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Jun 30, 2022
Financial Institutions Q2 2022 Earnings Report
Reported net income of $15.6 million, driven by strategic initiatives and investments in people and technology, but impacted by a provision for credit losses, higher employee benefits expense, and non-recurring restructuring charges.
Key Takeaways
Financial Institutions, Inc. reported a net income of $15.6 million for the second quarter of 2022, a decrease compared to $20.2 million in the second quarter of 2021. The results reflect strategic investments in personnel and technology, offset by a provision for credit losses, increased salaries and benefits expense, and restructuring charges.
Net income for the quarter was $15.6 million, compared to $20.2 million in the second quarter of 2021.
Earnings per diluted share were $0.99, compared to $1.25 in the second quarter of 2021.
Net interest income increased by $3.9 million from the second quarter of 2021, reaching $41.6 million.
The company executed a stock repurchase program for up to 766,447 shares of common stock.
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.comInvestment advisory Revenue
CapyFin.comCompany owned life insurance Revenue
CapyFin.comInvestments in limited partnerships Revenue
CapyFin.comLoan servicing Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Economic headwinds are expected as we are experiencing an inflationary period not seen in decades.