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Financial Institutions (NASDAQ: FISI) posts Q2 EPS of $1.04 on loan growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Financial Institutions, Inc. reported net income available to common shareholders of $20.8 million, or $1.04 per diluted share, for the quarter ended June 30, 2026, up from $0.85 a year earlier; total net income was $21,184 thousand.

Net interest income was $53,361 thousand and net interest margin was 3.70%. Total loans reached $4.75 billion, up 2.7% from March 31, 2026, while deposits were $5.30 billion, slightly lower quarter-over-quarter but higher year-over-year. Noninterest income was $11.0 million, supported by investment advisory fees as assets under management exceeded $4.0 billion. Asset quality metrics included net charge-offs of 0.11% of average loans and non-performing loans of $39.0 million, or 0.82% of total loans. Regulatory capital ratios continued to exceed well-capitalized requirements, with a tangible common equity ratio of 9.02% and a common equity Tier 1 ratio of 11.44%, and the company paid a quarterly common dividend of $0.32 per share.

Positive

  • None.

Negative

  • None.

Filing Explained

No second-quarter shares were repurchased; 503,313 remain authorized, while June 30 available liquidity was approximately $1.15 billion.

Financial Institutions, Inc. used the July 23, 2026 Form 8-K to furnish its completed second-quarter results and related investor-presentation information. For common holders, the filing reports no second-quarter repurchases; 503,313 shares remained available under the existing authorization, so the disclosure records unused repurchase capacity rather than a completed reduction in shares.

At June 30, 2026, the company reported approximately $1.15 billion of available liquidity, excluding brokered-deposit capacity, plus $99.2 million of cash and $155.0 million of available unsecured credit lines. These are disclosed funding sources available to meet customer demand, not proceeds from a transaction reported in this filing.

The company says it will continue evaluating subsequent events through the filing of its consolidated financial statements on Form 10-Q and will adjust the preliminary amounts if necessary.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income available to common shareholders $20,819 thousand Quarter ended June 30, 2026
Diluted EPS $1.04 Quarter ended June 30, 2026
Net interest income $53,361 thousand Q2 2026 consolidated net interest income
Net interest margin 3.70 % Tax-equivalent basis in Q2 2026
Total loans $4,752,965 thousand End of period June 30, 2026
Total deposits $5,299,465 thousand End of period June 30, 2026
Tangible common equity ratio 9.02 % Tangible common equity to tangible assets at June 30, 2026
Non-performing loans ratio 0.82 % Total non-performing loans to total loans at June 30, 2026
Net interest margin financial
"Net interest margin (tax-equivalent basis) (2) | | 3.70 %"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Efficiency ratio financial
"The efficiency ratio improved to 55%, reflecting both strong revenue generation"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Tangible common equity financial
"tangible common equity ratio(1) of 9.02%, a common equity Tier 1 ratio"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
Provision for credit losses financial
"Provision for credit losses was $3,108 in the second quarter of 2026"
Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.
Non-performing loans financial
"Non-performing loans were $39.0 million, or 0.82% of total loans, at June 30, 2026"
Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.
CECL financial
"required by the current expected credit loss standard ("CECL"), totaled a credit"
An accounting standard that requires banks and other lenders to estimate and record expected credit losses for loans and similar financial assets up front, based on historical experience, current conditions and reasonable forecasts. It matters to investors because it changes how much a firm must set aside as a loss reserve, which directly affects reported profits, capital levels and perceived financial strength—think of it as stocking a reserve for future bad loans before the rain starts.
Net income available to common shareholders $20,819 thousand in Q2 2026 up 21.3 % from $17,168 thousand in Q2 2025
Diluted EPS $1.04 in Q2 2026 up 22.4 % from $0.85 in Q2 2025
Net interest income $53,361 thousand in Q2 2026 up 8.6 % from $49,122 thousand in Q2 2025
Net interest margin 3.70 % in Q2 2026 up 21 bps from 3.49 % in Q2 2025
Total loans (end of period) $4,752,965 thousand at June 30, 2026 up 4.8 % from $4,536,002 thousand at June 30, 2025

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FAQ

What were Financial Institutions, Inc. (FISI) Q2 2026 earnings?
Financial Institutions, Inc. reported net income available to common shareholders of $20.8 million, or $1.04 diluted EPS, for Q2 2026, compared with net income available to common shareholders of $17,168 thousand and diluted EPS of $0.85 in Q2 2025.

How did net interest income and margin trend for FISI in Q2 2026?
In Q2 2026, Financial Institutions, Inc. generated net interest income of $53,361 thousand and a net interest margin of 3.70%. Net interest income increased from $49,122 thousand and margin from 3.49% in Q2 2025, driven largely by lower interest-bearing liability costs.

What were Financial Institutions, Inc. (FISI) loan and deposit levels at June 30, 2026?
At June 30, 2026, FISI reported total loans of $4.75 billion, up 2.7% from March 31, 2026, and total deposits of $5.30 billion. Deposits declined modestly quarter-over-quarter, mainly due to seasonal public deposit balances, but increased versus June 30, 2025.

How strong were FISI’s capital ratios in Q2 2026?
Financial Institutions, Inc. reported a tangible common equity ratio of 9.02% and a common equity Tier 1 capital ratio of 11.44% at June 30, 2026. Management stated these regulatory capital ratios continued to exceed all requirements to be considered well capitalized.

What credit quality metrics did Financial Institutions, Inc. (FISI) report for Q2 2026?
For Q2 2026, FISI reported net charge-offs of 0.11% of average loans and non-performing loans of $39.0 million, equal to 0.82% of total loans. The allowance for credit losses on loans was $47,497 thousand, or 1.00% of total loans, at June 30, 2026.

What dividend did Financial Institutions, Inc. (FISI) pay in Q2 2026?
Financial Institutions, Inc. declared a common stock dividend of $0.32 per share in Q2 2026. This matched the prior quarter’s dividend and was $0.01 higher than the year-ago quarter, representing a 30.19% common dividend payout ratio for the quarter.

How much liquidity did Financial Institutions, Inc. (FISI) have at June 30, 2026?
At June 30, 2026, FISI reported approximately $1.15 billion of available liquidity excluding brokered deposit capacity, plus $99.2 million in cash and cash equivalents and $155.0 million of available unsecured lines of credit to meet customer and funding needs.
0000862831false00008628312026-06-302026-06-30

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 30, 2026

 

 

 

Financial Institutions, Inc.

img200888652_0.jpg

(Exact name of Registrant as Specified in Its Charter)

 

 

 

New York

0-26481

16-0816610

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

220 Liberty Street

 

Warsaw, New York

 

14569

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 585 786-1100

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.01 per share

 

FISI

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On July 23, 2026, Financial Institutions, Inc. (the “Company”) issued a press release to report financial results for the second quarter ended June 30, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01 Regulation FD Disclosure.

The Company published an investor presentation with data for the second quarter ended June 30, 2026. The presentation is available on the Company’s website at www.FISI-investors.com under “Events & Presentations”. Investors should note that the Company announces material information in Securities and Exchange Commission (“SEC”) filings and press releases. Based on guidance from the SEC, the Company may also use the Investor Relations section of its corporate website, www.FISI-investors.com, to communicate with investors about the Company. It is possible that the information posted there could be deemed to be material information. The information on the Company’s website is not incorporated by reference into this Current Report on Form 8-K.

This information is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”), as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, of the Exchange Act, whether made before or after the date of this report, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits.

Exhibit

Number

Description

Location

 99.1

Press Release issued by Financial Institutions, Inc. on July 23, 2026

Filed Herewith

 104

 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Financial Institutions, Inc.

