Financial Institutions (FISI) Tops Q1 EPS by 9c

Financial Institutions (NASDAQ: FISI) reported Q1 EPS of $0.70, $0.09 better than the analyst estimate of $0.61.

• Net income of $11.5 million was the second highest in the Company’s history and $2.2 million, or 24%, higher than the first quarter of 2018
• Diluted earnings per share of $0.70 was $0.14, or 25.0%, higher than the first quarter of 2018
• Pre-tax pre-provision income of $15.7 million (1) was the highest in the Company’s history, $1.2 million, or 8.5%, higher than the first quarter of 2018
• Net interest income of $31.8 million was $2.1 million, or 7.0%, higher than the first quarter of 2018
• Net interest margin expanded to 3.24% from 3.18% in the first quarter of 2018
• Return on average assets was 1.09%, up from 0.92% in the first quarter of 2018
• Non-performing loans declined to $5.8 million at quarter-end, down $4.9 million from March 31, 2018
• As previously announced, the Company declared a quarterly cash dividend of $0.25 per common share, a 4.2% increase from the most recent dividend.

President and Chief Executive Officer Martin K. Birmingham stated, “We delivered another strong quarter as we continue to execute our long-term strategy to achieve sustainable earnings growth. We are seeing meaningful results from our efforts to strengthen and transform our Company, as evidenced by this quarter’s growth in net income, pre-tax pre-provision income and deposits, as well as continued strong asset quality. Our capital ratios improved in the quarter with 30 basis point increases in common equity to assets and tangible common equity to tangible assets (1), or the TCE ratio.”

Chief Financial Officer Justin K. Bigham added, “Our first quarter performance once again demonstrates that we are leveraging the investments we’ve made to deliver year-over-year top-line growth while exercising disciplined expense management to enhance profitability. We also made additional progress on our strategies to optimize the balance sheet by focusing on growth in our relationship-based commercial and residential mortgage businesses and redeploying assets from investment securities into higher-yielding loans.”

For earnings history and earnings-related data on Financial Institutions (FISI) click here.

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