Financial Institutions Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company's net interest income was $30,821,000 compared with $28,438,000 a year ago. Income before income taxes was $13,137,000 compared with $11,743,000 a year ago. Net income available to common shareholders was $10,212,000 or $0.64 per diluted share compared with $7,913,000 or $0.52 per diluted share a year ago. The most significant contributors to this year-over-year increase were: net interest income was $2.4 million higher in the quarter due to organic loan growth. Provision was $700,000 lower, the effective tax rate was 19.5% as compared to 29.5% in the third quarter of 2017. Return on average assets was 1.00% compared with 0.83% a year ago. Return on average equity was 10.71% compared with 9.17% a year ago. Interest income was $39,035,000 compared with $33,396,000 a year ago.

For the nine months, the company's net interest income was $90,534,000 compared with $82,855,000 a year ago. Income before income taxes was $39,842,000 compared with $31,833,000 a year ago. Net income available to common shareholders was $30,939,000 or $1.94 per diluted share compared with $21,371,000 or $1.44 per diluted share a year ago. Return on average assets was 1.03% compared with 0.78% a year ago. Return on average equity was 11.11% compared with 8.84% a year ago. The company's common book value per share was $23.54 against $22.31 a year ago. Interest income was $111,306,000 compared with $95,343,000 a year ago.

For the quarter, the company announced total net charge-offs of $2,061,000 compared with $1,614,000 a year ago.

For the full year of 2018, the company expects to report effective tax rate of approximately 19.5%.