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Financial Institutions, Inc. (NASDAQ: FISI) is a diversified financial holding company with a rich history of community banking spanning over 200 years. With approximately $6.2 billion in assets as of December 31, 2023, FISI operates through its main subsidiaries, Five Star Bank and Courier Capital, LLC.
Five Star Bank, a key subsidiary, offers a comprehensive range of consumer and commercial banking services to individuals, municipalities, and businesses across Western and Central New York. With a robust network of over 50 branches and more than 60 ATMs, Five Star Bank ensures that banking services are accessible to its community. The bank takes pride in its dedicated team of over 600 employees who work in an environment of trust, integrity, and mutual respect.
Recently, Five Star Bank has launched a new digital lending capability to enhance convenience for small business customers across New York State. This initiative marks a significant step towards modernizing the bank's services and meeting evolving customer needs.
Beyond traditional banking, Courier Capital, LLC offers customized investment management, financial planning, and consulting services to a diverse clientele, including individuals, families, businesses, institutions, non-profits, and retirement plans. This diversification supports the company's goal of providing comprehensive financial solutions tailored to client needs.
In a strategic move to focus on its core banking business, Financial Institutions, Inc. recently closed the sale of its wholly-owned subsidiary, SDN Insurance Agency, LLC, to NFP Property & Casualty Services, Inc. This transaction not only strengthens FISI's capital position but also ensures continued growth for SDN under NFP's stewardship.
Committed to community involvement, Five Star Bank supports a variety of non-profit organizations and neighborhood charities, underscoring its role as a community-focused bank. Every interaction with Five Star Bank is an opportunity for a professional, relationship-building experience.
For the latest updates and detailed financial information, investors and interested parties can visit FISI-Investors.com or contact Kate Croft, Director of Investor and External Relations at klcroft@five-starbank.com.
Financial Institutions Inc (NASDAQ: FISI) announced a 3.3% increase in its quarterly cash dividend to $0.31 per common share, up from the previous quarter's $0.30. The dividend represents an annualized yield of 4.4% based on the February 12, 2025 closing share price of $28.00.
The company also declared dividends of $0.75 per share on Series A 3% preferred stock and $2.12 per share on Series B-1 8.48% preferred stock. All dividends will be paid on April 2, 2025, to shareholders of record as of March 14, 2025.
Financial Institutions, Inc. (NASDAQ: FISI) reported a Q4 2024 net loss of $65.7 million, compared to net income of $13.5 million in Q3 2024 and $9.8 million in Q4 2023. The loss primarily resulted from a strategic balance sheet restructuring involving the sale of $653.5 million in securities at a pre-tax loss of $100.2 million.
Key Q4 2024 metrics include: net interest margin of 2.91%, total loans of $4.48 billion (up 1.7% quarterly), and total deposits of $5.10 billion. The company completed an equity offering raising approximately $108.5 million through the sale of 4,600,000 common shares.
For full year 2024, FISI reported a net loss of $24.5 million compared to net income of $50.3 million in 2023. The company maintained stable credit quality with annual net charge-offs to average loans of 0.20% for both 2024 and 2023.
Financial Institutions Inc (NASDAQ: FISI) announced the appointment of Angela J. Panzarella as a new independent member of the Boards of Directors for both the company and Five Star Bank on January 22, 2025. Panzarella brings significant experience from her roles as CEO of YWCA Rochester and Monroe County (2018-2020) and her 20-year tenure at Bausch + Lomb, where she served as President of Canada and Latin American Division.
The appointment increases the board size to twelve members, with eleven being independent. Panzarella will serve on the Audit and Management Development & Compensation Committees. Her experience includes previous board service at Transcat Inc, where she chaired the Compensation Committee and served on Technology and Governance Committees. She also held the position of President at ACM Medical Laboratory and various executive roles at Bausch + Lomb.
Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank and Courier Capital, has scheduled its fourth quarter and full year 2024 earnings release for January 30, 2025, after market close. The company will host an earnings conference call and audio webcast on January 31, 2025, at 8:30 a.m. Eastern Time.
The call will be led by Martin K. Birmingham, President and CEO, and W. Jack Plants II, CFO and Treasurer. U.S. listeners can join by dialing 1-833-470-1428 with access code 393817. A live webcast will be available on the company's investor relations website, with the replay accessible for at least 30 days.
Financial Institutions, Inc. (FISI) has announced the pricing of its public offering of 4,000,000 shares of common stock at $25.00 per share, expecting to raise approximately $95.0 million after underwriting costs. The company has also granted underwriters a 30-day option to purchase up to 600,000 additional shares.
The proceeds will be used for general corporate purposes, including a potential balance sheet restructuring through repositioning of available-for-sale debt securities portfolio and debt repayment. The offering is expected to close around December 13, 2024. Keefe, Bruyette & Woods is serving as the sole bookrunner, with Piper Sandler as co-manager.
Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank and Courier Capital, announced the launch of an underwritten public offering of common stock shares. The company will grant underwriters a 30-day option to purchase additional shares. Net proceeds will be used for general corporate purposes, including potential balance sheet restructuring through repositioning of available-for-sale debt securities portfolio and debt repayment.
The offering is being made through a Form S-3 registration statement, with Keefe, Bruyette & Woods serving as sole bookrunner and Piper Sandler as co-manager. FISI currently manages approximately $6.2 billion in assets, offering banking and wealth management services through Five Star Bank and Courier Capital across Western and Central New York.
Financial Institutions (NASDAQ: FISI) has declared its quarterly dividend payments. The company announced a cash dividend of $0.30 per common share, $0.75 per share on Series A 3% preferred stock, and $2.12 per share on Series B-1 8.48% preferred stock. All dividends will be payable on January 2, 2025, to shareholders of record as of December 13, 2024. The company operates through its subsidiaries Five Star Bank and Courier Capital.
Financial Institutions Inc (NASDAQ: FISI), parent company of Five Star Bank and Courier Capital, has appointed Christopher Campise as Senior Vice President and Chief Information Officer. Reporting to CFO W. Jack Plants II, Campise will lead the bank's technology strategies and enhance IT infrastructure. He brings over 25 years of technology leadership experience, joining from Delaware North Companies where he served as Senior Director of Enterprise Architecture. His previous roles include positions at Highmark Blue Cross Blue Shield and the University at Buffalo.
Financial Institutions Inc (NASDAQ: FISI) reported Q3 2024 net income of $13.5 million, down from $25.6 million in Q2 2024 and $14.0 million in Q3 2023. Earnings per diluted share were $0.84, compared to $1.62 in Q2 2024 and $0.88 in Q3 2023. Net interest margin was 2.89%, up 2 basis points from Q2. Total deposits increased by $173.3 million to $5.31 billion, while total loans decreased by $58.5 million to $4.40 billion. The company announced plans to wind down its Banking-as-a-Service offerings by 2025. Credit quality metrics remained solid with net charge-offs at 0.15% of average loans.
Financial Institutions, Inc. (NASDAQ: FISI), the parent company of Five Star Bank and Courier Capital, , has announced its schedule for the release of third quarter 2024 earnings and the subsequent conference call. The company will release its financial results for the quarter ending September 30, 2024, after the market closes on October 24, 2024.
An earnings conference call and audio webcast will be held on October 25, 2024, at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and CEO, and W. Jack Plants II, CFO and Treasurer. Investors can access the live webcast in listen-only mode on the company's website at www.FISI-Investors.com. U.S. listeners can also dial in at 1-833-470-1428 using the access code 514361. A replay of the webcast will be available on the company's website for at least 30 days following the call.
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