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Jun 30, 2021
Financial Institutions Q2 2021 Earnings Report
Financial Institutions, Inc. reported solid second-quarter performance with significant year-over-year growth in net income, driven by a benefit for credit losses and strong results across all business lines.
Key Takeaways
Financial Institutions, Inc. reported a strong second quarter with net income of $20.2 million, up from $11.1 million in the same quarter last year. The increase was driven by a $4.6 million benefit for credit losses compared to a $3.7 million provision in the second quarter of 2020. Pre-tax pre-provision income was $21.0 million, an increase of $3.7 million year-over-year.
Net income increased to $20.2 million compared to $11.1 million in the second quarter of 2020.
Earnings per diluted share rose to $1.25, up from $0.67 in the second quarter of 2020.
Net interest income was $37.7 million, an increase of $3.6 million from the second quarter of 2020.
Noninterest income increased to $10.2 million, up $477 thousand from the second quarter of 2020.
Revenue by Segment
Forward Guidance
No forward guidance was provided in the press release.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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