’s outstanding common shares.
Shares may be repurchased in open market transactions and pursuant
to any trading plan adopted in accordance with Rule 10b5-1 of
the Securities Exchange Act of 1934. No shares were
repurchased in 2020 or in the second or third quarter of 2021 under
this program. During the first quarter of 2021, the Company
repurchased 238,439 shares for an average repurchase price of
$24.30 per share, inclusive of transaction costs.
The common equity to assets ratio was 8.48% at
September 30, 2021, compared to 8.87% at June 30, 2021, and 8.85%
at September 30, 2020. Tangible common equity to tangible
assets(1), or the TCE ratio, was 7.25%, 7.58% and 7.47% at
September 30, 2021, June 30, 2021, and September 30, 2020,
respectively. The primary driver of declines in both ratios as
compared to the prior quarter and prior year was the significant
increase in total assets. The increase in total assets from June
30, 2021, to September 30, 2021, was primarily the result of the
seasonal increase in public deposits. The ratios were impacted to a
lesser degree by a decrease in accumulated other comprehensive
income (loss) associated with unrealized losses in the available
for sale securities portfolio and the impact of share repurchases
during the first quarter of 2021, partially offset by the positive
impact of earnings. During the third quarter of 2021, the Company
declared a common stock dividend of $0.27 per common share. The
dividend returned 25% of third quarter net income to common
shareholders.
The Company’s regulatory capital ratios at
September 30, 2021, compared to the prior quarter and prior
year:
- Leverage Ratio
was 8.36%, compared to 8.16% and 8.42% at June 30, 2021, and
September 30, 2020, respectively.
- Common Equity
Tier 1 Capital Ratio was 10.24%, compared to 10.38% and 10.15% at
June 30, 2021, and September 30, 2020, respectively.
- Tier 1 Capital
Ratio was 10.66%, compared to 10.81% and 10.61% at June 30, 2021,
and September 30, 2020, respectively.
- Total Risk-Based
Capital Ratio was 13.25%, compared to 13.54% and 12.68% at June 30,
2021, and September 30, 2020, respectively.
Credit Quality
Non-performing loans were $6.7 million at
September 30, 2021, as compared to $6.6 million at June 30, 2021,
and $10.9 million at September 30, 2020. Net charge-offs were
$587 thousand in the quarter as compared to net recoveries of $394
thousand in the second quarter of 2021 and net charge-offs of $488
thousand in the third quarter of 2020. The ratio of annualized net
charge-offs (recoveries) to average loans was 0.06% in the current
quarter, (0.04) % in the second quarter of 2021 and 0.06% in the
third quarter of 2020.
Foreclosed assets at September 30, 2021, were
$0, a decrease of $646 thousand from June 30, 2021, and a decrease
of $3.0 million from September 30, 2020. The decrease from the
prior year period was primarily the result of the sale of an asset
on which foreclosure occurred in the third quarter of 2020.
At September 30, 2021, the allowance for credit
losses - loans to total loans ratio was 1.24% compared to 1.28% at
June 30, 2021, and 1.38% at September 30, 2020. PPP loans are fully
guaranteed by the Small Business Administration. Excluding PPP
loans, the September 30, 2021, allowance for credit losses - loans
to total loans ratio(1) was 1.28%, a decrease of six basis points
from 1.34% at June 30, 2021 and a decrease of twenty-one basis
points from 1.49% at September 30, 2020.
Provision (benefit) for credit losses - loans
was a $334 thousand benefit in the quarter compared to a benefit of
$3.9 million in the second quarter of 2021 and a provision of $3.6
million in the third quarter of 2020. Changes in the allowance for
unfunded commitments, also included in provision (benefit) for
credit losses, were a $206 thousand decrease in the third quarter
of 2021, a $764 thousand decrease in the second quarter of 2021 and
a $461 thousand increase in the third quarter of 2020.
Provision throughout 2020 was driven by the
adoption of the current expected credit loss standard (“CECL”) and
the impact of the COVID-19 pandemic on the economic environment.
The designated loss driver for the Company’s CECL model is the
national unemployment forecast, which spiked in early 2020 at the
onset of the pandemic, resulting in a first quarter 2020 provision
of $13.9 million and a second quarter provision of $3.7 million.
Provision was a benefit in each of the first three quarters of 2021
due to continued improvement in the national unemployment forecast
and positive trends in qualitative factors, resulting in a release
of credit loss reserves.
The Company has remained strategically focused
on the importance of credit discipline, allocating what we believe
are the necessary resources to credit and risk management functions
as the loan portfolio has grown. The total non-performing
loans to total loans ratio was 0.18% at September 30, 2021, and
June 30, 2021, and 0.31% at September 30, 2020. The ratio of
allowance for credit losses - loans to non-performing loans was
681% at September 30, 2021, compared to 699% at June 30, 2021, and
453% at September 30, 2020.
Subsequent Events
The Company is required, under generally
accepted accounting principles, to evaluate subsequent events
through the filing of its consolidated financial statements for the
quarter ended September 30, 2021, on Form 10-Q. As a result, the
Company will continue to evaluate the impact of any subsequent
events on critical accounting assumptions and estimates made as of
September 30, 2021, and will adjust amounts preliminarily reported,
if necessary.
Conference Call
The Company will host an earnings conference
call and audio webcast on October 29, 2021, at 8:30 a.m. Eastern
Time. The call will be hosted by Martin K. Birmingham, President
and Chief Executive Officer, and W. Jack Plants II, Chief Financial
Officer and Treasurer. The live webcast will be available in
listen-only mode on the Company’s website at www.fiiwarsaw.com.
Within the United States, listeners may also access the call by
dialing 1 (844) 200 6205 and providing the access code
055947. The webcast replay will be available on the Company’s
website for at least 30 days.
About Financial Institutions,
Inc.
Financial Institutions, Inc. provides
diversified financial services through its subsidiaries Five Star
Bank, SDN, Courier Capital and HNP Capital. Five Star Bank provides
a wide range of consumer and commercial banking and lending
services to individuals, municipalities and businesses through a
network of more than 45 offices throughout Western and Central New
York State. SDN provides a broad range of insurance services to
personal and business clients. Courier Capital and HNP Capital
provide 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 600 individuals. The
Company’s stock is listed on the Nasdaq Global Select Market under
the symbol FISI. Additional information is available at
www.fiiwarsaw.com.
