Financial Institutions, Inc. Announces Third Quarter 2024 Financial Results
Financial Institutions Inc (NASDAQ: FISI) reported Q3 2024 net income of $13.5 million, down from $25.6 million in Q2 2024 and $14.0 million in Q3 2023. Earnings per diluted share were $0.84, compared to $1.62 in Q2 2024 and $0.88 in Q3 2023. Net interest margin was 2.89%, up 2 basis points from Q2. Total deposits increased by $173.3 million to $5.31 billion, while total loans decreased by $58.5 million to $4.40 billion. The company announced plans to wind down its Banking-as-a-Service offerings by 2025. Credit quality metrics remained solid with net charge-offs at 0.15% of average loans.
Financial Institutions Inc (NASDAQ: FISI) ha riportato un reddito netto di $13,5 milioni nel terzo trimestre 2024, in calo rispetto a $25,6 milioni nel secondo trimestre 2024 e $14,0 milioni nel terzo trimestre 2023. Gli utili per azione diluiti sono stati di $0,84, rispetto a $1,62 nel secondo trimestre 2024 e $0,88 nel terzo trimestre 2023. Il margine di interesse netto è stato del 2,89%, in aumento di 2 punti base rispetto al secondo trimestre. I depositi totali sono aumentati di $173,3 milioni, raggiungendo $5,31 miliardi, mentre i prestiti totali sono diminuiti di $58,5 milioni, arrivando a $4,40 miliardi. L'azienda ha annunciato piani per interrompere le offerte di Banking-as-a-Service entro il 2025. I parametri di qualità del credito sono rimasti solidi, con perdite nette di credito allo 0,15% dei prestiti medi.
Financial Institutions Inc (NASDAQ: FISI) reportó un ingreso neto de $13.5 millones en el tercer trimestre de 2024, disminuyendo desde $25.6 millones en el segundo trimestre de 2024 y $14.0 millones en el tercer trimestre de 2023. Las ganancias por acción diluida fueron de $0.84, en comparación con $1.62 en el segundo trimestre de 2024 y $0.88 en el tercer trimestre de 2023. El margen de interés neto fue del 2.89%, un aumento de 2 puntos base respecto al segundo trimestre. Los depósitos totales aumentaron en $173.3 millones, alcanzando $5.31 mil millones, mientras que los préstamos totales disminuyeron en $58.5 millones, quedando en $4.40 mil millones. La compañía anunció planes para descontinuar sus ofertas de Banking-as-a-Service para 2025. Los métricas de calidad crediticia se mantuvieron sólidas, con pérdidas netas en créditos del 0.15% de los préstamos promedio.
Financial Institutions Inc (NASDAQ: FISI)는 2024년 3분기 순이익이 1,350만 달러로, 2024년 2분기의 2,560만 달러 및 2023년 3분기의 1,400만 달러에서 감소했다고 보고했습니다. 희석 주당 순이익은 0.84달러로, 2024년 2분기의 1.62달러 및 2023년 3분기의 0.88달러와 비교됩니다. 순이자 마진은 2.89%로, 2분기 대비 2bp 증가했습니다. 총 예금은 1억 7,330만 달러 증가하여 53억 1,000만 달러에 이르렀고, 총 대출은 5,850만 달러 감소하여 44억 달러로 떨어졌습니다. 회사는 2025년까지 Banking-as-a-Service 제공을 종료할 계획을 발표했습니다. 신용 품질 지표는 견고하게 유지되었으며, 순 손실은 평균 대출의 0.15%에 해당했습니다.
Financial Institutions Inc (NASDAQ: FISI) a annoncé un bénéfice net de 13,5 millions de dollars au troisième trimestre 2024, en baisse par rapport à 25,6 millions de dollars au deuxième trimestre 2024 et 14,0 millions au troisième trimestre 2023. Le bénéfice par action diluée était de 0,84 dollar, contre 1,62 dollar au deuxième trimestre 2024 et 0,88 dollar au troisième trimestre 2023. La marge d'intérêt nette était de 2,89 %, soit une augmentation de 2 points de base par rapport au trimestre précédent. Les dépôts totaux ont augmenté de 173,3 millions de dollars pour atteindre 5,31 milliards de dollars, tandis que les prêts totaux ont diminué de 58,5 millions de dollars pour s'établir à 4,40 milliards de dollars. La société a annoncé des plans pour mettre fin à ses offres de Banking-as-a-Service d'ici 2025. Les indicateurs de qualité des crédits sont restés solides, avec des pertes nettes représentant 0,15 % des prêts moyens.
Financial Institutions Inc (NASDAQ: FISI) meldete im dritten Quartal 2024 einen Nettogewinn von 13,5 Millionen Dollar, ein Rückgang von 25,6 Millionen Dollar im zweiten Quartal 2024 und 14,0 Millionen Dollar im dritten Quartal 2023. Der Gewinn pro verwässerter Aktie betrug 0,84 Dollar, verglichen mit 1,62 Dollar im zweiten Quartal 2024 und 0,88 Dollar im dritten Quartal 2023. Die Nettomarge betrug 2,89%, ein Anstieg um 2 Basispunkte im Vergleich zum zweiten Quartal. Die Gesamteinlagen stiegen um 173,3 Millionen Dollar auf 5,31 Milliarden Dollar, während die Gesamtdarlehen um 58,5 Millionen Dollar auf 4,40 Milliarden Dollar sanken. Das Unternehmen gab Pläne bekannt, seine Angebote im Bereich Banking-as-a-Service bis 2025 einzustellen. Die Kennzahlen zur Kreditqualität blieben solide, mit Nettoausfällen von 0,15% der durchschnittlichen Darlehen.