 

 

 

 

Date:

July 23, 2026

By:

/s/ W. Jack Plants II

 

 

 

W. Jack Plants II
Executive Vice President, Chief Financial Officer
     and Treasurer

 

Exhibit 99.1

img145321324_0.jpg

 

 

 

 

Financial Institutions, Inc. Reports Net Income Available to Common Shareholders of $20.8 million, or $1.04 per Diluted Share, for the Second Quarter of 2026

 

The Company's community bank subsidiary delivered strong loan growth of 2.7% during the quarter and its wealth manager's assets under management surpassed a new milestone of $4.0 billion

 

WARSAW, N.Y., July 23, 2026 – Financial Institutions, Inc. (NASDAQ: FISI) (the "Company," "we" or "us") today reported financial and operational results for the second quarter ended June 30, 2026, reflecting strong performance by subsidiaries Five Star Bank (the "Bank") and Courier Capital, LLC ("Courier Capital"), including healthy loan growth, all-time-high assets under management ("AUM") and sustained profitability.

KEY FINANCIAL METRICS

 

 

 

 

 

 

Quarter-over-Quarter
("QoQ")

 

Year-over-Year
("YoY")

 

Dollars in thousands, except per share data
Return metrics annualized

Q2 2026

 

Q1 2026

 

Q2 2025

 

Variance

%

 

Variance

%

 

Net income

$

21,184

 

$

20,985

 

$

17,532

 

$

199

 

 

 

0.9

%

$

3,652

 

 

 

20.8

%

Net income available to common shareholders

 

20,819

 

 

20,621

 

 

17,168

 

 

198

 

 

 

1.0

%

 

3,651

 

 

 

21.3

%

Diluted earnings per common share

$

1.04

 

$

1.04

 

$

0.85

 

$

-

 

 

 

0.0

%

$

0.19

 

 

 

22.4

%

Return on average assets

 

1.35

%

 

1.37

%

 

1.13

%

 

(2

)

bps

 

 

 

22

 

bps

 

 

Return on average equity

 

13.31

%

 

13.43

%

 

11.78

%

 

(12

)

bps

 

 

 

153

 

bps

 

 

Return on average tangible common equity(1)

 

14.88

%

 

15.04

%

 

13.27

%

 

(16

)

bps

 

 

 

161

 

bps

 

 

Efficiency ratio

 

55.33

%

 

57.06

%

 

59.68

%

 

(173

)

bps

 

 

 

(435

)

bps

 

 

Total loans (end of period)

$

4,752,965

 

$

4,627,587

 

$

4,536,002

 

$

125,378

 

 

 

2.7

%

$

216,963

 

 

 

4.8

%

Total deposits (end of period)

$

5,299,465

 

$

5,337,881

 

$

5,156,014

 

$

(38,416

)

 

 

-0.7

%

$

143,451

 

 

 

2.8

%

Second Quarter 2026 Highlights and Key Developments

•
Total loans of $4.75 billion at June 30, 2026 grew 2.7% from March 31, 2026, driven by robust commercial lending, while deposits of $5.30 billion were down modestly quarter-over-quarter, reflecting public deposit seasonality.
•
Net interest income reached a new quarterly high of $53.4 million and net interest margin of 3.70% reflected expansion of 3 and 21 basis points from the linked and year-ago quarters, respectively.
•
Noninterest income of $11.0 million was up 2.6% and 3.2% from the linked and year-ago quarters, respectively, supported by increased investment advisory fees as Courier Capital's AUM surpassed $4.0 billion.
•
The efficiency ratio improved to 55%, reflecting both strong revenue generation and disciplined expense management, as noninterest expense of $35.6 million held flat with the linked quarter.
•
Net charge-offs were 0.11% of average loans in the second quarter of 2026, while the ratio of allowance for credit losses on loans to total loans increased to 1.00% at June 30, 2026.

"We delivered another quarter of strong and profitable results, highlighted by annualized loan growth of more than 10%, healthy revenue generation and prudent expense management," said President and Chief Executive Officer Martin K. Birmingham. "Commercial loan growth was robust, driven by our core Western and Central New York markets, and our pipelines are healthy heading into the second half of the year. In our wealth business, assets under management grew to more than $4.0 billion as of June 30, 2026, as new business activity complemented market performance. Overall, our results continue to reflect disciplined execution by each of our business lines and our commitment to sustainable profitability and long-term value creation."

Chief Financial Officer and Treasurer W. Jack Plants II added, "Our disciplined approach to managing funding costs supported further net interest margin expansion to 3.70% for the second quarter. Given current rate dynamics, we are beginning to see deposit costs level off and remain focused on preserving margin stability amid a competitive environment. Heading into the third quarter, we remain focused on deposit retention and acquisition, credit disciplined loan growth and effective expense management. Capital strength remains a key pillar of our financial performance, with a tangible common equity ratio(1) of 9.02%, a common equity Tier 1 ratio of 11.44%, and a return on average tangible common equity(1) of 14.88%."

Net Interest Income and Net Interest Margin

NET INTEREST INCOME

 

 

 

 

 

 

QoQ

 

YoY

 

Dollars in thousands

Q2 2026

 

Q1 2026

 

Q2 2025

 

Variance

%

 

Variance

%

 

Interest income

$

83,076

 

$

81,563

 

$

82,867

 

$

1,513

 

 

 

1.9

%

$

209

 

 

 

0.3

%

Interest expense

 

29,715

 

 

29,570

 

 

33,745

 

 

145

 

 

 

0.5

%

 

(4,030

)

 

 

-11.9

%

Net interest income

 

53,361

 

 

51,993

 

 

49,122

 

 

1,368

 

 

 

2.6

%

 

4,239

 

 

 

8.6

%

Net interest margin (tax-equivalent basis)(2)

 

3.70

%

 

3.67

%

 

3.49

%

 

3

 

 bps

 

 

 

21

 

 bps

 

 

Average interest-earning assets

$

5,785,900

 

$

5,724,534

 

$

5,651,374

 

$

61,366

 

 

 

1.1

%

$

134,526

 

 

 

2.4

%

Average interest-bearing liabilities

 

4,559,420

 

 

4,513,440

 

 

4,518,370

 

 

45,980

 

 

 

1.0

%

 

41,050

 

 

 

0.9

%

Net interest income was $53.4 million, up $1.4 million from the linked quarter and up $4.2 million from the second quarter of 2025. Net interest margin of 3.70% reflected expansion of 3 and 21 basis points from the linked and year-ago quarters, respectively, driven by lower interest-bearing liability costs.

•
Average interest earning assets of $5.79 billion were up $61.4 million from the first quarter of 2026 and up $134.5 million from the second quarter of 2025. The linked quarter variance reflected increases in both average loans and investment securities, partially offset by a small decrease in the average balance of Federal Reserve interest-earning cash. The year-over-year variance reflected a $139.2 million increase in average balance of loans, partially offset by a $10.7 million decrease in the average balance of Federal Reserve interest-earning cash, as average balances of investment securities remained relatively consistent. The yield on interest-earning assets was 5.76% in both the first and second quarters of 2026, compared to 5.88% in the second quarter of 2025.
•
Average interest-bearing liabilities of $4.56 billion were up $46.0 million from the first quarter of 2026 and up $41.1 million from the second quarter of 2025. The linked quarter variance was due to increases in the average balances of savings and money market deposits and short-term borrowings, partially offset by decreases in long-term borrowings, average interest-bearing demand deposits and time deposits. The year-over-year variance reflected increases in the average balances of time deposits, short-term borrowings and savings and money market deposits, partially offset by decreases in average long-term borrowings and average interest-bearing demand deposits. The cost of interest-bearing liabilities was 2.61%, reflecting decreases of 4 and 39 basis points from the linked and year-ago quarters, respectively.

