Financial Institutions, Inc. Reports First Quarter Earnings

Apr 17, 2001, 01:00 ET from Financial Institutions, Inc.

    WARSAW, N.Y., April 17 /PRNewswire/ --
 Financial Institutions, Inc. (Nasdaq: FISI) today reported that first quarter
 net income increased 11.9% to $4,805,000 for 2001 compared to $4,294,000 for
 the first three months of 2000.  Earnings per common share increased to $0.40
 for the first quarter of 2001 compared to $0.36 in the 2000 period.  Return on
 average common equity was 15.38% for the three months ended March 31, 2001
 compared to 15.69% for the same period last year.
     Peter G. Humphrey, President and CEO of Financial Institutions, Inc.
 (FII), said: "I am very pleased we completed a strong first quarter, setting
 the stage for another excellent year in 2001.  Our solid operating results
 reflect the continuing benefits of our super community banking structure and
 we are excited to announce that we have now received all regulatory approvals
 to complete our previously announced acquisition of Bath National Bank (BNB).
 The transaction is expected to close effective May 1, 2001.  We have already
 begun integrating BNB's data processing systems into the FII network and
 expect to quickly obtain operating efficiencies.  Given those synergies and
 the outstanding growth opportunities in the southern Finger Lakes region
 market we look forward to BNB joining the FII family.
     We also continued to expand our existing branch network during the first
 quarter with the opening of our 32nd full-service office in Ovid, New York.
 We are confident the new branch will enable us to further capitalize on the
 opportunities in the Seneca County marketplace.
     We have already laid the groundwork for a successful 2001.  The pending
 integration of BNB, the continuing development of new products and services
 and the on-going implementation of our super-community banking strategy should
 result in another successful year."
     For the first quarter of 2001 net interest income increased 7.1% to
 $13,589,000 compared to $12,685,000 for the first quarter of 2000.  Total
 loans at quarter end were $897.2 million, an increase of $109.0 million, or
 13.8%, over the same period last year.  Growth in average earning assets of
 17.3% primarily drove the increase in net interest income as net interest
 margin decreased to 4.65% from 5.00% for the same quarter last year.  The
 decrease in net interest margin is reflective of incremental asset growth at
 lower margins together with increasing price competitiveness in a period of
 declining market interest rates.  The growth in average earning assets is the
 result of continued expansion of our commercial loan portfolio as well as our
 indirect consumer loan portfolio.
     Noninterest income increased 34.6% in the first quarter of 2001 to
 $2,785,000 from $2,069,000 for the same period in 2000.  This increase
 primarily reflects the benefit of the continuing growth in core deposits and
 the related service fees, as well realized gains on the sale/call of
 securities and the sale of residential mortgage loans.  In addition, our
 investment brokerage and trust fees were $386,000 for the first three months
 of 2001 an increase of $119,000 from the same period last year.
     Noninterest expense for the first quarter of 2001 was up 14.4% to
 $8,244,000 from $7,207,000 for the first quarter of 2000.  The increase is
 primarily due to increased staffing and technology resources necessary to
 support continued expansion of lending activities, product lines and delivery
 channels.  Nonetheless the efficiency ratio for the first quarter of 2001
 remained strong at 47.2% compared to 45.3% for the same period a year ago.
     The provision for loan losses for the first quarter of 2001 was $811,000,
 compared to $835,000 for the same period in 2000.  Nonperforming loans
 increased to $7,681,000 at March 31, 2001 compared to $6,924,000 at March 31,
 2000.  The ratio of nonperforming loans to total loans of 0.86% at March 31,
 2001 is comparable to 0.88% a year ago.  However, given the provisioning
 levels of the past year, the ratio of the allowance for loan losses to
 nonperforming loans was 188.34% at March 31, 2001, up from 171.97% a year ago.
 The ratio of the allowance for loan losses to total loans also improved to
 1.61% at March 31, 2001, compared to 1.51% from a year ago.
 
     At March 31, 2001 the Company had total assets of  $1,337.6 million, an
 increase of 16.8% from $1,144.9 million at March 31, 2000.  Loans increased
 13.8% to $897.2 million from $788.2 million at March 31, 2000.  Total deposits
 were $1,130.0 million at the recent quarter-end, compared with $949.4 million
 a year earlier.  Total shareholders' equity increased 15.3% to $137.3 million
 at March 31, 2001 from $119.1 million a year earlier.  Book value per common
 share at March 31, 2001 was $10.88, an increase of 18.3% from $9.20 at March
 31, 2000.
 