- Net interest margin improved to 2.89%, up 2 basis points from Q2 2024
- Total deposits increased by $173.3 million (3.4%) quarter-over-quarter
- Common equity tier 1 ratio improved to 10.28%, up 25 basis points from Q2
- Tangible common book value per share grew 8% quarter-over-quarter
- Net income decreased to $13.5M from $25.6M in Q2 2024
- Total loans decreased by $58.5M (1.3%) quarter-over-quarter
- Non-performing loans increased to $40.7M (0.93% of total loans) from $25.2M in Q2
- Net charge-offs increased to 0.15% from 0.10% in Q2 2024
Insights
The Q3 2024 results reveal mixed performance with several notable trends.
Positives:
- Net interest margin improved to
2.89% , up 2 basis points quarter-over-quarter - Total deposits increased by
3.4% to$5.31 billion - Capital ratios strengthened, with CET1 at
10.28%
Concerns:
- Total loans decreased
1.3% quarter-over-quarter - Non-performing loans increased to
$40.7 million , or0.93% of total loans - Net charge-offs rose to
0.15% annualized
The deterioration in credit quality metrics warrants attention. Non-performing loans increased significantly to
WARSAW, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the "Company," "we" or "us"), parent company of Five Star Bank (the "Bank") and Courier Capital, LLC ("Courier Capital"), today reported financial and operational results for the third quarter ended September 30, 2024.
Net income was
Third Quarter 2024 Key Results:
- Net interest margin was
2.89% for the third quarter of 2024, up two basis points compared to the second quarter of 2024, while net interest income of$40.7 million decreased by$512 thousand , or1.2% , from the linked quarter. - Noninterest income was
$9.4 million for the current quarter, compared to$24.0 million in the linked quarter, when results benefited from a$13.5 million pre-tax gain associated with the Company's insurance subsidiary asset sale. - Total deposits were
$5.31 billion at September 30, 2024, up$173.3 million , or3.4% , from June 30, 2024, driven by seasonality and new business in our public deposit portfolio and non-public deposit growth. Deposits were relatively flat with September 30, 2023, as a$313.3 million reduction in brokered deposits largely offset year-over-year growth in non-public and public deposits. - Total loans were
$4.40 billion at September 30, 2024, reflecting a decrease of$58.5 million , or1.3% , from June 30, 2024 and a decrease of$28.2 million , or0.6% , from September 30, 2023. - Noninterest expense of
$32.5 million for the current quarter was down$551 thousand , or1.7% , from the second quarter of 2024 and down$2.3 million , or6.5% , from the third quarter of 2023. - Regulatory and tangible capital ratios continued to expand on a linked quarter and year-over-year basis.
- The Company maintained solid credit quality metrics, as measured by annualized net charge-offs to average loans of
0.15% for the current quarter, compared to0.10% in the linked quarter and0.14% , in the third quarter of 2023.
"Our third quarter results were highlighted by strong deposit growth, incremental net interest margin expansion, solid expense management, and continued build in our regulatory and tangible capital ratios. We remain very focused on driving sustainable growth across each of our retail banking, commercial banking and wealth management business lines. Supporting that focus is our strategic decision to begin to wind-down our Banking-as-a-Service, or BaaS, offerings, announced in September," said President and Chief Executive Officer Martin K. Birmingham.
"While total loans were down during the quarter, as growth in commercial mortgage and stability in residential loans and lines were offset by declines in commercial business and consumer indirect loans, we continue to see excellent opportunity in our geographic markets to drive credit-disciplined loan growth. Our regulatory and tangible capital positions further improved during the quarter, including a common equity tier 1 ratio of
Chief Financial Officer and Treasurer W. Jack Plants II commented, "We saw further margin expansion on a linked quarter basis and our ability to drive solid deposit growth provided us with capacity to further reduce short-term borrowings during the quarter. From a credit perspective, we did move one commercial relationship to non-performing status during the third quarter, which drove the increase in non-performing assets as compared to June 30, 2024. We remain very confident in the overall health of our loan portfolio and we are comfortable with our reserve levels, as our allowance for credit losses on loans to total loans ratio expanded two basis points during the third quarter to
Orderly Wind Down of BaaS Offerings
On September 16, 2024, the Company announced its intent to begin an orderly wind down of its BaaS offerings, following a careful review by the Company’s executive management and the Board of Directors undertaken in conjunction with its annual strategic planning process. As of September 30, 2024, deposits and loans related to the Bank's BaaS offerings totaled
Net Interest Income and Net Interest Margin
Net interest income was
Average interest-earning assets for the current quarter were
Average interest-bearing liabilities for the current quarter were
Net interest margin was
Noninterest Income
Noninterest income was
- The Company's sale of the assets of its insurance subsidiary generated a net gain of
$13.5 million in the second quarter of 2024 and an additional gain on sale adjustment of$138 thousand in the third quarter of 2024. Given the April 1, 2024 transaction close, insurance income in the third quarter of 2024 was$3 thousand , compared to$4 thousand and$1.7 million in the linked and year-ago periods, respectively. - Investment advisory income of
$2.8 million was relatively flat with the second quarter of 2024 and up$253 thousand , or9.9% , from the third quarter of 2023. The variance from the prior year period was largely due to a market-driven increase in assets under management in addition to business development. - Income from company owned life insurance of
$1.4 million was$44 thousand higher than the second quarter of 2024 and$377 thousand higher than the third quarter of 2023. The year-over-year increase was due to a higher crediting rate on proceeds deployed during the previously disclosed surrender and redeploy strategy executed in the fourth quarter of 2023. - Income from investments in limited partnerships of
$400 thousand was$403 thousand lower than the second quarter of 2024 and flat with the third quarter of 2023. The Company previously made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments. - Income from derivative instruments, net was
$212 thousand in the current quarter,$377 thousand in the second quarter of 2024 and$219 thousand in the third quarter of 2023. Income from derivative instruments, net is based on the number and value of interest rate swap transactions executed during the quarter combined with the impact of changes in the fair value of borrower-facing trades. - A net loss on tax credit investments of
$170 thousand was recognized in the current quarter related to tax credit investments placed in service in the current and prior quarters. This compares to a net gain of$406 thousand and a net loss of$333 thousand in the second quarter of 2024 and third quarter of 2023, respectively.
