FINANCIAL INSTITUTIONS INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>FINANCIAL INSTITUTIONS INC. filed its 2023 10-K report</b> detailing its fiscal year-end performance and corporate information.

AI Summary

FINANCIAL INSTITUTIONS INC (FIISP) filed a Annual Report (10-K) with the SEC on March 13, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company is FINANCIAL INSTITUTIONS INC. with IRS number 160816610. Incorporated in New York with fiscal year ending December 31. Business and mailing address: 220 LIBERTY STREET, WARSAW, NY 14569. Phone number: 5857861100.

Why It Matters

For investors and stakeholders tracking FINANCIAL INSTITUTIONS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health and operational status for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, risks, and future outlook.

Risk Assessment

Risk Level: low — FINANCIAL INSTITUTIONS INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative or positive indicators beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's performance and strategic positioning.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240313 — Filing Date (Filed as of Date)
• 5857861100 — Business Phone (Business Phone Number)

Key Players & Entities

• FINANCIAL INSTITUTIONS INC. (company) — Company Conformed Name
• 0000862831 (company) — Central Index Key
• 160816610 (company) — IRS Number
• NY (company) — State of Incorporation
• 220 LIBERTY STREET (company) — Business Address Street 1
• WARSAW (company) — Business Address City
• NY (company) — Business Address State
• 14569 (company) — Business Address Zip

FAQ

Industry Context

The company operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the company's financial statements for the fiscal year ended December 31, 2023.
2. Review the risk factors section for potential business challenges.
3. Compare key financial metrics to previous periods and industry benchmarks.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K report.

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share FISI Nasdaq Global Select
• $6.16 b — ompany had consolidated total assets of $6.16 billion, deposits of $5.21 billion and sh
• $5.21 billion — al assets of $6.16 billion, deposits of $5.21 billion and shareholders' equity of $454.8 mill
• $454.8 million — .21 billion and shareholders' equity of $454.8 million. The Parent's primary business is the
• $6.12 b — 31, 2023, the Bank had total assets of $6.12 billion, investment securities of $1.04 b
• $1.04 b — $6.12 billion, investment securities of $1.04 billion, net loans of $4.41 billion, depo
• $4.41 b — curities of $1.04 billion, net loans of $4.41 billion, deposits of $5.23 billion and sh
• $5.23 billion — net loans of $4.41 billion, deposits of $5.23 billion and shareholders' equity of $485.0 mill
• $485.0 million — .23 billion and shareholders' equity of $485.0 million. The Bank offers deposit products, whic
• $6.7 million — mber 31, 2023, SDN had total revenue of $6.7 million. Most lines of personal insurance are
• $2.88 billion — ork, and Pittsburgh, Pennsylvania. With $2.88 billion in assets under management as of Decemb
• $10.1 million — 3, Courier Capital had total revenue of $10.1 million. On May 1, 2023, the Company complete

Filing Documents

• fisi-20231231.htm (10-K) — 8678KB
• fisi-ex10_14.htm (EX-10.14) — 76KB
• fisi-ex21.htm (EX-21) — 13KB
• fisi-ex23_1.htm (EX-23.1) — 5KB
• fisi-ex31_1.htm (EX-31.1) — 14KB
• fisi-ex31_2.htm (EX-31.2) — 14KB
• fisi-ex32.htm (EX-32) — 12KB
• fisi-ex97.htm (EX-97) — 41KB
• img38962866_0.jpg (GRAPHIC) — 246KB
• 0000950170-24-030754.txt (&nbsp;) — 37770KB
• fisi-20231231.xsd (EX-101.SCH) — 3176KB
• fisi-20231231_htm.xml (XML) — 10280KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 33 Item 1C. Cybersecurity 33 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6. [Reserved] 37 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 131 Item 9A.

Controls and Procedures

Controls and Procedures 131 Item 9B. Other Information 131 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 131 PART III Item 10. Directors, Executive Officers and Corporate Governance 132 Item 11.

Executive Compensation

Executive Compensation 132 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 132 Item 13. Certain Relationships and Related Transactions, and Director Independence 132 Item 14. Principal Accounting Fees and Services 132 PART IV Item 15. Exhibits and Financial Statement Schedules 133 Item 16. Form 10-K Summary 134

Signatures

Signatures 135 Table of Contents PART I FORWARD LOOKING INFORMATION These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this Annual Report on Form 10-K, including, but not limited to, those presented in the Management's Discussion and Analysis of Financial Condition and Results of Operations. Factors that might cause such material differences include, but are not limited to: Fluctuations in market interest rates may affect our interest margins and income, demand for our products, defaults on loans, loan prepayments and the fair value of our financial instruments; Environmental, social and governance matters, and any related reporting obligations may impact our business; If we experience greater credit losses than anticipated, earnings may be adversely impacted; We are subject to risks and losses resulting from fraudulent activiti

BUSINESS

ITEM 1. BUSINESS GENERAL The Parent is a financial holding company organized in 1931 under the laws of New York State ("New York" or "NYS"). The principal office of the Parent is located at 220 Liberty Street, Warsaw, New York 14569 and its telephone number is (585) 786-1100. The Parent was incorporated on September 15, 1931, but the continuity of the Company's banking business is traced to the organization of the National Bank of Geneva on March 28, 1817. Except as the context otherwise requires, the Parent and its direct and indirect subsidiaries are collectively referred to in this report as the "Company." The Parent's common stock is traded on the Nasdaq Global Select Market under the ticker symbol "FISI." Five Star Bank is referred to as "FSB" or "the Bank," SDN Insurance Agency, LLC is referred to as "SDN," and Courier Capital, LLC is referred to as "Courier Capital." The consolidated financial statements include the accounts of the Parent, the Bank, SDN and Courier Capital. At December 31, 2023, the Company had consolidated total assets of $6.16 billion, deposits of $5.21 billion and shareholders' equity of $454.8 million. The Parent's primary business is the operation of its subsidiaries. It does not engage in any other substantial business activities. The Parent's three direct wholly-owned subsidiaries are: (1) the Bank, which provides a full range of banking services to consumer, commercial and municipal customers in Western and Central New York, commercial loans in the Mid-Atlantic and Central New York regions, and Banking-as-a-Service ("BaaS") capabilities to non-bank service providers and other financial technology firms ("FinTechs"); (2) SDN, which sells various premium-based insurance policies on a commission basis to commercial and consumer customers; and (3) Courier Capital, which provides customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement

View Full Filing

View this 10-K filing on SEC EDGAR