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Financial Institutions

Nasdaq:FISI
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FISI
Nasdaq
$461M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Financial Institutions, Inc. operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. The last earnings update was 13 days ago. More info.


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FISI Share Price and Events
7 Day Returns
5.2%
NasdaqGS:FISI
0.4%
US Banks
0.5%
US Market
1 Year Returns
-6.5%
NasdaqGS:FISI
-10%
US Banks
2%
US Market
FISI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Financial Institutions (FISI) 5.2% 8% -1.3% -6.5% 7.7% 37.9%
US Banks 0.4% 6.9% -1.3% -10% 55.9% 45.7%
US Market 0.5% 6.3% 1.9% 2% 45.1% 40.5%
1 Year Return vs Industry and Market
  • FISI outperformed the Banks industry which returned -10% over the past year.
  • FISI underperformed the Market in United States of America which returned 2% over the past year.
Price Volatility
FISI
Industry
5yr Volatility vs Market

FISI Value

 Is Financial Institutions undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Financial Institutions to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Financial Institutions.

NasdaqGS:FISI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $26.31 * 9.2%
$2.42
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $26.31
Discount Rate (Cost of Equity) See below 11.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:FISI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 7.3%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.63
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.634 (1 + (1- 21%) (110.39%))
1.225
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.23
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.225 * 7.27%)
11.64%

Discounted Cash Flow Calculation for NasdaqGS:FISI using Excess Returns Model Model

The calculations below outline how an intrinsic value for Financial Institutions is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:FISI Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9.2% – 11.64%) * $26.31)
$-0.65
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.65 / (11.64% - 2.73%)
$-7.25
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $26.31 + $-7.25
$19.06
NasdaqGS:FISI Discount to Share Price
Calculation Result
Value per share (USD) From above. $19.06
Current discount Discount to share price of $28.93
= -1 x ($28.93 - $19.06) / $19.06
-51.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Financial Institutions is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Financial Institutions's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Financial Institutions's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:FISI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $2.39
NasdaqGS:FISI Share Price ** NasdaqGS (2019-02-13) in USD $28.93
United States of America Banks Industry PE Ratio Median Figure of 583 Publicly-Listed Banks Companies 13.34x
United States of America Market PE Ratio Median Figure of 3,046 Publicly-Listed Companies 16.95x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Financial Institutions.

NasdaqGS:FISI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:FISI Share Price ÷ EPS (both in USD)

= 28.93 ÷ 2.39

12.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Financial Institutions is good value based on earnings compared to the US Banks industry average.
  • Financial Institutions is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Financial Institutions's expected growth come at a high price?
Raw Data
NasdaqGS:FISI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
9.1%per year
United States of America Banks Industry PEG Ratio Median Figure of 260 Publicly-Listed Banks Companies 1.21x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.36x

*Line of best fit is calculated by linear regression .

NasdaqGS:FISI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.09x ÷ 9.1%

1.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Financial Institutions is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Financial Institutions's assets?
Raw Data
NasdaqGS:FISI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $24.00
NasdaqGS:FISI Share Price * NasdaqGS (2019-02-13) in USD $28.93
United States of America Banks Industry PB Ratio Median Figure of 586 Publicly-Listed Banks Companies 1.25x
United States of America Market PB Ratio Median Figure of 5,122 Publicly-Listed Companies 1.81x
NasdaqGS:FISI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:FISI Share Price ÷ Book Value per Share (both in USD)

= 28.93 ÷ 24.00

1.21x

* Primary Listing of Financial Institutions.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Financial Institutions is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess Financial Institutions's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Financial Institutions has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FISI Future Performance

 How is Financial Institutions expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Financial Institutions expected to grow at an attractive rate?
  • Financial Institutions's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Financial Institutions's earnings growth is positive but not above the United States of America market average.
  • Financial Institutions's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:FISI Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:FISI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 9.1%
NasdaqGS:FISI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 9.5%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 4.4%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:FISI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:FISI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 183 46 4
2019-12-31 172 43 4
NasdaqGS:FISI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 150 38
2018-09-30 148 62 42
2018-06-30 143 54 39
2018-03-31 136 56 33
2017-12-31 133 46 32
2017-09-30 129 45 30
2017-06-30 128 46 30
2017-03-31 128 37 31
2016-12-31 127 47 30
2016-09-30 125 45 28
2016-06-30 123 44 28
2016-03-31 119 42 28

