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Financial Institutions (FISI) Financials

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Annual Income Statements for Financial Institutions

Annual Income Statements for Financial Institutions

This table shows Financial Institutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 55 49 -43
Consolidated Net Income / (Loss)		 57 50 -42
Net Income / (Loss) Continuing Operations		 57 50 -42
Total Pre-Tax Income 		71 63 -68
Total Revenue		 214 214 117
Net Interest Income / (Expense)		 167 166 164
Total Interest Income		 196 286 313
Loans and Leases Interest Income		 171 259 282
Investment Securities Interest Income		 25 28 31
Total Interest Expense		 29 120 150
Deposits Interest Expense		 23 107 140
Short-Term Borrowings Interest Expense		 1.50 6.89 3.37
Long-Term Debt Interest Expense		 4.24 6.17 6.27
Total Non-Interest Income		 46 48 -47
Trust Fees by Commissions		 11 11 11
Service Charges on Deposit Accounts		 6.36 6.71 2.14
Other Service Charges		 19 19 18
Net Realized & Unrealized Capital Gains on Investments		 2.30 -1.92 -86
Investment Banking Income		 1.29 1.78 2.38
Other Non-Interest Income		 5.54 12 5.49
Provision for Credit Losses		 13 14 6.15
Total Non-Interest Expense		 129 137 179
Salaries and Employee Benefits		 70 72 66
Net Occupancy & Equipment Expense		 33 35 37
Marketing Expense		 2.01 1.93 1.57
Property & Liability Insurance Claims		 2.44 4.90 5.28
Other Operating Expenses		 20 23 68
Amortization Expense		 0.99 0.91 0.55
Restructuring Charge		 1.62 0.11 0.04
Income Tax Expense		 14 13 -27
Preferred Stock Dividends Declared		 1.46 1.46 1.46
Basic Earnings per Share		 $3.58 $3.17 ($2.75)
Weighted Average Basic Shares Outstanding		 15.38M 15.38M 15.68M
Diluted Earnings per Share		 $3.56 $3.15 ($2.75)
Weighted Average Diluted Shares Outstanding		 15.47M 15.48M 15.68M
Weighted Average Basic & Diluted Shares Outstanding		 15.38M 15.41M 20.08M
Cash Dividends to Common per Share		 $1.16 $1.20 $1.20

Quarterly Income Statements for Financial Institutions

This table shows Financial Institutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 13 12 12 14 14 9.42 1.71 25 13 -83
Consolidated Net Income / (Loss)		 14 12 12 14 14 9.78 2.07 26 13 -83
Net Income / (Loss) Continuing Operations		 14 12 12 14 14 9.78 2.07 26 13 -83
Total Pre-Tax Income 		19 14 15 17 16 15 2.43 30 15 -115
Total Revenue		 56 54 53 54 52 55 51 65 50 -49
Net Interest Income / (Expense)		 43 43 42 42 42 40 40 41 41 42
Total Interest Income		 51 58 64 71 75 77 78 79 78 78
Loans and Leases Interest Income		 44 51 57 64 68 69 70 71 71 70
Investment Securities Interest Income		 6.27 6.56 6.67 7.06 6.43 7.39 8.08 8.11 6.69 8.14
Total Interest Expense		 7.61 15 22 29 33 37 38 38 37 36
Deposits Interest Expense		 5.88 13 19 24 29 35 35 35 35 35
Short-Term Borrowings Interest Expense		 0.67 0.55 1.20 3.16 2.24 0.29 1.53 0.96 0.86 0.02
Long-Term Debt Interest Expense		 1.06 1.06 1.46 1.57 1.57 1.57 1.56 1.56 1.57 1.57
Total Non-Interest Income		 13 11 11 11 10 15 11 24 9.44 -91
Trust Fees by Commissions		 2.72 2.82 2.92 2.82 2.54 2.67 2.58 2.78 2.80 2.56
Service Charges on Deposit Accounts		 1.57 1.46 2.09 1.33 1.68 1.62 2.13 0.00 0.00 0.00
Other Service Charges		 5.33 4.86 4.22 4.59 4.85 4.95 4.67 4.65 4.44 4.71
Net Realized & Unrealized Capital Gains on Investments		 0.00 0.73 0.45 1.31 0.00 -3.67 -0.13 14 0.40 -101
Investment Banking Income		 0.07 0.19 0.25 0.47 0.39 0.67 0.34 0.80 0.40 0.84
Other Non-Interest Income		 2.97 0.88 0.99 0.95 1.03 9.13 1.30 1.36 1.40 1.43
Provision for Credit Losses		 4.31 6.12 4.21 3.23 0.97 5.27 -5.46 2.04 3.10 6.46
Total Non-Interest Expense		 33 34 34 34 35 35 54 33 32 59
Salaries and Employee Benefits		 18 18 18 18 18 18 17 16 16 17
Net Occupancy & Equipment Expense		 8.20 8.22 8.42 8.29 8.90 9.30 9.14 8.79 8.72 10
Marketing Expense		 0.65 0.58 0.31 0.50 0.74 0.37 0.30 0.44 0.37 0.47
Property & Liability Insurance Claims		 0.65 0.66 1.12 1.24 1.23 1.32 1.30 1.35 1.09 1.55
Other Operating Expenses		 5.13 5.37 5.44 5.79 5.53 5.81 26 6.58 6.29 30
Amortization Expense		 0.24 0.24 0.23 0.23 0.23 0.22 0.22 0.11 0.11 0.11
Restructuring Charge		 0.00 - 0.00 -0.02 -0.06 0.19 0.00 0.00 0.00 0.04
Income Tax Expense		 4.73 2.37 2.78 2.42 2.44 5.16 0.36 4.52 1.08 -32
Preferred Stock Dividends Declared		 0.37 0.36 0.37 0.36 0.37 0.37 0.37 0.36 0.37 0.37
Basic Earnings per Share		 $0.88 $0.76 $0.76 $0.91 $0.89 $0.61 $0.11 $1.64 $0.85 ($5.35)
Weighted Average Basic Shares Outstanding		 15.34M 15.38M 15.38M 15.40M 15.40M 15.38M 15.45M 15.47M 15.47M 15.68M
Diluted Earnings per Share		 $0.88 $0.76 $0.76 $0.91 $0.88 $0.60 $0.11 $1.62 $0.84 ($5.32)
Weighted Average Diluted Shares Outstanding		 15.34M 15.47M 15.38M 15.40M 15.40M 15.48M 15.45M 15.47M 15.47M 15.68M
Weighted Average Basic & Diluted Shares Outstanding		 15.34M 15.38M 15.38M 15.40M 15.40M 15.41M 15.45M 15.47M 15.47M 20.08M
Cash Dividends to Common per Share		 $0.29 $0.29 $0.30 $0.30 $0.30 $0.30 $0.30 $0.30 $0.30 $0.30

