secwatch.observer — SEC 8-K summary
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Issuer:     FINANCIAL INSTITUTIONS INC (FISI)
CIK:        0000862831
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0000950170-24-048290
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/862831/000095017024048290/0000950170-24-048290-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/862831/000095017024048290/fisi-20240331.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-048290

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