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Mar 31, 2022
Financial Institutions Q1 2022 Earnings Report
Reported solid first quarter results with earnings of $15 million, driven by growth in loans and deposits, and revenue from insurance and investment advisory lines of business.
Key Takeaways
Financial Institutions, Inc. reported a net income of $15.0 million for the first quarter of 2022, a decrease compared to $20.7 million in the first quarter of 2021. The decrease was primarily due to a $2.3 million provision for credit losses and a $2.5 million decrease in revenue related to PPP loans.
Net income for the quarter was $15.0 million, compared to $20.7 million in the first quarter of 2021.
Earnings per diluted share were $0.93, compared to $1.27 in the first quarter of 2021.
Net interest income was $39.6 million for the quarter, an increase of $1.7 million from the first quarter of 2021.
Total assets were $5.63 billion at March 31, 2022, up $301.4 million from March 31, 2021.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance in this earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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