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Mar 31, 2023
Financial Institutions Q1 2023 Earnings Report
Financial results for the first quarter of 2023 were announced.
Key Takeaways
Financial Institutions, Inc. reported a net income of $12.1 million for the first quarter of 2023, consistent with the previous quarter but lower than the $15.0 million reported in the first quarter of 2022. The company saw strong loan growth, which was offset by funding cost pressures due to the current interest rate environment.
Total loans increased by $192.9 million, or 4.8%, from the previous quarter to $4.24 billion.
Total deposits increased by $211.9 million from the previous quarter to $5.14 billion.
Net interest income decreased $1.3 million, or 3.1%, from the linked quarter to $41.8 million.
The company announced a 3.4% increase in the common stock dividend, marking the 13th consecutive annual increase.
Financial Institutions
Financial Institutions
Forward Guidance
The company expects to deploy cash flow from its loan and securities portfolio into new loan originations at market rates to stabilize its margin moving forward despite increased funding costs.