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: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.