Annual Cash Flow Statements for Financial Institutions

This table details how cash moves in and out of Financial Institutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 51 -6.02 -37
Net Cash From Operating Activities		 134 11 77
Net Cash From Continuing Operating Activities		 134 11 77
Net Income / (Loss) Continuing Operations		 57 50 -42
Consolidated Net Income / (Loss)		 57 50 -42
Provision For Loan Losses		 13 14 29
Depreciation Expense		 8.11 8.09 7.68
Amortization Expense		 4.97 3.47 1.90
Non-Cash Adjustments to Reconcile Net Income		 -0.09 -8.90 46
Changes in Operating Assets and Liabilities, net		 51 -56 34
Net Cash From Investing Activities		 -325 -310 -8.23
Net Cash From Continuing Investing Activities		 -325 -310 -8.23
Purchase of Property, Leasehold Improvements and Equipment		 -8.37 -2.99 -4.97
Purchase of Investment Securities		 -526 -529 -932
Sale and/or Maturity of Investments		 209 221 928
Net Cash From Financing Activities		 243 293 -106
Net Cash From Continuing Financing Activities		 243 293 -106
Net Change in Deposits		 102 283 -108
Issuance of Debt		 0.00 50 0.00
Issuance of Common Equity		 0.00 0.00 109
Repayment of Debt		 175 -20 -86
Repurchase of Preferred Equity		 0.00 0.00 -0.01
Repurchase of Common Equity		 -15 -0.57 -0.43
Payment of Dividends		 -19 -20 -20

Quarterly Cash Flow Statements for Financial Institutions

This table details how cash moves in and out of Financial Institutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 8.88 12 9.51 40 12 -68 113 -91 103 -162
Net Cash From Operating Activities		 36 16 6.56 8.25 44 -48 12 36 2.15 27
Net Cash From Continuing Operating Activities		 36 16 6.56 8.29 44 -48 12 36 2.17 27
Net Income / (Loss) Continuing Operations		 14 12 12 14 14 9.78 2.07 26 13 -83
Consolidated Net Income / (Loss)		 14 12 12 14 14 9.78 2.07 26 13 -83
Provision For Loan Losses		 4.31 6.12 4.21 3.23 0.97 5.27 -5.46 2.04 3.10 29
Depreciation Expense		 1.82 2.07 2.07 2.02 1.99 2.01 2.03 1.87 1.83 1.96
Amortization Expense		 1.23 1.00 0.88 0.91 -4.47 6.15 0.72 0.74 0.56 -0.12
Non-Cash Adjustments to Reconcile Net Income		 -0.98 -1.37 -0.20 -1.33 -1.44 -5.95 3.91 -17 -2.71 62
Changes in Operating Assets and Liabilities, net		 15 -3.79 -12 -11 33 -65 9.02 22 -14 16
Net Cash From Investing Activities		 -67 -160 -165 -115 -4.02 -27 -26 73 80 -135
Net Cash From Continuing Investing Activities		 -31 -195 -165 -115 -4.02 -27 -26 73 80 -135
Purchase of Property, Leasehold Improvements and Equipment		 -1.64 -2.73 -0.85 -0.38 -0.51 -1.25 -1.17 -0.95 -2.45 -0.40
Purchase of Investment Securities		 -96 -224 -196 -155 -35 -142 -48 -81 50 -852
Sale and/or Maturity of Investments		 67 31 32 41 32 116 23 155 32 718
Net Cash From Financing Activities		 40 155 168 147 -28 6.95 126 -199 21 -54
Net Cash From Continuing Financing Activities		 -116 312 168 147 -28 6.95 126 -199 21 -54
Net Change in Deposits		 -71 180 212 -106 281 -103 184 -263 173 -202
Repayment of Debt		 -40 136 -89 258 -304 115 -52 69 -147 44
Repurchase of Common Equity		 - -0.01 -0.56 -0.00 - -0.01 -0.39 -0.00 -0.03 -0.00
Payment of Dividends		 -4.81 -4.81 -4.81 -4.98 -4.97 -4.98 -4.98 -4.99 -5.00 -5.01