Non-GAAP Financial Information
In addition to results presented in accordance
with U.S. generally accepted accounting principles (“GAAP”), this
press release contains certain non-GAAP financial measures. A
reconciliation of these non-GAAP measures to GAAP measures is
included in Appendix A to this document.
The Company believes that providing certain
non-GAAP financial measures provides investors with information
useful in understanding our financial performance, performance
trends and financial position. Our management uses these measures
for internal planning and forecasting purposes and we believe that
our presentation and discussion, together with the accompanying
reconciliations, allows investors, security analysts and other
interested parties to view our performance and the factors and
trends affecting our business in a manner similar to management.
These non-GAAP measures should not be considered a substitute for
GAAP measures and we strongly encourage investors to review our
consolidated financial statements in their entirety and not to rely
on any single financial measure to evaluate the Company. Non-GAAP
financial measures have inherent limitations, are not uniformly
applied and are not audited. Because non-GAAP financial measures
are not standardized, it may not be possible to compare these
financial measures with other companies’ non-GAAP financial
measures having the same or similar names.
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. In this context, forward-looking statements
often address our expected future business and financial
performance and financial condition, and often contain words such
as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,”
“see,” “will,” “would,” “estimate,” “forecast,” “target,”
“preliminary,” or “range.” Statements herein are based on certain
assumptions and analyses by the Company and 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 impact
of the COVID-19 pandemic on the Company’s customers, business, and
results of operations as well as the economy in Western New York
and the United States; the Company’s ability to implement its
strategic plan; 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; legal and regulatory
proceedings and related matters, such as the action described in
our reports filed with the SEC, could adversely affect us and the
banking industry in general; the Company’s ability to successfully
integrate and profitably operate Landmark Group, North Woods and
other acquisitions; 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.
(1) See Appendix A — Reconciliation to
Non-GAAP Financial Measures for the computation of this Non-GAAP
measure.
For additional information contact:
Shelly J. DoranDirector of Investor and External
Relations585-627-1362sjdoran@five-starbank.com
FINANCIAL INSTITUTIONS, INC.Selected
Financial Information (Unaudited)(Amounts in thousands,
except per share amounts)
|
|
2021 |
|
|
2020 |
|
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
SELECTED BALANCE SHEET
DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
288,426 |
|
|
$ |
206,387 |
|
|
$ |
344,790 |
|
|
$ |
93,878 |
|
|
$ |
282,070 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale |
|
|
1,097,950 |
|
|
|
902,845 |
|
|
|
753,489 |
|
|
|
628,059 |
|
|
|
515,971 |
|
Held-to-maturity, net |
|
|
218,135 |
|
|
|
218,858 |
|
|
|
256,127 |
|
|
|
271,966 |
|
|
|
290,946 |
|
Total investment securities |
|
|
1,316,085 |
|
|
|
1,121,703 |
|
|
|
1,009,616 |
|
|
|
900,025 |
|
|
|
806,917 |
|
Loans held for sale |
|
|
5,916 |
|
|
|
3,929 |
|
|
|
5,685 |
|
|
|
4,305 |
|
|
|
7,076 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business |
|
|
686,191 |
|
|
|
731,208 |
|
|
|
816,936 |
|
|
|
794,148 |
|
|
|
818,135 |
|
Commercial mortgage |
|
|
1,348,550 |
|
|
|
1,315,404 |
|
|
|
1,276,841 |
|
|
|
1,253,901 |
|
|
|
1,202,046 |
|
Residential real estate loans |
|
|
584,091 |
|
|
|
590,303 |
|
|
|
601,609 |
|
|
|
599,800 |
|
|
|
596,902 |
|
Residential real estate lines |
|
|
79,196 |
|
|
|
80,781 |
|
|
|
85,362 |
|
|
|
89,805 |
|
|
|
94,017 |
|
Consumer indirect |
|
|
940,537 |
|
|
|
899,018 |
|
|
|
857,804 |
|
|
|
840,421 |
|
|
|
840,579 |
|
Other consumer |
|
|
15,334 |
|
|
|
15,454 |
|
|
|
15,834 |
|
|
|
17,063 |
|
|
|
16,860 |
|
Total loans |
|
|
3,653,899 |
|
|
|
3,632,168 |
|
|
|
3,654,386 |
|
|
|
3,595,138 |
|
|
|
3,568,539 |
|
Allowance for credit losses - loans |
|
|
45,444 |
|
|
|
46,365 |
|
|
|
49,828 |
|
|
|
52,420 |
|
|
|
49,395 |
|
Total loans, net |
|
|
3,608,455 |
|
|
|
3,585,803 |
|
|
|
3,604,558 |
|
|
|
3,542,718 |
|
|
|
3,519,144 |
|
Total interest-earning
assets |
|
|
5,189,075 |
|
|
|
4,906,087 |
|
|
|
4,963,264 |
|
|
|
4,520,416 |
|
|
|
4,577,057 |
|
Goodwill and other intangible
assets, net |
|
|
74,659 |
|
|
|
74,262 |
|
|
|
74,528 |
|
|
|
73,789 |
|
|
|
74,062 |
|