     Financial Institutions, Inc., a Financial Holding Company, is the parent
 company of Wyoming County Bank, The National Bank of Geneva, The Pavilion
 State Bank, and First Tier Bank and Trust.  The four banks provide a wide
 range of consumer and commercial banking services to individuals,
 municipalities, and businesses through a network of 32 offices in Western and
 Central New York State.  Financial Institutions, Inc. is also the parent
 company of the FI Group, Inc., a brokerage subsidiary.  More information about
 Financial Institutions, Inc. is available at the Company's web site:
 http://www.fiiwarsaw.com.
 
 
                 FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES
                        Consolidated Statement of Income
                (Dollars in thousands, except per share amounts)
 
                           For the three months ended
                                  March 31,
                              2001          2000        $ Change     % Change
 
 
     Net interest income    $13,589       $12,685        $ 904          7.1%
     Provision for
      loan losses               811           835          (24)        -2.9%
     Net interest income
      after provision for
      loan losses            12,778        11,850          928          7.8%
 
     Noninterest income:
     Service charges
      on deposits             1,319         1,094          225         20.6%
     Gain on sale of assets     457           117          340        290.6%
     Other                    1,009           858          151         17.6%
     Total noninterest
      income                  2,785         2,069          716         34.6%
 
     Noninterest expense:
     Salaries and
      employee benefits       4,757         4,036          721         17.9%
     Other                    3,487         3,171          316         10.0%
     Total noninterest
      expense                 8,244         7,207        1,037         14.4%
 
     Income before
      income taxes            7,319         6,712          607          9.0%
     Income taxes             2,514         2,418           96          4.0%
     Net income               4,805         4,294          511         11.9%
 
     Preferred stock
      dividends                 374           374           --          0.0%
 
     Net income available
      to common shareholders $4,431        $3,920         $511         13.0%
 
     Taxable-equivalent
      net interest income  $ 14,373      $ 13,248      $ 1,125          8.5%
 
     Per common share data:
     Net income - basic       $0.40         $0.36        $0.04         11.1%
     Net income - diluted     $0.40         $0.36        $0.04         11.1%
     Cash dividends declared  $0.11         $0.10        $0.01         10.0%
     Book value              $10.88         $9.20        $1.68         18.3%
 
 
     Common shares outstanding:
     Weighted average
      shares - actual    10,986,721    11,016,052
     Weighted average
      shares - diluted   11,007,822    11,016,052
     Period end actual   10,986,721    11,006,733
 
     Performance ratios,
      annualized
     Return on average
      assets                  1.50%         1.55%
     Return on average
      common equity          15.38%        15.69%
     Net interest margin
      (tax-equivalent)        4.65%         5.00%
     Efficiency ratio        47.18%        45.32%
 
     Asset quality data:
     Past due over 90 days     $717          $887
     Nonaccrual loans         6,964         6,037
     Other real estate owned    950           900
     Total nonperforming
      assets                  8,631         7,824
     Government guaranteed
      portion                 1,810           725
     Total nonperforming
      assets, net            $6,821        $7,099
 
     Asset quality ratios:
     Excluding impact of
      government guarantees on
      portion of Loan portfolio:
     Nonperforming loans
      to total loans          0.86%         0.88%
     Nonperforming assets
      to total loans and ORE  0.96%         0.99%
     Net loan charge-offs
      to average loans        0.10%         0.18%
     Allowance for loan
      losses to
      total loans             1.61%         1.51%
     Allowance for loan
      losses to
      nonperforming loans   188.34%       171.97%
     Including impact of
      government guarantees on
     portion of Loan portfolio:
     Nonperforming loans
      to total loans          0.65%         0.79%
     Nonperforming assets to
      total loans and ORE     0.76%         0.90%
     Allowance for loan
      losses to
      nonperforming loans   246.38%       192.07%
 
     Capital ratios:
     Average common equity
      to average total
      assets                  8.97%         8.99%
 
