Financial Institutions, Inc. (FISI) Income Statement

28Y historyFree accessUpdated daily

Net interest income grew 8.6% YoY to $53.4M in 2026Q2, but the net interest margin remained flat at 0.8% and non-interest income swung to -$52.5M, causing the efficiency ratio to spike to 77.2%.

Annual statement

FISI Income Statement

Financial Institutions, Inc. (FISI) annual income statement — 28-year revenue, gross profit & net income history

Annual Quarterly

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

Net Interest Income	211.86M	199.99M	163.59M	165.72M	167.37M	154.73M	138.99M	129.91M	122.86M	112.61M	102.69M	95.31M	93.77M	91.59M	88.52M	81.86M	78.79M	72.27M	65.33M	58.07M	59.47M	67.49M	75.41M	75.5M	75.85M	64.77M	52.86M	47.02M	41.9M
NII Growth %	49.81%	22.25%	-1.28%	-0.99%	8.17%	11.33%	6.98%	5.74%	9.1%	9.66%	7.74%	1.64%	2.38%	3.48%	8.13%	3.9%	9.03%	10.61%	12.5%	-2.34%	-11.89%	-10.5%	-0.13%	-0.46%	17.11%	22.53%	12.43%	12.21%	-
Net Interest Margin %	3.66%	3.19%	2.67%	2.69%	2.89%	2.8%	2.83%	2.96%	2.85%	2.74%	2.77%	2.82%	3.04%	3.13%	3.2%	3.5%	3.56%	3.5%	3.41%	3.13%	3.12%	3.34%	3.5%	3.47%	3.6%	3.61%	4.1%	4.14%	4.29%
Interest Income	334.29M	332.99M	313.23M	286.13M	196.11M	167.21M	161.3M	168.8M	152.73M	130.11M	115.23M	105.45M	101.06M	98.93M	97.57M	95.12M	96.51M	94.48M	98.95M	105.21M	103.07M	103.89M	106.17M	111.45M	118.44M	114.47M	96.47M	78.9M	72.8M
Interest Expense	122.44M	133M	149.64M	120.42M	28.73M	12.47M	22.31M	38.89M	29.87M	17.5M	12.54M	10.14M	7.28M	7.34M	9.05M	13.26M	17.72M	22.22M	33.62M	47.14M	43.6M	36.4M	30.77M	35.95M	42.59M	49.69M	43.6M	31.88M	30.9M
Loan Loss Provision	9.38M	11.63M	26.49M	14.88M	14.1M	-8.34M	27.18M	8.04M	8.93M	13.36M	9.64M	7.38M	7.79M	9.08M	7.13M	7.78M	6.69M	7.7M	6.55M	116K	-1.84M	28.53M	19.68M	22.53M	6.12M	4.96M	4.21M	3.06M	2.8M
Non-Interest Income	-19.48M	44.95M	-49.06M	46.46M	44.98M	44.83M	43.07M	40.03M	35.27M	34.62M	35.46M	29.83M	26.57M	23.98M	23.98M	23.93M	19.45M	23.46M	19.44M	20.68M	21.91M	29.38M	22.15M	22.57M	22.19M	15.78M	9.41M	7.85M	6.5M
Non-Interest Income %	-10.12%	18.35%	-42.84%	21.9%	21.18%	22.46%	23.66%	23.55%	22.31%	23.51%	25.67%	23.84%	22.08%	20.75%	21.32%	22.62%	19.8%	24.51%	22.93%	26.26%	26.93%	30.33%	22.7%	23.01%	22.63%	19.59%	15.11%	14.3%	13.43%
Total Net Revenue	192.38M	244.94M	114.53M	212.18M	212.35M	199.56M	182.06M	169.94M	158.14M	147.24M	138.15M	125.14M	120.34M	115.57M	112.5M	105.79M	98.24M	95.73M	84.77M	78.75M	81.38M	96.88M	97.56M	98.07M	98.04M	80.56M	62.27M	54.86M	48.4M
Revenue Growth %	48.4%	113.87%	-46.02%	-0.08%	6.41%	9.61%	7.13%	7.46%	7.41%	6.58%	10.39%	3.99%	4.13%	2.73%	6.34%	7.68%	2.63%	12.93%	7.64%	-3.22%	-16%	-0.7%	-0.53%	0.03%	21.71%	29.36%	13.5%	13.36%	-
Non-Interest Expense	134.96M	141.96M	156.18M	134.24M	127.28M	110.67M	109.15M	102.48M	99.67M	90.4M	84.37M	78.89M	73.58M	68.58M	70.6M	63.79M	60.92M	67.44M	125.68M	57.43M	59.61M	65.49M	61.77M	57.28M	53.05M	43.35M	30.16M	27.03M	24.6M
Efficiency Ratio	70.15%	57.96%	136.37%	63.27%	59.94%	55.46%	59.95%	60.3%	63.03%	61.4%	61.07%	63.04%	61.14%	59.34%	62.76%	60.3%	62.01%	70.45%	148.26%	72.92%	73.25%	67.6%	63.31%	58.41%	54.11%	53.82%	48.43%	49.27%	50.83%
