Financial Institutions, Inc. Announces 3.4% Increase in Common Stock Dividend

Rhea-AI Summary

Financial Institutions, Inc. (NASDAQ: FISI) announced a quarterly cash dividend increase to $0.30 per share, marking a 3.4% rise from the previous quarter. This is the 13th consecutive annual increase, showcasing the Board's confidence in the company's strategy and earnings potential. Additionally, dividends of $0.75 per share on Series A preferred stock and $2.12 on Series B-1 preferred stock were declared. All dividends are payable on April 3, 2023, to shareholders of record by March 16, 2023. With approximately $5.8 billion in assets, FISI is committed to shareholder returns through its diversified financial services.

Positive

• Quarterly cash dividend increased by 3.4% to $0.30 per share.
• 13th consecutive annual dividend increase demonstrates commitment to shareholder returns.
• Strong confidence in company's strategy and earnings potential.

Negative

• None.

13th Consecutive Annual Increase

WARSAW, N.Y., Feb. 17, 2023 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC, Courier Capital, LLC and HNP Capital, LLC, announced today that its Board of Directors has approved a quarterly cash dividend of $0.30 per outstanding common share, an increase of $0.01 or 3.4% from the most recent quarter.

“Our Board’s confidence in the Company’s strategy and earnings potential support this increase,” said President and Chief Executive Officer Martin K. Birmingham. “Today’s announcement represents our 13th consecutive annual dividend increase and demonstrates a strong commitment to shareholder return.”

The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock. All dividends are payable April 3, 2023, to shareholders of record on March 16, 2023.

About Financial Institutions, Inc.
Financial Institutions, Inc. (NASDAQ: FISI) is an innovative financial holding company with approximately $5.8 billion in assets offering banking, insurance and wealth management products and services through a network of subsidiaries. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through its Western and Central New York branch network and its Mid-Atlantic commercial loan production office serving the Baltimore and Washington, D.C. region. SDN Insurance Agency, LLC provides a broad range of insurance services to personal and business clients, while Courier Capital, LLC and HNP Capital, LLC offer customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at www.five-starbank.com and www.FISI-Investors.com.

For additional information contact:
Pamela A. Kennard
Investor Relations Analyst
(585) 584-1549

FAQ

What is the new dividend amount for Financial Institutions, Inc. (FISI)?

Financial Institutions, Inc. has increased its quarterly cash dividend to $0.30 per share.

When will the dividends for FISI be paid?

The dividends will be payable on April 3, 2023.

What is the record date for receiving the dividends for FISI?

The record date for receiving the dividends is March 16, 2023.

How many consecutive annual dividend increases has FISI achieved?

Financial Institutions, Inc. has achieved its 13th consecutive annual dividend increase.

What are the preferred stock dividends for FISI?

Dividends for FISI's Series A preferred stock are $0.75 per share, and for Series B-1 preferred stock, they are $2.12 per share.