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Financial Institutions's earnings are expected to grow by 9.1% yearly, however this is not considered high growth (20% yearly).
  • Financial Institutions's revenue is expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:FISI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Financial Institutions Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:FISI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.84 2.94 2.74 5.00
2019-12-31 2.68 2.73 2.62 4.00
NasdaqGS:FISI Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 2.39
2018-09-30 2.62
2018-06-30 2.50
2018-03-31 2.17
2017-12-31 2.13
2017-09-30 2.02
2017-06-30 2.06
2017-03-31 2.13
2016-12-31 2.11
2016-09-30 1.98
2016-06-30 1.98
2016-03-31 1.96

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Financial Institutions is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Financial Institutions's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Financial Institutions has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FISI Past Performance

  How has Financial Institutions performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Financial Institutions's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Financial Institutions's year on year earnings growth rate has been positive over the past 5 years.
  • Financial Institutions's 1-year earnings growth exceeds its 5-year average (18.7% vs 8.9%)
  • Financial Institutions's earnings growth has not exceeded the US Banks industry average in the past year (18.7% vs 38.8%).
Earnings and Revenue History
Financial Institutions's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Financial Institutions Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:FISI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 150.41 38.07 86.63
2018-09-30 147.72 41.63 85.01
2018-06-30 143.27 39.33 82.26
2018-03-31 136.40 33.41 80.33
2017-12-31 132.78 32.06 78.41
2017-09-30 129.27 29.70 76.13
2017-06-30 127.68 29.89 74.27
2017-03-31 128.12 30.79 74.09
2016-12-31 126.73 30.47 74.37
2016-09-30 124.97 28.41 74.40
2016-06-30 122.72 28.26 73.01
2016-03-31 119.13 27.69 69.95
2015-12-31 117.18 26.88 68.63
2015-09-30 115.04 28.16 66.21
2015-06-30 113.16 27.03 65.10
2015-03-31 112.51 27.48 63.78
2014-12-31 111.34 27.89 62.43
2014-09-30 110.66 26.34 60.48
2014-06-30 108.36 25.32 59.86
2014-03-31 108.14 25.14 59.76
2013-12-31 107.35 24.06 60.29
2013-09-30 107.49 24.03 55.56
2013-06-30 108.98 22.13 59.83
2013-03-31 107.89 21.93 59.24
2012-12-31 106.17 21.97 62.21
2012-09-30 103.92 21.39 61.43
2012-06-30 101.41 22.62 56.45
2012-03-31 98.69 21.67 55.38

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Financial Institutions has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Financial Institutions used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Financial Institutions improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Financial Institutions's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Financial Institutions has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FISI Health

 How is Financial Institutions's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Financial Institutions's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Financial Institutions Company Filings, last reported 1 month ago.

NasdaqGS:FISI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 396.29 508.70 102.76
2018-09-30 392.15 347.74 118.93
2018-06-30 386.94 512.12 90.40
2018-03-31 380.30 366.77 123.81
2017-12-31 381.18 485.34 99.20
2017-09-30 366.00 349.92 97.84
2017-06-30 347.64 386.60 84.54
2017-03-31 325.69 342.38 149.70
2016-12-31 320.05 370.56 70.65
2016-09-30 326.27 269.24 110.72
2016-06-30 322.18 377.33 67.62
2016-03-31 313.95 218.21 110.94
2015-12-31 293.84 332.09 60.12
2015-09-30 295.43 280.37 51.33
2015-06-30 284.44 389.56 52.55
2015-03-31 286.69 175.57 135.97
2014-12-31 279.53 334.80 58.15
2014-09-30 277.76 215.97 87.58
2014-06-30 269.83 254.68 64.83
2014-03-31 262.87 196.75 72.40
2013-12-31 254.84 337.04 58.69
2013-09-30 247.85 188.15 99.38
2013-06-30 244.89 193.41 50.93
2013-03-31 254.93 139.62 84.79
2012-12-31 253.90 179.81 59.44
2012-09-30 251.84 38.28 77.05
2012-06-30 246.95 200.82 61.81
2012-03-31 239.96 117.35 77.03
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Financial Institutions has an acceptable proportion of non-loan assets held.
  • Financial Institutions's liabilities are made up of primarily low risk sources of funding.
  • Loans at Financial Institutions are broadly funded by customer deposits.
  • Financial Institutions's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Financial Institutions has a sufficient allowance for bad loans.
  • Financial Institutions has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Financial Institutions's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Financial Institutions has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FISI Dividends