Noninterest Expense
Noninterest expense was
- Salaries and employee benefits expense of
$15.9 million was$131 thousand higher than the second quarter of 2024 and$2.3 million lower than the third quarter of 2023. The decrease from the third quarter of 2023 was due to a combination of the previously mentioned insurance agency asset sale and the Company's previously disclosed fourth quarter 2023 leadership and organizational changes, which reduced salaries and wages between periods. - Occupancy and equipment expenses of
$3.4 million were$78 thousand and$421 thousand lower than the linked and year-ago quarter, respectively. The year-over-year variance was due in part to the timing of equipment purchases. - Professional services expenses of
$2.0 million were$171 thousand higher than the second quarter of 2024 and$889 thousand higher than the third quarter of 2023. Both the linked quarter and year-over-year variances were primarily attributable to legal expenses incurred in the second and third quarters of 2024 related to the Company's previously disclosed fraud event. - Computer and data processing expense of
$5.4 million was relatively flat with the second quarter of 2024 and$246 thousand higher than the third quarter of 2023, with the year-over-year variance due in part to an increase in digital banking expenses attributable to increased usage along with the Company’s investments in data efficiency and marketing technology.
Income Taxes
Income tax expense was
The effective tax rate was
Balance Sheet and Capital Management
Total assets were
Investment securities were
Total loans were
- Commercial business loans totaled
$654.5 million at September 30, 2024, down$59.4 million , or8.3% , from June 30, 2024, and down$57.0 million , or8.0% , from September 30, 2023. - Commercial mortgage loans totaled
$2.11 billion at September 30, 2024, up$19.8 million , or0.9% , from June 30, 2024, and up$120.4 million , or6.1% , from September 30, 2023. - Residential real estate loans totaled
$648.2 million at September 30, 2024, up$566 thousand , or0.1% , from June 30, 2024, and up$13.0 million , or2.1% , from September 30, 2023. - Consumer indirect loans totaled
$874.7 million at September 30, 2024, down$19.9 million , or2.2% , from June 30, 2024, and down$107.5 million , or10.9% , from September 30, 2023.
Total deposits were
Short-term borrowings were
Shareholders' equity was
Common book value per share was
During the third quarter of 2024, the Company declared a common stock dividend of
The Company's regulatory capital ratios at September 30, 2024 continued to exceed all regulatory capital requirements to be considered well capitalized.
- Leverage Ratio was
8.98% compared to8.61% and8.20% at June 30, 2024, and September 30, 2023, respectively. - Common Equity Tier 1 Capital Ratio was
10.28% compared to10.03% and9.26% at June 30, 2024, and September 30, 2023, respectively. - Tier 1 Capital Ratio was
10.62% compared to10.36% and9.58% at June 30, 2024, and September 30, 2023, respectively. - Total Risk-Based Capital Ratio was
12.95% compared to12.65% and11.91% at June 30, 2024, and September 30, 2023, respectively.
Credit Quality
Non-performing loans were
At September 30, 2024, the allowance for credit losses on loans to total loans ratio was
Provision for credit losses was
The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was
Subsequent Events
The Company is required, under U.S. generally accepted accounting principles ("GAAP"), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended September 30, 2024, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of September 30, 2024, and will adjust amounts preliminarily reported, if necessary.
Conference Call
The Company will host an earnings conference call and audio webcast on October 25, 2024 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company's website at www.FISI-Investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 514361. The webcast replay will be available on the Company's website for at least 30 days.
About Financial Institutions, Inc.
Financial Institutions, Inc. (NASDAQ: FISI) is an innovative financial holding company with approximately
Non-GAAP Financial Information
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.
The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Safe Harbor Statement
This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "believe," "anticipate," "continue," "estimate," "expect," "focus," "forecast," "intend," "may," "plan," "preliminary," "should," "target" or "will." Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: additional information regarding the deposit fraudulent activity; changes in interest rates; inflation; changes in deposit flows and the cost and availability of funds; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company's customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company's compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to the impact of a pandemic or global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.
