Financial Institutions, Inc. Announces 7.4% Increase in Common Stock Dividend

Rhea-AI Summary

Financial Institutions, Inc. (NASDAQ:FISI) reported a quarterly cash dividend of $0.29 per share, marking a 7.4% increase from the previous quarter and the 12th consecutive annual dividend increase. The dividends will be payable on April 4, 2022, to shareholders on record by March 18, 2022. Additionally, the company declared dividends of $0.75 per share on Series A preferred stock and $2.12 on Series B-1 preferred stock. This decision reflects the Board's confidence in the company's strategy and performance amidst strong earnings in 2021.

Positive

• 12th consecutive annual dividend increase
• Quarterly cash dividend increased by 7.4%
• Confidence in company's earnings potential
• Ongoing share repurchase program supports shareholder value

Negative

• None.

12th Consecutive Annual Increase

WARSAW, N.Y., Feb. 17, 2022 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ:FISI) (the “Company”), parent company of Five Star Bank, SDN Insurance Agency, LLC (“SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”), announced today that its Board of Directors has approved a quarterly cash dividend of $0.29 per outstanding common share, an increase of $0.02 or 7.4% from the most recent quarter.

“Following strong earnings performance in 2021, this 7.4% increase in the common stock dividend reflects our Board’s confidence in the Company’s strategy and earnings potential,” said President and Chief Executive Officer Martin K. Birmingham. “Today’s announcement represents our 12th consecutive annual dividend increase. This increase, and an ongoing share repurchase program, demonstrate our continued 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 4, 2022, to shareholders of record on March 18, 2022.

About Financial Institutions, Inc.

Financial Institutions, Inc. provides diversified financial services through its subsidiaries Five Star Bank, SDN, Courier Capital and HNP Capital. Five Star Bank provides a wide range of consumer and commercial banking and lending services to individuals, municipalities and businesses through a network of more than 45 offices throughout Western and Central New York State. SDN provides a broad range of insurance services to personal and business clients. Courier Capital and HNP Capital provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ approximately 600 individuals. The Company’s stock is listed on the Nasdaq Global Select Market under the symbol FISI. Additional information is available at www.fiiwarsaw.com.

For additional information contact:

Shelly J. Doran
(585) 627-1362
sjdoran@five-starbank.com

FAQ

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

The dividend amount is $0.29 per outstanding common share.

When will the dividends be paid for FISI?

Dividends will be payable on April 4, 2022.

What was the percentage increase in the dividend for FISI?

The dividend increased by 7.4% from the previous quarter.

What are the dividends declared on preferred stock for FISI?

Dividends of $0.75 per share on Series A and $2.12 per share on Series B-1 preferred stock were declared.