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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.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the document.
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