Why Financial Institutions Stock Flopped on Friday
Financial services congolmerate Financial Institutions (NASDAQ: FISI) wasn't making its shareholders wealthier at the end of the week. The company's stock plunged by almost 8% following the release of its latest set of quarterly results. That slump was notably worse than the essentially flat trajectory of the S 500 index.
After market hours Thursday, Financial Institutions unveiled its fourth-quarter and year-end 2023 figures. For the period, the company's revenue was a bit more than $55 million, an improvement over the fourth-quarter 2022 tally of $54 million. Net income fell to $9.4 million, or $0.61 per share, from the year-ago profit of $12.1 million.
The company's total loans stood at nearly $5.5 billion last Dec. 31, only slightly higher than at the same point in 2022. total deposits amounted to $5.2 billion, a figure that was more than $103 million lower year over year.
Source Fool.com
