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.