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Financial Institutions shares climb after profit rises

By THOMAS ADAMS - 1/31/2013 3:42:10 PM

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.

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