(1) See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
For additional information contact:
Kate Croft
Director of Investor and External Relations
(716) 817-5159
klcroft@five-starbank.com
FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)
2024 | 2023 | ||||||||||||||||||
SELECTED BALANCE SHEET DATA: | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||
Cash and cash equivalents | $ | 249,569 | $ | 146,347 | $ | 237,038 | $ | 124,442 | $ | 192,111 | |||||||||
Investment securities: | |||||||||||||||||||
Available for sale | 886,816 | 871,635 | 923,761 | 887,730 | 854,215 | ||||||||||||||
Held-to-maturity, net | 121,279 | 128,271 | 143,714 | 148,156 | 154,204 | ||||||||||||||
Total investment securities | 1,008,095 | 999,906 | 1,067,475 | 1,035,886 | 1,008,419 | ||||||||||||||
Loans held for sale | 2,495 | 2,099 | 504 | 1,370 | 1,873 | ||||||||||||||
Loans: | |||||||||||||||||||
Commercial business | 654,519 | 713,947 | 707,564 | 735,700 | 711,538 | ||||||||||||||
Commercial mortgage | 2,105,641 | 2,085,870 | 2,045,056 | 2,005,319 | 1,985,279 | ||||||||||||||
Residential real estate loans | 648,241 | 647,675 | 648,160 | 649,822 | 635,209 | ||||||||||||||
Residential real estate lines | 76,203 | 75,510 | 75,668 | 77,367 | 76,722 | ||||||||||||||
Consumer indirect | 874,651 | 894,596 | 920,428 | 948,831 | 982,137 | ||||||||||||||
Other consumer | 43,734 | 43,870 | 45,170 | 45,100 | 40,281 | ||||||||||||||
Total loans | 4,402,989 | 4,461,468 | 4,442,046 | 4,462,139 | 4,431,166 | ||||||||||||||
Allowance for credit losses – loans | 44,678 | 43,952 | 43,075 | 51,082 | 49,630 | ||||||||||||||
Total loans, net | 4,358,311 | 4,417,516 | 4,398,971 | 4,411,057 | 4,381,536 | ||||||||||||||
Total interest-earning assets | 5,666,972 | 5,709,148 | 5,857,616 | 5,702,904 | 5,747,191 | ||||||||||||||
Goodwill and other intangible assets, net | 60,867 | 60,979 | 72,287 | 72,504 | 72,725 | ||||||||||||||
Total assets | 6,156,317 | 6,131,772 | 6,298,598 | 6,160,881 | 6,140,149 | ||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing demand | 978,660 | 939,346 | 972,801 | 1,010,614 | 1,035,350 | ||||||||||||||
Interest-bearing demand | 793,996 | 711,580 | 798,831 | 713,158 | 827,842 | ||||||||||||||
Savings and money market | 2,027,181 | 2,007,256 | 2,064,539 | 2,084,444 | 1,943,794 | ||||||||||||||
Time deposits | 1,506,764 | 1,475,139 | 1,560,586 | 1,404,696 | 1,508,987 | ||||||||||||||
Total deposits | 5,306,601 | 5,133,321 | 5,396,757 | 5,212,912 | 5,315,973 | ||||||||||||||
Short-term borrowings | 55,000 | 202,000 | 133,000 | 185,000 | 70,000 | ||||||||||||||
Long-term borrowings, net | 124,765 | 124,687 | 124,610 | 124,532 | 124,454 | ||||||||||||||
Total interest-bearing liabilities | 4,507,706 | 4,520,662 | 4,681,566 | 4,511,830 | 4,475,077 | ||||||||||||||
Shareholders’ equity | 500,342 | 467,667 | 445,734 | 454,796 | 408,716 | ||||||||||||||
Common shareholders’ equity | 483,050 | 450,375 | 428,442 | 437,504 | 391,424 | ||||||||||||||
Tangible common equity(1) | 422,183 | 389,396 | 356,155 | 365,000 | 318,699 | ||||||||||||||
Accumulated other comprehensive loss | $ | (102,029 | ) | $ | (125,774 | ) | $ | (126,264 | ) | $ | (119,941 | ) | $ | (161,389 | ) | ||||
Common shares outstanding | 15,474 | 15,472 | 15,447 | 15,407 | 15,402 | ||||||||||||||
Treasury shares | 625 | 627 | 653 | 692 | 698 | ||||||||||||||
CAPITAL RATIOS AND PER SHARE DATA: | |||||||||||||||||||
Leverage ratio | 8.98 | % | 8.61 | % | 8.03 | % | 8.18 | % | 8.20 | % | |||||||||
Common equity Tier 1 capital ratio | 10.28 | % | 10.03 | % | 9.43 | % | 9.43 | % | 9.26 | % | |||||||||
Tier 1 capital ratio | 10.62 | % | 10.36 | % | 9.76 | % | 9.76 | % | 9.58 | % | |||||||||
Total risk-based capital ratio | 12.95 | % | 12.65 | % | 12.04 | % | 12.13 | % | 11.91 | % | |||||||||
Common equity to assets | 7.85 | % | 7.34 | % | 6.80 | % | 7.10 | % | 6.37 | % | |||||||||
Tangible common equity to tangible assets(1) | 6.93 | % | 6.41 | % | 5.72 | % | 6.00 | % | 5.25 | % | |||||||||
Common book value per share | $ | 31.22 | $ | 29.11 | $ | 27.74 | $ | 28.40 | $ | 25.41 | |||||||||
Tangible common book value per share(1) | $ | 27.28 | $ | 25.17 | $ | 23.06 | $ | 23.69 | $ | 20.69 |
(1) See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)
Nine Months Ended | 2024 | 2023 | |||||||||||||||||||||||||
September 30, | Third | Second | First | Fourth | Third | ||||||||||||||||||||||
SELECTED INCOME STATEMENT DATA: | 2024 | 2023 | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||
Interest income | $ | 235,112 | $ | 209,586 | $ | 77,911 | $ | 78,788 | $ | 78,413 | $ | 76,547 | $ | 74,700 | |||||||||||||
Interest expense | 113,156 | 83,757 | 37,230 | 37,595 | 38,331 | 36,661 | 33,023 | ||||||||||||||||||||
Net interest income | 121,956 | 125,829 | 40,681 | 41,193 | 40,082 | 39,886 | 41,677 | ||||||||||||||||||||
(Benefit) provision for credit losses | (311 | ) | 8,410 | 3,104 | 2,041 | (5,456 | ) | 5,271 | 966 | ||||||||||||||||||
