Capital allocation remains conservative, evidenced by stable quarterly dividend payments of $6.6 million throughout 2025 while maintaining liquidity through active management of a $5.8 billion securities portfolio.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 32.48M | 18.8M | 77.13M | 10.89M | 133.57M | 72.96M | 43.45M | 57.71M | 65.14M | 46.28M | 46.69M | 43.09M | 35.23M | 37.2M | 38.7M | 32.02M | 35.43M | 22.27M | 21.29M | 22.77M | 30.2M | 44.57M | 41.23M | 38.68M | 32.56M | 28.09M | 21.79M | 19.2M | 18.6M |
| Operating CF Growth % | -420.6% | -75.62% | 607.98% | -91.84% | 83.07% | 67.9% | -24.7% | -11.4% | 40.75% | -0.89% | 8.37% | 22.31% | -5.29% | -3.88% | 20.87% | -9.62% | 59.09% | 4.59% | -6.5% | -24.6% | -32.24% | 8.11% | 6.6% | 18.79% | 15.91% | 28.93% | 13.44% | 3.25% | - |
| Net Income | 78.97M | 74.87M | -41.65M | 50.26M | 56.57M | 77.7M | 38.33M | 48.86M | 39.53M | 33.53M | 31.93M | 28.34M | 29.36M | 25.53M | 23.45M | 22.8M | 21.29M | 14.44M | -26.16M | 16.41M | 17.36M | 2.17M | 12.49M | 14.25M | 26.46M | 21.21M | 18.1M | 15.96M | 13.6M |
| Depreciation & Amortization | 7.77M | 7.88M | 7.67M | 8.09M | 8.11M | 8.05M | 7.89M | 8.21M | 6.48M | 6.18M | 5.96M | 5.43M | 4.58M | 4.18M | 3.79M | 3.47M | 3.54M | 4.07M | 3.96M | 3.99M | 5.63M | 5.26M | 6.22M | 7.55M | 5.7M | 5.98M | 3.03M | 3.58M | 3.1M |
| Deferred Taxes | 12.69M | 11.54M | -35.35M | -1.35M | -4.38M | 5.22M | -4.52M | 369K | -10.48M | 12.4M | -1.72M | 1.8M | 2.15M | 1.55M | 6.34M | 6.51M | 2.47M | 7.47M | -23.85M | 715K | 63K | 7.7M | -4.48M | -1.97M | -1.06M | -112K | -965K | -692K | -700K |
| Other Non-Cash Items | -8.83M | -7.7M | 111.15M | 7.92M | 20.04M | -7.81M | 27.34M | 5.15M | 11.87M | 13.49M | 7.39M | 7.02M | 3.26M | 5.19M | 1.37M | 837K | 2.2M | 10.84M | 73.89M | -403K | -3.72M | 21.81M | 19.5M | 20.43M | 3.38M | 3.15M | 3.71M | 2.85M | 2.6M |
| Working Capital Changes | -61.6M | -70.87M | 33.69M | -55.7M | 50.68M | -11.94M | -26.92M | -6.29M | 16.44M | -20.49M | 2.28M | -169K | -4.6M | 341K | 3.18M | -2.7M | 4.91M | -15.41M | -7.19M | 1.1M | 10.86M | 7.64M | 7.59M | -1.57M | -1.91M | -2.14M | -2.09M | -2.49M | 0 |
| Cash from Investing | -48.54M | -140.04M | -8.23M | -310.09M | -325.16M | -633.42M | -531.07M | -24.73M | -225.41M | -372.61M | -326.68M | -305.87M | -153.49M | -242.19M | -99.07M | -104.85M | -169.21M | -172.22M | -97.8M | -12.07M | 120.45M | 126.37M | -51.93M | -61.5M | -248.61M | -213.56M | -181.28M | -150.95M | -96.4M |
| Purchase of Investments | -464.66M | -328.06M | -905.85M | -54.62M | -113.82M | -802.49M | -404.22M | -219.15M | -72.94M | -157.91M | -339.79M | -336.3M | -299.81M | -266.47M | -337.68M | -175.2M | -450.74M | -631.54M | -365.12M | -361.98M | -99.29M | -287.67M | -384.39M | -458.74M | -460.42M | -399.04M | -121.27M | -130.82M | -187.3M |
| Sale/Maturity of Investments | 434.67M | 381.34M | 901.37M | 177.53M | 183.32M | 286.49M | 297.88M | 343.93M | 216.18M | 198.44M | 281.03M | 217.7M | 252.96M | 159.16M | 199.32M | 235.48M | 372.95M | 625.36M | 453.4M | 393.84M | 155.73M | 203.14M | 261.24M | 445.08M | 320.86M | 329.11M | 67.96M | 90.14M | 148.6M |