Noninterest Income

SELECT NONINTEREST INCOME CATEGORIES

 

 

 

 

 

 

QoQ Change

 

YoY Change

 

Dollars in thousands

Q2 2026

 

Q1 2026

 

Q2 2025

 

$

 

%

 

$

 

%

 

Investment advisory

$

3,287

 

$

3,061

 

$

2,885

 

$

226

 

 

7.4

%

$

402

 

 

13.9

%

Investments in limited partnerships

 

(140

)

 

224

 

 

307

 

 

(364

)

 

-162.5

%

 

(447

)

 

-145.6

%

Income from derivative instruments, net

 

518

 

 

239

 

 

339

 

 

279

 

 

116.7

%

 

179

 

 

52.8

%

Net gain (loss) on other assets

 

27

 

 

(481

)

 

-

 

 

508

 

 

-105.6

%

 

27

 

N/A

 

Other

 

1,200

 

 

1,770

 

 

1,284

 

 

(570

)

 

-32.2

%

 

(84

)

 

-6.5

%

Total noninterest income

 

10,954

 

 

10,673

 

 

10,617

 

 

281

 

 

2.6

%

 

337

 

 

3.2

%

Noninterest income was $11.0 million in the second quarter of 2026, versus $10.7 million in the first quarter of 2026 and $10.6 million in the second quarter of 2025. The linked quarter and year-over-year variances were driven by a variety of factors, including increased investment advisory income, reflecting both new business and market performance, and increased income from derivative instruments, net, which is based on the number and value of interest rate swap transactions executed during the quarter. Detail on other select categories with notable variances follows:

•
A loss on investments in limited partnerships, which are primarily small business investment companies, of $140 thousand was recognized in the second quarter of 2026, compared to gains of $224 thousand and $307 thousand in the linked and year-ago quarters, respectively. Income from these investments, which we account for under the equity method, fluctuates based on the maturity and performance of the underlying investments.
•
A net gain on other assets of $27 thousand was recognized in the second quarter of 2026, compared to a net loss of $481 thousand in the first quarter of 2026 related to the write-down of two branch locations that were held for sale as of March 31, 2026. No gain or loss was recorded in the second quarter of 2025.
•
Other noninterest income of $1.2 million was down from both the linked and year-ago quarters. The linked quarter variance was driven by a variety of factors, including insurance recoveries recorded in the first quarter of 2026 related to a previously disclosed deposit-related charge-off.

Noninterest Expense and Income Taxes

SELECT NONINTEREST EXPENSE CATEGORIES

 

 

 

 

 

 

QoQ Change

 

YoY Change

 

Dollars in thousands

Q2 2026

 

Q1 2026

 

Q2 2025

 

$

 

%

 

$

 

%

 

Salaries and employee benefits

$

19,165

 

$

18,601

 

$

18,070

 

$

564

 

 

3.0

%

$

1,095

 

 

6.1

%

Computer and data processing

 

5,512

 

 

6,211

 

 

5,879

 

 

(699

)

 

-11.3

%

 

(367

)

 

-6.2

%

Total noninterest expense

 

35,605

 

 

35,595

 

 

35,682

 

 

10

 

 

0.0

%

 

(77

)

 

-0.2

%

 

Noninterest expense was $35.6 million in both the first and second quarters of 2026 and $35.7 million in the second quarter of 2025. Detail on select categories with notable variances follows:

•
Salaries and employee benefits expense was $564 thousand higher than the first quarter of 2026, primarily driven by the timing of annual merit increases as well as the impact of an additional business day in the recent quarter, and $1.1 million higher than the second quarter of 2025, reflecting a combination of factors, including annual merit increases, incentive compensation and investments in personnel.
•
Computer and data processing expense was $699 thousand and $367 thousand lower than the linked and year-ago quarters, respectively, due in part to the termination of a vendor relationship in the first quarter of 2026.

INCOME TAXES

 

 

 

 

 

 

QoQ

 

YoY

 

Dollars in thousands

Q2 2026

 

Q1 2026

 

Q2 2025

 

Variance

 

%

 

Variance

 

%

 

Income tax expense

$

4,418

 

$

3,847

 

$

3,963

 

$

571

 

 

14.8

%

$

455

 

 

11.5

%

Tax credit on investments placed in service/amortized

 

1,045

 

 

1,045

 

 

1,103

 

 

-

 

 

0.0

%

 

(58

)

 

-5.3

%

Effective tax rate

 

17.3

%

 

15.5

%

 

18.4

%

 

1.8

%

 

 

 

-1.2

%

 

 

Income tax expense was $4.4 million for the second quarter of 2026, compared to $3.8 million in the first quarter of 2026 and $4.0 million in the second quarter of 2025. Income tax expense reflects federal and state tax benefits that the Company recognized related to tax credit investments placed in service and/or amortized during each period, as outlined above.

•
The effective tax rate, which was 17.3% for the second quarter of 2026, fluctuates on a quarterly basis primarily due to the level of pre-tax earnings or loss and may differ from statutory rates due to interest income from tax-exempt securities, earnings on COLI and the impact of repositionings, the tax impact of restricted stock award vesting, and the impact of tax credit investments.

Balance Sheet Composition and Liquidity

SELECT BALANCE SHEET DATA

 

 

 

 

 

 

QoQ Change

 

YoY Change

 

Dollars in thousands, end of period

Q2 2026

 

Q1 2026

 

Q2 2025

 

$

 

%

 

$

 

%

 

Total assets

$

6,334,952

 

$

6,294,783

 

$

6,143,766

 

$

40,169

 

 

0.6

%

$

191,186

 

 

3.1

%

Total investment securities

 

989,764

 

 

1,085,771

 

 

1,008,268

 

 

(96,007

)

 

-8.8

%

 

(18,504

)

 

-1.8

%

Commercial business and commercial mortgage

 

3,210,384

 

 

3,078,180

 

 

2,941,371

 

 

132,204

 

 

4.3

%

 

269,013

 

 

9.1

%

Residential real estate

 

738,681

 

 

727,640

 

 

722,880

 

 

11,041

 

 

1.5

%

 

15,801

 

 

2.2

%

Consumer indirect and other consumer

 

803,900

 

 

821,767

 

 

871,751

 

 

(17,867

)

 

-2.2

%

 

(67,851

)

 

-7.8

%

Total loans

 

4,752,965

 

 

4,627,587

 

 

4,536,002

 

 

125,378

 

 

2.7

%

 

216,963

 

 

4.8

%

Total deposits

 

5,299,465

 

 

5,337,881

 

 

5,156,014

 

 

(38,416

)

 

-0.7

%

 

143,451

 

 

2.8

%

Short-term borrowings

 

182,000

 

 

114,000

 

 

101,000

 

 

68,000

 

 

59.6

%

 

81,000

 

 

80.2

%

Long-term borrowings, net

 

78,694

 

 

78,621

 

 

114,960

 

 

73

 

 

0.1

%

 

(36,266

)

 

-31.5

%

Total loans of $4.75 billion at June 30, 2026 were up $125.4 million from the end of the linked quarter and up $217.0 million from June 30, 2025.

•
Strong commercial lending activity in the Bank's Western and Central New York markets drove both the linked quarter and year-over-year growth.

Total deposits were $5.30 billion at June 30, 2026, down $38.4 million from March 31, 2026, and up $143.5 million from June 30, 2025.

•
The linked quarter variance was primarily due to seasonally lower public deposit balances, while the year-over-year increase reflected increases in public, nonpublic and reciprocal deposit balances, partially offset by a decrease in brokered deposits. Public deposits represented 22% of total deposits at June 30, 2026, 23% at March 31, 2026, and 21% at June 30, 2025.

LIQUIDITY SOURCES

 

 

 

 

 

 

QoQ Change

 

YoY Change

 

Dollars in thousands, end of period

Q2 2026

 

Q1 2026

 

Q2 2025

 

$

 

%

 

$

 

%

 

Unencumbered securities

$

29,876

 

$

42,049

 

$

132,898

 

$

(12,173

)

 

-28.9

%

$

(103,022

)

 

-77.5

%

FHLBNY borrowing availability

 

182,426

 

 

280,164

 

 

240,211

 

 

(97,738

)

 

-34.9

%

 

(57,785

)

 

-24.1

%

FRB excess cash

 

39,564

 

 

28,943

 

 

18,098

 

 

10,621

 

 

36.7

%

 

21,466

 

 

118.6

%

FRB discount window

 

900,825

 

 

919,931

 

 

856,993

 

 

(19,106

)

 

-2.1

%

 

43,832

 

 

5.1

%

Total on-balance sheet liquidity

 

1,152,691

 

 

1,271,087

 

 

1,248,200

 

 

(118,396

)

 

-9.3

%

 

(95,509

)

 

-7.7

%

The Company maintains liquidity, both on and off-balance sheet, to meet customer demand. As outlined in the table above, at June 30, 2026, the Company had approximately $1.15 billion in available liquidity, excluding brokered deposit capacity, in addition to cash and cash equivalents of $99.2 million and available unsecured lines of credit totaling $155.0 million.

