Q4 EPS $0.61 vs $0.88 in Q3; NPLs surge to $26.7M on one commercial loan

FINANCIAL INSTITUTIONS INC

2023-FY EPS reported $3.15

Q4 net income available to common $9.4M ($0.61 diluted EPS), down from $13.7M ($0.88) in Q3 and $11.7M ($0.76) in Q4 2022.
Provision for credit losses jumped to $5.3M in Q4 from $966K in Q3, driven by a single commercial loan relationship placed on nonaccrual.
Noninterest income rose 46.6% linked quarter to $15.4M, largely from $9.1M COLI revenue including ~$8M from surrender and redeploy strategy.
Securities repositioning: sold ~$54M in agency MBS at after-tax loss of $2.8M, reinvested into higher-yielding bonds; earn-back expected in two years.
Leadership realignment announced Dec 2023 impacting 3.4% of workforce, targeting ~$6M annual expense savings in salaries/benefits.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FINANCIAL INSTITUTIONS INC reported fourth quarter ended December 31, 2023 results: net income $9.8 million, EPS $0.61 per diluted share.

Period: fourth quarter ended December 31, 2023
Net income: $9.8 million
EPS: $0.61 per diluted share
Result: reported results

Exact text from the filing

Net income was $9.8 million in the fourth quarter of 2023, compared to $14.0 million in the third quarter of 2023 and $12.1 million in the fourth quarter of 2022. After preferred dividends, net income available to common shareholders was $9.4 million, or $0.61 per diluted share, in the fourth quarter of 2023

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FINANCIAL INSTITUTIONS INC reported year ended December 31, 2023 results: net income $50.3 million, EPS $3.15 per diluted share.

Period: year ended December 31, 2023
Net income: $50.3 million
EPS: $3.15 per diluted share
Result: reported results

Exact text from the filing

The Company reported full year 2023 net income of $50.3 million, compared to $56.6 million in 2022. After preferred dividends, net income available to common shareholders was $48.8 million, or $3.15 per diluted share, for 2023

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

FINANCIAL INSTITUTIONS INC filing history →

Source: SEC EDGAR

accession 0000950170-24-007391

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