Annual Balance Sheets for Financial Institutions

This table presents Financial Institutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 5,797 6,161 6,117
Cash and Due from Banks		 130 71 55
Interest Bearing Deposits at Other Banks		 - 53 32
Trading Account Securities		 955 889 913
Loans and Leases, Net of Allowance		 4,005 4,411 4,431
Premises and Equipment, Net		 42 40 40
Intangible Assets		 73 73 61
Other Assets		 591 624 585
Total Liabilities & Shareholders' Equity		 5,797 6,161 6,117
Total Liabilities		 5,392 5,706 5,548
Non-Interest Bearing Deposits		 1,139 1,011 950
Interest Bearing Deposits		 3,790 4,202 4,154
Short-Term Debt		 205 185 99
Long-Term Debt		 74 125 125
Other Long-Term Liabilities		 183 184 220
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 406 455 569
Total Preferred & Common Equity		 406 455 569
Preferred Stock		 17 17 17
Total Common Equity		 388 438 552
Common Stock		 127 126 234
Retained Earnings		 421 452 389
Treasury Stock		 -22 -20 -18
Accumulated Other Comprehensive Income / (Loss)		 -137 -120 -53

Quarterly Balance Sheets for Financial Institutions

This table presents Financial Institutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 5,624 5,967 6,141 6,140 6,299 6,132 6,156
Cash and Due from Banks		 119 140 180 192 237 146 250
Trading Account Securities		 968 946 1,073 856 924 874 889
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 4,418 4,358
Premises and Equipment, Net		 41 42 41 40 40 40 41
Intangible Assets		 74 73 73 73 72 61 61
Other Assets		 601 390 427 598 626 594 557
Total Liabilities & Shareholders' Equity		 5,624 5,967 6,141 6,140 6,299 6,132 6,156
Total Liabilities		 5,230 5,544 5,715 5,731 5,853 5,664 5,656
Non-Interest Bearing Deposits		 1,135 1,067 1,023 1,035 973 939 979
Interest Bearing Deposits		 3,770 4,074 4,012 4,281 4,424 4,194 4,328
Short-Term Debt		 69 116 374 70 133 202 55
Long-Term Debt		 74 124 124 124 125 125 125
Other Long-Term Liabilities		 182 163 182 221 198 204 170
Total Equity & Noncontrolling Interests		 394 440 426 409 446 468 500
Total Preferred & Common Equity		 394 423 426 409 446 468 500
Preferred Stock		 17 35 17 17 17 17 17
Total Common Equity		 377 406 409 391 428 450 483
Common Stock		 126 126 126 126 125 125 125
Retained Earnings		 414 428 438 447 449 469 478
Treasury Stock		 -23 -21 -20 -20 -19 -18 -18
Accumulated Other Comprehensive Income / (Loss)		 -141 -127 -134 -161 -126 -126 -102