 What is Financial Institutions's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.32%
Current annual income from Financial Institutions dividends. Estimated to be 3.52% next year.
If you bought $2,000 of Financial Institutions shares you are expected to receive $66 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Financial Institutions's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Financial Institutions's dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:FISI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 467 Stocks 2.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:FISI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.04 5.00
2019-12-31 0.99 5.00
NasdaqGS:FISI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-11-20 0.960 3.530
2018-08-22 0.960 3.157
2018-05-23 0.960 2.943
2018-02-28 0.960 3.063
2017-11-17 0.880 2.766
2017-08-23 0.840 2.887
2017-05-25 0.840 2.857
2017-02-23 0.840 2.554
2016-11-02 0.840 2.610
2016-08-29 0.800 2.985
2016-05-18 0.800 2.986
2016-02-24 0.800 2.866
2015-11-18 0.800 2.949
2015-08-26 0.800 3.161
2015-05-20 0.800 3.287
2015-02-25 0.800 3.441
2014-11-19 0.800 3.360
2014-08-27 0.760 3.203
2014-05-21 0.760 3.298
2014-02-19 0.760 3.297
2013-11-20 0.760 3.327
2013-08-21 0.760 3.596
2013-05-22 0.720 3.576
2013-02-20 0.720 3.650
2012-11-28 0.640 3.359
2012-08-22 0.560 3.043
2012-05-23 0.560 3.304
2012-02-22 0.520 3.148
2011-11-16 0.520 3.139
2011-08-24 0.480 3.122
2011-05-25 0.480 2.981
2011-02-23 0.400 2.352
2010-11-17 0.400 2.093
2010-11-02 0.400 2.190
2010-10-28 0.400 2.242
2010-05-26 0.400 2.278
2010-02-25 0.400 2.550
2009-11-18 0.400 3.395
2009-08-26 0.400 3.569
2009-05-21 0.400 2.947
2009-02-18 0.400 5.355
2009-02-17 0.400 7.089

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Financial Institutions's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.7x coverage).
X
Income/ dividend checks
We assess Financial Institutions's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Financial Institutions afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Financial Institutions has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FISI Management

 What is the CEO of Financial Institutions's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marty Birmingham
COMPENSATION $1,192,166
AGE 52
TENURE AS CEO 5.9 years
CEO Bio

Mr. Martin K. Birmingham, also known as Marty, has been the Chief Executive Officer of Financial Institutions Inc. and Five Star Bank since March 1, 2013 and has been its President since August 28, 2012. Mr. Birmingham served as the Chief of Community Banking at Financial Institutions Inc., from August 28, 2012 to March 1, 2013. Mr. Birmingham served as a Regional President of Five Star Bank from December 2005 to 2009. Mr. Birmingham served as an Executive Vice President of Five Star Bank since 2005 until 2009. Mr. Birmingham served as the President and Chief Executive of National Bank of Geneva, since March 2005. He served as Regional President of Five Star Bank from December 2005 to 2009. He served as Market President of Bank of America Corporation and served there until March 2005. He has been a Director of Financial Institutions Inc. since July 25, 2013 and Five Star Bank since 2013. He serves as a Member of the Board of Directors at Monroe Community College Association Inc. He serves as Chairman of the Monroe County and Rochester Workforce Investment Board. He serves on the Boards of several community organizations, including the Seneca Park Zoo. Mr. Birmingham also serves on the boards of St. Ann’s Foundation, St. John Fisher College, the United Way of Greater Rochester, Rochester Business Alliance and Unity Hospital. In 2007, he received the Monroe County Workforce Investment Board’s Friend of Business and Workforce award. He earned a Bachelor's of Arts degree from St. Lawrence University in Economics.