Total assets |
|
|
5,623,193 |
|
|
|
5,295,102 |
|
|
|
5,329,056 |
|
|
|
4,912,306 |
|
|
|
4,959,201 |
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
|
1,144,852 |
|
|
|
1,121,827 |
|
|
|
1,099,608 |
|
|
|
1,018,549 |
|
|
|
1,013,176 |
|
Interest-bearing demand |
|
|
893,976 |
|
|
|
799,299 |
|
|
|
873,390 |
|
|
|
731,885 |
|
|
|
786,059 |
|
Savings and money market |
|
|
2,015,855 |
|
|
|
1,796,813 |
|
|
|
1,826,621 |
|
|
|
1,642,340 |
|
|
|
1,724,463 |
|
Time deposits |
|
|
920,280 |
|
|
|
941,282 |
|
|
|
916,395 |
|
|
|
885,593 |
|
|
|
841,230 |
|
Total deposits |
|
|
4,974,963 |
|
|
|
4,659,221 |
|
|
|
4,716,014 |
|
|
|
4,278,367 |
|
|
|
4,364,928 |
|
Short-term borrowings |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,300 |
|
|
|
5,300 |
|
Long-term borrowings, net |
|
|
73,834 |
|
|
|
73,756 |
|
|
|
73,679 |
|
|
|
73,623 |
|
|
|
39,258 |
|
Total interest-bearing
liabilities |
|
|
3,903,945 |
|
|
|
3,611,150 |
|
|
|
3,690,085 |
|
|
|
3,338,741 |
|
|
|
3,396,310 |
|
Shareholders’ equity |
|
|
494,013 |
|
|
|
487,126 |
|
|
|
466,284 |
|
|
|
468,363 |
|
|
|
456,361 |
|
Common shareholders’
equity |
|
|
476,721 |
|
|
|
469,834 |
|
|
|
448,962 |
|
|
|
451,035 |
|
|
|
439,033 |
|
Tangible common equity
(1) |
|
|
402,062 |
|
|
|
395,572 |
|
|
|
374,434 |
|
|
|
377,246 |
|
|
|
364,971 |
|
Accumulated other
comprehensive (loss) income |
|
$ |
(12,116 |
) |
|
$ |
(5,934 |
) |
|
$ |
(10,572 |
) |
|
$ |
2,128 |
|
|
$ |
(209 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
15,842 |
|
|
|
15,842 |
|
|
|
15,829 |
|
|
|
16,042 |
|
|
|
16,038 |
|
Treasury shares |
|
|
258 |
|
|
|
258 |
|
|
|
271 |
|
|
|
58 |
|
|
|
62 |
|
CAPITAL RATIOS AND PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio |
|
|
8.36 |
% |
|
|
8.16 |
% |
|
|
8.35 |
% |
|
|
8.25 |
% |
|
|
8.42 |
% |
Common equity Tier 1 capital
ratio |
|
|
10.24 |
% |
|
|
10.38 |
% |
|
|
10.22 |
% |
|
|
10.14 |
% |
|
|
10.15 |
% |
Tier 1 capital ratio |
|
|
10.66 |
% |
|
|
10.81 |
% |
|
|
10.66 |
% |
|
|
10.59 |
% |
|
|
10.61 |
% |
Total risk-based capital
ratio |
|
|
13.25 |
% |
|
|
13.54 |
% |
|
|
13.53 |
% |
|
|
13.56 |
% |
|
|
12.68 |
% |
Common equity to assets |
|
|
8.48 |
% |
|
|
8.87 |
% |
|
|
8.42 |
% |
|
|
9.18 |
% |
|
|
8.85 |
% |
Tangible common equity to
tangible assets (1) |
|
|
7.25 |
% |
|
|
7.58 |
% |
|
|
7.13 |
% |
|
|
7.80 |
% |
|
|
7.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common book value per
share |
|
$ |
30.09 |
|
|
$ |
29.66 |
|
|
$ |
28.36 |
|
|
$ |
28.12 |
|
|
$ |
27.38 |
|
Tangible common book value per
share (1) |
|
$ |
25.38 |
|
|
$ |
24.97 |
|
|
$ |
23.66 |
|
|
$ |
23.52 |
|
|
$ |
22.76 |
|
(1) See Appendix A — Reconciliation to Non-GAAP
Financial Measures for the computation of this Non-GAAP
measure.FINANCIAL INSTITUTIONS,
INC.Selected Financial Information
(Unaudited)(Amounts in thousands, except per share
amounts)
|
|
Nine Months Ended |
|
|
2021 |
|
|
2020 |
|
|
|
September 30, |
|
|
Third |
|
|
Second |
|
|
First |
|
|
Fourth |
|
|
Third |
|
|
|
2021 |
|
|
2020 |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
SELECTED INCOME
STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
123,452 |
|
|
$ |
121,131 |
|
|
$ |
41,227 |
|
|
$ |
40,952 |
|
|
$ |
41,273 |
|
|
$ |
40,168 |
|
|
$ |
39,719 |
|
Interest expense |
|
|
9,590 |
|
|
|
18,327 |
|
|
|
2,954 |
|
|
|
3,220 |
|
|
|
3,416 |
|
|
|
3,987 |
|
|
|
4,220 |
|
Net interest income |
|
|
113,862 |
|
|
|
102,804 |
|
|
|
38,273 |
|
|
|
37,732 |
|
|
|
37,857 |
|
|
|
36,181 |
|
|
|
35,499 |
|
Provision (benefit) for credit
losses |
|
|
(7,144 |
) |
|
|
21,689 |
|
|
|
(541 |
) |
|
|
(4,622 |
) |
|
|
(1,981 |
) |
|
|
5,495 |
|
|
|
4,028 |
|
Net interest income after provision for credit losses |
|
|
121,006 |
|
|
|
81,115 |
|
|
|
38,814 |
|
|
|
42,354 |
|
|
|
39,838 |
|
|
|
30,686 |
|
|
|
31,471 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
|
4,081 |
|
|
|
3,321 |
|
|
|
1,502 |
|
|
|
1,287 |
|
|
|
1,292 |
|
|
|
1,489 |
|
|
|
1,254 |
|
Insurance income |
|
|
4,407 |
|
|
|
3,525 |
|
|
|
1,864 |
|
|
|
1,147 |
|
|
|
1,396 |
|
|
|
878 |
|
|
|
1,357 |
|
Card interchange income |
|
|
6,270 |
|
|
|
5,321 |
|
|
|
2,118 |
|
|
|
2,194 |
|
|
|
1,958 |
|
|
|
1,960 |
|
|
|
1,943 |
|
Investment advisory |
|
|
8,627 |
|
|
|
6,940 |
|
|
|
2,969 |
|
|
|
2,886 |
|
|
|
2,772 |
|
|
|
2,595 |
|
|
|
2,443 |
|
Company owned life insurance |
|
|
2,126 |
|
|
|
1,397 |
|
|
|
776 |
|
|
|
693 |
|
|
|
657 |
|
|
|
505 |
|
|
|
470 |
|
Investments in limited partnerships |
|
|
1,787 |
|
|
|
(136 |
) |
|
|
694 |
|
|
|
238 |
|
|
|
855 |
|
|
|
240 |
|
|
|
(105 |
) |
Loan servicing |
|
|
293 |
|
|
|
106 |
|
|
|
105 |
|
|
|
91 |
|
|
|
97 |
|
|
|
143 |
|
|
|
49 |
|
Income (loss) from derivative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
instruments, net |
|
|
1,660 |
|
|
|
4,617 |
|
|
|
377 |
|
|
|
(592 |
) |
|
|
1,875 |