Annual Metrics And Ratios for Financial Institutions

This table displays calculated financial ratios and metrics derived from Financial Institutions' official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 5.95% 0.15% -45.36%
EBITDA Growth		 -24.12% -11.23% -178.51%
EBIT Growth		 -27.00% -11.16% -208.08%
NOPAT Growth		 -27.19% -11.15% -194.91%
Net Income Growth		 -27.19% -11.15% -182.85%
EPS Growth		 -25.52% -11.52% -187.30%
Operating Cash Flow Growth		 83.07% -91.84% 607.98%
Free Cash Flow Firm Growth		 -220.53% -52.27% -160.63%
Invested Capital Growth		 12.44% 11.61% 3.73%
Revenue Q/Q Growth		 0.73% 0.55% -47.24%
EBITDA Q/Q Growth		 -10.57% 8.05% -175.15%
EBIT Q/Q Growth		 -11.67% 0.76% -209.82%
NOPAT Q/Q Growth		 -11.74% -4.39% -193.64%
Net Income Q/Q Growth		 -11.74% -4.39% -181.75%
EPS Q/Q Growth		 -11.22% -4.83% -186.75%
Operating Cash Flow Q/Q Growth		 -11.50% -85.42% 3,058.35%
Free Cash Flow Firm Q/Q Growth		 -120.26% -118.09% -193.17%
Invested Capital Q/Q Growth		 27.48% 26.72% 16.57%
Profitability Metrics		 - - -
EBITDA Margin		 39.34% 34.87% -50.10%
EBIT Margin		 33.22% 29.47% -58.29%
Profit (Net Income) Margin		 26.48% 23.49% -35.62%
Tax Burden Percent		 79.71% 79.72% 61.11%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 20.29% 20.28% 0.00%
Return on Invested Capital (ROIC)		 8.74% 6.94% -6.13%
ROIC Less NNEP Spread (ROIC-NNEP)		 8.74% 6.94% -3.86%
Return on Net Nonoperating Assets (RNNOA)		 3.68% 4.75% -2.01%
Return on Equity (ROE)		 12.42% 11.68% -8.14%
Cash Return on Invested Capital (CROIC)		 -2.97% -4.04% -9.79%
Operating Return on Assets (OROA)		 1.25% 1.05% -1.11%
Return on Assets (ROA)		 1.00% 0.84% -0.68%
Return on Common Equity (ROCE)		 11.95% 11.21% -7.86%
Return on Equity Simple (ROE_SIMPLE)		 13.95% 11.05% -7.32%
Net Operating Profit after Tax (NOPAT)		 57 50 -48
NOPAT Margin		 26.48% 23.49% -40.80%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% -2.27%
SG&A Expenses to Revenue		 48.86% 50.81% 89.60%
Operating Expenses to Revenue		 60.55% 64.14% 153.03%
Earnings before Interest and Taxes (EBIT)		 71 63 -68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 84 75 -59
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.85 0.71 0.77
Price to Tangible Book Value (P/TBV)		 1.05 0.85 0.86
Price to Revenue (P/Rev)		 1.55 1.45 3.61
Price to Earnings (P/E)		 6.01 6.35 0.00
Dividend Yield		 5.37% 5.96% 4.40%
Earnings Yield		 16.64% 15.74% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.73 0.67 0.73
Enterprise Value to Revenue (EV/Rev)		 2.33 2.40 4.93
Enterprise Value to EBITDA (EV/EBITDA)		 5.92 6.87 0.00
Enterprise Value to EBIT (EV/EBIT)		 7.01 8.13 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 8.79 10.20 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.72 47.05 7.47
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.69 0.68 0.39
Long-Term Debt to Equity		 0.18 0.27 0.22
Financial Leverage		 0.42 0.68 0.52
Leverage Ratio		 12.43 13.90 11.99
Compound Leverage Factor		 12.43 13.90 11.99
Debt to Total Capital		 40.77% 40.50% 28.23%
Short-Term Debt to Total Capital		 29.93% 24.20% 12.49%
Long-Term Debt to Total Capital		 10.84% 16.29% 15.75%
Preferred Equity to Total Capital		 2.53% 2.26% 2.18%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 56.70% 57.24% 69.59%
Debt to EBITDA		 3.32 4.15 -3.82
Net Debt to EBITDA		 1.77 2.48 -2.33
Long-Term Debt to EBITDA		 0.88 1.67 -2.13
Debt to NOPAT		 4.94 6.16 -4.69
Net Debt to NOPAT		 2.63 3.68 -2.86
Long-Term Debt to NOPAT		 1.31 2.48 -2.62
Noncontrolling Interest Sharing Ratio		 3.80% 4.02% 3.38%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -19 -29 -76
Operating Cash Flow to CapEx		 1,596.04% 364.10% 1,550.60%
Free Cash Flow to Firm to Interest Expense		 -0.67 -0.24 -0.51
Operating Cash Flow to Interest Expense		 4.65 0.09 0.52
Operating Cash Flow Less CapEx to Interest Expense		 4.36 0.07 0.48
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.04 0.02
Fixed Asset Turnover		 5.20 5.23 2.93
Capital & Investment Metrics		 - - -
Invested Capital		 685 764 793
Invested Capital Turnover		 0.33 0.30 0.15
Increase / (Decrease) in Invested Capital		 76 80 28
Enterprise Value (EV)		 497 513 576
Market Capitalization		 331 310 422
Book Value per Share		 $25.32 $28.40 $35.65
Tangible Book Value per Share		 $20.53 $23.70 $31.73
Total Capital		 685 764 793
Total Debt		 279 310 224
Total Long-Term Debt		 74 125 125
Net Debt		 149 185 137
Capital Expenditures (CapEx)		 8.37 2.99 4.97
Net Nonoperating Expense (NNE)		 0.00 0.00 -6.06
Net Nonoperating Obligations (NNO)		 279 310 224
Total Depreciation and Amortization (D&A)		 13 12 9.57
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $3.58 $3.17 ($2.75)
Adjusted Weighted Average Basic Shares Outstanding		 15.38M 15.38M 15.68M
Adjusted Diluted Earnings per Share		 $3.56 $3.15 ($2.75)
Adjusted Weighted Average Diluted Shares Outstanding		 15.47M 15.48M 15.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 15.38M 15.41M 20.08M
Normalized Net Operating Profit after Tax (NOPAT)		 58 50 -48
Normalized NOPAT Margin		 27.08% 23.53% -40.78%
Pre Tax Income Margin		 33.22% 29.47% -58.29%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 2.47 0.52 -0.46
NOPAT to Interest Expense		 1.97 0.42 -0.32
EBIT Less CapEx to Interest Expense		 2.18 0.50 -0.49
NOPAT Less CapEx to Interest Expense		 1.68 0.39 -0.35
Payout Ratios		 - - -
Dividend Payout Ratio		 33.68% 39.28% -47.96%
Augmented Payout Ratio		 60.79% 40.42% -48.98%