     Leverage ratio          11.49%        10.81%
     Tier 1 risk-based
      capital ratio          15.98%        14.74%
     Risk-based capital
      ratio
                             17.24%        15.99%
 
 
                 FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES
                 Consolidated Statements of Financial Condition
                             (Dollars in thousands)
 
                                March 31,
                           2001        2000       $ Change        % Change
 
     ASSETS
     Cash, due from banks
      and interest-bearing
      deposits             $ 30,537      $ 31,878      $(1,341)        -4.2%
     Federal funds sold      31,225            --       31,225            --
     Investment securities  341,576       293,738       47,838         16.3%
 
     Loans                  897,196       788,188      109,008         13.8%
     Allowance for loan
      losses                (14,466)      (11,907)      (2,559)        21.5%
     Loans, net             882,730       776,281      106,449         13.7%
 
     Intangible assets        2,205         2,908         (703)       -24.2%
     Other assets            49,308        40,058        9,250         23.1%
 
     Total assets        $1,337,581    $1,144,863     $192,718         16.8%
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
     Demand                 145,493       139,090        6,403          4.6%
     Savings, money market,
      and int-bearing
      checking              339,571       300,874       38,697         12.9%
     Certificates of
      deposit               644,906       509,447      135,459         26.6%
     Total deposits       1,129,970       949,411      180,559         19.0%
 
     Short-term borrowings   19,776        48,012      (28,236)       -58.8%
     Long-term borrowings    15,484        12,506        2,978         23.8%
     Guaranteed preferred
      beneficial interests in
     corporations junior
     subordinated debentures 16,200            --       16,200           --%
     Other liabilities       18,879        15,879        3,000         18.9%
 
     Total liabilities    1,200,309     1,025,808      174,501         17.0%
 
     Shareholders' equity:
     Preferred equity        17,755        17,771          (16)        -0.1%
     Common equity          119,517       101,284       18,233         18.0%
     Total shareholders'
      equity (1)            137,272       119,055       18,217         15.3%
 
     Total liabilities and
      shareholders'
      equity             $1,337,581    $1,144,863     $192,718         16.8%
 
     (1)  Includes the after-tax impact of net unrealized gains (losses) on
          investment securities classified as available for sale of $2,289 at
          March 31, 2001 and $(3,798) at March 31, 2000.
 
 
                 FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES
             Consolidated Average Statements of Financial Condition
                             (Dollars in thousands)
 
                            For the three months ended
                                  March 31,
                             2001          2000       $ Change     % Change
     ASSETS
     Cash, due from banks
      and interest-bearing
      deposits             $ 26,062      $ 24,482      $ 1,580          6.5%
     Federal funds sold       6,521         3,204        3,317        103.5%
     Investment securities  343,629       287,881       55,748         19.4%
 
     Loans                  891,071       771,026      120,045         15.6%
     Allowance for
      loan losses           (14,123)      (11,613)      (2,510)        21.6%
     Loans, net             876,948       759,413      117,535         15.5%
 
     Intangible assets        2,314         3,037        (723)        -23.8%
     Other assets            47,039        39,152        7,887         20.1%
 
     Total assets        $1,302,513    $1,117,169     $185,344         16.6%
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
     Demand                 143,235       129,102       14,133         10.9%
     Savings, money market,
      and int-bearing
      checking              320,914       300,355       20,559          6.8%
     Certificates of
      deposit               625,235       502,450      122,785         24.4%
     Total deposits       1,089,384       931,907      157,477         16.9%
 
     Short-term borrowings   38,480        43,215       (4,735)       -11.0%
     Long-term borrowings    15,469        10,460        5,009         47.9%
     Guaranteed preferred
      beneficial interests
      in corporations junior
      subordinated debentures 6,840            --        6,840           --%
     Other liabilities       17,779        13,351        4,428         33.2%
 
     Total liabilities    1,167,952       998,933      169,019         16.9%
 
     Shareholders' equity:
     Preferred equity        17,756        17,780          (24)        -0.1%
     Common equity          116,805       100,456       16,349         16.3%
     Total shareholders'
      equity                134,561       118,236       16,325         13.8%
 
     Total liabilities and
      shareholders'
      equity             $1,302,513    $1,117,169     $185,344         16.6%
 
