Financial Institutions Inc. 8.48% PRF PERPETUAL USD 100 - Series B 1 Class B (FIISO) reports earnings

The report was filed on March 12, 2025

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Financial Institutions Inc. 8.48% PRF PERPETUAL USD 100 - Series B 1 Class B (FIISO0.00%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing

The filing details the company's financial performance, including a reported net loss of $41.6 million for 2024, compared to a net income of $50.3 million in 2023. This resulted in a return on average assets of -0.68% and a return on average equity of -8.74%.

Net interest income for 2024 was $163.6 million, a decrease from $165.7 million in 2023. The net interest margin was 2.86%, down from 2.94% the previous year, primarily due to higher funding costs.

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The provision for credit losses was $6.2 million, compared to $13.7 million in 2023. Net charge-offs were $8.7 million, consistent with the previous year. Non-performing loans increased to $41.4 million, representing 0.92% of total loans.

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Noninterest income reported a net loss of $46.7 million, primarily due to a $100.1 million loss on investment securities as part of a strategic restructuring. This compares to a noninterest income of $48.2 million in 2023.

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Noninterest expense increased to $178.9 million from $137.2 million in 2023, driven by a $23.0 million provision for a litigation settlement and a $20.3 million loss from fraudulent activity.

Total assets at year-end were $6.12 billion, with total loans of $4.48 billion. Total deposits were $5.10 billion, a decrease from $5.21 billion at the end of 2023.

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Shareholders' equity increased to $569.0 million, reflecting net proceeds from a common stock offering and a decrease in unrealized losses on available-for-sale securities.

The company announced an orderly wind down of its Banking-as-a-Service offerings and completed the sale of its insurance subsidiary, SDN Insurance Agency, LLC, generating a pre-tax gain of $13.7 million.

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The filing also discusses the company's liquidity and capital management strategies, including maintaining adequate liquidity to meet financial obligations and exploring market expansion opportunities.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Financial Institutions Inc. 8.48% PRF PERPETUAL USD 100 - Series B 1 Class B annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.