Net interest income after (benefit) provision for credit losses | 122,267 | 117,419 | 37,577 | 39,152 | 45,538 | 34,615 | 40,711 | ||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||
Service charges on deposits | 3,159 | 3,457 | 1,103 | 979 | 1,077 | 1,168 | 1,207 | ||||||||||||||||||||
Insurance income | 2,141 | 5,093 | 3 | 4 | 2,134 | 1,615 | 1,678 | ||||||||||||||||||||
Card interchange income | 5,810 | 6,140 | 1,900 | 2,008 | 1,902 | 2,080 | 2,094 | ||||||||||||||||||||
Investment advisory | 8,158 | 8,286 | 2,797 | 2,779 | 2,582 | 2,669 | 2,544 | ||||||||||||||||||||
Company owned life insurance | 4,062 | 2,974 | 1,404 | 1,360 | 1,298 | 9,132 | 1,027 | ||||||||||||||||||||
Investments in limited partnerships | 1,545 | 1,111 | 400 | 803 | 342 | 672 | 391 | ||||||||||||||||||||
Loan servicing | 421 | 395 | 88 | 158 | 175 | 84 | 135 | ||||||||||||||||||||
Income (loss) from derivative instruments, net | 763 | 1,418 | 212 | 377 | 174 | (68 | ) | 219 | |||||||||||||||||||
Net gain on sale of loans held for sale | 432 | 349 | 220 | 124 | 88 | 217 | 115 | ||||||||||||||||||||
Net loss on investment securities | - | - | - | - | - | (3,576 | ) | - | |||||||||||||||||||
Net gain (loss) on other assets | 13,633 | 31 | 138 | 13,508 | (13 | ) | (37 | ) | (1 | ) | |||||||||||||||||
Net (loss) gain on tax credit investments | (139 | ) | (45 | ) | (170 | ) | 406 | (375 | ) | (207 | ) | (333 | ) | ||||||||||||||
Other | 4,370 | 3,667 | 1,345 | 1,508 | 1,517 | 1,619 | 1,410 | ||||||||||||||||||||
Total noninterest income | 44,355 | 32,876 | 9,440 | 24,014 | 10,901 | 15,368 | 10,486 | ||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||
Salaries and employee benefits | 48,967 | 54,047 | 15,879 | 15,748 | 17,340 | 17,842 | 18,160 | ||||||||||||||||||||
Occupancy and equipment | 10,570 | 11,059 | 3,370 | 3,448 | 3,752 | 3,739 | 3,791 | ||||||||||||||||||||
Professional services | 6,131 | 3,844 | 1,965 | 1,794 | 2,372 | 1,415 | 1,076 | ||||||||||||||||||||
Computer and data processing | 16,081 | 14,548 | 5,353 | 5,342 | 5,386 | 5,562 | 5,107 | ||||||||||||||||||||
Supplies and postage | 1,431 | 1,418 | 519 | 437 | 475 | 455 | 455 | ||||||||||||||||||||
FDIC assessments | 3,733 | 3,586 | 1,092 | 1,346 | 1,295 | 1,316 | 1,232 | ||||||||||||||||||||
Advertising and promotions | 1,108 | 1,556 | 371 | 440 | 297 | 370 | 744 | ||||||||||||||||||||
Amortization of intangibles | 443 | 689 | 112 | 114 | 217 | 221 | 225 | ||||||||||||||||||||
Restructuring (recoveries) charges | - | (74 | ) | - | - | - | 188 | (55 | ) | ||||||||||||||||||
Deposit-related charged-off items | 19,987 | 978 | 410 | 398 | 19,179 | 223 | 188 | ||||||||||||||||||||
Other | 11,051 | 10,527 | 3,398 | 3,953 | 3,700 | 3,716 | 3,812 | ||||||||||||||||||||
Total noninterest expense | 119,502 | 102,178 | 32,469 | 33,020 | 54,013 | 35,047 | 34,735 | ||||||||||||||||||||
Income before income taxes | 47,120 | 48,117 | 14,548 | 30,146 | 2,426 | 14,936 | 16,462 | ||||||||||||||||||||
Income tax expense | 5,955 | 7,633 | 1,082 | 4,517 | 356 | 5,156 | 2,440 | ||||||||||||||||||||
Net income | 41,165 | 40,484 | 13,466 | 25,629 | 2,070 | 9,780 | 14,022 | ||||||||||||||||||||
Preferred stock dividends | 1,094 | 1,094 | 365 | 364 | 365 | 365 | 365 | ||||||||||||||||||||
Net income available to common shareholders | $ | 40,071 | $ | 39,390 | $ | 13,101 | $ | 25,265 | $ | 1,705 | $ | 9,415 | $ | 13,657 | |||||||||||||
FINANCIAL RATIOS: | |||||||||||||||||||||||||||
Earnings per share – basic | $ | 2.60 | $ | 2.56 | $ | 0.85 | $ | 1.64 | $ | 0.11 | $ | 0.61 | $ | 0.89 | |||||||||||||
Earnings per share – diluted | $ | 2.57 | $ | 2.55 | $ | 0.84 | $ | 1.62 | $ | 0.11 | $ | 0.61 | $ | 0.88 | |||||||||||||
Cash dividends declared on common stock | $ | 0.90 | $ | 0.90 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | |||||||||||||
Common dividend payout ratio | 34.62 | % | 35.16 | % | 35.29 | % | 18.29 | % | 272.73 | % | 49.18 | % | 33.71 | % | |||||||||||||
Dividend yield (annualized) | 4.72 | % | 7.15 | % | 4.69 | % | 6.25 | % | 6.41 | % | 5.59 | % | 7.07 | % | |||||||||||||
Return on average assets (annualized) | 0.90 | % | 0.90 | % | 0.89 | % | 1.68 | % | 0.13 | % | 0.63 | % | 0.92 | % | |||||||||||||
Return on average equity (annualized) | 11.88 | % | 12.72 | % | 11.08 | % | 22.93 | % | 1.83 | % | 9.28 | % | 12.96 | % | |||||||||||||
Return on average common equity (annualized) | 12.02 | % | 12.90 | % | 11.18 | % | 23.51 | % | 1.57 | % | 9.31 | % | 13.15 | % | |||||||||||||
Return on average tangible common equity (annualized)(1) | 14.09 | % | 15.72 | % | 12.87 | % | 27.51 | % | 1.88 | % | 11.37 | % | 15.98 | % | |||||||||||||
Efficiency ratio(2) | 71.75 | % | 64.25 | % | 64.70 | % | 50.58 | % | 105.77 | % | 59.48 | % | 66.47 | % | |||||||||||||
Effective tax rate | 12.6 | % | 15.9 | % | 7.4 | % | 15.0 | % | 14.7 | % | 34.5 | % | 14.8 | % |
(1) See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
(2) The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.
FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands)
Nine Months Ended | 2024 | 2023 | |||||||||||||||||||||||||
September 30, | Third | Second | First | Fourth | Third | ||||||||||||||||||||||
SELECTED AVERAGE BALANCES: | 2024 | 2023 | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||
Federal funds sold and interest-earning deposits | $ | 113,656 | $ | 72,977 | $ | 49,476 | $ | 134,123 | $ | 158,075 | $ | 102,487 | $ | 62,673 | |||||||||||||
Investment securities(1) | 1,174,850 | 1,266,832 | 1,147,052 | 1,194,808 | 1,182,993 | 1,199,766 | 1,230,590 | ||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||
Commercial business | 700,178 | 697,728 | 673,830 | 704,272 | 722,720 | 702,222 | 712,224 | ||||||||||||||||||||
Commercial mortgage | 2,060,827 | 1,879,077 | 2,092,905 | 2,059,382 | 2,029,841 | 1,995,233 | 1,977,978 | ||||||||||||||||||||
Residential real estate loans | 648,286 | 603,268 | 647,844 | 648,099 | 648,921 | 640,955 | 621,074 | ||||||||||||||||||||
Residential real estate lines | 75,880 | 76,219 | 75,671 | 75,575 | 76,396 | 76,741 | 75,847 | ||||||||||||||||||||
Consumer indirect | 906,762 | 1,008,311 | 881,133 | 905,056 | 934,380 | 965,571 | 989,614 | ||||||||||||||||||||
Other consumer | 46,615 | 23,712 | 43,789 | 44,552 | 51,535 | 43,664 | 34,086 | ||||||||||||||||||||
Total loans | 4,438,548 | 4,288,315 | 4,415,172 | 4,436,936 | 4,463,793 | 4,424,386 | 4,410,823 | ||||||||||||||||||||
Total interest-earning assets | 5,727,054 | 5,628,124 | 5,611,700 | 5,765,867 | 5,804,861 | 5,726,639 | 5,704,086 | ||||||||||||||||||||
Goodwill and other intangible assets, net | 65,397 | 73,079 | 60,936 | 62,893 | 72,409 | 72,628 | 72,851 | ||||||||||||||||||||
Total assets | 6,132,110 | 5,991,075 | 6,018,390 | 6,153,429 | 6,225,760 | 6,127,171 | 6,073,653 | ||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||
Interest-bearing demand | 727,179 | 831,345 | 691,412 | 741,006 | 749,512 | 780,546 | 766,636 | ||||||||||||||||||||
Savings and money market | 2,018,881 | 1,691,783 | 1,938,935 | 2,036,772 | 2,081,815 | 2,048,822 | 1,749,202 | ||||||||||||||||||||
Time deposits | 1,500,238 | 1,484,919 | 1,515,745 | 1,505,665 | 1,479,133 | 1,455,867 | 1,564,035 | ||||||||||||||||||||
Short-term borrowings | 149,588 | 221,392 | 129,130 | 140,110 | 179,747 | 84,587 | 222,871 | ||||||||||||||||||||
Long-term borrowings, net | 124,640 | 121,033 | 124,717 | 124,640 | 124,562 | 124,484 | 124,407 | ||||||||||||||||||||
Total interest-bearing liabilities | 4,520,526 | 4,350,472 | 4,399,939 | 4,548,193 | 4,614,769 | 4,494,306 | 4,427,151 | ||||||||||||||||||||
Noninterest-bearing demand deposits | 955,428 | 1,038,798 | 952,970 | 950,819 | 962,522 | 1,006,465 | 1,022,423 | ||||||||||||||||||||
Total deposits | 5,201,726 | 5,046,845 | 5,099,062 | 5,234,262 | 5,272,982 | 5,291,700 | 5,102,296 | ||||||||||||||||||||
Total liabilities | 5,669,430 | 5,565,583 | 5,535,112 | 5,703,929 | 5,770,725 | 5,708,842 | 5,644,488 | ||||||||||||||||||||
Shareholders’ equity | 462,680 | 425,492 | 483,278 | 449,500 | 455,035 | 418,329 | 429,165 | ||||||||||||||||||||
Common equity | 445,388 | 408,200 | 465,986 | 432,208 | 437,743 | 401,037 | 411,873 | ||||||||||||||||||||
Tangible common equity(2) | 379,991 | 335,121 | 405,050 | 369,315 | 365,334 | 328,409 | 339,022 | ||||||||||||||||||||
Common shares outstanding: | |||||||||||||||||||||||||||
Basic | 15,437 | 15,371 | 15,464 | 15,444 | 15,403 | 15,393 | 15,391 | ||||||||||||||||||||
Diluted | 15,582 | 15,443 | 15,636 | 15,556 | 15,543 | 15,511 | 15,462 | ||||||||||||||||||||
SELECTED AVERAGE YIELDS: (Tax equivalent basis) | |||||||||||||||||||||||||||
Investment securities | 2.14 | % | 1.89 | % | 2.14 | % | 2.17 | % | 2.09 | % | 2.03 | % | 1.88 | % | |||||||||||||
Loans | 6.39 | % | 5.90 | % | 6.42 | % | 6.40 | % | 6.33 | % | 6.21 | % | 6.15 | % | |||||||||||||
Total interest-earning assets | 5.49 | % | 4.98 | % | 5.53 | % | 5.50 | % | 5.43 | % | 5.32 | % | 5.21 | % | |||||||||||||
Interest-bearing demand | 1.12 | % | 0.75 | % | 1.05 | % | 1.18 | % | 1.11 | % | 1.26 | % | 0.83 | % | |||||||||||||
Savings and money market | 3.05 | % | 2.05 | % | 3.07 | % | 3.01 | % | 3.08 | % | 3.01 | % | 2.51 | % | |||||||||||||
Time deposits | 4.71 | % | 3.78 | % | 4.72 | % | 4.72 | % | 4.68 | % | 4.57 | % | 4.20 | % | |||||||||||||
Short-term borrowings | 2.99 | % | 3.98 | % | 2.64 | % | 2.75 | % | 3.42 | % | 1.38 | % | 3.98 | % | |||||||||||||
Long-term borrowings, net | 5.02 | % | 5.06 | % | 5.03 | % | 5.02 | % | 5.02 | % | 5.05 | % | 5.05 | % | |||||||||||||
Total interest-bearing liabilities | 3.34 | % | 2.57 | % | 3.37 | % | 3.32 | % | 3.34 | % | 3.24 | % | 2.96 | % | |||||||||||||
Net interest rate spread | 2.15 | % | 2.41 | % | 2.16 | % | 2.18 | % | 2.09 | % | 2.08 | % | 2.25 | % | |||||||||||||
Net interest margin | 2.85 | % | 2.99 | % | 2.89 | % | 2.87 | % | 2.78 | % | 2.78 | % | 2.91 | % |
(1) Includes investment securities at adjusted amortized cost.