CEO Compensation
  • Marty's compensation has been consistent with company performance over the past year.
  • Marty's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Financial Institutions management team in years:

5.8
Average Tenure
56
Average Age
  • The average tenure for the Financial Institutions management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Marty Birmingham

TITLE
President
COMPENSATION
$1M
AGE
52
TENURE
5.9 yrs

Kevin Klotzbach

TITLE
Executive VP
COMPENSATION
$663K
AGE
65
TENURE
5.8 yrs

Bill Kreienberg

TITLE
Executive VP
COMPENSATION
$614K
AGE
60

Joe Dugan

TITLE
Chief Customer Experience & Go to Market Officer of Five Star Bank
COMPENSATION
$391K
AGE
56
TENURE
2.6 yrs

Mike Grover

TITLE
Senior VP
AGE
46
TENURE
5.8 yrs

Ronald McLaughlin

TITLE
Chief Information Officer & EVP
COMPENSATION
$554K
AGE
60

Shelly Doran

TITLE
Senior VP and Director of Investor & External Relations

Valerie Benjamin

TITLE
Chief Human Resources Executive
AGE
49
TENURE
0.5 yrs

Sonia Dumbleton

TITLE
Senior VP
AGE
56
TENURE
13.1 yrs

Jeff Kenefick

TITLE
Executive VP
COMPENSATION
$414K
AGE
51
TENURE
13 yrs
Board of Directors Tenure

Average tenure and age of the Financial Institutions board of directors in years:

5.2
Average Tenure
67
Average Age
  • The tenure for the Financial Institutions board of directors is about average.
Board of Directors

Bob Latella

TITLE
Chairman of the Board
COMPENSATION
$139K
AGE
75
TENURE
4.8 yrs

Marty Birmingham

TITLE
President
COMPENSATION
$1M
AGE
52
TENURE
5.6 yrs

Susan Holliday

TITLE
Director
COMPENSATION
$80K
AGE
62
TENURE
16.8 yrs

Karl Anderson

TITLE
Director
COMPENSATION
$80K
AGE
71
TENURE
12.8 yrs

Bob Glaser

TITLE
Director
COMPENSATION
$85K
AGE
71
TENURE
4.8 yrs

Andy Dorn

TITLE
Director
COMPENSATION
$80K
AGE
68
TENURE
4.8 yrs

James Wyckoff

TITLE
Director
COMPENSATION
$75K
AGE
66
TENURE
33.8 yrs

Samuel Gullo

TITLE
Director
COMPENSATION
$75K
AGE
69
TENURE
18.8 yrs

Kim VanGelder

TITLE
Director
COMPENSATION
$75K
AGE
54
TENURE
2.7 yrs

Don Boswell

TITLE
Director
COMPENSATION
$75K
AGE
66
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
02. Nov 18 Buy Joseph Dugan Individual 31. Oct 18 31. Oct 18 345 $28.55 $9,850
30. Oct 18 Buy Martin Birmingham Individual 30. Oct 18 30. Oct 18 2,000 $28.44 $56,880
22. Aug 18 Buy Martin Birmingham Individual 21. Aug 18 21. Aug 18 1,500 $31.95 $47,925
02. Aug 18 Buy Michael Burneal Individual 01. Aug 18 01. Aug 18 500 $31.70 $15,850
01. Aug 18 Buy Andrew Dorn Individual 31. Jul 18 31. Jul 18 900 $32.45 $29,205
X
Management checks
We assess Financial Institutions's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Financial Institutions has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FISI News

Simply Wall St News

Are You Considering All The Risks For Financial Institutions, Inc.’s (NASDAQ:FISI)?

As a small-cap bank with a market capitalisation of US$427m, Financial Institutions, Inc.’s (NASDAQ:FISI) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Financial Institutions’s bottom line. … View our latest analysis for Financial Institutions

Simply Wall St -

Is Financial Institutions, Inc. (NASDAQ:FISI) Overpaying Its CEO?

Marty Birmingham has been the CEO of Financial Institutions, Inc. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Marty Birmingham's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Who Has Been Buying Financial Institutions Inc (NASDAQ:FISI) Shares?

