Press release
Financial Institutions, Inc. Announces Fourth Quarter and Full Year 2019 Results
WARSAW, N.Y., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq:FISI) (the “Company”), parent company of Five Star Bank (the “Bank”), SDN
About this update from Financial Institutions, Inc.
[{"type":"text","content":"WARSAW, N.Y., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq:FISI) (the “Company”), parent company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC (“SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”), today reported financial and operational results for the fourth quarter and year ended December 31, 2019.\n Results for the Quarter Net income was $13.1 million compared to $7.5 million in 2018. After preferred dividends, net income available to common shareholders was $12.7 million, or $0.79 per diluted share, compared to $7.1 million, or $0.45 per diluted share, in 2018.Results for the fourth quarter of 2019 were positively impacted by a reduction in income tax expense of approximately $2.7 million for federal and state tax benefits related to tax credit investments placed in service during the quarter. These tax credit investments also generated a net loss of $528 thousand, recorded in noninterest income, reducing the net positive impact in the quarter to $2.2 million. Results for the fourth quarter of 2018 were negatively impacted by a $2.4 million non-cash goodwill impairment charge related to the Company’s insurance subsidiary and $667 thousand of non-recurring expense incurred in connection with employee retirements and severance.Pre-tax pre-provision income(1) was $16.1 million compared to $13.6 million in 2018. Results for the Year Net income was $48.9 million compared to $39.5 million in 2018. After preferred dividends, net income available to common shareholders was $47.4 million, or $2.96 per diluted share, compared to $38.1 million, or $2.39 per diluted share, in 2018.Results for 2019 were positively impacted by $2.2 million due to the tax credit investments described above and negatively impacted by approximately $600 thousand of income tax expense recognized in the third quarter related to an adjustment to a provisional amount recorded in 2017. Results for 2018 were negatively impacted by the $2.4 million non-cash goodwill impairment charge described above and approximately $1.7 million of expenses related to employee retirements and severance, higher contingent incentive compensation related to our wealth management subsidiary and the payment of one-time awards to employees not covered by certain incentive programs.Pre-tax pre-provision income was $...