FISI Q2 net income $25.6M ($1.62 EPS) vs $2.1M Q1; includes $13.5M gain from insurance sale

FINANCIAL INSTITUTIONS INC

2024-Q2 EPS reported $1.73

Net income $25.6M, diluted EPS $1.62 vs $0.11 Q1 and $0.91 year ago; record quarterly net income to common shareholders.
Net interest margin expanded 9 bps to 2.87% from 2.78% linked quarter; net interest income $41.2M up 2.8%.
Sale of SDN Insurance assets closed April 1, generating $13.5M pre-tax gain; proceeds ~$27M.
Regulatory capital improved: CET1 10.03% vs 9.43% Q1; tangible book value per share $25.17, up 9.2%.
Noninterest expense $33.0M, down 38.9% from Q1; deposit-related fraud event charges continuing.

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