---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-007391"
form_type: "8-K"
ticker: "FISI"
cik: "0000862831"
company_name: "FINANCIAL INSTITUTIONS INC"
filed_at: "2024-01-25T23:59:59+00:00"
generated_at: "2026-06-06T18:51:59.947149+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-007391
- form_type: 8-K
- ticker: FISI
- cik: 0000862831
- company_name: FINANCIAL INSTITUTIONS INC
- filed_at: 2024-01-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/862831/000095017024007391/0000950170-24-007391-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/862831/000095017024007391/fisi-20240125.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-007391
- JSON: https://secwatch.observer/filing/0000950170-24-007391.json
- Plain text: https://secwatch.observer/filing/0000950170-24-007391.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/862831/000095017024007391/0000950170-24-007391-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/862831/000095017024007391/0000950170-24-007391-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.