Financial Institutions effects stock buybacks program for up to 5% of outstanding shares

• Financial Institutions (FISI) has launched a new share repurchase program to buy back up to 1,006,379 shares, which is about 5% of its total outstanding shares.

• The buyback initiative, effective September 18, replaces the previous program that started in June 2022.

• CEO Martin Birmingham highlighted that the buyback reflects the company's strong financial performance and provides flexibility to return capital to investors while supporting growth.

• The repurchased shares can be acquired through various methods, with no expiration date on the buyback program, allowing management to act at their discretion.

Recommendation Rating: Positive

Financial Institutions, a bank holding company listed on NASDAQ under the ticker FISI, announced a new share repurchase initiative on Monday, allowing for the buyback of up to 1,006,379 shares of its common stock. This amount represents approximately 5% of the company's total outstanding shares.

Effective from September 18, this buyback program supersedes the one initiated in June 2022.

CEO Martin Birmingham expressed confidence in this decision, stating, “Following the success of our fourth quarter 2024 public equity offering and the robust performance of our earnings in subsequent quarters, we believe this authorization affords us the necessary flexibility to return capital to our investors while we continue to grow our consumer, commercial, and wealth divisions organically.”

Shares repurchased under this program can be acquired through various means, including open market transactions, private transactions, block trades, or any trading plans in place. Notably, there is no expiration date attached to the current buyback program. All repurchases will be made at management’s discretion, targeting prices deemed attractive.