 

SOURCE Financial Institutions, Inc.
    WARSAW, N.Y., April 17 /PRNewswire/ --
 Financial Institutions, Inc. (Nasdaq: FISI) today reported that first quarter
 net income increased 11.9% to $4,805,000 for 2001 compared to $4,294,000 for
 the first three months of 2000.  Earnings per common share increased to $0.40
 for the first quarter of 2001 compared to $0.36 in the 2000 period.  Return on
 average common equity was 15.38% for the three months ended March 31, 2001
 compared to 15.69% for the same period last year.
     Peter G. Humphrey, President and CEO of Financial Institutions, Inc.
 (FII), said: "I am very pleased we completed a strong first quarter, setting
 the stage for another excellent year in 2001.  Our solid operating results
 reflect the continuing benefits of our super community banking structure and
 we are excited to announce that we have now received all regulatory approvals
 to complete our previously announced acquisition of Bath National Bank (BNB).
 The transaction is expected to close effective May 1, 2001.  We have already
 begun integrating BNB's data processing systems into the FII network and
 expect to quickly obtain operating efficiencies.  Given those synergies and
 the outstanding growth opportunities in the southern Finger Lakes region
 market we look forward to BNB joining the FII family.
     We also continued to expand our existing branch network during the first
 quarter with the opening of our 32nd full-service office in Ovid, New York.
 We are confident the new branch will enable us to further capitalize on the
 opportunities in the Seneca County marketplace.
     We have already laid the groundwork for a successful 2001.  The pending
 integration of BNB, the continuing development of new products and services
 and the on-going implementation of our super-community banking strategy should
 result in another successful year."
     For the first quarter of 2001 net interest income increased 7.1% to
 $13,589,000 compared to $12,685,000 for the first quarter of 2000.  Total
 loans at quarter end were $897.2 million, an increase of $109.0 million, or
 13.8%, over the same period last year.  Growth in average earning assets of
 17.3% primarily drove the increase in net interest income as net interest
 margin decreased to 4.65% from 5.00% for the same quarter last year.  The
 decrease in net interest margin is reflective of incremental asset growth at
 lower margins together with increasing price competitiveness in a period of
 declining market interest rates.  The growth in average earning assets is the
 result of continued expansion of our commercial loan portfolio as well as our
 indirect consumer loan portfolio.
     Noninterest income increased 34.6% in the first quarter of 2001 to
 $2,785,000 from $2,069,000 for the same period in 2000.  This increase
 primarily reflects the benefit of the continuing growth in core deposits and
 the related service fees, as well realized gains on the sale/call of
 securities and the sale of residential mortgage loans.  In addition, our
 investment brokerage and trust fees were $386,000 for the first three months
 of 2001 an increase of $119,000 from the same period last year.
     Noninterest expense for the first quarter of 2001 was up 14.4% to
 $8,244,000 from $7,207,000 for the first quarter of 2000.  The increase is
 primarily due to increased staffing and technology resources necessary to
 support continued expansion of lending activities, product lines and delivery
 channels.  Nonetheless the efficiency ratio for the first quarter of 2001
 remained strong at 47.2% compared to 45.3% for the same period a year ago.
     The provision for loan losses for the first quarter of 2001 was $811,000,
 compared to $835,000 for the same period in 2000.  Nonperforming loans
 increased to $7,681,000 at March 31, 2001 compared to $6,924,000 at March 31,
 2000.  The ratio of nonperforming loans to total loans of 0.86% at March 31,
 2001 is comparable to 0.88% a year ago.  However, given the provisioning
 levels of the past year, the ratio of the allowance for loan losses to
 nonperforming loans was 188.34% at March 31, 2001, up from 171.97% a year ago.
 The ratio of the allowance for loan losses to total loans also improved to
 1.61% at March 31, 2001, compared to 1.51% from a year ago.
 
     At March 31, 2001 the Company had total assets of  $1,337.6 million, an
 increase of 16.8% from $1,144.9 million at March 31, 2000.  Loans increased
 13.8% to $897.2 million from $788.2 million at March 31, 2000.  Total deposits
 were $1,130.0 million at the recent quarter-end, compared with $949.4 million
 a year earlier.  Total shareholders' equity increased 15.3% to $137.3 million
 at March 31, 2001 from $119.1 million a year earlier.  Book value per common
 share at March 31, 2001 was $10.88, an increase of 18.3% from $9.20 at March
 31, 2000.
 
