Financial Institutions Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Announces Total Net Charge-Offs for the Third Quarter of 2018; Provides Tax Rate Guidance for the Full Year of 2018
October 25, 2018 at 04:05 pm EDT
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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%.
Financial Institutions, Inc. is a financial holding company. The Company provides a full range of banking and related financial services to consumer, commercial and municipal customers through its bank and non-bank subsidiaries. It offers a range of deposit, lending and other financial services to individuals, municipalities and businesses in the Western and Central New York branch network and its Mid-Atlantic commercial loan production office serving the Baltimore and Washington, D.C. region, through its banking subsidiary, Five Star Bank. Its indirect lending network includes relationships with franchised automobile dealers in Western and Central New York, the Capital District of New York, and Northern and Central Pennsylvania. It offers customized investment advice, wealth management, investment consulting and retirement plan services through its subsidiary, Courier Capital, LLC.
Financial Institutions Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Announces Total Net Charge-Offs for the Third Quarter of 2018; Provides Tax Rate Guidance for the Full Year of 2018