This Week
  • CEO David Boyce has Tompkins Insurance Agencies on a growth path.

  • ROC the Future gives update on milestones for local education system.

  • The Greater Rochester Awards honorees are profiled.

  • Aware of challenges, private schools work to build a sustainable future.

  • Mech Tech HVAC CEO Edward Burns expects the firm to log solid growth in 2014.

  • Owner of U.S. Ceiling Corp. uses digital estimation to save time and stay competitive.

Financial Institutions shares climb after profit rises

Rochester Business Journal
January 31, 2013

Shares of Financial Institutions Inc. were up more than 2 percent Thursday midday after the bank reported an increase in quarterly net income of nearly 11 percent and a full-year jump of 12 percent.

The Warsaw, Wyoming County-based parent of Five Star Bank reported net income of nearly $6 million attributable to common shareholders, or 43 cents a diluted share, in the fourth quarter. That compares with $5.4 million, or 39 cents a share, a year ago.
 
The company reported its results after the markets closed Wednesday.
 
Per-share earnings for the most recent quarter were 3 cents lower than Street expectations of 46 cents.

The bank reported earnings of nearly $22 million, or $1.60 a share, attributable to shareholders for 2012, up from $19.6 million, $1.49 a share, in 2011.

“It is an understatement to say that this was a significant year for our company, our employees and our shareholders,” Chairman and interim CEO John Benjamin said in a statement. “We executed on significant leadership changes during 2012 to position our company for long-term success, and we’re energized as we enter 2013.”

Peter Humphrey abruptly resigned as president and CEO of the family-owned bank in August after 16 years at the helm. Benjamin, president of Three Rivers Development Corp. in Corning, is serving as interim CEO until a permanent replacement is named.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google