FISI records $23M pre-tax litigation accrual, restates Q4/FY2024 results to wider losses

FINANCIAL INSTITUTIONS INC

Settlement of class-action lawsuit over UCC notice compliance in NY and PA adds $23.0M pre-tax charge.
Q4 2024 net loss increased by $17.1M to $82.8M; diluted EPS revised to –$5.07 from –$4.02.
Full-year 2024 net loss rose to $41.6M from $24.5M; diluted EPS now –$2.75 vs. –$1.66.
Settlement reached March 7, 2025 after mediation; subject to court approval; $6.5M in insurance proceeds netted.
Tangible common equity fell to $491M (8.11% of tangible assets) from prior $508M.

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