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Dec 31, 2019
Financial Institutions Q4 2019 Earnings Report
Financial Institutions, Inc. reported strong results, driven by a reduction in income tax expense and balance sheet repositioning.
Key Takeaways
Financial Institutions, Inc. reported a net income of $13.1 million for the fourth quarter of 2019, compared to $7.5 million in 2018. The results were positively impacted by a reduction in income tax expense of approximately $2.7 million due to tax credit investments. The company's net interest margin expanded to 3.33% due to the repositioning of the balance sheet.
Net income was $13.1 million, an increase from $7.5 million in 2018.
Diluted earnings per share increased to $0.79, up from $0.45 in 2018.
Net interest margin expanded to 3.33% from 3.21%.
Pre-tax pre-provision income increased to $16.1 million from $13.6 million in 2018.
Revenue by Segment
Forward Guidance
Financial Institutions, Inc. is launching two major initiatives in 2020: an enterprise standardization program to improve company operations and a new digital banking platform to enhance customer experience.
Positive Outlook
- Enterprise standardization program aims to improve Company operations.
- Enterprise standardization program intends to deliver enhanced customer experience.
- Enterprise standardization program seeks to improve operational efficiency.
- Five Star Bank Digital Banking to improve user experience across all devices.
- Five Star Bank Digital Banking will offer many new features.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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