Financial Institutions(US:FISI)2022-11-10 04:30Financial Performance & Key Metrics - As of September 30, 2021, Financial Institutions, Inc had total assets of $56 billion, loans of $37 billion, and deposits of $50 billion[4] - Shareholders' equity stood at $4940 million, with a Return on Average Common Equity (ROACE) of 1533% and a Return on Average Tangible Common Equity (ROATCE) of 1829%[4] - The company's Net Interest Income for Q3 2021 was $383 million, a 78% increase compared to Q3 2020[18] - Total loans at the end of Q3 2021 were $365 billion, up 24% from September 30, 2020; excluding PPP loans, the increase was 70%[18] Strategic Initiatives & Market Opportunities - The company is focused on growth in Buffalo and Rochester urban markets, where its market share is currently less than 2% in a combined $96 billion deposit market[6] - A digital transformation and Banking as a Service (BaaS) strategy is underway, with a focus on fintech partnerships and new revenue streams[29] - SDN Insurance Agency, LLC acquired Landmark Group and North Woods Capital Benefits LLC in 2021 to diversify revenue[23, 25] Portfolio Composition & Asset Quality - Consumer Indirect Lending portfolio was $9405 million as of September 30, 2021, representing 257% of total loans[50] - The company has a diversified commercial loan portfolio, with significant exposure in Commercial Real Estate ($13 billion), Commercial & Industrial ($11 billion), and Business Banking ($196 million)[46, 47] - Non-Performing Assets (NPAs) represented 012% of total assets as of September 30, 2021[4] Capital & Liquidity - The company's Tangible Common Equity to Tangible Assets ratio was 725% as of September 30, 2021[63] - The cost of deposits was 018% for the year-to-date period ending September 30, 2021[59] - The company maintains a strong liquidity position, supported by diverse deposit gathering capabilities and eligible collateral[61]