|
|
|
904 |
|
|
|
1,931 |
|
Net gain on sale of loans held for sale |
|
|
2,468 |
|
|
|
2,261 |
|
|
|
600 |
|
|
|
790 |
|
|
|
1,078 |
|
|
|
1,597 |
|
|
|
1,397 |
|
Net gain (loss) on investment securities |
|
|
71 |
|
|
|
1,449 |
|
|
|
- |
|
|
|
(3 |
) |
|
|
74 |
|
|
|
150 |
|
|
|
554 |
|
Net gain (loss) on other assets |
|
|
286 |
|
|
|
8 |
|
|
|
138 |
|
|
|
153 |
|
|
|
(5 |
) |
|
|
(69 |
) |
|
|
(55 |
) |
Net gain (loss) on tax credit investments |
|
|
62 |
|
|
|
(120 |
) |
|
|
(129 |
) |
|
|
276 |
|
|
|
(85 |
) |
|
|
(155 |
) |
|
|
(40 |
) |
Other |
|
|
3,094 |
|
|
|
3,151 |
|
|
|
1,069 |
|
|
|
1,030 |
|
|
|
995 |
|
|
|
1,099 |
|
|
|
1,019 |
|
Total noninterest income |
|
|
35,232 |
|
|
|
31,840 |
|
|
|
12,083 |
|
|
|
10,190 |
|
|
|
12,959 |
|
|
|
11,336 |
|
|
|
12,217 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
44,782 |
|
|
|
45,173 |
|
|
|
15,798 |
|
|
|
14,519 |
|
|
|
14,465 |
|
|
|
14,163 |
|
|
|
15,085 |
|
Occupancy and equipment |
|
|
10,502 |
|
|
|
10,407 |
|
|
|
3,834 |
|
|
|
3,286 |
|
|
|
3,382 |
|
|
|
3,248 |
|
|
|
3,263 |
|
Professional services |
|
|
5,098 |
|
|
|
4,974 |
|
|
|
1,600 |
|
|
|
1,603 |
|
|
|
1,895 |
|
|
|
1,352 |
|
|
|
1,242 |
|
Computer and data processing |
|
|
10,160 |
|
|
|
8,622 |
|
|
|
3,579 |
|
|
|
3,460 |
|
|
|
3,121 |
|
|
|
3,023 |
|
|
|
3,250 |
|
Supplies and postage |
|
|
1,361 |
|
|
|
1,533 |
|
|
|
447 |
|
|
|
430 |
|
|
|
484 |
|
|
|
442 |
|
|
|
463 |
|
FDIC assessments |
|
|
1,942 |
|
|
|
1,505 |
|
|
|
697 |
|
|
|
480 |
|
|
|
765 |
|
|
|
737 |
|
|
|
594 |
|
Advertising and promotions |
|
|
1,234 |
|
|
|
2,055 |
|
|
|
474 |
|
|
|
436 |
|
|
|
324 |
|
|
|
554 |
|
|
|
955 |
|
Amortization of intangibles |
|
|
801 |
|
|
|
861 |
|
|
|
264 |
|
|
|
266 |
|
|
|
271 |
|
|
|
273 |
|
|
|
280 |
|
Restructuring charges |
|
|
- |
|
|
|
1,362 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
130 |
|
|
|
1,362 |
|
Other |
|
|
6,973 |
|
|
|
6,228 |
|
|
|
2,476 |
|
|
|
2,464 |
|
|
|
2,033 |
|
|
|
2,612 |
|
|
|
1,981 |
|
Total noninterest expense |
|
|
82,853 |
|
|
|
82,720 |
|
|
|
29,169 |
|
|
|
26,944 |
|
|
|
26,740 |
|
|
|
26,534 |
|
|
|
28,475 |
|
Income before income taxes |
|
|
73,385 |
|
|
|
30,235 |
|
|
|
21,728 |
|
|
|
25,600 |
|
|
|
26,057 |
|
|
|
15,488 |
|
|
|
15,213 |
|
Income tax expense |
|
|
15,300 |
|
|
|
5,703 |
|
|
|
4,553 |
|
|
|
5,400 |
|
|
|
5,347 |
|
|
|
1,688 |
|
|
|
2,940 |
|
Net income |
|
|
58,085 |
|
|
|
24,532 |
|
|
|
17,175 |
|
|
|
20,200 |
|
|
|
20,710 |
|
|
|
13,800 |
|
|
|
12,273 |
|
Preferred stock dividends |
|
|
1,095 |
|
|
|
1,096 |
|
|
|
364 |
|
|
|
366 |
|
|
|
365 |
|
|
|
365 |
|
|
|
365 |
|
Net income available to
common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders |
|
$ |
56,990 |
|
|
$ |
23,436 |
|
|
$ |
16,811 |
|
|
$ |
19,834 |
|
|
$ |
20,345 |
|
|
$ |
13,435 |
|
|
$ |
11,908 |
|
FINANCIAL
RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share –
basic |
|
$ |
3.60 |
|
|
$ |
1.46 |
|
|
$ |
1.06 |
|
|
$ |
1.25 |
|
|
$ |
1.28 |
|
|
$ |
0.84 |
|
|
$ |
0.74 |
|
Earnings per share –
diluted |
|
$ |
3.58 |
|
|
$ |
1.46 |
|
|
$ |
1.05 |
|
|
$ |
1.25 |
|
|
$ |
1.27 |
|
|
$ |
0.84 |
|
|
$ |
0.74 |
|
Cash dividends declared on
common stock |
|
$ |
0.81 |
|
|
$ |
0.78 |
|
|
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.26 |
|
|
$ |
0.26 |
|
Common dividend payout
ratio |
|
|
22.50 |
% |
|
|
53.42 |
% |
|
|
25.47 |
% |
|
|
21.60 |
% |
|
|
21.09 |
% |
|
|
30.95 |
% |
|
|
35.14 |
% |
Dividend yield
(annualized) |
|
|
3.53 |
% |
|
|
6.77 |
% |
|
|
3.49 |
% |
|
|
3.61 |
% |
|
|
3.62 |
% |
|
|
4.60 |
% |
|
|
6.72 |
% |
Return on average assets |
|
|
1.48 |
% |
|
|
0.71 |
% |
|
|
1.27 |
% |
|
|
1.52 |
% |
|
|
1.66 |
% |
|
|
1.10 |
% |
|
|
1.02 |
% |
Return on average equity |
|
|
16.17 |
% |
|
|
7.33 |
% |
|
|
13.74 |
% |
|
|
17.01 |
% |
|
|
17.92 |
% |
|
|
11.86 |
% |
|
|
10.72 |
% |
Return on average common
equity |
|
|
16.46 |
% |
|
|
7.28 |
% |
|
|
13.94 |
% |
|
|
17.34 |
% |
|
|
18.28 |
% |
|
|
12.00 |
% |
|
|
10.82 |
% |
Return on average tangible
common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity (1) |
|
|
19.60 |
% |
|
|
8.81 |
% |
|
|
16.50 |
% |
|
|
20.69 |
% |
|
|
21.88 |
% |
|
|
14.38 |
% |
|
|
13.02 |
% |
Efficiency ratio (2) |
|
|
55.41 |
% |
|
|
61.79 |
% |
|
|
57.76 |
% |
|
|
56.02 |
% |
|
|
52.51 |
% |
|
|
55.79 |
% |
|
|
60.12 |
% |
Effective tax rate |
|
|
20.8 |
% |
|
|
18.9 |
% |
|
|
21.0 |
% |
|
|
21.1 |
% |
|
|
20.5 |
% |
|
|
10.9 |
% |
|
|
19.3 |
% |
(1) See Appendix A – Reconciliation to Non-GAAP
Financial Measures for the computation of this Non-GAAP
measure. (2) The efficiency ratio is calculated by
dividing noninterest expense by net revenue, i.e., the sum of net
interest income (fully taxable equivalent) and noninterest income
before net gains on investment securities. This is a banking
industry measure not required by GAAP.
