Financial Institutions Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 30, 2014 at 02:35 am IST
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Financial Institutions Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported that interest income was $25,218,000 compared to $25,087,000 a year ago. Net interest income was $23,380,000 compared to $23,088,000 a year ago. Net interest income after provision for loan losses was $20,973,000 compared to $20,568,000 a year ago. Income before income taxes was $9,322,000 compared to $9,310,000 a year ago. Net income was $6,367,000 compared to $6,332,000 a year ago. Net income available to common shareholders was $6,001,000 or $0.43 per diluted share compared to $5,963,000 or $0.43 per diluted share a year ago. Return on average assets was 0.88% compared to 0.95% a year ago. Return on average equity was 10.03% compared to 9.85% a year ago. Return on average common equity was 10.15% compared to 9.95% a year ago. Non-GAAP net operating income was $25,530,000 compared to $27,085,000 a year ago. The increase in net interest income resulted from a $72.5 million increase in average earning assets during the fourth quarter 2013, partially offset by a decrease in the net interest margin to 3.61% in the fourth quarter 2013 from 3.62% in the third quarter 2013. Non-GAAP net operating income available to common shareholders was $24,064,000 compared to $25,611,000 a year ago.
For the year, the company reported that interest income was $98,931,000 compared to $97,567,000 a year ago. Net interest income was $91,534,000 compared to $88,516,000 a year ago. Net interest income after provision for loan losses was $82,515,000 compared to $81,388,000 a year ago. Income before income taxes was $37,907,000 compared to $37,768,000 a year ago. Net income was $25,530,000 compared to $23,449,000 a year ago. Net income available to common shareholders was $24,064,000 or $1.75 per basic and diluted share compared to $21,975,000 or $1.60 per basic and diluted share a year ago. Return on average assets was 0.91% compared to 0.93% a year ago. Return on average equity was 10.10% compared to 9.46% a year ago. Return on average common equity was 10.23% compared to 9.53% a year ago. Non-GAAP net operating income was $6,367,000 compared to $6,332,000 a year ago. Tangible book value was $13.56 per share compared to $13.49 per share a year ago. Common book value and tangible common book value were $17.17 per share and $13.56 per share, respectively, at year end compared to $16.69 per share and $13.06 per share, respectively, at September 30, 2013 and $17.15 per share and $13.49 per share, respectively, at December 31, 2012.
Net loan charge-offs increased to $2.4 million in the fourth quarter of 2013 from $1.7 million in the third quarter 2013. The increase in net loan charge-offs in the fourth quarter 2013 was primarily related to the single commercial mortgage loan referenced above. The provision for loan losses was $2.4 million in the fourth quarter 2013, compared to $2.8 million in the third quarter 2013.
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 Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013