Financial Institutions, Inc. (FISI) has reported a 4.27 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $7.94 million, or $0.52 a share in the quarter, compared with $7.62 million, or $0.50 a share for the same period last year.
Revenue during the quarter went up marginally by 1.53 percent to $32.05 million from $31.57 million in the previous year period. Net interest income for the quarter rose 9.21 percent over the prior year period to $27 million. Non-interest income for the quarter fell 14.98 percent over the last year period to $7.84 million.
Financial Institutions has made provision of $2.78 million for loan losses during the quarter, up 17.44 percent from $2.37 million in the same period last year.
Net interest margin contracted 4 basis points to 3.23 percent in the quarter from 3.27 percent in the last year period. Efficiency ratio for the quarter improved to 59.09 percent from 62.19 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability. President and Chief Executive Officer Martin K. Birmingham stated, "We are off to a very good start in 2017 with first quarter earnings in-line with our expectations and ongoing execution of our strategic plan. “In mid-February, we furthered our expansion in Buffalo with the opening of a new financial solution center in a prime downtown location. We look forward to serving the needs of downtown residents, businesses and workers, and we believe this branch opening will serve as an excellent foundation for continued growth in Buffalo and all of Western New York.
Assets outpace liabilities growth Total assets stood at $3,859.86 million as on Mar. 31, 2017, up 9.76 percent compared with $3,516.57 million on Mar. 31, 2016. Loans outpace deposit growth Net loans stood at $2,371.55 million as on Mar. 31, 2017, up 13.61 percent compared with $2,087.47 million on Mar. 31, 2016. Deposits stood at $3,169.66 million as on Mar. 31, 2017, up 7.08 percent compared with $2,960.18 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $666.33 million or 21.02 percent of total deposits on Mar. 31, 2017, compared with $617.39 million or 20.86 percent of total deposits on Mar. 31, 2016.
Investments stood at $1,085.79 million as on Mar. 31, 2017, down 0.05 percent or $0.51 million from year-ago. Shareholders equity stood at $325.69 million as on Mar. 31, 2017, up 3.74 percent or $11.74 million from year-ago.
Return on assets moved down 4 basis points to 0.86 percent in the quarter from 0.90 percent in the last year period. Return on average assets moved down 4 basis points to 0.86 percent in the quarter from 0.90 percent in the last year period. At the same time, return on average equity increased 3 basis points to 9.94 percent in the quarter from 9.91 percent in the last year period.
Nonperforming assets moved down 7.72 percent or $0.68 million to $8.08 million on Mar. 31, 2017 from $8.75 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.21 percent in the quarter, down from 0.25 percent in the last year period.
Equity to assets ratio was 7.99 percent for the quarter, down from 8.43 percent for the previous year quarter. Book value per share was $21.21 for the quarter, up 3.67 percent or $0.75 compared to $20.46 for the same period last year.
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