Home / Industry / Banking & Finance / Five Star parent posts Q3 profit

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.

(c) 2009 Rochester Business Journal. Obtain permission to
reprint this article.


Check Also

Workers prepare ingredients to be used for a variety of recipes on the menu at Real Eats. (Photo by Diana Louise Carter)

Real Eats simplifies meal preparation (access required)

  With so many choices for meal and delivery services, it can be hard to stand out in a crowded ...

Dunkin’ unveils ‘next generation’ store in Geneseo (access required)

The new Dunkin' store (they dropped the Donuts part, remember?) in Geneseo will be holding a grand opening event Monday, ...