FISI - Financial Institutions GAAP EPS of $0.76 misses by $0.05 revenue of $54.08M beats by $0.16M

• Financial Institutions press release ( NASDAQ: FISI ): Q4 GAAP EPS of $0.76 misses by $0.05 .
• Revenue of $54.08M (-73.2% Y/Y) beats by $0.16M .

• Results for the Full Year 2022 2022 net income reflects the impact of a $13.3 million provision for credit losses as compared to a benefit of $8.3 million in 2021.

• Net interest income of $167.4 million was $12.6 million higher than 2021 as a result of loan growth and net interest margin expansion, partially offset by a $7.6 million decrease in revenue related to PPP loans.

• Non-recurring restructuring charges related to the 2020 closure of five locations totaled $1.6 million in 2022 compared to $111 thousand in 2021.

• Pre-tax pre-provision income was $84.3 million, down $4.6 million, or 5.2%, from 2021. Excluding a third quarter 2022 non-recurring $2.0 million enhancement from the surrender and redeployment of $25.5 million in cash surrender value of company owned life insurance, as well as restructuring charges and revenue related to PPP loans from both periods of comparison, pre-PPP adjusted pre-tax pre-provision income increased by $2.5 million, or 3.2% from 2021.

• Total loan growth was $371.0 million, or 10.1%, from December 31, 202

• Net income was $56.6 million compared to $77.7 million in 2021. After preferred dividends, net income available to common shareholders was $55.1 million, or $3.56 per diluted share, compared to $76.2 million, or $4.78 per diluted share, in 2021.

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