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FISI Financial Institutions

Financial Institutions, Inc. is a holding company, which engages in the provision of financial services to individuals and businesses. It operates through the following segments: Banking and Non-Banking. The Banking segment includes retail and commercial banking operations. The Non-Banking segment provides includes the activities of SDN, a full service insurance agency that provides an insurance services to both personal and business clients and Courier Capital, an investment advisor and wealth management firm that offers customized investment management, investment consulting, and retirement plan services to individuals, businesses, institutions, foundations, and retirement plans. The company was founded in 1931 and is headquartered in Warsaw, NY.

Company profile

Ticker
FISI, FIISO
Exchange
CEO
Martin Kearney Birmingham
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
160816610

FISI stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 May 21
13 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
3 May 21 Dorn Andrew W JR Common Stock Buy Aquire P No No 32.045 1,100 35.25K 27,522
19 Mar 21 Bigham Justin K. RSU Common Stock Grant Aquire A No No 0 2,028 0 2,028
19 Mar 21 Birmingham Martin Kearney RSU Common Stock Grant Aquire A No No 0 6,604 0 6,604
19 Mar 21 Burruano Samuel J Jr RSU Common Stock Grant Aquire A No No 0 1,446 0 1,446
19 Mar 21 Sonia Marie Dumbleton RSU Common Stock Grant Aquire A No No 0 582 0 582

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

67.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 109 106 +2.8%
Opened positions 11 8 +37.5%
Closed positions 8 17 -52.9%
Increased positions 37 35 +5.7%
Reduced positions 50 46 +8.7%
13F shares
Current Prev Q Change
Total value 529.44M 326.16M +62.3%
Total shares 10.63M 10.6M +0.3%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BLK Blackrock 1.35M $41.02M +5.9%
Dimensional Fund Advisors 1.28M $38.66M -1.0%
Vanguard 780.54K $23.64M +3.0%
Commonwealth Equity Services 592.82K $17.96M -1.3%
LSV Asset Management 426.07K $12.91M +1.6%
FMR 400.92K $12.14M +580949.3%
Renaissance Technologies 380.6K $11.53M -19.0%
CNND Canandaigua National 366.84K $11.11M -3.6%
STT State Street 352.06K $10.74M +7.9%
Geode Capital Management 292.65K $8.86M +5.9%
Largest transactions
Shares Bought/sold Change
FMR 400.92K +400.86K +580949.3%
EJF Capital 172.25K +172.25K NEW
Royce & Associates 87.62K -131.51K -60.0%
NTRS Northern Trust 248.15K -93.14K -27.3%
Renaissance Technologies 380.6K -89.4K -19.0%
BLK Blackrock 1.35M +75.95K +5.9%
Basswood Capital Management, L.L.C. 0 -67.27K EXIT
Mackay Shields 47.42K -51.43K -52.0%
JPM JPMorgan Chase & Co. 228.78K -45.8K -16.7%
Aqr Capital Management 35.97K +35.97K NEW

Financial report summary

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Management Discussion
  • Net income increased $19.6 million to $20.7 million for the first quarter of 2021 compared to $1.1 million for the first quarter of 2020. Net income available to common shareholders for the first quarter of 2021 was $20.3 million, or $1.27 per diluted share, compared with $762 thousand, or $0.05 per diluted share, for the first quarter of last year. Return on average common equity was 18.28% and return on average assets was 1.66% for the first quarter of 2021 compared to 0.72% and 0.10%, respectively, for the first quarter of 2020.
  • Net income for both periods was significantly impacted by the provision for credit losses. In the first quarter of 2020, the provision of $13.9 million 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 our CECL model is the national unemployment forecast, which spiked in early 2020 at the onset of the pandemic. In the first quarter of 2021, the provision was a benefit of $2.0 million due to continued improvement in national unemployment and positive trends in qualitative factors, resulting in a release of some of our credit loss reserves.
  • Net interest income totaled $37.9 million in the first quarter of 2021, up from $33.1 million in the first quarter of 2020. The increase was primarily the result of an increase in interest-earning assets and the positive impact of PPP loan forgiveness in the first quarter of 2021. Average loans and average investment securities were up $417.8 million and $134.7 million, respectively, in the first quarter of 2021 compared to the same quarter in 2020. 
Content analysis
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