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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.
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.comIncome from derivative instruments, net 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
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.