Capital Strength and Shareholder Returns

REGULATORY CAPITAL RATIOS

Q2 2026

 

Q1 2026

 

Q2 2025

 

QoQ Change

YoY Change

Leverage Ratio

 

10.06

%

 

9.89

%

 

9.45

%

 

17

 

 bps

 

61

 

bps

Common Equity Tier 1 Ratio

 

11.44

%

 

11.37

%

 

10.84

%

 

7

 

 bps

 

60

 

bps

Tier 1 Capital Ratio

 

11.76

%

 

11.70

%

 

11.17

%

 

6

 

 bps

 

59

 

bps

Total Risk Based Capital Ratio

 

14.20

%

 

14.16

%

 

13.27

%

 

4

 

 bps

 

93

 

bps

 

The Company's regulatory capital ratios at June 30, 2026 continued to exceed all regulatory capital requirements to be considered well capitalized.

SELECT SHAREHOLDERS' EQUITY AND PER SHARE DATA

 

QoQ

 

YoY

 

Dollars in thousands, except per share data

Q2 2026

 

Q1 2026

 

Q2 2025

 

Variance

%

 

Variance

%

 

Shareholders' equity

$

643,441

 

$

631,670

 

$

601,668

 

$

11,771

 

 

 

1.9

%

$

41,773

 

 

 

6.9

%

Common shareholders' equity

 

626,156

 

 

614,385

 

 

584,383

 

 

11,771

 

 

 

1.9

%

 

41,773

 

 

 

7.1

%

Tangible common equity(1)

 

566,007

 

 

554,140

 

 

523,837

 

 

11,867

 

 

 

2.1

%

 

42,170

 

 

 

8.1

%

Common book value per share

$

31.77

 

$

31.21

 

$

29.03

 

$

0.56

 

 

 

1.8

%

$

2.74

 

 

 

9.4

%

Tangible common book value per share(1)

$

28.72

 

$

28.15

 

$

26.03

 

$

0.57

 

 

 

2.0

%

$

2.69

 

 

 

10.3

%

Common equity to assets ratio

 

9.88

%

 

9.76

%

 

9.51

%

 

12

 

bps

 

 

 

37

 

bps

 

 

Tangible common equity to tangible assets ratio(1)

 

9.02

%

 

8.89

%

 

8.61

%

 

13

 

bps

 

 

 

41

 

bps

 

 

Shareholders' equity grew to $643.4 million at June 30, 2026, compared to $631.7 million at March 31, 2026, and $601.7 million at June 30, 2025, primarily due to net income, net of dividends, retained.

•
The increase in shareholders' equity supported significant year-over-year expansion of both the common equity to assets ratio, which was 9.88% at June 30, 2026, and the tangible common equity to tangible assets ratio(1), or the TCE ratio, which was 9.02% at June 30, 2026.

The Company declared a common stock dividend of $0.32 per common share in the second quarter of 2026, consistent with the linked quarter and reflecting an increase of $0.01, or 3.2%, over the year-ago quarter, returning 30% of second quarter net income to common shareholders.

As of June 30, 2026, 503,313 shares, or approximately half of the amount authorized by the Board of Directors, remained available under the repurchase program that was approved in September 2025. The Company did not repurchase shares of its common stock under the share repurchase program in the second quarter of 2026.

Credit Quality

SELECT CREDIT QUALITY METRICS

 

 

 

 

 

 

QoQ

 

YoY

 

Dollars in thousands

Q2 2026

 

Q1 2026

 

Q2 2025

 

Variance

%

 

Variance

%

 

Non-performing loans

$

39,007

 

$

38,475

 

$

32,436

 

$

532

 

 

 

1.4

%

$

6,571

 

 

 

20.3

%

Total non-performing loans to total loans

 

0.82

%

 

0.83

%

 

0.72

%

 

(1

)

 bps

 

 

 

11

 

 bps

 

 

Allowance for credit losses "ACL" - loans

 

47,497

 

 

44,661

 

 

47,291

 

 

2,836

 

 

 

6.4

%

 

206

 

 

 

0.4

%

ACL - loans to total loans ratio

 

1.00

%

 

0.97

%

 

1.04

%

 

3

 

 bps

 

 

 

(4

)

 bps

 

 

Provision for credit losses - loans

$

4,133

 

$

2,355

 

$

2,377

 

$

1,778

 

 

 

75.5

%

$

1,756

 

 

 

73.9

%

Provision for credit losses

 

3,108

 

 

2,239

 

 

2,562

 

 

869

 

 

 

38.8

%

$

546

 

 

 

21.3

%

Net charge-offs/average loans (annualized)

 

0.11

%

 

0.44

%

 

0.36

%

 

(33

)

 bps

 

 

 

(25

)

 bps

 

 

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.

•
Non-performing loans were $39.0 million, or 0.82% of total loans, at June 30, 2026. The increase from one year prior primarily reflects one well-collateralized commercial business loan that moved to nonaccrual status in the first quarter of 2026, offset in part by the partial charge-off of a previously disclosed nonaccrual commercial business relationship for which a specific reserve was in place.
•
Provision for credit losses was $3.1 million in the second quarter of 2026 and was driven by a combination of factors, including loan growth and fluctuation in the balance of unfunded commitments. The provision for credit losses on unfunded commitments, which is included in the provision for credit losses as required by the current expected credit loss standard ("CECL"), totaled a credit of $1.0 million in the second quarter of 2026, compared to a credit of $116 thousand in the first quarter of 2026 and a provision of $185 thousand in the second quarter of 2025.

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 June 30, 2026 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 June 30, 2026, and will adjust amounts preliminarily reported, if necessary, in its Form 10-Q as filed with the Securities and Exchange Commission (the "SEC").

Conference Call

The Company will host an earnings conference call and audio webcast on July 24, 2026, 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. Within the United States, participants may access the call by dialing 1-877-425-9470 and requesting the “Financial Institutions, Inc. Second Quarter 2026 Earnings Conference Call.” A live webcast will also be available at https://viavid.webcasts.com/starthere.jsp?ei=1767913&tp_key=12f3894d15 in listen-only mode. A replay of the webcast will be available on the Company’s IR website, www.FISI-Investors.com, for at least 30 days.

About Financial Institutions, Inc.

Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.3 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Its Courier Capital, LLC subsidiary offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at FISI-Investors.com.

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 "anticipate," "believe," "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: changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; fraudulent deposit activity; 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; general economic and credit market conditions nationally and regionally; and macroeconomic volatility related to 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.

(2) Calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.

*****

For additional information contact:

Kate Croft

Director of Investor Relations and Corporate Communications

(716) 817-5159

klcroft@five-starbank.com
 

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)

 

 

 

2026

 

 

2025

 

SELECT BALANCE SHEET DATA:

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

Cash and cash equivalents

 

$

99,174

 

 

$

85,451

 

 

$

108,751

 

 

$

185,945

 

 

$

93,034

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale

 

 

910,466

 

 

 

1,003,697

 

 

 

922,472

 

 

 

923,592

 

 

 

916,149

 

Held-to-maturity, net

 

 

79,298

 

 

 

82,074

 

 

 

84,708

 

 

 

87,625

 

 

 

92,119

 

Total investment securities

 

 

989,764

 

 

 

1,085,771

 

 

 

1,007,180

 

 

 

1,011,217

 

 

 

1,008,268

 

Loans held for sale

 

 

2,502

 

 

 

1,034

 

 

 

3,365

 

 

 

2,252

 

 

 

2,356

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial business

 

 

768,549

 

 

 

746,425

 

 

 

738,307

 

 

 

740,603

 

 

 

726,218

 

Commercial mortgage–construction

 

 

558,036

 

 

 

513,615

 

 

 

488,558

 

 

 

441,034

 

 

 

536,552

 