FINANCIAL INSTITUTIONS, INC.Selected
Financial Information (Unaudited)(Amounts in
thousands)
|
|
Nine Months Ended |
|
|
2021 |
|
|
2020 |
|
|
|
September 30, |
|
|
Third |
|
|
Second |
|
|
First |
|
|
Fourth |
|
|
Third |
|
|
|
2021 |
|
|
2020 |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
SELECTED AVERAGE
BALANCES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and interest- earning deposits |
|
$ |
176,653 |
|
|
$ |
91,263 |
|
|
$ |
157,229 |
|
|
$ |
249,312 |
|
|
$ |
123,042 |
|
|
$ |
176,950 |
|
|
$ |
121,929 |
|
Investment securities (1) |
|
|
1,050,530 |
|
|
|
772,059 |
|
|
|
1,177,237 |
|
|
|
1,056,898 |
|
|
|
914,569 |
|
|
|
862,956 |
|
|
|
769,673 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business |
|
|
763,332 |
|
|
|
712,703 |
|
|
|
700,797 |
|
|
|
791,412 |
|
|
|
798,866 |
|
|
|
803,536 |
|
|
|
808,582 |
|
Commercial mortgage |
|
|
1,306,001 |
|
|
|
1,138,568 |
|
|
|
1,331,063 |
|
|
|
1,302,136 |
|
|
|
1,284,290 |
|
|
|
1,243,035 |
|
|
|
1,180,747 |
|
Residential real estate loans |
|
|
595,740 |
|
|
|
583,540 |
|
|
|
588,585 |
|
|
|
595,925 |
|
|
|
602,866 |
|
|
|
599,773 |
|
|
|
590,483 |
|
Residential real estate lines |
|
|
83,429 |
|
|
|
99,156 |
|
|
|
79,766 |
|
|
|
82,926 |
|
|
|
87,681 |
|
|
|
91,856 |
|
|
|
95,288 |
|
Consumer indirect |
|
|
879,993 |
|
|
|
834,810 |
|
|
|
917,402 |
|
|
|
878,884 |
|
|
|
842,873 |
|
|
|
840,210 |
|
|
|
830,647 |
|
Other consumer |
|
|
15,408 |
|
|
|
15,691 |
|
|
|
14,718 |
|
|
|
15,356 |
|
|
|
16,167 |
|
|
|
16,948 |
|
|
|
16,445 |
|
Total loans |
|
|
3,643,903 |
|
|
|
3,384,468 |
|
|
|
3,632,331 |
|
|
|
3,666,639 |
|
|
|
3,632,743 |
|
|
|
3,595,358 |
|
|
|
3,522,192 |
|
Total interest-earning
assets |
|
|
4,871,086 |
|
|
|
4,247,790 |
|
|
|
4,966,797 |
|
|
|
4,972,849 |
|
|
|
4,670,354 |
|
|
|
4,635,264 |
|
|
|
4,413,794 |
|
Goodwill and other intangible
assets, net |
|
|
74,366 |
|
|
|
74,506 |
|
|
|
74,470 |
|
|
|
74,412 |
|
|
|
74,214 |
|
|
|
73,942 |
|
|
|
74,220 |
|
Total assets |
|
|
5,252,509 |
|
|
|
4,592,609 |
|
|
|
5,368,054 |
|
|
|
5,340,745 |
|
|
|
5,045,180 |
|
|
|
4,992,886 |
|
|
|
4,775,333 |
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
810,086 |
|
|
|
694,830 |
|
|
|
796,371 |
|
|
|
842,832 |
|
|
|
790,996 |
|
|
|
774,688 |
|
|
|
704,550 |
|
Savings and money market |
|
|
1,819,766 |
|
|
|
1,349,931 |
|
|
|
1,876,394 |
|
|
|
1,856,659 |
|
|
|
1,724,577 |
|
|
|
1,722,938 |
|
|
|
1,574,068 |
|
Time deposits |
|
|
902,883 |
|
|
|
989,236 |
|
|
|
908,351 |
|
|
|
935,885 |
|
|
|
863,924 |
|
|
|
871,103 |
|
|
|
867,479 |
|
Short-term borrowings |
|
|
388 |
|
|
|
112,451 |
|
|
|
- |
|
|
|
- |
|
|
|
1,178 |
|
|
|
9,188 |
|
|
|
57,856 |
|
Long-term borrowings, net |
|
|
73,711 |
|
|
|
39,297 |
|
|
|
73,786 |
|
|
|
73,709 |
|
|
|
73,636 |
|
|
|
71,481 |
|
|
|
39,314 |
|
Total interest-bearing liabilities |
|
|
3,606,834 |
|
|
|
3,185,745 |
|
|
|
3,654,902 |
