Published on 25 Apr 2024 on GuruFocus.com via Yahoo Finance
Financial Institutions Inc. (FISI) Faces Setbacks in Q1 2024 Amid Fraud Event
Net Income: Reported at $2.1 million for Q1 2024, a significant decrease from $9.8 million in Q4 2023 and $12.1 million in Q1 2023, falling short of the estimated $9.69 million.Earnings Per Share (EPS): Recorded at $0.11 per diluted share, significantly below the estimated $0.59 and down from $0.61 in Q4 2023 and $0.76 in Q1 2023.Revenue: Net interest income was $40.1 million in Q1 2024, slightly above the estimated $39.52 million, up from $39.886 million in Q4 2023 but down from $41.815 million in Q1 2023.Noninterest Expense: Increased to $54.0 million, up 54.1% from Q4 2023, largely due to an $18.4 million loss from a deposit-related fraud event.Deposits and Loans: Total deposits grew to $5.40 billion, a 3.5% increase from the end of 2023, while total loans slightly decreased by 0.5% to $4.44 billion.Asset Quality: Non-performing loans were $26.7 million, maintaining a stable ratio of 0.60% of total loans from Q4 2023, but significantly higher than 0.21% in Q1 2023.Capital and Liquidity: Ended Q1 2024 with a strong liquidity position, nearly $1.5 billion available, and regulatory capital ratios continuing to exceed requirements.
Warning! GuruFocus has detected 5 Warning Signs with FISI.