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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.
Financial Institutions
Financial Institutions
Financial Institutions Revenue by Segment
Revenue by Segment
Service charges on deposits Revenue
CapyFin.comInsurance income Revenue
CapyFin.comCard interchange income Revenue
CapyFin.comCompany owned life insurance Revenue
CapyFin.comInvestments in limited partnerships Revenue
CapyFin.comLoan servicing Revenue
CapyFin.comIncome from derivative instruments, net Revenue
CapyFin.comNet gain on sale of loans held for sale Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
No forward guidance was provided in the press release.