|
|
|
3,709,085 |
|
|
|
3,454,311 |
|
|
|
3,449,398 |
|
|
|
3,243,267 |
|
Noninterest-bearing demand
deposits |
|
|
1,095,497 |
|
|
|
874,456 |
|
|
|
1,149,120 |
|
|
|
1,091,490 |
|
|
|
1,044,733 |
|
|
|
997,607 |
|
|
|
987,908 |
|
Total deposits |
|
|
4,628,232 |
|
|
|
3,908,453 |
|
|
|
4,730,236 |
|
|
|
4,726,866 |
|
|
|
4,424,230 |
|
|
|
4,366,336 |
|
|
|
4,134,005 |
|
Total liabilities |
|
|
4,772,178 |
|
|
|
4,145,270 |
|
|
|
4,872,180 |
|
|
|
4,864,559 |
|
|
|
4,576,545 |
|
|
|
4,530,043 |
|
|
|
4,320,057 |
|
Shareholders’ equity |
|
|
480,331 |
|
|
|
447,339 |
|
|
|
495,874 |
|
|
|
476,186 |
|
|
|
468,635 |
|
|
|
462,843 |
|
|
|
455,276 |
|
Common equity |
|
|
463,020 |
|
|
|
430,011 |
|
|
|
478,582 |
|
|
|
458,868 |
|
|
|
451,311 |
|
|
|
445,515 |
|
|
|
437,948 |
|
Tangible common equity
(2) |
|
$ |
388,654 |
|
|
$ |
355,505 |
|
|
$ |
404,112 |
|
|
$ |
384,456 |
|
|
$ |
377,097 |
|
|
$ |
371,573 |
|
|
$ |
363,728 |
|
Common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,850 |
|
|
|
16,018 |
|
|
|
15,837 |
|
|
|
15,825 |
|
|
|
15,889 |
|
|
|
16,032 |
|
|
|
16,031 |
|
Diluted |
|
|
15,940 |
|
|
|
16,058 |
|
|
|
15,936 |
|
|
|
15,913 |
|
|
|
15,972 |
|
|
|
16,078 |
|
|
|
16,058 |
|
SELECTED AVERAGE
YIELDS:(Tax equivalent basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
|
1.79 |
% |
|
|
2.40 |
% |
|
|
1.72 |
% |
|
|
1.77 |
% |
|
|
1.91 |
% |
|
|
2.06 |
% |
|
|
2.23 |
% |
Loans |
|
|
4.02 |
% |
|
|
4.25 |
% |
|
|
3.96 |
% |
|
|
3.98 |
% |
|
|
4.13 |
% |
|
|
3.97 |
% |
|
|
4.02 |
% |
Total interest-earning
assets |
|
|
3.40 |
% |
|
|
3.83 |
% |
|
|
3.31 |
% |
|
|
3.31 |
% |
|
|
3.59 |
% |
|
|
3.46 |
% |
|
|
3.60 |
% |
Interest-bearing demand |
|
|
0.14 |
% |
|
|
0.16 |
% |
|
|
0.15 |
% |
|
|
0.14 |
% |
|
|
0.13 |
% |
|
|
0.13 |
% |
|
|
0.14 |
% |
Savings and money market |
|
|
0.19 |
% |
|
|
0.37 |
% |
|
|
0.17 |
% |
|
|
0.19 |
% |
|
|
0.21 |
% |
|
|
0.25 |
% |
|
|
0.28 |
% |
Time deposits |
|
|
0.43 |
% |
|
|
1.42 |
% |
|
|
0.35 |
% |
|
|
0.43 |
% |
|
|
0.51 |
% |
|
|
0.66 |
% |
|
|
0.92 |
% |
Short-term borrowings |
|
|
41.07 |
% |
|
|
1.67 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
41.07 |
% |
|
|
8.49 |
% |
|
|
1.60 |
% |
Long-term borrowings, net |
|
|
5.75 |
% |
|
|
6.30 |
% |
|
|
5.75 |
% |
|
|
5.73 |
% |
|
|
5.77 |
% |
|
|
5.76 |
% |
|
|
6.31 |
% |
Total interest-bearing
liabilities |
|
|
0.36 |
% |
|
|
0.77 |
% |
|
|
0.32 |
% |
|
|
0.35 |
% |
|
|
0.40 |
% |
|
|
0.46 |
% |
|
|
0.52 |
% |
Net interest rate spread |
|
|
3.04 |
% |
|
|
3.06 |
% |
|
|
2.99 |
% |
|
|
2.96 |
% |
|
|
3.19 |
% |
|
|
3.00 |
% |
|
|
3.08 |
% |
Net interest margin |
|
|
3.14 |
% |
|
|
3.25 |
% |
|
|
3.07 |
% |
|
|
3.06 |
% |
|
|
3.29 |
% |
|
|
3.13 |
% |
|
|
3.22 |
% |
(1) Includes investment securities at adjusted
amortized cost.(2) See Appendix A – Reconciliation
to Non-GAAP Financial Measures for the computation of this Non-GAAP
measure.