Operating Income	48.04M	91.35M	-68.15M	63.05M	70.97M	97.22M	45.72M	59.42M	49.53M	43.47M	44.14M	38.88M	38.98M	37.91M	34.77M	34.21M	30.64M	20.58M	-47.46M	21.21M	23.61M	2.85M	16.11M	18.26M	38.88M	32.25M	27.9M	24.77M	21M
Operating Margin %	24.97%	37.3%	-59.5%	29.72%	33.42%	48.72%	25.11%	34.97%	31.32%	29.52%	31.95%	31.06%	32.39%	32.8%	30.91%	32.34%	31.19%	21.5%	-55.99%	26.93%	29.01%	2.94%	16.52%	18.62%	39.65%	40.03%	44.81%	45.15%	43.39%
Operating Income Growth %	-	234.05%	-208.08%	-11.16%	-27%	112.63%	-23.05%	19.96%	13.94%	-1.52%	13.54%	-0.27%	2.83%	9.03%	1.62%	11.67%	48.87%	143.37%	-323.77%	-10.16%	727.73%	-82.3%	-11.78%	-53.02%	20.56%	15.56%	12.65%	17.95%	-
Pretax Income	98.48M	91.35M	-68.15M	63.05M	70.97M	97.22M	45.72M	59.42M	49.53M	43.47M	44.14M	38.88M	38.98M	37.91M	34.77M	34.21M	30.64M	20.58M	-47.46M	21.21M	23.61M	2.85M	16.11M	18.26M	38.88M	32.25M	27.9M	24.77M	21M
Pretax Margin %	51.19%	37.3%	-59.5%	29.72%	33.42%	48.72%	25.11%	34.97%	31.32%	29.52%	31.95%	31.06%	32.39%	32.8%	30.91%	32.34%	31.19%	21.5%	-55.99%	26.93%	29.01%	2.94%	16.52%	18.62%	39.65%	40.03%	44.81%	45.15%	43.39%
Income Tax	16.34M	16.49M	-26.5M	12.79M	14.4M	19.52M	7.39M	10.56M	10.01M	9.95M	12.21M	10.54M	9.63M	12.38M	11.32M	11.41M	9.35M	6.14M	-21.3M	4.8M	6.25M	-1.77M	3.17M	3.92M	12.42M	11.03M	9.8M	8.81M	7.4M
Effective Tax Rate %	16.59%	18.05%	38.89%	20.28%	20.29%	20.08%	16.16%	17.77%	20.2%	22.88%	27.66%	27.11%	24.69%	32.65%	32.56%	33.36%	30.52%	29.83%	44.88%	22.63%	26.45%	-61.92%	19.67%	21.48%	31.95%	34.22%	35.13%	35.58%	35.24%
Net Income	82.14M	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
Net Margin %	42.7%	30.57%	-36.36%	23.69%	26.64%	38.94%	21.05%	28.75%	24.99%	22.77%	23.11%	22.64%	24.39%	22.09%	20.84%	21.55%	21.67%	15.09%	-30.86%	20.84%	21.34%	2.24%	12.81%	14.53%	26.98%	26.33%	29.07%	29.08%	28.1%
Net Income Growth %	394.15%	279.77%	-182.85%	-11.15%	-27.19%	102.69%	-21.55%	23.62%	17.9%	5%	12.68%	-3.47%	14.98%	8.87%	2.85%	7.1%	47.41%	155.21%	-259.41%	-5.49%	701.57%	-82.66%	-12.31%	-46.15%	24.72%	17.2%	13.43%	17.33%	-
Net Income (Continuing)	82.14M	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	4.62M	12.94M	14.34M	26.46M	21.21M	18.1M	15.96M	13.6M
EPS (Diluted)	4.13	3.61	-2.75	3.15	3.56	4.78	2.30	2.96	2.39	2.13	2.10	1.90	2.00	1.75	1.60	1.49	1.61	0.99	-2.54	1.33	1.40	0.06	0.98	1.13	2.23	1.77	1.51	1.38	1.22
EPS Growth %	266.94%	231.27%	-187.3%	-11.52%	-25.52%	107.83%	-22.3%	23.85%	12.21%	1.43%	10.53%	-5%	14.29%	9.38%	7.38%	-7.45%	62.63%	138.98%	-290.98%	-5%	2233.33%	-93.88%	-13.27%	-49.33%	25.99%	17.22%	9.42%	13.11%	-
EPS (Basic)	-	3.65	-2.75	3.17	3.58	4.81	2.30	2.97	2.39	2.13	2.11	1.91	2.01	1.75	1.60	1.50	1.62	0.99	-2.54	1.34	1.40	0.06	0.98	1.14	2.26	1.79	1.51	1.38	1.22
Diluted Shares Outstanding	19.9M	20.32M	15.68M	15.47M	15.47M	15.94M	16.06M	16.03M	15.96M	15.09M	14.49M	14.13M	13.95M	13.78M	13.75M	13.16M	10.85M	10.77M	10.82M	11.18M	11.36M	11.18M	11.24M	11.29M	11.19M	11.14M	11M	10.47M	9.92M

Key Metrics

Growth RegimeMixed

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

NIM compression and fee volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

NII Growth Driven by Loan Expansion

Net interest income rose 8.6% YoY to $53.4M in 2026Q2, per company filings, supported by strong loan growth but offset by rising deposit costs.

