This Week
  • With two strikes against it, Century Mold Co. Inc. managed to hit a home run twice.

  • Allen Rossignol launched Edge Architecture in 2002 and has guided its growing prominence.

  • LaBella to acquire Gardner Plus Architects to boost health care design area.

  • Brett Farrow stayed true to his interests in law, medicine and business.

  • More precise diagnoses are now possible though advances in personalized medicine.

  • The Senior Living and Long-Term Care Services Directory provides a wealth of information.

Financial Institutions shares up after Q3 results

Rochester Business Journal
October 24, 2013

Financial Institutions Inc. stock was trading 3 percent higher Thursday after the parent of Five Star Bank reported a 49 percent increase in third-quarter net income.

The shares (NasdaqGS: FISI) were trading at $22.99 midafternoon, up from Wednesday’s close of $22.41. The stock’s 52-week high is $23.27.

The Warsaw, Wyoming County-based bank reported attributable to shareholders of $5.8 million, or 42 cents a diluted share, up from $3.9 million, or 28 cents a share, in the third quarter 2012. The company reported its results Wednesday after the markets closed.

Analysts polled by Thomson Reuters had expected earnings of 45 cents a share.

The performance of Financial Institutions in the third quarter 2012 was affected pre-tax costs of $2.6 million, or 12 cents a share, related to the retirement of former President and CEO Peter Humphrey. The company also incurred pre-tax costs of $1.9 million, or 9 cents a share, related to the acquisition and conversion of HSBC Bank USA N.A. and First Niagara Bank N.A. branches.

“We are very pleased with our exceptional loan growth, margin stability and the relatively low-risk profile of our balance sheet,” President and CEO Martin Birmingham said in a statement.

“Consistent with our strategy, we will continue to focus on all aspects of our customer-centric approach in the markets we serve while maintaining prudent expense-management policies.”

The company increased its quarterly cash dividend to 19 cents a common share, the fourth such increase since the beginning of 2012.

Five Star Bank ranks seventh in the Rochester market with local deposits of $888 million, data from the Federal Deposit Insurance Corp. shows.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

What You're Saying 

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

Post Your Own Comment


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