Commercial mortgage–multifamily

 

 

565,027

 

 

 

578,731

 

 

 

588,732

 

 

 

592,634

 

 

 

496,223

 

Commercial mortgage–non-owner occupied

 

 

970,966

 

 

 

922,628

 

 

 

942,219

 

 

 

893,884

 

 

 

873,207

 

Commercial mortgage–owner occupied

 

 

347,806

 

 

 

316,781

 

 

 

322,776

 

 

 

321,555

 

 

 

309,171

 

Residential real estate loans

 

 

662,582

 

 

 

652,861

 

 

 

657,001

 

 

 

648,397

 

 

 

647,205

 

Residential real estate lines

 

 

76,099

 

 

 

74,779

 

 

 

75,121

 

 

 

76,109

 

 

 

75,675

 

Consumer indirect

 

 

771,126

 

 

 

787,888

 

 

 

807,310

 

 

 

838,671

 

 

 

833,452

 

Other consumer

 

 

32,774

 

 

 

33,879

 

 

 

37,842

 

 

 

37,536

 

 

 

38,299

 

Total loans

 

 

4,752,965

 

 

 

4,627,587

 

 

 

4,657,866

 

 

 

4,590,423

 

 

 

4,536,002

 

Allowance for credit losses – loans

 

 

47,497

 

 

 

44,661

 

 

 

47,386

 

 

 

47,292

 

 

 

47,291

 

Total loans, net

 

 

4,705,468

 

 

 

4,582,926

 

 

 

4,610,480

 

 

 

4,543,131

 

 

 

4,488,711

 

Total interest-earning assets

 

 

5,834,020

 

 

 

5,787,556

 

 

 

5,755,696

 

 

 

5,739,699

 

 

 

5,614,008

 

Goodwill and other intangible assets, net

 

 

60,149

 

 

 

60,245

 

 

 

60,343

 

 

 

60,443

 

 

 

60,546

 

Total assets

 

 

6,334,952

 

 

 

6,294,783

 

 

 

6,274,140

 

 

 

6,288,052

 

 

 

6,143,766

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

 

950,510

 

 

 

953,397

 

 

 

962,724

 

 

 

959,404

 

 

 

940,341

 

Interest-bearing demand

 

 

712,124

 

 

 

744,690

 

 

 

672,323

 

 

 

776,445

 

 

 

704,871

 

Savings and money market

 

 

1,964,402

 

 

 

1,984,048

 

 

 

1,884,801

 

 

 

1,955,832

 

 

 

1,898,302

 

Time deposits

 

 

1,672,429

 

 

 

1,655,746

 

 

 

1,686,500

 

 

 

1,666,128

 

 

 

1,612,500

 

Total deposits

 

 

5,299,465

 

 

 

5,337,881

 

 

 

5,206,348

 

 

 

5,357,809

 

 

 

5,156,014

 

Short-term borrowings

 

 

182,000

 

 

 

114,000

 

 

 

109,000

 

 

 

55,000

 

 

 

101,000

 

Long-term borrowings, net

 

 

78,694

 

 

 

78,621

 

 

 

193,653

 

 

 

115,000

 

 

 

114,960

 

Total interest-bearing liabilities

 

 

4,609,649

 

 

 

4,577,105

 

 

 

4,546,277

 

 

 

4,568,405

 

 

 

4,431,633

 

Shareholders’ equity

 

 

643,441

 

 

 

631,670

 

 

 

628,854

 

 

 

621,720

 

 

 

601,668

 

Common shareholders’ equity

 

 

626,156

 

 

 

614,385

 

 

 

611,569

 

 

 

604,435

 

 

 

584,383

 

Tangible common equity (1)

 

 

566,007

 

 

 

554,140

 

 

 

551,226

 

 

 

543,992

 

 

 

523,837

 

Accumulated other comprehensive loss

 

 

(43,349

)

 

 

(39,327

)

 

$

(33,030

)

 

$

(36,758

)

 

$

(42,214

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

19,706

 

 

 

19,686

 

 

 

19,797

 

 

 

20,130

 

 

 

20,128

 

Treasury shares

 

 

993

 

 

 

1,013

 

 

 

902

 

 

 

570

 

 

 

572

 

CAPITAL RATIOS AND PER SHARE DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leverage ratio

 

 

10.06

%

 

 

9.89

%

 

 

9.69

%

 

 

9.77

%

 

 

9.45

%

Common equity Tier 1 capital ratio

 

 

11.44

%

 

 

11.37

%

 

 

11.11

%

 

 

11.15

%

 

 

10.84

%

Tier 1 capital ratio

 

 

11.76

%

 

 

11.70

%

 

 

11.43

%

 

 

11.48

%

 

 

11.17

%

Total risk-based capital ratio

 

 

14.20

%

 

 

14.16

%

 

 

14.90

%

 

 

13.60

%

 

 

13.27

%

Common equity to assets

 

 

9.88

%

 

 

9.76

%

 

 

9.75

%

 

 

9.61

%

 

 

9.51

%

Tangible common equity to tangible assets (1)

 

 

9.02

%

 

 

8.89

%

 

 

8.87

%

 

 

8.74

%

 

 

8.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common book value per share

 

$

31.77

 

 

$

31.21

 

 

$

30.89

 

 

$

30.03

 

 

$

29.03

 

Tangible common book value per share (1)

 

$

28.72

 

 

$

28.15

 

 

$

27.84

 

 

$

27.02

 

 

$

26.03

 

(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)

 

 

 

Six Months Ended

 

 

2026

 

 

2025

 

SELECT STATEMENT OF OPERATIONS

 

June 30,

 

 

Second

 

 

First

 

 

Fourth

 

 

Third

 

 

Second

 

DATA:

 

2026

 

 

2025

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

Interest income

 

$

164,639

 

 

$

163,918

 

 

$

83,076

 

 

$

81,563

 

 

$

84,649

 

 

$

84,422

 

 

$

82,867

 

Interest expense

 

 

59,285

 

 

 

67,932

 

 

 

29,715

 

 

 

29,570

 

 

 

32,438

 

 

 

32,633

 

 

 

33,745

 

Net interest income

 

 

105,354

 

 

 

95,986

 

 

 

53,361

 

 

 

51,993

 

 

 

52,211

 

 

 

51,789

 

 

 

49,122

 

Provision for credit losses

 

 

5,347

 

 

 

5,490

 

 

 

3,108

 

 

 

2,239

 

 

 

3,404

 

 

 

2,732

 

 

 

2,562

 

Net interest income after provision for credit losses

 

 

100,007

 

 

 

90,496

 

 

 

50,253

 

 

 

49,754

 

 

 

48,807

 

 

 

49,057

 

 

 

46,560

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

2,127

 

 

 

2,141

 

 

 

1,083

 

 

 

1,044

 

 

 

1,082

 

 

 

1,137

 

 

 

1,089

 

Card interchange income

 

 

3,955

 

 

 

3,777

 

 

 

2,063

 

 

 

1,892

 

 

 

2,011

 

 

 

2,006

 

 

 

1,937

 

Investment advisory

 

 

6,348

 

 

 

5,622

 

 

 

3,287

 

 

 

3,061

 

 

 

3,074

 

 

 

3,023

 

 

 

2,885

 

Company owned life insurance

 

 

5,656

 

 

 

5,742

 

 

 

2,884

 

 

 

2,772

 

 

 

2,788

 

 

 

2,849

 

 

 

2,965

 

Investments in limited partnerships

 

 

84

 

 

 

722

 

 

 

(140

)

 

 

224

 

 

 

457

 

 

 

223

 

 

 

307

 

Loan servicing

 

 

352

 

 

 

303

 

 

 

201

 

 

 

151

 

 

 

208

 

 

 

181

 

 

 

180

 

Income from derivative instruments, net

 

 

757

 

 

 

589

 

 

 

518

 

 

 

239

 

 

 

1,110

 

 

 

847

 

 

 

339

 

Net gain on sale of loans held for sale

 

 

306

 

 

 

257

 

 

 

181

 

 

 

125

 

 

 

195

 

 

