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Mar 31, 2021
Financial Institutions Q1 2021 Earnings Report
Financial Institutions, Inc. reported a strong first quarter, driven by growth in net interest income, noninterest income, and cost savings.
Key Takeaways
Financial Institutions, Inc. reported net income of $20.7 million for the first quarter of 2021, a significant increase compared to $1.1 million in the first quarter of 2020. The company benefited from a positive provision impact, continued growth in net interest income and noninterest income, and cost savings from the enterprise standardization program.
Net income for the quarter was $20.7 million, compared to $1.1 million in the first quarter of 2020.
Pre-tax pre-provision income was the highest in Company history at $24.1 million.
The company completed the acquisition of Landmark Group, expanding insurance offerings in the Rochester market.
The company repurchased over 230 thousand shares of common stock under its stock repurchase program.
Revenue by Segment
Forward Guidance
The pace of activity has not slowed in 2021. The company continues to assist new and existing customers with the Paycheck Protection Program (“PPP”), helping them obtain approximately $96 million of new loans and completing the forgiveness process for approximately $87 million of loans in the first quarter. The continued health, safety and financial well-being of our customers, associates and communities remains a key focus of the Company.
Positive Outlook
- Assist new and existing customers with the Paycheck Protection Program (“PPP”), helping them obtain approximately $96 million of new loans.
- Completing the forgiveness process for approximately $87 million of loans in the first quarter.
- Completed the acquisition of Landmark Group, significantly increasing awareness of our insurance offerings in the Rochester market and supporting our strategy of diversifying revenue.
- Repurchased more than 230 thousand shares of common stock under our stock repurchase program at favorable pricing.
- Infection rates decline in our markets and vaccination rates rise, we are seeing signs of an expanded re-opening of the economy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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