secwatch.observer — SEC 8-K summary
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Issuer:     FINANCIAL INSTITUTIONS INC (FISI)
CIK:        0000862831
Form:       8-K
Filed at:   2024-07-25T23:59:59+00:00
Accession:  0000950170-24-086488
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/862831/000095017024086488/0000950170-24-086488-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/862831/000095017024086488/fisi-20240630.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-086488

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