The following is a summary of the Financial Institutions, Inc. (FISI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Financial Institutions reported Q1 net income available to common shareholders of $1.7 million, or $0.11 per diluted share, down from Q4's $0.61 per share and Q1 2023's $0.76 per share due to a significant fraud-related charge-off.

• Despite the fraud event, the company reported a strong credit quality, with nonperforming loans to total loans of 60 basis points, and a notable increase in deposit growth, up by $183.8 million from 2023.

• Net interest income for the first quarter also saw a slight increase from the fourth quarter of 2023, standing at $40.1 million.

Business Progress:

• Notwithstanding flat total loan balances, the company reported strong pipelines and several key commercial deals set to close in Q2.

• The sale of the assets of its insurance subsidiary, SDN Insurance Agency, is expected to contribute to overall net income and boost regulatory capital.

• As strategic actions to enhance liquidity, capital, and earnings continue, a healthy growth in total deposits, led by nonpublic and reciprocal deposits, is anticipated for the future.

• They maintain a strong financial position, reporting a common equity Tier 1 ratio of 9.43%.

More details: Financial Institutions IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.