So before you buy or sell Financial Institutions Inc (NASDAQ:FISI), you may well want to know whether insiders have been buying or selling. … Financial Institutions Insider Transactions Over The Last Year. … In the last twelve months there was more buying than selling by Financial Institutions insiders

Simply Wall St -

Financial Institutions Inc (NASDAQ:FISI): What Does Its Beta Value Mean For Your Portfolio?

If you're interested in Financial Institutions Inc (NASDAQ:FISI), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Financial Institutions Inc (NASDAQ:FISI): Commentary On Fundamentals

Financial Institutions Inc (NASDAQ:FISI) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … , dividend-paying company with a

Simply Wall St -

Why Financial Institutions Inc (NASDAQ:FISI) Should Be In Your Portfolio

Over the past 10 years Financial Institutions Inc (NASDAQ:FISI) has been paying dividends to shareholders. … Let's dig deeper into whether Financial Institutions should have a place in your portfolio. … Check out our latest analysis for Financial Institutions

Simply Wall St -

Is Financial Institutions Inc (NASDAQ:FISI) Undervalued?

Financial Institutions Inc (NASDAQ:FISI), operating in the financial services industry based in United States,. … Let’s take a look at Financial Institutions’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change … Check out our latest analysis for Financial Institutions

Simply Wall St -

Should You Be Tempted To Buy Financial Institutions Inc (NASDAQ:FISI) Because Of Its PE Ratio?

Although some investors may jump to the conclusion that this is a great buying opportunity, understanding the assumptions behind the P/E ratio might change your mind. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio … Check out our latest analysis for Financial Institutions

Simply Wall St -

Before You Buy Financial Institutions Inc's (NASDAQ:FISI), Consider This

For Financial Institutions Inc’s (NASDAQ:FISI) shareholders, and also potential investors in the stock, understanding how the stock’s risk and return characteristics can impact your portfolio is important. … Generally, an investor should consider two types of risk that impact the market value of FISI. … A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one.

Simply Wall St -

Interested In Financials? Take A Look At Financial Institutions Inc (NASDAQ:FISI)

is a bank operating in an industry, … Many aspects of banking and capital markets are being attacked by new competitors, whose key advantage is a leaner and technology-enabled operating model, allowing them to scale at a faster rate and meet changing consumer needs … Financial services analysts are forecasting for the entire industry,

Simply Wall St -

FISI Company Info

Map
Description

Financial Institutions, Inc. operates as the holding company for Five Star Bank that provides banking and financial services to individuals, municipalities, and businesses. It operates in two segments, Banking and Non-Banking. The company offers checking and savings account programs, including money market accounts, certificates of deposit, and sweep investments, as well as individual retirement and other qualified plan accounts. It also provides short and medium-term commercial loans for working capital, business expansion, and purchase of equipment; commercial business loans to the agricultural industry for short-term crop production, farm equipment, and livestock financing; commercial mortgage loans to finance the purchase of real property; and one-to-four family residential mortgage loans, home improvement loans, closed-end home equity loans, and home equity lines of credit, as well as consumer loans, such as automobile, recreational vehicle, boat, personal, and deposit account collateralized loans. In addition, the company provides personal insurance, including automobile, homeowners, boat, recreational vehicle, landlord, and umbrella coverage; commercial insurance, such as property, liability, automobile, inland marine, workers compensation, bonds, crop, and umbrella insurance products; and financial services comprising life and disability insurance, Medicare supplements, long-term care, annuities, mutual funds, and retirement programs. Further, it offers customized investment management, investment consulting and advisory, and wealth management services, as well as retirement plan services; and invests in various securities. As of February 28, 2018, the company operated a network of approximately 50 offices throughout Western and Central New York State. Financial Institutions, Inc. was founded in 1817 and is headquartered in Warsaw, New York.

Details
Name: Financial Institutions, Inc.
FISI
Exchange: NasdaqGS
Founded: 1817
$460,825,970
15,929,000
Website: http://www.five-starbank.com
Address: Financial Institutions, Inc.
55 North Main Street,
Warsaw,
New York, 14569,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS FISI Common Stock Nasdaq Global Select US USD 25. Jun 1999
Number of employees
Current staff
Staff numbers
702
Financial Institutions employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/13 23:40
End of day share price update: 2019/02/13 00:00
Last estimates confirmation: 2019/02/05
Last earnings filing: 2019/01/31
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.