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Five Star parent posts profit for quarter, year

Financial Institutions Inc., parent of Five Star Bank branches in the Rochester market, on Thursday reported fourth-quarter net income of $5.4 million, or 42 cents a share, up from a loss of $3.1 million, or 33 cents per share, one year ago.

The earnings were 15 cents better than Wall Street estimates. Analysts had projected earnings per share of 27 cents for the quarter.

Net income for full-year 2009 was $14.4 million, or 99 cents a share, compared with losses of $26.2 million, or $2.54 a share, in 2008, the Warsaw-based bank reported. Wall Street was expecting full-year earnings per share of 85 cents.

“Our community banking model has continued to gain momentum this year,” President and CEO Peter Humphrey said in a statement. “Our balance sheet has shown solid year-over-year growth in deposits and loans. We have maintained our disciplined underwriting standards, as demonstrated in our measures of asset quality.”

(c) 2010 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.

 

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