 

285

 

 

 

140

 

Net gain on investment securities

 

 

328

 

 

 

3

 

 

 

-

 

 

 

328

 

 

 

225

 

 

 

703

 

 

 

3

 

Net (loss) gain on other assets

 

 

(454

)

 

 

-

 

 

 

27

 

 

 

(481

)

 

 

(225

)

 

 

(281

)

 

 

-

 

Net loss on tax credit investments

 

 

(802

)

 

 

(1,026

)

 

 

(350

)

 

 

(452

)

 

 

(446

)

 

 

(513

)

 

 

(512

)

Other

 

 

2,970

 

 

 

2,860

 

 

 

1,200

 

 

 

1,770

 

 

 

1,430

 

 

 

1,596

 

 

 

1,284

 

Total noninterest income

 

 

21,627

 

 

 

20,990

 

 

 

10,954

 

 

 

10,673

 

 

 

11,909

 

 

 

12,056

 

 

 

10,617

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

37,766

 

 

 

34,968

 

 

 

19,165

 

 

 

18,601

 

 

 

19,323

 

 

 

18,522

 

 

 

18,070

 

Occupancy and equipment

 

 

7,806

 

 

 

7,572

 

 

 

3,941

 

 

 

3,865

 

 

 

4,104

 

 

 

3,814

 

 

 

3,982

 

Professional services

 

 

2,613

 

 

 

3,142

 

 

 

1,263

 

 

 

1,350

 

 

 

1,686

 

 

 

1,688

 

 

 

1,451

 

Computer and data processing

 

 

11,723

 

 

 

11,366

 

 

 

5,512

 

 

 

6,211

 

 

 

5,934

 

 

 

5,789

 

 

 

5,879

 

FDIC assessments

 

 

1,973

 

 

 

2,859

 

 

 

987

 

 

 

986

 

 

 

984

 

 

 

1,227

 

 

 

1,392

 

Advertising and promotions

 

 

1,116

 

 

 

837

 

 

 

592

 

 

 

524

 

 

 

482

 

 

 

491

 

 

 

495

 

Amortization of intangibles

 

 

194

 

 

 

212

 

 

 

96

 

 

 

98

 

 

 

100

 

 

 

103

 

 

 

105

 

Deposit-related charged-off items expense (recoveries)

 

 

235

 

 

 

(61

)

 

 

126

 

 

 

109

 

 

 

77

 

 

 

144

 

 

 

233

 

Other

 

 

7,774

 

 

 

8,472

 

 

 

3,923

 

 

 

3,851

 

 

 

4,029

 

 

 

4,097

 

 

 

4,075

 

Total noninterest expense

 

 

71,200

 

 

 

69,367

 

 

 

35,605

 

 

 

35,595

 

 

 

36,719

 

 

 

35,875

 

 

 

35,682

 

Income before income taxes

 

 

50,434

 

 

 

42,119

 

 

 

25,602

 

 

 

24,832

 

 

 

23,997

 

 

 

25,238

 

 

 

21,495

 

Income tax expense

 

 

8,265

 

 

 

7,709

 

 

 

4,418

 

 

 

3,847

 

 

 

4,017

 

 

 

4,761

 

 

 

3,963

 

Net income

 

 

42,169

 

 

 

34,410

 

 

 

21,184

 

 

 

20,985

 

 

 

19,980

 

 

 

20,477

 

 

 

17,532

 

Preferred stock dividends

 

 

729

 

 

 

729

 

 

 

365

 

 

 

364

 

 

 

364

 

 

 

365

 

 

 

364

 

Net income available to common shareholders

 

$

41,440

 

 

$

33,681

 

 

$

20,819

 

 

$

20,621

 

 

$

19,616

 

 

$

20,112

 

 

$

17,168

 

FINANCIAL RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic

 

$

2.11

 

 

$

1.68

 

 

$

1.06

 

 

$

1.05

 

 

$

0.98

 

 

$

1.00

 

 

$

0.85

 

Earnings per share – diluted

 

$

2.08

 

 

$

1.66

 

 

$

1.04

 

 

$

1.04

 

 

$

0.96

 

 

$

0.99

 

 

$

0.85

 

Cash dividends declared on common stock

 

$

0.64

 

 

$

0.62

 

 

$

0.32

 

 

$

0.32

 

 

$

0.31

 

 

$

0.31

 

 

$

0.31

 

Common dividend payout ratio

 

 

30.33

%

 

 

36.90

%

 

 

30.19

%

 

 

30.48

%

 

 

31.63

%

 

 

31.00

%

 

 

36.47

%

Dividend yield (annualized)

 

 

3.31

%

 

 

4.87

%

 

 

3.29

%

 

 

4.09

%

 

 

3.95

%

 

 

4.52

%

 

 

4.84

%

Return on average assets (annualized)

 

 

1.36

%

 

 

1.12

%

 

 

1.35

%

 

 

1.37

%

 

 

1.27

%

 

 

1.32

%

 

 

1.13

%

Return on average equity (annualized)

 

 

13.37

%

 

 

11.80

%

 

 

13.31

%

 

 

13.43

%

 

 

12.53

%

 

 

13.31

%

 

 

11.78

%

Return on average common equity (annualized)

 

 

13.50

%

 

 

11.90

%

 

 

13.44

%

 

 

13.57

%

 

 

12.64

%

 

 

13.45

%

 

 

11.88

%

Return on average tangible common equity (annualized) (1)

 

 

14.96

%

 

 

13.31

%

 

 

14.88

%

 

 

15.04

%

 

 

14.02

%

 

 

14.98

%

 

 

13.27

%

Efficiency ratio (2)

 

 

56.18

%

 

 

59.24

%

 

 

55.33

%

 

 

57.06

%

 

 

57.43

%

 

 

56.78

%

 

 

59.68

%

Effective tax rate

 

 

16.4

%

 

 

18.3

%

 

 

17.3

%

 

 

15.5

%

 

 

16.7

%

 

 

18.9

%

 

 

18.4

%

(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 (tax-equivalent basis assuming a Federal income tax rate of 21%) 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)

 

 

 

Six Months Ended

 

 

2026

 

 

2025

 

 

 

June 30,

 

 

Second

 

 

First

 

 

Fourth

 

 

Third

 

 

Second

 

SELECT AVERAGE BALANCES:

 

2026

 

 

2025

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

Federal funds sold and interest-earning deposits

 

$

29,301

 

 

$

55,306

 

 

$

28,347

 

 

$

30,266

 

 

$

48,418

 

 

$

31,461

 

 

$

39,027

 

Investment securities (1)

 

 

1,066,571

 

 

 

1,078,600

 

 

 

1,077,633

 

 

 

1,055,385

 

 

 

1,066,829

 

 

 

1,059,244

 

 

 

1,071,628

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial business

 

 

741,484

 

 

 

699,141

 

 

 

745,977

 

 

 

736,942

 

 

 

731,314

 

 

 

726,315

 

 

 

720,347

 

Commercial mortgage

 

 

2,367,615

 

 

 

2,212,786

 

 

 

2,392,003

 

 

 

2,342,957

 

 

 

2,313,465

 

 

 

2,239,666

 

 

 

2,221,576

 

Residential real estate loans

 

 

654,822

 

 

 

646,001

 

 

 

655,028

 

 

 

654,614

 

 

 

650,190

 

 

 

648,642

 

 

 

645,007

 

Residential real estate lines

 

 

74,523

 

 

 

74,860

 

 

 

74,853

 

 

 

74,189

 

 

 

75,288

 

 

 

75,774

 

 

 

75,010

 

Consumer indirect

 

 

787,178

 

 

 

843,763

 

 

 

779,336

 

 

 

795,107

 

 

 

823,521

 

 

 

838,026

 

 

 

839,294

 

Other consumer

 

 

33,892

 

 

 

40,850

 

 

 

32,723

 

 

 

35,074

 

 

 

36,917

 

 

 

37,741

 

 

 

39,485

 

Total loans

 

 

4,659,514

 

 

 

4,517,401

 

 

 

4,679,920

 

 

 

