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. (FISI) has announced a quarterly cash dividend increase of 3.8% to $0.27 per share, effective April 2, 2021. This marks the 11th consecutive annual increase in dividends, reflecting the Board’s confidence in the Company’s strategy and earnings potential. Additionally, dividends on preferred stocks include $0.75 for Series A and $2.12 for Series B-1. Shareholders of record by March 19, 2021, will receive these dividends, highlighting the company's commitment to shareholder return.
Financial Institutions, Inc. (NASDAQ:FISI) has announced a new organizational structure to enhance customer service and internal leadership. Justin K. Bigham, previously the Chief Financial Officer, is now the Chief Community Banking Officer, focusing on customer journey and digital experience. W. Jack Plants II has been appointed as the Chief Financial Officer and Treasurer, succeeding Bigham. Other key promotions include new roles in risk management, commercial banking, and legal affairs, positioning the company for future growth while responding to evolving market needs.
Financial Institutions, Inc. (NASDAQ:FISI) reported a strong fourth quarter and year-end results for 2020. Net income for Q4 was $13.8 million, up from $13.1 million in 2019, contributing to a total net income of $38.3 million for the year, a decline from $48.9 million in 2019. The company achieved record pre-tax pre-provision income of $21.0 million in Q4 and $72.9 million for the year, despite challenges posed by COVID-19. A $35 million subordinated debt offering and a stock repurchase plan were also announced, reinforcing capital management strategies. The efficiency ratio improved to below 56%.
Financial Institutions, Inc. (NASDAQ:FISI) will announce its fourth quarter and full year results for 2020 on January 28, 2021, after the market closes. An earnings conference call is scheduled for January 29, 2021, at 8:30 a.m. ET, hosted by CEO Martin K. Birmingham and CFO Justin K. Bigham. The live webcast will be accessible on the Company’s website, with a replay available for 30 days. Financial Institutions, Inc. operates through its subsidiaries, providing a range of banking and financial services across New York State.
Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ: FISI), announced the appointment of Adolph Barclift as Chief Information Security Officer. With over 20 years of experience in information technology and cybersecurity, Barclift will lead the development of a comprehensive cybersecurity program. His background includes roles at NCR and Fannie Mae. Five Star Bank operates over 45 offices in Western and Central New York, providing a wide range of banking services.
Financial Institutions, Inc. (NASDAQ:FISI) has announced an agreement to acquire the assets of Landmark Group, an independent Rochester insurance brokerage. The acquisition, set to enhance SDN Insurance Agency’s offerings, aims to diversify non-interest income and expand operations in the Rochester/Finger Lakes region. Landmark, established in 1984, specializes in various insurance solutions. Key personnel from Landmark will remain to lead operations post-acquisition, which is expected to close in Q1 2021, pending typical conditions.
Financial Institutions, Inc. (NASDAQ:FISI) declared a quarterly cash dividend of $0.26 per common share, along with dividends of $0.75 on its Series A preferred stock and $2.12 on Series B-1 preferred stock. These dividends are payable on January 4, 2021, to shareholders of record on December 21, 2020. The company operates through its subsidiaries, including Five Star Bank, and employs approximately 630 individuals, providing a range of financial services across New York State.
Five Star Bank has joined the Alloy Labs Alliance, a consortium aimed at enhancing technology adoption among community banks. This membership enables Five Star Bank to innovate faster and compete effectively against larger financial institutions. With over 40 members, the alliance focuses on sharing resources and best practices, allowing banks to improve digital banking services. Five Star Bank has already upgraded its digital capabilities to meet customer demands for seamless banking experiences.
Financial Institutions, Inc. (NASDAQ:FISI) has announced a stock repurchase program allowing for the buyback of up to 801,879 shares, which represents about 5% of its outstanding common stock. The repurchase will be executed in open market transactions according to the rules of the Securities Exchange Act. The timing and volume of shares repurchased will depend on various factors, including market conditions and liquidity requirements. This program demonstrates the company's commitment to enhancing shareholder value while retaining flexibility in capital management.
Financial Institutions reported its third-quarter results for 2020, with a net income of $12.3 million, a slight decline from $12.8 million in Q3 2019. Earnings per diluted share decreased from $0.78 to $0.74. However, pre-tax pre-provision income reached a record high of $19.2 million. The company experienced growth in its commercial mortgage portfolio (5.4%) and residential real estate loans (2.0%). Total assets rose to $4.96 billion, alongside a significant increase in deposits. The company also issued $35 million in subordinated notes to strengthen capital ratios amidst ongoing economic challenges.
FAQ
What is the current stock price of Financial Institutions (FISI)?
What is the market cap of Financial Institutions (FISI)?
What services does Financial Institutions, Inc. offer?
Where is Five Star Bank located?
What is the recent achievement of Five Star Bank?
What was the purpose of selling SDN Insurance Agency, LLC?
How does Financial Institutions, Inc. engage with the community?
Who should I contact for investor relations?
When was Financial Institutions, Inc. established?
What is the asset value of Financial Institutions, Inc.?
What industries does Courier Capital, LLC serve?
Where can I find more information about FISI's financial performance?
