Press release
Financial Institutions, Inc. Announces Third Quarter 2022 Results
WARSAW, N.Y., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ:FISI) (the “Company” “we” or “us”), parent company of Five Star Bank (the
About this update from Financial Institutions, Inc.
[{"type":"text","content":"WARSAW, N.Y., Oct. 27, 2022 (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”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”), today reported financial and operational results for the third quarter ended September 30, 2022. Net income for the current quarter was $13.9 million compared to $17.2 million in the third quarter of 2021. After preferred dividends, net income available to common shareholders was $13.5 million, or $0.88 per diluted share, in the third quarter of 2022, compared to $16.8 million, or $1.05 per diluted share, in the third quarter of 2021. The Company recorded a $4.3 million provision for credit losses in the current quarter, compared to a benefit of $541 thousand in the prior year quarter. Pre-tax pre-provision income(1) for the current quarter was $22.9 million, up $1.7 million, or 8.1%, from the third quarter of 2021. Excluding a non-recurring $2.0 million enhancement from the surrender and redeployment of $25.5 million in cash surrender value of company owned life insurance, which offset $2.0 million in incremental income taxes associated with the transaction, of which approximately $1.5 million was recognized in the third quarter, adjusted pre-tax pre-provision income(1) decreased by $291 thousand, or 1.4%, from the prior year period. Excluding this non-recurring enhancement as well as accretion income and fees related to Paycheck Protection Program (“PPP”) loans during both periods of comparison, pre-PPP adjusted pre-tax pre-provision income(1) increased by $770 thousand, or 3.9% from the third quarter of 2021. Third Quarter 2022 Highlights: Total loans were $3.87 billion at September 30, 2022, an increase of $213.0 million, or 5.8%, from September 30, 2021 and $102.8 million, or 2.7%, from June 30, 2022. Excluding the impact of PPP loans, the loan portfolio grew $326.8 million, or 9.2%, and $109.0 million, or 2.9%, during the twelve and three months ended September 30, 2022, respectively.Net interest income increased by $4.8 million, or 12.5%, from the year-ago quarter and $1.5 million, or 3.5%, from the linked quarter on continued loan growth and net interest margin expansion to 3.28%.Noninterest income increased by $569 thousand, or 4.7%, from the ...