Financial Institutions Q1 net income $2.1M, EPS $0.11, hit by $18.4M fraud loss; insurance sale closed April 1

FINANCIAL INSTITUTIONS INC

2024-Q1 EPS reported $0.11

Net income $2.1M ($0.11 diluted EPS) vs $12.1M ($0.76) in Q1 2023; includes $18.4M pre-tax fraud loss.
Deposit-related charged-off items $19.2M; company expects to recoup additional funds through legal recourse.
Total deposits $5.40B, up 3.5% from Dec 2023; loans $4.44B, down 0.5% linked quarter.
Sold SDN Insurance Agency assets to NFP on April 1 for ~$27M, after-tax gain ~$11.2M.
Net interest margin stable at 2.78%; benefit for credit losses of $5.5M reflecting improved credit quality.

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 0.95

FINANCIAL INSTITUTIONS INC reported first quarter ended March 31, 2024 results: net income Net income was $2.1 million, EPS $0.11 per diluted share.

Period: first quarter ended March 31, 2024
Net income: Net income was $2.1 million
EPS: $0.11 per diluted share
Result: reported results

Exact text from the filing

On April 25, 2024, Financial Institutions, Inc. (the “Company”) issued a press release to report financial results for the first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0000950170-24-048290

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