Financial Instns Inc Stock Price, News & Analysis

Financial Institutions, Inc. (NASDAQ:FISI) reported its financial and operational results for Q1 2023, revealing a net income of $12.1 million, consistent with Q4 2022 but down from $15.0 million in Q1 2022. Net income available to common shareholders was $11.7 million, or $0.76 per diluted share. Total loans increased by 4.8% from Q4 2022 to $4.24 billion, and total deposits rose to $5.14 billion, reflecting seasonal increases.

Net interest income fell by 3.1% from Q4 2022 to $41.8 million, impacted by rising funding costs. Noninterest income remained stable at $10.9 million but decreased from the previous year. The company announced a 3.4% common stock dividend increase, marking its 13th consecutive annual increase. Strong credit quality metrics continued to be reported, with non-performing loans at 0.21% of total loans.

Financial Institutions, Inc. (NASDAQ: FISI) will announce its first-quarter results for the period ending March 31, 2023, on April 26, 2023, after market close. The management will conduct an earnings conference call on April 27, 2023, at 8:30 a.m. Eastern Time, which will feature President and CEO Martin K. Birmingham and CFO W. Jack Plants II. Interested parties can listen via the Company’s website or by phone using the provided access code. Financial Institutions, Inc. is a financial holding company with about $5.8 billion in assets, offering banking, insurance, and wealth management services through its subsidiaries.

Financial Institutions, Inc. (NASDAQ: FISI) announced its 2023 Annual Meeting of Shareholders will be held virtually on June 21 at 10:00 am ET. The record date for voting is April 24, 2023. Details on participation will be provided in a Proxy Statement filed with the SEC by April 27, 2023. The Company offers diverse financial services with approximately $5.8 billion in assets, operating through subsidiaries including Five Star Bank, SDN Insurance Agency, Courier Capital, and HNP Capital.

Financial Institutions, Inc. (NASDAQ: FISI) announced the appointment of Gary Pacos as Chief Risk Officer of Five Star Bank. With over 30 years of risk management experience, Pacos previously held senior roles at HSBC Bank USA, M&T Bank, and Bank OZK, where he significantly improved compliance systems. He will oversee the company's risk management functions, succeeding Randy Phillips, who transitions to Deputy Chief Credit Officer. This leadership change emphasizes the bank's commitment to credit discipline and risk management. Financial Institutions, Inc. has approximately $5.8 billion in assets and operates several financial service subsidiaries.

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.