Financial Institutions reports Q1 EPS 81c, consensus 73c

Reports Q1 tangible book value per share $25.46. Reports Q1 CET1 capital ratio 10.38%. Reports Q1 net charge-offs 0.21%. “Our first quarter results were highlighted by improved earnings and profitability metrics, and reflected the full benefit of the strategic investment securities restructuring we undertook in December, as well as our team’s ability to meet the banking, credit and investment advisory needs of our customers amid a challenging environment,” said president and CEO Martin Birmingham. “Our focus on performance resulted in a more than 12% increase in net interest income from the linked quarter, as well as a 44-basis-point expansion of net interest margin, an efficiency ratio below 60% and solid return on average assets of 1.10% and return on average equity of 11.82%.”