     Financial Institutions, Inc., a Financial Holding Company, is the parent
 company of Wyoming County Bank, The National Bank of Geneva, The Pavilion
 State Bank, and First Tier Bank and Trust.  The four banks provide a wide
 range of consumer and commercial banking services to individuals,
 municipalities, and businesses through a network of 32 offices in Western and
 Central New York State.  Financial Institutions, Inc. is also the parent
 company of the FI Group, Inc., a brokerage subsidiary.  More information about
 Financial Institutions, Inc. is available at the Company's web site:
 http://www.fiiwarsaw.com.
 
 
                 FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES
                        Consolidated Statement of Income
                (Dollars in thousands, except per share amounts)
 
                           For the three months ended
                                  March 31,
                              2001          2000        $ Change     % Change
 
 
     Net interest income    $13,589       $12,685        $ 904          7.1%
     Provision for
      loan losses               811           835          (24)        -2.9%
     Net interest income
      after provision for
      loan losses            12,778        11,850          928          7.8%
 
     Noninterest income:
     Service charges
      on deposits             1,319         1,094          225         20.6%
     Gain on sale of assets     457           117          340        290.6%
     Other                    1,009           858          151         17.6%
     Total noninterest
      income                  2,785         2,069          716         34.6%
 
     Noninterest expense:
     Salaries and
      employee benefits       4,757         4,036          721         17.9%
     Other                    3,487         3,171          316         10.0%
     Total noninterest
      expense                 8,244         7,207        1,037         14.4%
 
     Income before
      income taxes            7,319         6,712          607          9.0%
     Income taxes             2,514         2,418           96          4.0%
     Net income               4,805         4,294          511         11.9%
 
     Preferred stock
      dividends                 374           374           --          0.0%
 
     Net income available
      to common shareholders $4,431        $3,920         $511         13.0%
 
     Taxable-equivalent
      net interest income  $ 14,373      $ 13,248      $ 1,125          8.5%
 
     Per common share data:
     Net income - basic       $0.40         $0.36        $0.04         11.1%
     Net income - diluted     $0.40         $0.36        $0.04         11.1%
     Cash dividends declared  $0.11         $0.10        $0.01         10.0%
     Book value              $10.88         $9.20        $1.68         18.3%
 
 
     Common shares outstanding:
     Weighted average
      shares - actual    10,986,721    11,016,052
     Weighted average
      shares - diluted   11,007,822    11,016,052
     Period end actual   10,986,721    11,006,733
 
     Performance ratios,
      annualized
     Return on average
      assets                  1.50%         1.55%
     Return on average
      common equity          15.38%        15.69%
     Net interest margin
      (tax-equivalent)        4.65%         5.00%
     Efficiency ratio        47.18%        45.32%
 
     Asset quality data:
     Past due over 90 days     $717          $887
     Nonaccrual loans         6,964         6,037
     Other real estate owned    950           900
     Total nonperforming
      assets                  8,631         7,824
     Government guaranteed
      portion                 1,810           725
     Total nonperforming
      assets, net            $6,821        $7,099
 
     Asset quality ratios:
     Excluding impact of
      government guarantees on
      portion of Loan portfolio:
     Nonperforming loans
      to total loans          0.86%         0.88%
     Nonperforming assets
      to total loans and ORE  0.96%         0.99%
     Net loan charge-offs
      to average loans        0.10%         0.18%
     Allowance for loan
      losses to
      total loans             1.61%         1.51%
     Allowance for loan
      losses to
      nonperforming loans   188.34%       171.97%
     Including impact of
      government guarantees on
     portion of Loan portfolio:
     Nonperforming loans
      to total loans          0.65%         0.79%
     Nonperforming assets to
      total loans and ORE     0.76%         0.90%
     Allowance for loan
      losses to
      nonperforming loans   246.38%       192.07%
 
     Capital ratios:
     Average common equity
      to average total
      assets                  8.97%         8.99%
 
