FINANCIAL INSTITUTIONS INC - 10-Q - 20041108 - INCOME_STATEMENT
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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(Dollars in thousands, except per share amounts)
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2004
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2003
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2004
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2003
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Interest income:
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Loans
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$
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19,442
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$
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21,628
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$
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58,664
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$
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65,556
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Securities
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7,137
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5,511
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20,423
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18,648
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Other
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51
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171
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274
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397
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Total interest income
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26,630
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27,310
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79,361
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84,601
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Interest expense:
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Deposits
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5,892
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7,144
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18,336
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22,943
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Short-term borrowings
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174
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443
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620
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1,123
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Long-term borrowings
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905
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763
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2,729
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2,703
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Guaranteed preferred beneficial interests in
Company’s junior subordinated debentures
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—
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420
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—
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1,258
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Junior subordinated debentures issued to
unconsolidated subsidiary trust
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432
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—
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1,296
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—
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Total interest expense
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7,403
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8,770
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22,981
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28,027
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Net interest income
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19,227
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18,540
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56,380
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56,574
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Provision for loan losses
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2,147
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5,590
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9,459
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14,199
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Net interest income after
provision for loan losses
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17,080
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12,950
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46,921
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42,375
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Noninterest income:
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Service charges on deposits
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3,108
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2,973
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8,973
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8,399
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Financial services group fees and commissions
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1,423
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1,408
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4,388
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4,110
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Mortgage banking revenues
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417
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1,113
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1,541
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2,849
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Gain on securities transactions
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14
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581
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88
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1,023
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Gain on sale of credit card portfolio
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—
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—
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1,177
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—
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Other
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1,398
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984
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3,310
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2,940
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Total noninterest income
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6,360
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7,059
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19,477
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19,321
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Noninterest expense:
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Salaries and employee benefits
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9,220
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8,491
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27,440
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25,408
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Occupancy and equipment
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2,183
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2,138
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6,580
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6,210
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Supplies and postage
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617
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578
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1,780
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1,838
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Amortization of intangible assets
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132
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309
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676
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926
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Computer and data processing expense
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556
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440
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1,378
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1,386
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Professional fees
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976
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398
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2,123
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1,458
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Other
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2,675
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2,542
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7,954
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8,193
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Total noninterest expense
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16,359
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14,896
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47,931
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45,419
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Income before income taxes
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7,081
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5,113
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18,467
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16,277
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Income tax expense
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1,964
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1,058
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5,143
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4,276
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Net income
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$
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5,117
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$
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4,055
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$
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13,324
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$
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12,001
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Earnings per common share (note 3):
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Basic
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$
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0.42
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$
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0.33
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$
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1.09
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$
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0.98
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Diluted
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$
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0.42
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$
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0.33
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$
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1.08
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$
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0.97
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