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Sep 30, 2020
Financial Institutions Q3 2020 Earnings Report
Financial results reported a decrease in net income but a record pre-tax pre-provision income due to growth in net interest income and diversified revenue streams.
Key Takeaways
Financial Institutions, Inc. reported a net income of $12.3 million for the quarter ended September 30, 2020, compared to $12.8 million for the third quarter of 2019. The company achieved a record pre-tax pre-provision income of $19.2 million, driven by growth in net interest income and diversified revenue streams. The results reflect approximately $1.6 million of non-recurring expenses related to branch closures and a staffing reduction.
Net income for the quarter was $12.3 million, a slight decrease compared to the third quarter of 2019.
Pre-tax pre-provision income reached a record high of $19.2 million for the quarter.
The company experienced growth in the commercial mortgage portfolio (5.4%), residential real estate loans (2.0%), and consumer indirect loans (1.5%).
Net interest margin remained relatively constant at 3.22%, despite impacts from Federal Reserve interest-earning cash balance and Payroll Protection Program loans.
Financial Institutions
Financial Institutions
Financial Institutions Revenue by Segment
Revenue by Segment
Service charges on deposits Revenue
CapyFin.comInsurance income Revenue
CapyFin.comInvestment advisory Revenue
CapyFin.comCompany owned life insurance Revenue
CapyFin.comInvestments in limited partnerships Revenue
CapyFin.comLoan servicing Revenue
CapyFin.comNet gain on sale of loans held for sale Revenue
CapyFin.comNet loss on tax credit investments Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
No specific forward guidance was provided in the document.