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Five Star parent posts Q3 profit

Financial Institutions Inc., parent of Five Star Bank branches in the Rochester market, reported third-quarter net income of $3.4 million, or 23 cents a share, a penny less than analyst projections.

The results compares with a net loss of $28.4 million, or $2.66 a share, in the third quarter 2008.

The Warsaw-based bank (Nasdaq: FISI) reported net income of $9 million, or 57 cents a share, for the first nine months compared to losses of $23 million, or $2.21 a share, for the period a year ago.

“Our core community banking business model continues to produce positive results in 2009,” President and CEO Peter Humphrey said in a statement released after the close of markets on Thursday.

“We’ve had outstanding business development as both commercial and consumer loans reflect double-digit percentage growth from a year ago while maintaining our disciplined underwriting standards.”

The bank set aside $2.6 million in the quarter to cover bad loans, and net charge-offs were $2.5 million, it reported.

Provision for loan losses of $6.6 million for the first nine months of 2009 exceeded charge-offs of $4.6 million, resulting in a $2.6 million increase in provision for loan losses, to $20.8 million or 1.65 percent of total loans, the bank reported.
 

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