(2) See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands)
Nine Months Ended | 2024 | 2023 | |||||||||||||||||||||||||
September 30, | Third | Second | First | Fourth | Third | ||||||||||||||||||||||
ASSET QUALITY DATA: | 2024 | 2023 | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||
Allowance for Credit Losses – Loans | |||||||||||||||||||||||||||
Beginning balance | $ | 51,082 | $ | 45,413 | $ | 43,952 | $ | 43,075 | $ | 51,082 | $ | 49,630 | $ | 49,836 | |||||||||||||
Net loan charge-offs (recoveries): | |||||||||||||||||||||||||||
Commercial business | (33 | ) | (59 | ) | (3 | ) | 7 | (37 | ) | (50 | ) | 32 | |||||||||||||||
Commercial mortgage | 6 | (958 | ) | 10 | (3 | ) | (1 | ) | 993 | (972 | ) | ||||||||||||||||
Residential real estate loans | 99 | 67 | (1 | ) | 96 | 4 | 22 | (4 | ) | ||||||||||||||||||
Residential real estate lines | - | 41 | - | - | - | - | - | ||||||||||||||||||||
Consumer indirect | 5,370 | 4,421 | 1,553 | 844 | 2,973 | 3,174 | 2,283 | ||||||||||||||||||||
Other consumer | 466 | 811 | 106 | 178 | 182 | 82 | 259 | ||||||||||||||||||||
Total net charge-offs (recoveries) | 5,908 | 4,323 | 1,665 | 1,122 | 3,121 | 4,221 | 1,598 | ||||||||||||||||||||
(Benefit) provision for credit losses – loans | (496 | ) | 8,540 | 2,391 | 1,999 | (4,886 | ) | 5,673 | 1,392 | ||||||||||||||||||
Ending balance | $ | 44,678 | $ | 49,630 | $ | 44,678 | $ | 43,952 | $ | 43,075 | $ | 51,082 | $ | 49,630 | |||||||||||||
Net charge-offs (recoveries) to average loans (annualized): | |||||||||||||||||||||||||||
Commercial business | -0.01 | % | -0.01 | % | 0.00 | % | 0.00 | % | -0.02 | % | -0.03 | % | 0.02 | % | |||||||||||||
Commercial mortgage | 0.00 | % | -0.07 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.20 | % | -0.19 | % | |||||||||||||
Residential real estate loans | 0.02 | % | 0.01 | % | 0.00 | % | 0.06 | % | 0.00 | % | 0.01 | % | 0.00 | % | |||||||||||||
Residential real estate lines | 0.00 | % | 0.07 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||
Consumer indirect | 0.79 | % | 0.59 | % | 0.70 | % | 0.38 | % | 1.28 | % | 1.30 | % | 0.92 | % | |||||||||||||
Other consumer | 1.33 | % | 4.57 | % | 0.95 | % | 1.62 | % | 1.41 | % | 0.75 | % | 3.00 | % | |||||||||||||
Total loans | 0.18 | % | 0.13 | % | 0.15 | % | 0.10 | % | 0.28 | % | 0.38 | % | 0.14 | % | |||||||||||||
Supplemental information(1) | |||||||||||||||||||||||||||
Non-performing loans: | |||||||||||||||||||||||||||
Commercial business | $ | 5,752 | $ | 254 | $ | 5,752 | $ | 5,680 | $ | 5,956 | $ | 5,664 | $ | 254 | |||||||||||||
Commercial mortgage | 25,620 | 686 | 25,620 | 10,452 | 10,826 | 10,563 | 686 | ||||||||||||||||||||
Residential real estate loans | 5,790 | 4,992 | 5,790 | 5,961 | 6,797 | 6,364 | 4,992 | ||||||||||||||||||||
Residential real estate lines | 232 | 201 | 232 | 183 | 235 | 221 | 201 | ||||||||||||||||||||
Consumer indirect | 3,291 | 3,382 | 3,291 | 2,897 | 2,880 | 3,814 | 3,382 | ||||||||||||||||||||
Other consumer | 57 | 6 | 57 | 36 | 36 | 34 | 6 | ||||||||||||||||||||
Total non-performing loans | 40,742 | 9,521 | 40,742 | 25,209 | 26,730 | 26,660 | 9,521 | ||||||||||||||||||||
Foreclosed assets | 109 | 162 | 109 | 63 | 140 | 142 | 162 | ||||||||||||||||||||
Total non-performing assets | $ | 40,851 | $ | 9,683 | $ | 40,851 | $ | 25,272 | $ | 26,870 | $ | 26,802 | $ | 9,683 | |||||||||||||
Total non-performing loans to total loans | 0.93 | % | 0.21 | % | 0.93 | % | 0.57 | % | 0.60 | % | 0.60 | % | 0.21 | % | |||||||||||||
Total non-performing assets to total assets | 0.66 | % | 0.16 | % | 0.66 | % | 0.41 | % | 0.43 | % | 0.44 | % | 0.16 | % | |||||||||||||
Allowance for credit losses – loans to total loans | 1.01 | % | 1.12 | % | 1.01 | % | 0.99 | % | 0.97 | % | 1.14 | % | 1.12 | % | |||||||||||||
Allowance for credit losses – loans to non-performing loans | 110 | % | 521 | % | 110 | % | 174 | % | 161 | % | 192 | % | 521 | % |
(1) At period end.
