secwatch.observer — SEC 8-K summary
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Issuer:     FINANCIAL INSTITUTIONS INC (FISI)
CIK:        0000862831
Form:       8-K/A
Filed at:   2025-03-10T23:59:59+00:00
Accession:  0000950170-25-036259
Event type: litigation
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/862831/000095017025036259/0000950170-25-036259-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/862831/000095017025036259/fisi-20241231.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-036259

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer