Welcome to our dedicated page for Financial Institutions news (Ticker: FISI), a resource for investors and traders seeking the latest updates and insights on Financial Institutions stock.
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) reported its financial and operational results for Q1 2023, revealing a net income of $12.1 million, consistent with Q4 2022 but down from $15.0 million in Q1 2022. Net income available to common shareholders was $11.7 million, or $0.76 per diluted share. Total loans increased by 4.8% from Q4 2022 to $4.24 billion, and total deposits rose to $5.14 billion, reflecting seasonal increases.
Net interest income fell by 3.1% from Q4 2022 to $41.8 million, impacted by rising funding costs. Noninterest income remained stable at $10.9 million but decreased from the previous year. The company announced a 3.4% common stock dividend increase, marking its 13th consecutive annual increase. Strong credit quality metrics continued to be reported, with non-performing loans at 0.21% of total loans.
Financial Institutions, Inc. (NASDAQ: FISI) will announce its first-quarter results for the period ending March 31, 2023, on April 26, 2023, after market close. The management will conduct an earnings conference call on April 27, 2023, at 8:30 a.m. Eastern Time, which will feature President and CEO Martin K. Birmingham and CFO W. Jack Plants II. Interested parties can listen via the Company’s website or by phone using the provided access code. Financial Institutions, Inc. is a financial holding company with about $5.8 billion in assets, offering banking, insurance, and wealth management services through its subsidiaries.
Financial Institutions, Inc. (NASDAQ: FISI) announced its 2023 Annual Meeting of Shareholders will be held virtually on June 21 at 10:00 am ET. The record date for voting is April 24, 2023. Details on participation will be provided in a Proxy Statement filed with the SEC by April 27, 2023. The Company offers diverse financial services with approximately $5.8 billion in assets, operating through subsidiaries including Five Star Bank, SDN Insurance Agency, Courier Capital, and HNP Capital.
Financial Institutions, Inc. (NASDAQ: FISI) announced the appointment of Gary Pacos as Chief Risk Officer of Five Star Bank. With over 30 years of risk management experience, Pacos previously held senior roles at HSBC Bank USA, M&T Bank, and Bank OZK, where he significantly improved compliance systems. He will oversee the company's risk management functions, succeeding Randy Phillips, who transitions to Deputy Chief Credit Officer. This leadership change emphasizes the bank's commitment to credit discipline and risk management. Financial Institutions, Inc. has approximately $5.8 billion in assets and operates several financial service subsidiaries.
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