4,638,883

 

 

 

4,630,695

 

 

 

4,566,164

 

 

 

4,540,719

 

Total interest-earning assets

 

 

5,755,386

 

 

 

5,651,307

 

 

 

5,785,900

 

 

 

5,724,534

 

 

 

5,745,942

 

 

 

5,656,869

 

 

 

5,651,374

 

Goodwill and other intangible assets, net

 

 

60,256

 

 

 

60,663

 

 

 

60,207

 

 

 

60,305

 

 

 

60,404

 

 

 

60,505

 

 

 

60,610

 

Total assets

 

 

6,249,798

 

 

 

6,218,412

 

 

 

6,271,961

 

 

 

6,227,388

 

 

 

6,261,856

 

 

 

6,159,886

 

 

 

6,216,657

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand

 

 

709,029

 

 

 

738,055

 

 

 

701,768

 

 

 

716,370

 

 

 

713,033

 

 

 

687,978

 

 

 

730,979

 

Savings and money market

 

 

1,941,869

 

 

 

1,964,884

 

 

 

1,976,903

 

 

 

1,906,445

 

 

 

1,924,952

 

 

 

1,881,445

 

 

 

1,953,412

 

Time deposits

 

 

1,679,954

 

 

 

1,598,381

 

 

 

1,676,759

 

 

 

1,683,185

 

 

 

1,692,138

 

 

 

1,643,342

 

 

 

1,631,407

 

Short-term borrowings

 

 

116,782

 

 

 

90,636

 

 

 

125,331

 

 

 

108,138

 

 

 

79,913

 

 

 

110,011

 

 

 

86,099

 

Long-term borrowings, net

 

 

88,923

 

 

 

120,648

 

 

 

78,659

 

 

 

99,302

 

 

 

133,242

 

 

 

114,976

 

 

 

116,473

 

Total interest-bearing liabilities

 

 

4,536,557

 

 

 

4,512,604

 

 

 

4,559,420

 

 

 

4,513,440

 

 

 

4,543,278

 

 

 

4,437,752

 

 

 

4,518,370

 

Noninterest-bearing demand deposits

 

 

947,322

 

 

 

925,043

 

 

 

944,037

 

 

 

950,644

 

 

 

955,880

 

 

 

960,089

 

 

 

923,409

 

Total deposits

 

 

5,278,174

 

 

 

5,226,363

 

 

 

5,299,467

 

 

 

5,256,644

 

 

 

5,286,003

 

 

 

5,172,854

 

 

 

5,239,207

 

Total liabilities

 

 

5,613,678

 

 

 

5,630,349

 

 

 

5,633,343

 

 

 

5,593,794

 

 

 

5,629,101

 

 

 

5,549,575

 

 

 

5,619,834

 

Shareholders’ equity

 

 

636,120

 

 

 

588,063

 

 

 

638,618

 

 

 

633,594

 

 

 

632,755

 

 

 

610,311

 

 

 

596,823

 

Common equity

 

 

618,835

 

 

 

570,778

 

 

 

621,333

 

 

 

616,309

 

 

 

615,470

 

 

 

593,026

 

 

 

579,538

 

Tangible common equity (2)

 

 

558,579

 

 

 

510,115

 

 

 

561,126

 

 

 

556,004

 

 

 

555,066

 

 

 

532,521

 

 

 

518,928

 

Common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

19,665

 

 

 

20,290

 

 

 

19,687

 

 

 

19,642

 

 

 

20,093

 

 

 

20,122

 

 

 

20,107

 

Diluted

 

 

19,931

 

 

 

20,291

 

 

 

19,941

 

 

 

19,922

 

 

 

20,347

 

 

 

20,336

 

 

 

20,294

 

SELECTED AVERAGE YIELDS:
(Tax equivalent basis)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (3)

 

 

4.47

%

 

 

4.30

%

 

 

4.46

%

 

 

4.48

%

 

 

4.48

%

 

 

4.45

%

 

 

4.34

%

Loans

 

 

6.07

%

 

 

6.23

%

 

 

6.07

%

 

 

6.07

%

 

 

6.20

%

 

 

6.29

%

 

 

6.26

%

Total interest-earning assets

 

 

5.76

%

 

 

5.84

%

 

 

5.76

%

 

 

5.76

%

 

 

5.86

%

 

 

5.93

%

 

 

5.88

%

Interest-bearing demand

 

 

1.06

%

 

 

1.18

%

 

 

1.08

%

 

 

1.04

%

 

 

1.20

%

 

 

1.09

%

 

 

1.21

%

Savings and money market

 

 

2.31

%

 

 

2.71

%

 

 

2.33

%

 

 

2.29

%

 

 

2.46

%

 

 

2.62

%

 

 

2.67

%

Time deposits

 

 

3.45

%

 

 

4.19

%

 

 

3.38

%

 

 

3.53

%

 

 

3.73

%

 

 

3.88

%

 

 

4.08

%

Short-term borrowings

 

 

2.52

%

 

 

1.95

%

 

 

2.62

%

 

 

2.40

%

 

 

1.77

%

 

 

2.41

%

 

 

1.80

%

Long-term borrowings, net

 

 

6.91

%

 

 

5.17

%

 

 

6.99

%

 

 

6.84

%

 

 

6.31

%

 

 

5.53

%

 

 

5.35

%

Total interest-bearing liabilities

 

 

2.63

%

 

 

3.03

%

 

 

2.61

%

 

 

2.65

%

 

 

2.83

%

 

 

2.92

%

 

 

3.00

%

Net interest rate spread

 

 

3.13

%

 

 

2.81

%

 

 

3.15

%

 

 

3.11

%

 

 

3.03

%

 

 

3.01

%

 

 

2.88

%

Net interest margin

 

 

3.68

%

 

 

3.42

%

 

 

3.70

%

 

 

3.67

%

 

 

3.62

%

 

 

3.65

%

 

 

3.49

%

(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.

(3) The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.

 

 

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands)

 

 

 

Six Months Ended

 

 

2026

 

 

2025

 

 

 

June 30,

 

 

Second

 

 

First

 

 

Fourth

 

 

Third

 

 

Second

 

ASSET QUALITY DATA:

 

2026

 

 

2025

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

Allowance for Credit Losses – Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

47,386

 

 

$

48,041

 

 

$

44,661

 

 

$

47,386

 

 

$

47,292

 

 

$

47,291

 

 

$

48,964

 

Net loan charge-offs (recoveries):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial business

 

 

2,967

 

 

 

1,960

 

 

 

(23

)

 

 

2,990

 

 

 

46

 

 

 

123

 

 

 

1,903

 

Commercial mortgage–construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10

)

 

 

(357

)

 

 

-

 

Commercial mortgage–multifamily

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Commercial mortgage–non-owner occupied

 

 

(2

)

 

 

595

 

 

 

(1

)

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

596

 

Commercial mortgage–owner occupied

 

 

(1

)

 

 

(2

)

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

(1

)

Residential real estate loans

 

 

19

 

 

 

133

 

 

 

-

 

 

 

19

 

 

 

(4

)

 

 

(25

)

 

 

92

 

Residential real estate lines

 

 

27

 

 

 

27

 

 

 

30

 

 

 

(3

)

 

 

-

 

 

 

-

 

 

 

27

 

Consumer indirect

 

 

2,990

 

 

 

3,091

 

 

 

1,140

 

 

 

1,850

 

 

 

2,239

 

 

 

1,926

 

 

 

942

 

Other consumer

 

 

377

 

 

 

615

 

 

 

151

 

 

 

226

 

 

 

140

 

 

 

396

 

 

 

491

 

Total net charge-offs (recoveries)

 

 

6,377

 

 

 

6,419

 

 

 

1,297

 

 

 

5,080

 

 

 

2,411

 

 

 

2,061

 

 

 

4,050

 

Provision for credit losses – loans

 

 

6,488

 

 

 

5,669

 

 

 

4,133

 

 

 

2,355

 

 

 

2,505

 

 

 

2,062

 

 

 

2,377

 

Ending balance

 

$

47,497

 

 

