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Financial Institutions, Inc. reports recurring developments as the parent company of Five Star Bank and Courier Capital, LLC. Company news centers on commercial banking, consumer banking and wealth management activity, including loan and deposit trends, net interest income, noninterest income, profitability metrics and operating results across its banking franchise.
Updates also cover capital management actions such as common and preferred stock dividends, share repurchases, subordinated debt transactions and refinancing activity. The company’s operating disclosures reflect banking services for consumer, commercial and municipal customers in Western and Central New York, with commercial lending activity also extending into the Mid-Atlantic region.
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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.