Quarterly Metrics And Ratios for Financial Institutions

This table displays calculated financial ratios and metrics derived from Financial Institutions' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 10.65% 2.94% 3.65% 1.60% -6.38% 2.16% -3.33% 21.20% -3.91% -189.41%
EBITDA Growth		 -14.36% -36.16% -18.24% -14.62% -35.37% 31.69% -70.97% 66.05% 21.12% -591.15%
EBIT Growth		 -14.49% -39.35% -19.33% -13.92% -11.39% 3.31% -83.68% 79.54% -11.63% -871.75%
NOPAT Growth		 -19.34% -38.36% -19.32% -8.15% 1.21% -19.09% -82.88% 78.31% -3.97% -925.03%
Net Income Growth		 -19.34% -38.36% -19.32% -8.15% 1.21% -19.09% -82.88% 78.31% -3.97% -946.74%
EPS Growth		 -16.19% -37.19% -18.28% -8.08% 0.00% -21.05% -85.53% 78.02% -4.55% -986.67%
Operating Cash Flow Growth		 318.46% -51.80% -85.15% -78.04% 22.74% -395.26% 87.29% 332.25% -95.09% 156.67%
Free Cash Flow Firm Growth		 189.46% -51.08% -481.69% -830.82% -216.73% -9.48% 70.70% 151.67% -22.16% -56.60%
Invested Capital Growth		 -5.40% 12.44% 27.32% 51.80% 12.28% 11.61% 6.07% -14.05% 12.76% 3.73%
Revenue Q/Q Growth		 5.22% -2.93% -2.49% 2.02% -3.05% 5.93% -7.73% 27.90% -23.14% -198.57%
EBITDA Q/Q Growth		 -6.37% -18.92% 1.59% 10.72% -29.12% 65.21% -77.61% 533.36% -48.30% -769.94%
EBIT Q/Q Growth		 -4.76% -22.18% 2.81% 12.96% -1.96% -9.27% -83.76% 1,142.62% -51.74% -892.33%
NOPAT Q/Q Growth		 -11.46% -12.75% 0.01% 18.89% -2.44% -30.25% -78.83% 1,138.12% -47.46% -699.20%
Net Income Q/Q Growth		 -11.46% -12.75% 0.01% 18.89% -2.44% -30.25% -78.83% 1,138.12% -47.46% -714.96%
EPS Q/Q Growth		 -11.11% -13.64% 0.00% 19.74% -3.30% -31.82% -81.67% 1,372.73% -48.15% -733.33%
Operating Cash Flow Q/Q Growth		 -5.18% -54.70% -59.36% 25.77% 430.09% -208.96% 125.78% 190.27% -93.98% 1,158.31%
Free Cash Flow Firm Q/Q Growth		 237.64% -243.09% -104.44% -131.19% 82.74% -34.19% 45.28% 507.65% -140.81% -72.02%
Invested Capital Q/Q Growth		 -11.77% 27.48% -3.17% 39.38% -34.74% 26.72% -7.98% 12.94% -14.38% 16.57%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 38.82% 32.42% 33.78% 36.66% 26.80% 41.80% 10.14% 50.23% 33.78% 0.00%
EBIT Margin		 33.34% 26.73% 28.18% 31.21% 31.56% 27.03% 4.76% 46.23% 29.03% 0.00%
Profit (Net Income) Margin		 24.86% 22.35% 22.92% 26.71% 26.88% 17.70% 4.06% 39.30% 26.87% 0.00%
Tax Burden Percent		 74.57% 83.61% 81.33% 85.60% 85.18% 65.48% 85.33% 85.02% 92.56% 71.84%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 25.43% 16.39% 18.67% 14.40% 14.82% 34.52% 14.67% 14.98% 7.44% 0.00%
Return on Invested Capital (ROIC)		 9.54% 7.38% 8.34% 7.54% 10.03% 5.23% 1.26% 10.23% 9.28% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.54% 7.38% 8.34% 7.54% 10.03% 5.23% 1.26% 10.23% 9.28% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 2.33% 3.10% 2.79% 6.03% 4.22% 3.58% 0.68% 9.44% 3.82% 0.00%
Return on Equity (ROE)		 11.88% 10.49% 11.14% 13.57% 14.25% 8.80% 1.95% 19.67% 13.10% 0.00%
Cash Return on Invested Capital (CROIC)		 17.15% -2.97% -14.97% -34.31% -2.35% -4.04% 0.00% 21.11% -4.05% -9.79%
Operating Return on Assets (OROA)		 1.26% 1.01% 1.05% 1.15% 1.14% 0.97% 0.16% 1.68% 1.05% 0.00%
Return on Assets (ROA)		 0.94% 0.84% 0.85% 0.99% 0.97% 0.63% 0.14% 1.43% 0.97% 0.00%
