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Sep 30, 2021
Financial Institutions Q3 2021 Earnings Report
Reported strong third quarter results driven by positive economic trends and organic growth.
Key Takeaways
Financial Institutions, Inc. reported a strong third quarter with net income of $17.2 million, an increase from $12.3 million in the third quarter of 2020. The company benefited from a $541 thousand credit loss recovery and saw growth in its loan portfolio, excluding PPP loans. Noninterest income was strong, driven by insurance and wealth subsidiaries, resulting in an efficiency ratio of 58%.
Net income for the quarter was $17.2 million, compared to $12.3 million in the third quarter of 2020.
Pre-tax pre-provision income for the quarter was $21.2 million, an increase of $1.9 million from the third quarter of 2020.
Excluding the impact of Paycheck Protection Program loans, the total loan portfolio grew by 2.2% from June 30th.
SDN insurance subsidiary completed a bolt-on transaction in August, acquiring an employee benefits business.
Revenue by Segment
Historical Earnings Impact
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