| Net Investment Activity | -29.99M | 53.28M | -4.48M | 122.91M | 69.5M | -516M | -106.34M | 124.77M | 143.24M | 40.52M | -58.76M | -118.6M | -46.85M | -107.31M | -138.35M | 60.27M | -77.79M | -6.17M | 88.28M | 31.87M | 56.44M | -84.53M | -123.16M | -13.66M | -139.56M | -69.94M | -53.32M | -40.68M | -38.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -1.42M | 0 | 0 | -4.45M | -676K | -868K | 0 | -8M | 0 | 195.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -13.16M | -187.77M | 1.22M | -430.01M | -386.29M | -106.6M | -420.46M | -145.87M | -361.36M | -404.72M | -259.43M | -179.78M | -93.32M | -131.47M | -150.66M | -161.45M | -88.97M | -164.09M | -179.74M | -40.53M | 65.89M | 215.75M | 77.17M | -37.4M | -103.79M | -139.26M | -124.77M | -109.38M | -54M |
| Cash from Financing | -65.85M | 142.67M | -106.02M | 293.17M | 242.94M | 545.69M | 468.55M | -22.79M | 163.83M | 354.25M | 291.14M | 264.75M | 116.72M | 204.25M | 63.23M | 91.36M | 129.88M | 137.72M | 85.02M | -73.8M | -132.82M | -125.06M | -28.86M | 60.04M | 211.31M | 208.48M | 128.41M | 150.13M | 80.3M |
| Dividends Paid | -26.39M | -26.17M | -19.97M | -19.75M | -19.05M | -18.45M | -17.96M | -17.26M | -16.41M | -13.96M | -12.95M | -12.72M | -11.98M | -11.22M | -8.87M | -7.56M | -7.69M | -7.49M | -7.72M | -6.2M | -5.23M | -6.9M | -8.65M | -8.62M | -7.58M | -6.55M | -5.79M | -4.99M | -3.9M |
| Share Repurchases | -17.07M | -11.42M | -433K | -571K | -15.34M | -9.28M | -209K | -293K | -113K | -157K | 0 | -202K | -194K | -229K | -559K | -215K | -69K | 0 | 0 | -7.25M | -346K | -178K | -43K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 108.57M | 0 | 0 | 0 | 0 | 0 | 0 | 38.3M | 0 | 0 | 0 | 0 | 0 | 43.13M | 0 | -68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -17.07M | -11.42M | 108.14M | -571K | -15.34M | -9.28M | -209K | -293K | -113K | 38.15M | 0 | -202K | -194K | -229K | -559K | 42.91M | -69K | -68K | 0 | -7.25M | -346K | -178K | -43K | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -35.03M | 101.62M | -108.18M | 283.49M | 102.33M | 548.72M | 721.91M | 188.77M | 157.05M | 215.37M | 265.69M | 279.38M | 131.14M | 58.59M | 43.54M | 46.74M | 140.15M | 109.78M | 59.35M | -34.23M | -99.56M | -101.69M | 58K | 110.37M | 213.91M | 124.08M | 128.58M | 99.08M | 82.5M |
| Net Change in Cash | -81.9M | 21.43M | -37.12M | -6.02M | 51.35M | -14.77M | -19.07M | 10.19M | 3.56M | 27.92M | 11.16M | 1.97M | -1.54M | -744K | 2.85M | 18.52M | -3.9M | -12.23M | 8.51M | -63.1M | 17.83M | 45.88M | -39.56M | 37.21M | -4.74M | 23.02M | -31.07M | 18.38M | 2.6M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 108.75M | 87.32M | 124.44M | 130.47M | 79.11M | 93.88M | 112.95M | 102.75M | 99.19M | 71.28M | 60.12M | 58.15M | 59.69M | 60.44M | 57.58M | 39.06M | 42.96M | 55.19M | 46.67M | 109.77M | 91.94M | 46.05M | 85.64M | 48.43M | 53.17M | 30.15M | 61.23M | 42.84M | 40.2M |
| Cash at End | 85.45M | 108.75M | 87.32M | 124.44M | 130.47M | 79.11M | 93.88M | 112.95M | 102.75M | 99.19M | 71.28M | 60.12M | 58.15M | 59.69M | 60.44M | 57.58M | 39.06M | 42.96M | 55.19M | 46.67M | 109.77M | 91.94M | 46.09M | 85.64M | 48.43M | 53.17M | 30.15M | 61.23M | 42.8M |
| Interest Paid | 92.34M | 128.58M | 156.09M | 133.85M | 32.57M | 14.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 17K | 17K | 3.49M | 6.3M | 3.4M | 10.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 27.1M | 13.25M | 72.15M | 7.9M | 125.2M | 63.56M | 39.19M | 54.07M | 62.3M | 38.54M | 39.08M | 35.6M | 29.9M | 33.79M | 32.86M | 28.34M | 32.99M | 20.31M | 14.96M | 19.36M | 28.33M | 39.73M | 35.28M | 28.24M | 27.31M | 23.73M | 18.59M | 18.31M | 14.9M |
