WARSAW, N.Y., Oct. 01, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the "Company"), the parent company of Five Star Bank and Courier Capital, LLC, will release results for the third quarter ending September 30, 2024 after the market closes on October 24, 2024. Management will host an earnings conference call and audio webcast on October 25, 2024 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, C ...

Investors might want to bet on Financial Institutions (FISI) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. ...

Financial Data and Key Metrics Changes - The common equity Tier 1 ratio surpassed 10%, increasing by 60 basis points from March 31, 2024, and by 93 basis points from June 30, 2023 [1] - Tangible common book value per share grew by 9% and 16% from the end of the linked and year-ago quarters respectively [1] - Record GAAP net income available to common shareholders was $25.3 million or $1.62 per diluted share in the second quarter, compared to $1.7 million or $0.11 per diluted share in the linked first quarter [8] - Year-to-date return on average assets was 90 basis points and efficiency ratio was 75% [8] - Normalized year-to-date return on average assets was 1.07% with an efficiency ratio of 66% when excluding certain expenses [9] Business Line Data and Key Metrics Changes - Revenue from Courier Capital, the wealth management firm, totaled $2.8 million in the second quarter, up 7.6% from the first quarter [3] - Noninterest expense decreased to $33 million in the second quarter from $54 million in the linked period, primarily due to lower salaries and employee benefits [4] - Income from limited partnerships increased by $461,000, driven by favorable performance of underlying investments [2] Market Data and Key Metrics Changes - Total loans dropped modestly during the quarter, with commercial growth offset by runoff in the indirect portfolio [13] - Total deposits decreased by 4.9%, reflecting seasonality in the public deposit portfolio [13] - The indirect portfolio totaled $894.6 million, down 2.8% from March 31, 2024, with a notable improvement in the indirect net charge-off ratio [19] Company Strategy and Development Direction - The sale of the insurance subsidiary, SDN Insurance Agency, was a strategic transaction that capitalized on strong valuations and generated a pretax gain of $13.5 million [11] - The company aims to build on the positive momentum of its core business to deliver sustained incremental improvement in operating performance [51] - The focus remains on liquidity, capital, and earnings to capitalize on future opportunities [1] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the loan portfolio and associated asset quality metrics, despite a challenging operating environment [48] - The company expects to provide updates on the fraud event and its legal proceedings in future earnings disclosures [47] - The trajectory of cost of funds is expected to continue to flow throughout 2024, with a focus on managing credit performance [26] Other Important Information - The effective tax rate for 2024 is expected to fall within a range of 11% to 13% [32] - Noninterest income guidance remains unchanged, with recurring quarterly noninterest income expected between $8.5 million to $9 million [33] - The company is reviewing its capital stack strategically, considering potential reissuance or replacement of capital ahead of reset dates [83] Q&A Session Summary Question: Margin response to potential Fed cuts - Management indicated that the first couple of cuts by the Fed would be neutral, but more aggressive cuts in 2025 could benefit margins [62] Question: Loan growth split between C&I and CRE - Management is canvassing all commercial activities, with both C&I and CRE being considered for growth despite a cautious approach in the higher rate environment [56] Question: Fee income guidance and run rate - Management provided insights on fee income, indicating that the current quarter's run rate could be a decent proxy for the rest of the year [70] Question: Provisioning expectations - Management acknowledged fluctuations in provisioning driven by delinquency trends, with expectations for charge-offs to stabilize [72] Question: Plans for upcoming sub debt reset - Management is evaluating the potential to reissue or replace alternative forms of capital as two facilities are set to reprice next year [83]

FINANCIAL INSTITUTIONS, INC. ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS Second Quarter 2024 Key Results: up 93 basis points from June 30, 2023, and growing tangible common book value per share (1) by 9% and 16% from the end of the linked and year-ago quarters, respectively," Mr. Birmingham added. Chief Financial Officer and Treasurer W. Jack Plants II commented, "We are pleased with our ability to build on the margin stability achieved in the first quarter to drive solid expansion on a linked quarter b ...

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WARSAW, N.Y., July 01, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the "Company"), the parent company of Five Star Bank and Courier Capital, LLC, will release results for the second quarter ending June 30, 2024 after the market closes on July 25, 2024. About Financial Institutions, Inc. For additional information contact: Kate Croft Director of Investor and External Relations (716) 817-5159 klcroft@five-starbank.com Management will host an earnings conference call and audio webcast ...

Financial Institutions, Inc. (NASDAQ: FISI) is an innovative financial holding company with approximately $6.3 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investm ...

Pgiam Earnings of Financial Institutions, Inc. (NASDAQ:FISI) will likely be lower this year because of the hit from fraudulent activity reported in the first quarter. Financial Institutions' subsidiary bank, Five Star Bank, (not to be confused with the subsidiary of Five Star Bancorp, Five Star Bank, which operates in Northern California) was the victim of a deposit-account related incident earlier this year. Further, earnings will suffer because the average margin will be lower this year compared to last y ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 000-26481 Financial Institutions, Inc. (Exact name of registrant as specified in its charter) ( ...

Financial Institutions (FISI) came out with quarterly earnings of $0.11 per share, missing the Zacks Consensus Estimate of $0.66 per share. This compares to earnings of $0.76 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -83.33%. A quarter ago, it was expected that this holding company for Five Star Bank would post earnings of $0.73 per share when it actually produced earnings of $0.61, delivering a surprise of -16.44%.Over ...