Return on Common Equity (ROCE)		 11.41% 10.09% 10.49% 13.02% 13.64% 8.45% 1.83% 18.91% 12.60% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 16.27% 0.00% 12.70% 12.31% 12.86% 0.00% 9.03% 11.01% 10.18% 0.00%
Net Operating Profit after Tax (NOPAT)		 14 12 12 14 14 9.78 2.07 26 13 -81
NOPAT Margin		 24.86% 22.35% 22.92% 26.71% 26.88% 17.70% 4.06% 39.30% 26.87% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.80%
SG&A Expenses to Revenue		 48.10% 49.73% 50.95% 49.33% 53.30% 49.79% 52.52% 38.31% 49.83% 0.00%
Operating Expenses to Revenue		 58.91% 61.96% 63.83% 62.79% 66.59% 63.43% 105.94% 50.64% 64.78% 0.00%
Earnings before Interest and Taxes (EBIT)		 19 14 15 17 16 15 2.43 30 15 -115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 22 18 18 20 14 23 5.17 33 17 -113
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.88 0.85 0.67 0.55 0.62 0.71 0.67 0.66 0.82 0.77
Price to Tangible Book Value (P/TBV)		 1.09 1.05 0.82 0.67 0.77 0.85 0.80 0.77 0.93 0.86
Price to Revenue (P/Rev)		 1.56 1.55 1.27 1.05 1.15 1.45 1.34 1.33 1.78 3.61
Price to Earnings (P/E)		 5.28 6.01 5.22 4.45 4.77 6.35 7.35 5.96 7.96 0.00
Dividend Yield		 5.29% 5.37% 6.60% 8.01% 7.52% 5.96% 6.49% 6.21% 4.71% 4.40%
Earnings Yield		 18.94% 16.64% 19.15% 22.49% 20.96% 15.74% 13.61% 16.77% 12.56% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.69 0.73 0.61 0.61 0.44 0.67 0.46 0.62 0.50 0.73
Enterprise Value to Revenue (EV/Rev)		 1.76 2.33 1.89 2.60 1.24 2.40 1.52 2.22 1.54 4.93
Enterprise Value to EBITDA (EV/EBITDA)		 3.96 5.92 5.09 7.33 3.82 6.87 5.21 6.61 4.38 0.00
Enterprise Value to EBIT (EV/EBIT)		 4.64 7.01 6.05 8.69 4.21 8.13 6.38 7.75 5.50 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 5.81 8.79 7.59 10.72 5.01 10.20 8.02 9.63 6.70 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 2.47 3.72 4.25 8.44 3.53 47.05 19.42 11.26 139.87 7.47
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.93 0.00 0.00 0.00 0.00 0.00 14,036.87 2.73 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.36 0.69 0.55 1.17 0.48 0.68 0.58 0.70 0.36 0.39
Long-Term Debt to Equity		 0.19 0.18 0.28 0.29 0.30 0.27 0.28 0.27 0.25 0.22
Financial Leverage		 0.24 0.42 0.33 0.80 0.42 0.68 0.54 0.92 0.41 0.52
Leverage Ratio		 12.67 12.43 13.08 13.75 14.66 13.90 13.85 13.74 13.53 11.99
Compound Leverage Factor		 12.67 12.43 13.08 13.75 14.66 13.90 13.85 13.74 13.53 11.99
Debt to Total Capital		 26.65% 40.77% 35.32% 53.92% 32.24% 40.50% 36.63% 41.13% 26.43% 28.23%
Short-Term Debt to Total Capital		 12.84% 29.93% 17.05% 40.47% 11.61% 24.20% 18.91% 25.43% 8.09% 12.49%
Long-Term Debt to Total Capital		 13.80% 10.84% 18.27% 13.46% 20.63% 16.29% 17.72% 15.70% 18.34% 15.75%
Preferred Equity to Total Capital		 3.22% 2.53% 5.08% 1.87% 2.87% 2.26% 2.46% 2.18% 2.54% 2.18%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 70.13% 56.70% 59.60% 44.21% 64.89% 57.24% 60.92% 56.70% 71.03% 69.59%
Debt to EBITDA		 1.52 3.32 3.00 6.50 2.82 4.15 4.16 4.36 2.31 -3.82
Net Debt to EBITDA		 0.26 1.77 1.25 4.15 0.03 2.48 0.33 2.40 -0.90 -2.33
Long-Term Debt to EBITDA		 0.79 0.88 1.55 1.62 1.80 1.67 2.01 1.66 1.60 -2.13
Debt to NOPAT		 2.23 4.94 4.48 9.51 3.70 6.16 6.40 6.34 3.53 -4.69
Net Debt to NOPAT		 0.38 2.63 1.87 6.07 0.04 3.68 0.51 3.50 -1.37 -2.86
Long-Term Debt to NOPAT		 1.16 1.31 2.32 2.37 2.37 2.48 3.10 2.42 2.45 -2.62