FINANCIAL INSTITUTIONS, INC.
Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
(In thousands, except per share amounts)
Nine Months Ended | 2024 | 2023 | |||||||||||||||||||||||||
September 30, | Third | Second | First | Fourth | Third | ||||||||||||||||||||||
2024 | 2023 | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||
Ending tangible assets: | |||||||||||||||||||||||||||
Total assets | $ | 6,156,317 | $ | 6,131,772 | $ | 6,298,598 | $ | 6,160,881 | $ | 6,140,149 | |||||||||||||||||
Less: Goodwill and other intangible assets, net | 60,867 | 60,979 | 72,287 | 72,504 | 72,725 | ||||||||||||||||||||||
Tangible assets | $ | 6,095,450 | $ | 6,070,793 | $ | 6,226,311 | $ | 6,088,377 | $ | 6,067,424 | |||||||||||||||||
Ending tangible common equity: | |||||||||||||||||||||||||||
Common shareholders’ equity | $ | 483,050 | $ | 450,375 | $ | 428,442 | $ | 437,504 | $ | 391,424 | |||||||||||||||||
Less: Goodwill and other intangible assets, net | 60,867 | 60,979 | 72,287 | 72,504 | 72,725 | ||||||||||||||||||||||
Tangible common equity | $ | 422,183 | $ | 389,396 | $ | 356,155 | $ | 365,000 | $ | 318,699 | |||||||||||||||||
Tangible common equity to tangible assets(1) | 6.93 | % | 6.41 | % | 5.72 | % | 6.00 | % | 5.25 | % | |||||||||||||||||
Common shares outstanding | 15,474 | 15,472 | 15,447 | 15,407 | 15,402 | ||||||||||||||||||||||
Tangible common book value per share(2) | $ | 27.28 | $ | 25.17 | $ | 23.06 | $ | 23.69 | $ | 20.69 | |||||||||||||||||
Average tangible assets: | |||||||||||||||||||||||||||
Average assets | $ | 6,132,110 | $ | 5,991,075 | $ | 6,018,390 | $ | 6,153,429 | $ | 6,225,760 | $ | 6,127,171 | $ | 6,073,653 | |||||||||||||
Less: Average goodwill and other intangible assets, net | 65,397 | 73,079 | 60,936 | 62,893 | 72,409 | 72,628 | 72,851 | ||||||||||||||||||||
Average tangible assets | $ | 6,066,713 | $ | 5,917,996 | $ | 5,957,454 | $ | 6,090,536 | $ | 6,153,351 | $ | 6,054,543 | $ | 6,000,802 | |||||||||||||
Average tangible common equity: | |||||||||||||||||||||||||||
Average common equity | $ | 445,388 | $ | 408,200 | $ | 465,986 | $ | 432,208 | $ | 437,743 | $ | 401,037 | $ | 411,873 | |||||||||||||
Less: Average goodwill and other intangible assets, net | 65,397 | 73,079 | 60,936 | 62,893 | 72,409 | 72,628 | 72,851 | ||||||||||||||||||||
Average tangible common equity | $ | 379,991 | $ | 335,121 | $ | 405,050 | $ | 369,315 | $ | 365,334 | $ | 328,409 | $ | 339,022 | |||||||||||||
Net income available to common shareholders | $ | 40,071 | $ | 39,390 | $ | 13,101 | $ | 25,265 | $ | 1,705 | $ | 9,415 | $ | 13,657 | |||||||||||||
Return on average tangible common equity(3) | 14.09 | % | 15.72 | % | 12.87 | % | 27.51 | % | 1.88 | % | 11.37 | % | 15.98 | % | |||||||||||||
Pre-tax pre-provision income: | |||||||||||||||||||||||||||
Net income | $ | 41,165 | $ | 40,484 | $ | 13,466 | $ | 25,629 | $ | 2,070 | $ | 9,780 | $ | 14,022 | |||||||||||||
Add: Income tax expense | 5,955 | 7,633 | 1,082 | 4,517 | 356 | 5,156 | 2,440 | ||||||||||||||||||||
Add: (Benefit) provision for credit losses | (311 | ) | 8,410 | 3,104 | 2,041 | (5,456 | ) | 5,271 | 966 | ||||||||||||||||||
Pre-tax pre-provision (loss) income | $ | 46,809 | $ | 56,527 | $ | 17,652 | $ | 32,187 | $ | (3,030 | ) | $ | 20,207 | $ | 17,428 |
(1) Tangible common equity divided by tangible assets.
(2) Tangible common equity divided by common shares outstanding.
(3) Net income available to common shareholders (annualized) divided by average tangible common equity.
FAQ
What was Financial Institutions Inc's (FISI) earnings per share in Q3 2024?
How much did FISI's deposits grow in Q3 2024?
What was FISI's net interest margin in Q3 2024?