Financial Institutions Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
January 28, 2015 at 09:05 pm
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Financial Institutions Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $24,138,000 compared to $23,380,000 a year ago. The increase was primarily related to an increase in average interest-earning assets of $128.7 million, driven by organic loan growth during 2014. Income before income taxes was $8,004,000 compared to $9,322,000 a year ago. Net income available to common shareholders was $7,555,000 or $0.54 per basic and diluted share compared to $6,001,000 or $0.43 per diluted share a year ago. Return on average assets was 1.03% compared to 0.88% a year ago. Return on average equity was 11.07% compared to 10.03% a year ago.
For the year, the company reported net interest income of $93,774,000 compared to $91,594,000 a year ago. Income before income taxes was $38,980,000 compared to $37,907,000 a year ago. Net income available to common shareholders was $27,893,000 or $2.00 per diluted share compared to $24,064,000 or $1.75 per basic and diluted share a year ago. Return on average assets was 0.98% compared to 0.91% a year ago. Return on average equity was 10.80% compared to 10.10% a year ago. Common book value per share was $18.57 at December 31, 2014, an increase of $0.09 from $18.48 at September 30, 2014 and $1.40 from $17.17 at December 31, 2013. Tangible common book value per share was $13.71 at December 31, 2014, compared to $13.59 at September 30, 2014 and $13.56 at December 31, 2013.
The company reported total net charge-offs of $1,517,000 in the fourth quarter of 2014 compared to $2,356,000 for the same quarter a year ago.
Financial Institutions, Inc. is a financial holding company. The Company provides a full range of banking and related financial services to consumer, commercial and municipal customers through its bank and non-bank subsidiaries. It offers a range of deposit, lending and other financial services to individuals, municipalities and businesses in the Western and Central New York branch network and its Mid-Atlantic commercial loan production office serving the Baltimore and Washington, D.C. region, through its banking subsidiary, Five Star Bank. Its indirect lending network includes relationships with franchised automobile dealers in Western and Central New York, the Capital District of New York, and Northern and Central Pennsylvania. It offers customized investment advice, wealth management, investment consulting and retirement plan services through its subsidiary, Courier Capital, LLC.
Financial Institutions Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014