Noncontrolling Interest Sharing Ratio		 3.89% 3.80% 5.85% 4.06% 4.31% 4.02% 5.86% 3.87% 3.80% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 45 -64 -130 -301 -52 -70 -38 156 -63 -109
Operating Cash Flow to CapEx		 2,170.77% 591.83% 773.82% 2,149.22% 8,628.80% -3,804.39% 1,046.85% 3,751.21% 87.78% 6,703.72%
Free Cash Flow to Firm to Interest Expense		 5.85 -4.35 -5.93 -10.46 -1.57 -1.90 -1.00 4.14 -1.70 -2.99
Operating Cash Flow to Interest Expense		 4.69 1.10 0.30 0.29 1.32 -1.30 0.32 0.95 0.06 0.74
Operating Cash Flow Less CapEx to Interest Expense		 4.47 0.92 0.26 0.27 1.31 -1.33 0.29 0.92 -0.01 0.73
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.03 0.04 0.04 0.02
Fixed Asset Turnover		 5.20 5.20 5.27 5.33 5.26 5.23 5.21 5.58 5.49 2.93
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 537 685 663 924 603 764 703 794 680 793
Invested Capital Turnover		 0.38 0.33 0.36 0.28 0.37 0.30 0.31 0.26 0.35 0.15
Increase / (Decrease) in Invested Capital		 -31 76 142 315 66 80 40 -130 77 28
Enterprise Value (EV)		 373 497 408 562 263 513 323 496 342 576
Market Capitalization		 331 331 273 226 244 310 285 298 394 422
Book Value per Share		 $24.57 $25.32 $26.38 $26.57 $25.41 $28.40 $27.81 $29.16 $31.22 $35.65
Tangible Book Value per Share		 $19.77 $20.53 $21.62 $21.83 $20.69 $23.70 $23.11 $25.21 $27.29 $31.73
Total Capital		 537 685 680 924 603 764 703 794 680 793
Total Debt		 143 279 240 498 194 310 258 327 180 224
Total Long-Term Debt		 74 74 124 124 124 125 125 125 125 125
Net Debt		 25 149 100 318 2.34 185 21 180 -70 137
Capital Expenditures (CapEx)		 1.64 2.73 0.85 0.38 0.51 1.25 1.17 0.95 2.45 0.40
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.12
Net Nonoperating Obligations (NNO)		 143 279 223 498 194 310 258 327 180 224
Total Depreciation and Amortization (D&A)		 3.05 3.08 2.95 2.93 -2.48 8.16 2.75 2.61 2.38 1.84
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.88 $0.76 $0.00 $0.91 $0.89 $0.61 $0.11 $1.64 $0.85 ($5.35)
Adjusted Weighted Average Basic Shares Outstanding		 15.34M 15.38M 0.00 15.40M 15.40M 15.38M 15.45M 15.47M 15.47M 15.68M
Adjusted Diluted Earnings per Share		 $0.88 $0.76 $0.00 $0.91 $0.88 $0.60 $0.11 $1.62 $0.84 ($5.32)
Adjusted Weighted Average Diluted Shares Outstanding		 15.34M 15.47M 0.00 15.40M 15.40M 15.48M 15.45M 15.47M 15.47M 15.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 15.34M 15.38M 0.00 15.40M 15.40M 15.41M 15.45M 15.47M 15.47M 20.08M
Normalized Net Operating Profit after Tax (NOPAT)		 14 12 12 14 14 9.90 2.07 26 13 -81
Normalized NOPAT Margin		 24.86% 22.35% 22.92% 26.68% 26.79% 17.92% 4.06% 39.30% 26.87% 0.00%
Pre Tax Income Margin		 33.34% 26.73% 28.18% 31.21% 31.56% 27.03% 4.76% 46.23% 29.03% 0.00%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 2.44 0.99 0.68 0.58 0.50 0.41 0.06 0.80 0.39 -3.16
NOPAT to Interest Expense		 1.82 0.82 0.55 0.50 0.42 0.27 0.05 0.68 0.36 -2.21
EBIT Less CapEx to Interest Expense		 2.23 0.80 0.64 0.57 0.48 0.37 0.03 0.78 0.33 -3.17
NOPAT Less CapEx to Interest Expense		 1.61 0.64 0.51 0.49 0.41 0.23 0.02 0.66 0.30 -2.22
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 29.46% 33.68% 35.84% 37.03% 37.23% 39.28% 49.49% 38.69% 39.17% -47.96%
Augmented Payout Ratio		 58.47% 60.79% 37.47% 38.13% 38.32% 40.42% 50.49% 39.47% 40.01% -48.98%