FINANCIAL INSTITUTIONS, INC.Selected
Financial Information (Unaudited)(Amounts in
thousands)
|
|
Nine Months Ended |
|
|
2021 |
|
|
2020 |
|
|
|
September 30, |
|
|
Third |
|
|
Second |
|
|
First |
|
|
Fourth |
|
|
Third |
|
|
|
2021 |
|
|
2020 |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
ASSET QUALITY
DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit
Losses - Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, prior
to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adoption of CECL |
|
$ |
52,420 |
|
|
$ |
30,482 |
|
|
$ |
46,365 |
|
|
$ |
49,828 |
|
|
$ |
52,420 |
|
|
$ |
49,395 |
|
|
$ |
46,316 |
|
Impact of adopting CECL |
|
|
- |
|
|
|
9,594 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Beginning balance, after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adoption of CECL |
|
|
52,420 |
|
|
|
40,076 |
|
|
|
46,365 |
|
|
|
49,828 |
|
|
|
52,420 |
|
|
|
49,395 |
|
|
|
46,316 |
|
Net loan charge-offs
(recoveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business |
|
|
(389 |
) |
|
|
6,637 |
|
|
|
50 |
|
|
|
(287 |
) |
|
|
(152 |
) |
|
|
747 |
|
|
|
(88 |
) |
Commercial mortgage |
|
|
196 |
|
|
|
1,675 |
|
|
|
- |
|
|
|
(7 |
) |
|
|
203 |
|
|
|
80 |
|
|
|
603 |
|
Residential real estate loans |
|
|
24 |
|
|
|
75 |
|
|
|
21 |
|
|
|
(3 |
) |
|
|
6 |
|
|
|
(3 |
) |
|
|
(7 |
) |
Residential real estate lines |
|
|
130 |
|
|
|
(3 |
) |
|
|
60 |
|
|
|
- |
|
|
|
70 |
|
|
|
- |
|
|
|
- |
|
Consumer indirect |
|
|
582 |
|
|
|
2,816 |
|
|
|
265 |
|
|
|
(426 |
) |
|
|
743 |
|
|
|
1,462 |
|
|
|
(115 |
) |
Other consumer |
|
|
537 |
|
|
|
217 |
|
|
|
191 |
|
|
|
329 |
|
|
|
17 |
|
|
|
112 |
|
|
|
95 |
|
Total net charge-offs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(recoveries) |
|
|
1,080 |
|
|
|
11,417 |
|
|
|
587 |
|
|
|
(394 |
) |
|
|
887 |
|
|
|
2,398 |
|
|
|
488 |
|
Provision (benefit) for credit
losses - loans |
|
|
(5,896 |
) |
|
|
20,736 |
|
|
|
(334 |
) |
|
|
(3,857 |
) |
|
|
(1,705 |
) |
|
|
5,423 |
|
|
|
3,567 |
|
Ending balance |
|
$ |
45,444 |
|
|
$ |
49,395 |
|
|
$ |
45,444 |
|
|
$ |
46,365 |
|
|
$ |
49,828 |
|
|
$ |
52,420 |
|
|
$ |
49,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries)
to average loans (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business |
|
|
-0.07 |
% |
|
|
1.24 |
% |
|
|
0.03 |
% |
|
|
-0.15 |
% |
|
|
-0.08 |
% |
|
|
0.37 |
% |
|
|
-0.04 |
% |
Commercial mortgage |
|
|
0.02 |
% |
|
|
0.20 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.06 |
% |
|
|
0.03 |
% |
|
|
0.20 |
% |
Residential real estate loans |
|
|
0.01 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
Residential real estate lines |
|
|
0.21 |
% |
|
|
0.00 |
% |
|
|
0.30 |
% |
|
|
0.00 |
% |
|
|
0.32 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
Consumer indirect |
|
|
0.09 |
% |
|
|
0.45 |
% |
|
|
0.11 |
% |
|
|
-0.19 |
% |
|
|
0.36 |
% |
|
|
0.69 |
% |
|
|
-0.05 |
% |
Other consumer |
|
|
4.66 |
% |
|
|
1.85 |
% |
|
|
5.15 |
% |
|
|
8.58 |
% |
|
|
0.44 |
% |
|
|
2.64 |
% |
|
|
2.31 |
% |
Total loans |
|
|
0.04 |
% |
|
|
0.45 |
% |
|
|
0.06 |
% |
|
|
-0.04 |
% |
|
|
0.10 |
% |
|
|
0.27 |
% |
|
|
0.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
information (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial business |
|
$ |
1,046 |
|
|
$ |
2,628 |
|
|
$ |
1,046 |
|
|
$ |
1,555 |
|
|
$ |
1,742 |
|
|
$ |
1,975 |
|
|
$ |
2,628 |
|
Commercial mortgage |
|
|
874 |
|
|
|
3,372 |
|
|
|
874 |
|
|
|
885 |
|
|
|
3,402 |
|
|
|
2,906 |
|
|
|
3,372 |
|
Residential real estate loans |
|
|
2,457 |
|
|
|
3,305 |
|
|
|
2,457 |
|
|
|
2,615 |
|
|
|
2,519 |
|
|
|
2,587 |
|
|
|
3,305 |
|
Residential real estate lines |
|
|
192 |
|
|
|
207 |
|
|
|
192 |
|
|
|
280 |
|
|
|
256 |
|
|
|
323 |
|
|
|
207 |
|
Consumer indirect |
|
|
2,104 |
|
|
|
1,244 |
|
|
|
2,104 |
|
|
|
1,250 |
|
|
|
1,482 |
|
|
|
1,495 |
|
|
|
1,244 |
|
Other consumer |
|
|
3 |
|
|
|
147 |
|
|
|
3 |
|
|
|
50 |
|
|
|
287 |
|
|
|
231 |
|
|
|
147 |
|
Total non-performing loans |
|
|
6,676 |
|
|
|
10,903 |
|
|
|
6,676 |
|
|
|
6,635 |
|
|
|
9,688 |
|
|
|
9,517 |
|
|
|
10,903 |
|
Foreclosed assets |
|
|
- |
|
|
|
2,999 |
|
|
|
- |
|
|
|
646 |
|
|
|
2,966 |
|
|
|
2,966 |
|
|
|
2,999 |
|
Total non-performing assets |
|
$ |
6,676 |
|
|
$ |
13,902 |
|
|
$ |
6,676 |
|
|
$ |
7,281 |
|
|
$ |
12,654 |
|
|
$ |
12,483 |
|
|
$ |
13,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans to
total loans |
|
|
0.18 |
% |
|
|
0.31 |
% |
|
|
0.18 |
% |
|
|
0.18 |
% |
|
|
0.27 |
% |
|
|
0.26 |
% |
|
|
0.31 |
% |
Total non-performing assets to
total assets |
|
|
0.12 |
% |
|
|
0.28 |
% |
|
|
0.12 |
% |
|
|
0.14 |
% |
|
|
0.24 |
% |
|
|
0.25 |
% |
|
|
0.28 |
% |
Allowance for credit losses -
loans to total loans |
|
|
1.24 |
% |
|
|
1.38 |
% |
|
|
1.24 |
% |
|
|
1.28 |
% |
|
|
1.36 |
% |
|
|
1.46 |
% |
|
|
1.38 |
% |
Allowance for credit losses -
loans to non-performing loans |
|
|
681 |
% |
|
|
453 |
% |
|
|
681 |
% |
|
|
699 |
% |
|
|
514 |
% |
|
|
551 |
% |
|
|
453 |
% |
(1) At period end.