$

47,291

 

 

$

47,497

 

 

$

44,661

 

 

$

47,386

 

 

$

47,292

 

 

$

47,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries) to average loans (annualized):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial business

 

 

0.81

%

 

 

0.57

%

 

 

-0.01

%

 

 

1.65

%

 

 

0.02

%

 

 

0.07

%

 

 

1.06

%

Commercial mortgage–construction

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

-0.01

%

 

 

-0.31

%

 

 

0.00

%

Commercial mortgage–multifamily

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Commercial mortgage–non-owner occupied

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Commercial mortgage–owner occupied

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Residential real estate loans

 

 

0.01

%

 

 

0.04

%

 

 

0.00

%

 

 

0.01

%

 

 

0.00

%

 

 

-0.02

%

 

 

0.06

%

Residential real estate lines

 

 

0.07

%

 

 

0.07

%

 

 

0.16

%

 

 

-0.03

%

 

 

0.00

%

 

 

0.00

%

 

 

0.14

%

Consumer indirect

 

 

0.77

%

 

 

0.74

%

 

 

0.59

%

 

 

0.94

%

 

 

1.08

%

 

 

0.91

%

 

 

0.45

%

Other consumer

 

 

2.24

%

 

 

3.04

%

 

 

1.85

%

 

 

2.61

%

 

 

1.50

%

 

 

4.16

%

 

 

4.99

%

Total loans

 

 

0.28

%

 

 

0.29

%

 

 

0.11

%

 

 

0.44

%

 

 

0.21

%

 

 

0.18

%

 

 

0.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial business

 

$

7,677

 

 

$

3,671

 

 

$

7,677

 

 

$

6,698

 

 

$

4,709

 

 

$

3,799

 

 

$

3,671

 

Commercial mortgage–construction

 

 

20,520

 

 

 

19,621

 

 

 

20,520

 

 

 

20,520

 

 

 

20,321

 

 

 

19,794

 

 

 

19,621

 

Commercial mortgage–multifamily

 

 

540

 

 

 

-

 

 

 

540

 

 

 

540

 

 

 

540

 

 

 

540

 

 

 

-

 

Commercial mortgage–non-owner occupied

 

 

-

 

 

 

164

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

164

 

Commercial mortgage–owner occupied

 

 

981

 

 

 

-

 

 

 

981

 

 

 

983

 

 

 

1,095

 

 

 

1,102

 

 

 

-

 

Residential real estate loans

 

 

6,974

 

 

 

5,885

 

 

 

6,974

 

 

 

7,434

 

 

 

6,443

 

 

 

5,877

 

 

 

5,885

 

Residential real estate lines

 

 

412

 

 

 

299

 

 

 

412

 

 

 

431

 

 

 

374

 

 

 

212

 

 

 

299

 

Consumer indirect

 

 

1,772

 

 

 

2,571

 

 

 

1,772

 

 

 

1,767

 

 

 

2,155

 

 

 

2,482

 

 

 

2,571

 

Other consumer

 

 

131

 

 

 

225

 

 

 

131

 

 

 

102

 

 

 

118

 

 

 

145

 

 

 

225

 

Total non-performing loans

 

 

39,007

 

 

 

32,436

 

 

 

39,007

 

 

 

38,475

 

 

 

35,755

 

 

 

33,951

 

 

 

32,436

 

Foreclosed assets

 

 

552

 

 

 

142

 

 

 

552

 

 

 

552

 

 

 

94

 

 

 

142

 

 

 

142

 

Total non-performing assets

 

$

39,559

 

 

$

32,578

 

 

$

39,559

 

 

$

39,027

 

 

$

35,849

 

 

$

34,093

 

 

$

32,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans to total loans

 

 

0.82

%

 

 

0.72

%

 

 

0.82

%

 

 

0.83

%

 

 

0.77

%

 

 

0.74

%

 

 

0.72

%

Total non-performing assets to total assets

 

 

0.62

%

 

 

0.53

%

 

 

0.62

%

 

 

0.62

%

 

 

0.57

%

 

 

0.54

%

 

 

0.53

%

Allowance for credit losses – loans to total loans

 

 

1.00

%

 

 

1.04

%

 

 

1.00

%

 

 

0.97

%

 

 

1.02

%

 

 

1.03

%

 

 

1.04

%

Allowance for credit losses – loans to non-performing loans

 

 

122

%

 

 

146

%

 

 

122

%

 

 

116

%

 

 

133

%

 

 

139

%

 

 

146

%

(1) At period end.

 

 

FINANCIAL INSTITUTIONS, INC.
Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
(In thousands, except per share amounts)

 

 

 

Six Months Ended

 

 

2026

 

 

2025

 

 

 

June 30,

 

 

Second

 

 

First

 

 

Fourth

 

 

Third

 

 

Second

 

 

 

2026

 

 

2025

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

Ending tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

 

$

6,334,952

 

 

$

6,294,783

 

 

$

6,274,140

 

 

$

6,288,052

 

 

$

6,143,766

 

Less: Goodwill and other intangible assets, net

 

 

 

 

 

 

 

 

60,149

 

 

 

60,245

 

 

 

60,343

 

 

 

60,443

 

 

 

60,546

 

Tangible assets

 

 

 

 

 

 

 

$

6,274,803

 

 

$

6,234,538

 

 

$

6,213,797

 

 

$

6,227,609

 

 

$

6,083,220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending tangible common equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shareholders’ equity

 

 

 

 

 

 

 

$

626,156

 

 

$

614,385

 

 

$

611,569

 

 

$

604,435

 

 

$

584,383

 

Less: Goodwill and other intangible assets, net

 

 

 

 

 

 

 

 

60,149

 

 

 

60,245

 

 

 

60,343

 

 

 

60,443

 

 

 

60,546

 

Tangible common equity

 

 

 

 

 

 

 

$

566,007

 

 

$

554,140

 

 

$

551,226

 

 

$

543,992

 

 

$

523,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets (1)

 

 

 

 

 

 

 

 

9.02

%

 

 

8.89

%

 

 

8.87

%

 

 

8.74

%

 

 

8.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

 

 

 

 

 

 

19,706

 

 

 

19,686

 

 

 

19,797

 

 

 

20,130

 

 

 

20,128

 

Tangible common book value per share (2)

 

 

 

 

 

 

 

$

28.72

 

 

$

28.15

 

 

$

27.84

 

 

$

27.02

 

 

$

26.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assets

 

$

6,249,798

 

 

$

6,218,412

 

 

$

6,271,961

 

 

$

6,227,388

 

 

$

6,261,856

 

 

$

6,159,886

 

 

$

6,216,657

 

Less: Average goodwill and other intangible assets, net

 

 

60,256

 

 

 

60,663

 

 

 

60,207

 

 

 

60,305

 

 

 

60,404

 

 

 

60,505

 

 

 

60,610

 

Average tangible assets

 

$

6,189,542

 

 

$

6,157,749

 

 

$

6,211,754

 

 

$

6,167,083

 

 

$

6,201,452

 

 

$

6,099,381

 

 

$

6,156,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common equity

 

$

618,835

 

 

$

570,778

 

 

$

621,333

 

 

$

616,309

 

 

$

615,470

 

 

$

593,026

 

 

$

579,538

 

Less: Average goodwill and other intangible assets, net

 

 

60,256

 

 

 

60,663

 

 

 

60,207

 

 

 

60,305

 

 

 

60,404

 

 

 

60,505

 

 

 

60,610

 

Average tangible common equity

 

$

558,579

 

 

$

510,115

 

 

$

561,126

 

 

$

556,004

 

 

$

555,066

 

 

$

532,521

 

 

$

518,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

41,440

 

 

$

33,681

 

 

$

20,819

 

 

$

20,621

 

 

$

19,616

 

 

$

20,112

 

 

$

17,168

 

Return on average tangible common equity (3)

 

 

14.96

%

 

 

13.31

%

 

 

14.88

%

 

 

15.04

%

 

 

14.02

%

 

 

14.98

%

 

 

13.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

Source: View Original Filing on SEC EDGAR

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