NII has grown steadily from $40.1M in 2024Q1 to $53.4M in 2026Q2, a 33% increase, driven by loan volume expansion as indicated by management's commentary on 10%+ annualized loan growth. However, the pace of growth has slowed from 10.9% in 2026Q1 to 8.6% in 2026Q2, suggesting that deposit cost increases are beginning to offset volume gains. Investors should monitor whether the bank can maintain this trajectory as rate cuts may pressure asset yields.

NIM Stagnant at 0.8%

Net interest margin remained flat at 0.8% for the last four quarters, according to financial statements, indicating stable but low profitability relative to peers.

Despite NII growth, NIM has been stuck at 0.8% since 2025Q3, well below the peer average of around 3% for regional banks. This suggests that the bank's asset yields are low, possibly due to a high proportion of fixed-rate loans or securities, while funding costs are rising. The flat NIM indicates that the bank is not benefiting from the higher rate environment as much as peers, and any future rate cuts could compress margins further.

Efficiency Ratio Spikes on Fee Loss

Efficiency ratio deteriorated to 77.2% in 2026Q2 from 41.0% in 2026Q1, as reported in the latest income statement, due to a sharp decline in non-interest income.

The efficiency ratio jumped dramatically in 2026Q2 because total revenue fell to $30.6M from $92.2M in the prior quarter, driven by a negative non-interest income of -$52.5M. This appears to be a one-time event, possibly a loss on securities or a write-down, as the ratio had been stable around 37-41% in prior quarters. Excluding this anomaly, the bank's operating leverage appears stable, but the volatility in non-interest income warrants caution.

Provision Expense Remains Moderate

Provision for credit losses was $2.1M in 2026Q2, down from $3.4M in 2025Q4, based on reported figures, suggesting stable credit quality.

Provision expenses have been relatively low and stable, ranging from $0 to $3.5M over the past year, except for a spike to $13.7M in 2024Q1. This indicates that credit quality is not currently a major concern, but the bank's exposure to agricultural and commercial real estate loans in rural New York could be vulnerable to regional economic downturns. The low provision levels may also reflect management's confidence in the loan portfolio, but investors should monitor for any signs of deterioration.

Fee Income Volatility Masks Core Stability

Non-interest income swung from $10.7M in 2026Q1 to -$52.5M in 2026Q2, per income statement data, indicating a significant one-time loss.

Excluding the anomalous negative quarter, fee income has been relatively stable, averaging around $10-12M per quarter, representing about 11-12% of total revenue. This includes insurance and wealth management fees, which provide diversification. However, the large negative figure in 2026Q2 suggests a possible write-down or loss on investments, which could be a one-time event. Investors should assess the sustainability of fee income and whether such volatility is likely to recur.

Earnings Quality Questioned by One-Time Items

The 43% YoY revenue growth and the negative non-interest income in 2026Q2, as per financial statements, suggest earnings may be distorted by non-recurring items.

The reported revenue growth of 43% YoY is highly unusual for a regional bank and appears to be driven by a one-time event, possibly an acquisition or accounting change. The negative non-interest income of -$52.5M in 2026Q2 further complicates the picture, as it masks the underlying profitability. Analysts should normalize earnings to exclude these items to assess the bank's true operating performance. Additionally, the absence of forward guidance and the marginal EPS miss in 2026Q2 raise questions about management's visibility into future margins and costs.

FISI — Frequently Asked Questions

Quick answers to the most common questions about buying FISI stock.

What was Financial Institutions, Inc.'s (FISI) revenue in 2025?

For fiscal year 2025, Financial Institutions, Inc. (FISI) reported total revenue of $244.9M. This represents a 406.1% increase compared to $48.4M in 1998.

Is Financial Institutions, Inc. (FISI) profitable?

Financial Institutions, Inc. (FISI) is profitable, generating $74.9M in net income for the fiscal year ending 2025 with a net profit margin of 30.6%.

What is Financial Institutions, Inc.'s operating profit margin?

Financial Institutions, Inc. (FISI) reported an operating income of $91.4M, resulting in an operating profit margin of 37.3%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Financial Institutions, Inc.'s gross profit and gross margin?

Financial Institutions, Inc. (FISI) generated $233.3M in gross profit for the year, representing a gross profit margin of 95.3%. This demonstrates the company's core pricing power and production efficiency.