Key Financial Trends

Financial Institutions Inc. (NASDAQ: FISI) has experienced notable fluctuations in its financial performance and position over the past several quarters and years.

Positive Developments:

  • From Q1 2023 to Q3 2023, net income from continuing operations steadily increased from approximately $12.1 million to $14.0 million, signaling improving profitability before a subsequent dip in late 2023 and 2024.
  • Net interest income remained strong and relatively stable over the last several quarters, averaging in the low $40 million range, reaching $41.6 million in Q4 2024, which supports core earnings.
  • Provision for credit losses has lowered substantially compared to prior years, dropping from over $6 million in parts of 2022 to negative or small provisions in early 2024, indicating improving credit quality.
  • The company maintained consistent cash dividends to common shareholders at roughly $0.30 per share quarterly, reflecting shareholder returns during varying earnings periods.
  • Operating cash flow turned positive in most quarters of 2024, with a strong $27 million positive net cash flow in Q4 2024 versus a net loss, showing solid cash generation ability despite net income challenges.

Neutral Factors:

  • Total assets have grown steadily from about $5.62 billion in Q3 2022 to over $6.15 billion by Q3 2024, supported primarily by growth in trading account securities and loans held for sale.
  • The company’s total liabilities rose along with assets, ending around $5.65 billion in Q3 2024, with deposits remaining the biggest component but showing some volatility quarter to quarter.
  • Common equity grew moderately from $376 million in Q3 2022 to approximately $483 million by Q3 2024, maintaining a reasonable capital base.
  • Share count remained fairly steady with a slight increase in weighted average shares outstanding, from about 15.3 million shares in 2022 to roughly 15.7 million in late 2024, suggesting limited dilution.

Challenges and Negative Trends:

  • Q4 2024 posted a significant net loss of approximately $83 million, heavily impacted by a loss of $100 million from net realized and unrealized capital losses on investments, a major non-operating charge affecting profitability.
  • Non-interest expenses have grown substantially, with Q4 2024 non-interest expenses at $59.4 million compared to mid-$30 million range in earlier quarters, including restructuring and insurance claim costs, pressuring operating profits.
  • Total revenue swung negative in Q4 2024 at about -$49.4 million, a sharp reversal from positive revenue in prior quarters, reflecting the impact of capital losses and weak non-interest income performance.
  • There has been significant volatility in the cash flow from financing activities, with large swings in deposit inflows and debt repayments resulting in significant cash outflows, potentially signaling liquidity management challenges.
  • The company faced notable unrealized losses in its investment portfolio in late 2024, which could persist if market conditions remain unfavorable, posing risks to future earnings and capital.

Overall, Financial Institutions Inc. showed steady growth and improving performance through early and mid-2024 but faced considerable headwinds in the most recent quarter, primarily due to investment losses and increased expenses. Investors should watch future quarters for potential stabilization in investment income and expenses, as well as continued management of credit quality and capital adequacy.

08/24/25 03:09 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Financial Institutions' Financials

When does Financial Institutions' fiscal year end?

According to the most recent income statement we have on file, Financial Institutions' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Financial Institutions' net income changed over the last 2 years?

Financial Institutions' net income appears to be on a downward trend, with a most recent value of -$41.65 million in 2024, falling from $56.57 million in 2022. The previous period was $50.26 million in 2023. See Financial Institutions' forecast for analyst expectations on what’s next for the company.

How has Financial Institutions' revenue changed over the last 2 years?

Over the last 2 years, Financial Institutions' total revenue changed from $213.64 million in 2022 to $116.91 million in 2024, a change of -45.3%.

How much debt does Financial Institutions have?

Financial Institutions' total liabilities were at $5.55 billion at the end of 2024, a 2.8% decrease from 2023, and a 2.9% increase since 2022.

How much cash does Financial Institutions have?

In the past 2 years, Financial Institutions' cash and equivalents has ranged from $54.96 million in 2024 to $130.47 million in 2022, and is currently $54.96 million as of their latest financial filing in 2024.

How has Financial Institutions' book value per share changed over the last 2 years?

Over the last 2 years, Financial Institutions' book value per share changed from 25.32 in 2022 to 35.65 in 2024, a change of 40.8%.


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This page (NASDAQ:FISI) was last updated on 8/24/2025 by MarketBeat.com Staff
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