FINANCIAL INSTITUTIONS, INC.Appendix A
— Reconciliation to Non-GAAP Financial Measures
(Unaudited)(In thousands, except per share amounts)
|
|
Nine Months Ended |
|
|
2021 |
|
|
2020 |
|
|
|
September 30, |
|
|
Third |
|
|
Second |
|
|
First |
|
|
Fourth |
|
|
Third |
|
|
|
2021 |
|
|
2020 |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
Ending tangible
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
$ |
5,623,193 |
|
|
$ |
5,295,102 |
|
|
$ |
5,329,056 |
|
|
$ |
4,912,306 |
|
|
$ |
4,959,201 |
|
Less: Goodwill and other
intangible assets, net |
|
|
|
|
|
|
|
|
74,659 |
|
|
|
74,262 |
|
|
|
74,528 |
|
|
|
73,789 |
|
|
|
74,062 |
|
Tangible assets |
|
|
|
|
|
|
|
$ |
5,548,534 |
|
|
$ |
5,220,840 |
|
|
$ |
5,254,528 |
|
|
$ |
4,838,517 |
|
|
$ |
4,885,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending tangible common
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders’
equity |
|
|
|
|
|
|
|
$ |
476,721 |
|
|
$ |
469,834 |
|
|
$ |
448,962 |
|
|
$ |
451,035 |
|
|
$ |
439,033 |
|
Less: Goodwill and other
intangible assets, net |
|
|
|
|
|
|
|
|
74,659 |
|
|
|
74,262 |
|
|
|
74,528 |
|
|
|
73,789 |
|
|
|
74,062 |
|
Tangible common equity |
|
|
|
|
|
|
|
$ |
402,062 |
|
|
$ |
395,572 |
|
|
$ |
374,434 |
|
|
$ |
377,246 |
|
|
$ |
364,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets (1) |
|
|
|
|
|
|
|
|
7.25 |
% |
|
|
7.58 |
% |
|
|
7.13 |
% |
|
|
7.80 |
% |
|
|
7.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
|
|
|
|
|
|
15,842 |
|
|
|
15,842 |
|
|
|
15,829 |
|
|
|
16,042 |
|
|
|
16,038 |
|
Tangible common book value per
share (2) |
|
|
|
|
|
|
|
$ |
25.38 |
|
|
$ |
24.97 |
|
|
$ |
23.66 |
|
|
$ |
23.52 |
|
|
$ |
22.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
5,252,509 |
|
|
$ |
4,592,609 |
|
|
$ |
5,368,054 |
|
|
$ |
5,340,745 |
|
|
$ |
5,045,180 |
|
|
$ |
4,992,886 |
|
|
$ |
4,775,333 |
|
Less: Average goodwill and
other intangible assets, net |
|
|
74,366 |
|
|
|
74,506 |
|
|
|
74,470 |
|
|
|
74,412 |
|
|
|
74,214 |
|
|
|
73,942 |
|
|
|
74,220 |
|
Average tangible assets |
|
$ |
5,178,143 |
|
|
$ |
4,518,103 |
|
|
$ |
5,293,584 |
|
|
$ |
5,266,333 |
|
|
$ |
4,970,966 |
|
|
$ |
4,918,944 |
|
|
$ |
4,701,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
common equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity |
|
$ |
463,020 |
|
|
$ |
430,011 |
|
|
$ |
478,582 |
|
|
$ |
458,868 |
|
|
$ |
451,311 |
|
|
$ |
445,515 |
|
|
$ |
437,948 |
|
Less: Average goodwill and
other intangible assets, net |
|
|
74,366 |
|
|
|
74,506 |
|
|
|
74,470 |
|
|
|
74,412 |
|
|
|
74,214 |
|
|
|
73,942 |
|
|
|
74,220 |
|
Average tangible common
equity |
|
$ |
388,654 |
|
|
$ |
355,505 |
|
|
$ |
404,112 |
|
|
$ |
384,456 |
|
|
$ |
377,097 |
|
|
$ |
371,573 |
|
|
$ |
363,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common
shareholders |
|
$ |
56,990 |
|
|
$ |
23,436 |
|
|
$ |
16,811 |
|
|
$ |
19,834 |
|
|
$ |
20,345 |
|
|
$ |
13,435 |
|
|
$ |
11,908 |
|
Return on average tangible
common equity (3) |
|
|
19.60 |
% |
|
|
8.81 |
% |
|
|
16.50 |
% |
|
|
20.69 |
% |
|
|
21.88 |
% |
|
|
14.38 |
% |
|
|
13.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
58,085 |
|
|
$ |
24,532 |
|
|
$ |
17,175 |
|
|
$ |
20,200 |
|
|
$ |
20,710 |
|
|
$ |
13,800 |
|
|
$ |
12,273 |
|
Add: Income tax expense |
|
|
15,300 |
|
|
|
5,703 |
|
|
|
4,553 |
|
|
|
5,400 |
|
|
|
5,347 |
|
|
|
1,688 |
|
|
|
2,940 |
|
Add: Provision (benefit) for
credit losses |
|
|
(7,144 |
) |
|
|
21,689 |
|
|
|
(541 |
) |
|
|
(4,622 |
) |
|
|
(1,981 |
) |
|
|
5,495 |
|
|
|
4,028 |
|
Pre-tax pre-provision
income |
|
$ |
66,241 |
|
|
$ |
51,924 |
|
|
$ |
21,187 |
|
|
$ |
20,978 |
|
|
$ |
24,076 |
|
|
$ |
20,983 |
|
|
$ |
19,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans excluding
PPP loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
3,653,899 |
|
|
$ |
3,568,539 |
|
|
$ |
3,653,899 |
|
|
$ |
3,632,168 |
|
|
$ |
3,654,386 |
|
|
$ |
3,595,138 |
|
|
$ |
3,568,539 |
|
Less: Total PPP loans |
|
|
116,653 |
|
|
|
264,138 |
|
|
|
116,653 |
|
|
|
171,942 |
|
|
|
255,595 |
|
|
|
247,951 |
|
|
|
264,138 |
|
Total loans excluding PPP
loans |
|
$ |
3,537,246 |
|
|
$ |
3,304,401 |
|
|
$ |
3,537,246 |
|
|
$ |
3,460,226 |
|
|
$ |
3,398,791 |
|
|
$ |
3,347,187 |
|
|
$ |
3,304,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses -
loans |
|
$ |
45,444 |
|
|
$ |
49,395 |
|
|
$ |
45,444 |
|
|
$ |
46,365 |
|
|
$ |
49,828 |
|
|
$ |
52,420 |
|
|
$ |
49,395 |
|
Allowance for credit losses -
loans to total loans excluding PPP loans (4) |
|
|
1.28 |
% |
|
|
1.49 |
% |
|
|
1.28 |
% |
|
|
1.34 |
% |
|
|
1.47 |
% |
|
|
1.57 |
% |
|
|
1.49 |
% |
(1) Tangible common equity divided by tangible
assets.(2) Tangible common equity divided by
common shares outstanding.(3) Net income available
to common shareholders (annualized) divided by average tangible
common equity.(4) Allowance for credit losses –
loans divided by total loans excluding PPP loans.
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