| FCF Growth % | -61.41% | -81.63% | 813.1% | -93.69% | 96.99% | 62.18% | -27.52% | -13.2% | 61.65% | -1.37% | 9.77% | 19.05% | -11.51% | 2.82% | 15.95% | -14.09% | 62.44% | 35.77% | -22.75% | -31.65% | -28.69% | 12.6% | 24.95% | 3.41% | 15.07% | 27.63% | 1.56% | 22.88% | - |
Regional economic concentration risk
Based on reported financial statements, FISI has maintained consistent dividend payouts of approximately $6.6 million per quarter since 2025Q1, suggesting that the bank prioritizes stable capital returns to shareholders while utilizing retained earnings to bolster its regulatory capital buffers against regional economic volatility.
The bank's ability to sustain dividends despite fluctuating net income indicates a conservative approach to capital management. Investors should monitor whether the current retention rate remains sufficient to support organic loan growth without necessitating external capital raises.
As reported in recent SEC filings, FISI’s investment activity shows significant volatility, highlighted by a $328.1 million purchase of securities in 2025Q4, which suggests that management is actively adjusting the duration and yield profile of the portfolio to navigate the current interest rate environment.
The frequent oscillation between large purchases and sales of investment securities implies a tactical approach to liquidity management rather than a static hold-to-maturity strategy. This behavior warrants further investigation into the potential for unrealized losses within the AFS portfolio to impact tangible book value.
According to historical cash flow data, FISI has demonstrated a disciplined capital return policy, with quarterly dividends remaining stable at $6.6 million throughout 2025, while share buybacks have been minimal, indicating a preference for preserving liquidity over aggressive equity reduction during periods of earnings pressure.
The limited use of share repurchases suggests that management views current capital levels as a necessary buffer rather than excess. This strategy appears prudent given the bank's geographic concentration and the potential for credit quality deterioration in its specialized agricultural loan segments.
Based on the provided figures, the bank's provision for credit losses has fluctuated significantly, reaching a peak of $13.7 million in 2024Q1 before dropping to zero in 2026Q1, which complicates the interpretation of cash flow quality and underlying credit risk exposure.
The absence of provisions in recent quarters may suggest an improved outlook on asset quality, yet it also risks masking potential latent credit issues within the loan book. Analysts should scrutinize whether this trend reflects genuine improvement or a shift in management's subjective assessment of future losses.
Quick answers to the most common questions about buying FISI stock.
Financial Institutions, Inc. (FISI) generated $18.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Financial Institutions, Inc. (FISI) generated $13.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Financial Institutions, Inc. (FISI) spent $5.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Financial Institutions, Inc. (FISI) returned $26.2M to shareholders via cash dividends and spent $11.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.