Welcome to our dedicated page for Financial Instns news (Ticker: FISI), a resource for investors and traders seeking the latest updates and insights on Financial Instns 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 third-quarter 2022 net income of $13.9 million, down from $17.2 million in Q3 2021. Net income available to common shareholders was $13.5 million ($0.88 per diluted share), lower than $16.8 million ($1.05) a year prior. The company recorded a $4.3 million provision for credit losses, contrasting with a $541 thousand benefit last year. Total loans reached $3.87 billion, a 5.8% increase year-over-year. Net interest income rose 12.5% to $43.1 million, driven by loan growth and margin expansion to 3.28%. Noninterest income increased by 4.7% to $12.7 million, while noninterest expenses were $32.8 million.
Financial Institutions, Inc. (NASDAQ:FISI) announced that it will release its third-quarter results on October 27, 2022, after market close. Following this, management will host an earnings conference call on October 28, 2022, at 8:30 a.m. ET. The call will be led by President and CEO Martin K. Birmingham and CFO W. Jack Plants II, with a webcast available for listeners. The company provides diversified financial services through Five Star Bank, SDN Insurance Agency, Courier Capital, and HNP Capital, employing approximately 650 individuals.
Financial Institutions, Inc. has appointed Bruce W. Harting as an independent member of its Board of Directors, effective immediately. Harting, a seasoned expert with extensive experience in investment banking and equity research, previously served at Rockefeller Capital Management and Deutsche Bank, among others. His addition increases the board to twelve members, emphasizing the company's commitment to board refreshment. Harting will bring valuable expertise to the Audit and Risk Oversight Committees as the company pursues its long-term growth strategy.
Financial Institutions, Inc. (NASDAQ:FISI) has declared a quarterly cash dividend of $0.29 per common share, payable on October 3, 2022, to shareholders of record on September 16, 2022. Additionally, the Company announced preferred stock dividends of $0.75 per share for Series A and $2.12 for Series B-1. Financial Institutions, Inc. operates through its subsidiaries, offering diverse financial services including banking and investment management, employing around 650 individuals across New York State and beyond.
Financial Institutions, Inc. (NASDAQ:FISI) reported second-quarter net income of $15.6 million, down from $20.2 million year-over-year. Earnings per share decreased to $0.99 from $1.25. Key factors include a $563 thousand provision for credit losses compared to a $4.6 million benefit last year, and a 2.4 million rise in salaries due to staff investments and increased compensation. The company also declared a $0.29 dividend per share, consistent with the previous quarter and a 7.4% increase year-over-year. Total assets reached $5.57 billion.
Financial Institutions, Inc. (NASDAQ:FISI) will announce its second-quarter financial results on July 28, 2022, after market close. The earnings conference call is scheduled for July 29, 2022, at 8:30 a.m. Eastern Time, hosted by CEO Martin K. Birmingham and CFO W. Jack Plants II. The call will be accessible via the company’s website or by phone. Financial Institutions, Inc. operates Five Star Bank, SDN Insurance Agency, Courier Capital, and HNP Capital, providing diverse financial services across New York State and beyond. More information is available at www.fiiwarsaw.com.
Financial Institutions, Inc. (NASDAQ:FISI) announced a stock repurchase program for up to 766,447 shares, representing approximately 5% of its outstanding shares. This initiative allows for repurchases in open market transactions under SEC Rule 10b5-1, depending on various factors such as market conditions and corporate requirements. The program provides flexibility, with no obligation to purchase shares and the potential for modification or discontinuation.
Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), has joined the newly launched Banking-as-a-Service (BaaS) Association as a founding member. The association, formed by Bankers Helping Bankers, aims to promote and support BaaS while coordinating legislative advocacy and best practices. Five Star Bank's EVP, Sean Willett, emphasized the importance of fintech partnerships for community banks. The growing BaaS sector offers banks profitable innovation opportunities, but it also requires compliance and operational capabilities.
Financial Institutions, Inc. (NASDAQ:FISI) has declared a quarterly cash dividend of $0.29 per common share, alongside dividends of $0.75 for Series A preferred stock and $2.12 for Series B-1 preferred stock. The dividends are payable on July 5, 2022, to shareholders on record as of June 17, 2022. This announcement reflects the company's ongoing commitment to providing returns to its shareholders while engaging in diversified financial services through its subsidiaries, including Five Star Bank.
Financial Institutions, Inc. (NASDAQ:FISI) reported first-quarter 2022 net income of $15 million, down from $20.7 million in Q1 2021, with net income available to common shareholders at $14.6 million or $0.93 per share. A $2.3 million credit loss provision contrasted with a $2 million benefit in 2021. Revenue from PPP loans decreased by $2.5 million. Total loans increased by 1.5% quarter-over-quarter, while deposits rose by $175.8 million. The Board declared a quarterly dividend of $0.29 per share, up 7.4%. The equity ratio declined to 7.63% largely due to unrealized losses in securities.
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