Press release
Financial Institutions, Inc. Announces Second Quarter 2023 Results
WARSAW, N.Y., July 27, 2023 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank
About this update from Financial Institutions, Inc.
[{"type":"text","content":"WARSAW, N.Y., July 27, 2023 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC (“SDN”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the second quarter ended June 30, 2023. Net income was $14.4 million for the second quarter of 2023, compared to $12.1 million in the first quarter of 2023 and $15.6 million in the second quarter of 2022. After preferred dividends, net income available to common shareholders was $14.0 million, or $0.91 per diluted share, in the second quarter of 2023, compared to $11.7 million, or $0.76 per diluted share, in the first quarter of 2023, and $15.3 million, or $0.99 per diluted share, in the second quarter of 2022. The Company recorded a provision for credit losses of $3.2 million in the current quarter, compared to $4.2 million in the linked quarter and $563 thousand in the prior year quarter. Second Quarter 2023 Highlights: Total loans were $4.40 billion at June 30, 2023, reflecting an increase of $154.5 million, or 3.6%, from March 31, 2023 and $633.8 million, or 16.8%, from June 30, 2022.Total deposits were $5.03 billion at June 30, 2023, down $106.4 million, or 2.1%, from March 31, 2023, reflective of seasonal outflows in the public deposit portfolio that occur during the second quarter, and up $214.3 million, or 4.4%, from one year prior.Net interest income of $42.3 million increased $522 thousand, or 1.2%, and $740 thousand, or 1.8%, from the linked and year-ago quarters, respectively, amid the current rising interest rate environment that has driven higher yields as well as higher funding costs.Noninterest income was $11.5 million, up $542 thousand, or 5.0%, from the first quarter of 2023 and up $106 thousand, or 0.9%, from the second quarter of 2022.The Company completed the merger of its two wholly-owned SEC-registered investment advisory firm subsidiaries, under which HNP Capital, LLC merged with and into Courier Capital, LLC, now one of the largest registered investment advisory firms headquartered in Western New York with assets under management of $2.75 billion at June 30, 2023.The Company continues to report strong credit quality metrics, including annualized net charge-offs to average loans for the current quarter of 0....