     Leverage ratio          11.49%        10.81%
     Tier 1 risk-based
      capital ratio          15.98%        14.74%
     Risk-based capital
      ratio
                             17.24%        15.99%
 
 
                 FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES
                 Consolidated Statements of Financial Condition
                             (Dollars in thousands)
 
                                March 31,
                           2001        2000       $ Change        % Change
 
     ASSETS
     Cash, due from banks
      and interest-bearing
      deposits             $ 30,537      $ 31,878      $(1,341)        -4.2%
     Federal funds sold      31,225            --       31,225            --
     Investment securities  341,576       293,738       47,838         16.3%
 
     Loans                  897,196       788,188      109,008         13.8%
     Allowance for loan
      losses                (14,466)      (11,907)      (2,559)        21.5%
     Loans, net             882,730       776,281      106,449         13.7%
 
     Intangible assets        2,205         2,908         (703)       -24.2%
     Other assets            49,308        40,058        9,250         23.1%
 
     Total assets        $1,337,581    $1,144,863     $192,718         16.8%
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
     Demand                 145,493       139,090        6,403          4.6%
     Savings, money market,
      and int-bearing
      checking              339,571       300,874       38,697         12.9%
     Certificates of
      deposit               644,906       509,447      135,459         26.6%
     Total deposits       1,129,970       949,411      180,559         19.0%
 
     Short-term borrowings   19,776        48,012      (28,236)       -58.8%
     Long-term borrowings    15,484        12,506        2,978         23.8%
     Guaranteed preferred
      beneficial interests in
     corporations junior
     subordinated debentures 16,200            --       16,200           --%
     Other liabilities       18,879        15,879        3,000         18.9%
 
     Total liabilities    1,200,309     1,025,808      174,501         17.0%
 
     Shareholders' equity:
     Preferred equity        17,755        17,771          (16)        -0.1%
     Common equity          119,517       101,284       18,233         18.0%
     Total shareholders'
      equity (1)            137,272       119,055       18,217         15.3%
 
     Total liabilities and
      shareholders'
      equity             $1,337,581    $1,144,863     $192,718         16.8%
 
     (1)  Includes the after-tax impact of net unrealized gains (losses) on
          investment securities classified as available for sale of $2,289 at
          March 31, 2001 and $(3,798) at March 31, 2000.
 
 
                 FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES
             Consolidated Average Statements of Financial Condition
                             (Dollars in thousands)
 
                            For the three months ended
                                  March 31,
                             2001          2000       $ Change     % Change
     ASSETS
     Cash, due from banks
      and interest-bearing
      deposits             $ 26,062      $ 24,482      $ 1,580          6.5%
     Federal funds sold       6,521         3,204        3,317        103.5%
     Investment securities  343,629       287,881       55,748         19.4%
 
     Loans                  891,071       771,026      120,045         15.6%
     Allowance for
      loan losses           (14,123)      (11,613)      (2,510)        21.6%
     Loans, net             876,948       759,413      117,535         15.5%
 
     Intangible assets        2,314         3,037        (723)        -23.8%
     Other assets            47,039        39,152        7,887         20.1%
 
     Total assets        $1,302,513    $1,117,169     $185,344         16.6%
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Deposits:
     Demand                 143,235       129,102       14,133         10.9%
     Savings, money market,
      and int-bearing
      checking              320,914       300,355       20,559          6.8%
     Certificates of
      deposit               625,235       502,450      122,785         24.4%
     Total deposits       1,089,384       931,907      157,477         16.9%
 
     Short-term borrowings   38,480        43,215       (4,735)       -11.0%
     Long-term borrowings    15,469        10,460        5,009         47.9%
     Guaranteed preferred
      beneficial interests
      in corporations junior
      subordinated debentures 6,840            --        6,840           --%
     Other liabilities       17,779        13,351        4,428         33.2%
 
     Total liabilities    1,167,952       998,933      169,019         16.9%
 
     Shareholders' equity:
     Preferred equity        17,756        17,780          (24)        -0.1%
     Common equity          116,805       100,456       16,349         16.3%
     Total shareholders'
      equity                134,561       118,236       16,325         13.8%
 
     Total liabilities and
      shareholders'
      equity             $1,302,513    $1,117,169     $185,344         16.6%
 
 SOURCE  Financial Institutions, Inc.