Last $23.98 USD
Change Today 0.00 / 0.00%
Volume 26.8K
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As of 8:10 PM 10/24/14 All times are local (Market data is delayed by at least 15 minutes).

financial institutions inc (FISI) Key Developments

Financial Institutions Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Financial Institutions Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net interest income of USD 23,258,000 compared with USD 22,803,000 for the same period last year. Income before income taxes was USD 10,549,000 compared with USD 9,193,000 for the same period last year. Net income available to common shareholders was USD 6,818,000 or USD 0.49 basic and diluted per share compared with USD 5,799,000 or USD 0.42 basic and diluted per share for the same period last year. Return on average assets was 0.95% against 0.88% a year ago. Return on average equity was 10.41% against 9.93% a year ago. Return on average common equity was 10.55% against 10.05% a year ago. Return on average tangible common equity was 13.73% against 12.88% a year ago. Interest income was USD 25,129,000 compared with USD 24,623,000 for the same period last year. Net interest income, after provision for loan losses was USD 21,243,000 compared with USD 20,033,000 for the same period last year. For the nine months, the company reported net interest income of USD 69,636,000 compared with USD 68,214,000 for the same period last year. Income before income taxes was USD 30,976,000 compared with USD 28,585,000 for the same period last year. Net income available to common shareholders was USD 20,338,000 or USD 1.46 diluted per share compared with USD 18,063,000 or USD 1.31 diluted per share for the same period last year. Return on average assets was 0.96% against 0.92% a year ago. Return on average equity was 10.70% against 10.13% a year ago. Return on average common equity was 10.85% against 10.25% a year ago. Return on average tangible common equity was 13.77% against 13.03% a year ago. Interest income was USD 75,071,000 compared with USD 73,713,000 for the same period last year. Net interest income, after provision for loan losses was USD 63,757,000 compared with USD 61,542,000 for the same period last year. Common book value per common share was USD 18.48 as on September 30, 2014 against USD 16.69 as on September 30, 2013. Tangible book value per common share was USD 13.59 as on September 30, 2014 against USD 13.06 as on September 30, 2013.

Financial Institutions Inc. to Report Q3, 2014 Results on Oct 22, 2014

Financial Institutions Inc. announced that they will report Q3, 2014 results at 4:05 PM, US Eastern Standard Time on Oct 22, 2014

William L. Kreienberg Joins Financial Institutions, Inc. as Company as Executive Vice President, General Counsel and Chief Risk Officer

Financial Institutions Inc. announced that William L. Kreienberg is joining the company as executive vice president, general counsel and chief risk officer. In his role, Mr. Kreienberg will be responsible for managing the legal, risk management and compliance activities of Financial Institutions Inc. and its subsidiaries. Mr. Kreienberg will also serve as a legal advisor for senior management and the board of directors. Mr. Kreienberg currently serves as a Partner at Harter Secrest & Emery LLP, from which he will retire to take this position. He is currently a member of the National Association of Dealer Counsel and is a former board member at Greater Rochester Enterprise.

Financial Institutions, Inc. Announces Quarterly Cash Dividend and Preference Dividend Payable on October 2, 2014

Financial Institutions Inc. announced that its Board of Directors has approved a quarterly cash dividend of $0.19 per outstanding common share. The company also announced dividends of $0.75 per share on Series A 3% preferred stock and $2.12 per share on series B-1 8.48% preferred stock. All dividends are payable on October 2, 2014 to shareholders of record as of September 12, 2014.

Financial Institutions Inc. Announces Executive Changes

On August 19, 2014, Mr. Kenneth W. Winn departed as Executive Vice President and Chief Risk Officer of Financial Institutions Inc. and his employment with the company effectively terminated. On an interim basis, Mr. David G. Case was appointed as Senior Vice President, Interim Chief Risk Officer of the company in addition to his current role as Chief Commercial Credit Officer.

 

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FISI

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Valuation FISI Industry Range
Price/Earnings 12.6x
Price/Sales 3.0x
Price/Book 1.2x
Price/Cash Flow 12.2x
TEV/Sales 0.3x
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