Financial Institutions Inc., the parent of Five Star Bank, reported a smaller second-quarter profit compared with a year ago.
The company posted net income available to common shareholders of $6.2 million, or 44 cents a diluted share, compared with $6.7 million, or 48 cents a share, in the second quarter 2014. The reported its financial results after the markets closed Wednesday.
Analysts had expected earnings of 45 cents a share.
The bank reported loans of $2 billion, up 4 percent from March 31. The bank’s investment securities also rose 16 percent during that time, reaching $1.1 billion, and interest-earning assets rose 9 percent to $3.1 billion.
“The momentum that began toward the end of the first quarter as a result of the implementation of our growth initiatives has carried over into the second quarter,” said Martin Birmingham, president and CEO, in a statement. “We are very encouraged by the progress achieved in the second quarter of 2015 that resulted in the company’s earning assets exceeding $3 billion and total loans growing beyond $2 billion for the first time.”
Birmingham said the company is benefiting from an economic recovery in Western New York and from its allocation of increased resources to grow its presence in Rochester and Buffalo.
Shares of Financial Institutions’ stock (Nasdaq: FISI) were trading midday down 2.7 percent at $24.22.
(c) 2015 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.