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), the parent company of Five Star Bank and Courier Capital, , has declared a quarterly cash dividend of $0.30 per common share. The company's Board of Directors also approved dividends for its preferred stockholders: $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 October 2, 2024, to shareholders of record as of September 13, 2024. This announcement demonstrates FISI's commitment to providing regular returns to its investors across different share classes.
Financial Institutions, Inc. (NASDAQ: FISI) reported strong Q2 2024 results, with net income of $25.6 million and earnings per share of $1.62. Key highlights include:
- $13.5 million pre-tax gain from sale of SDN Insurance Agency assets
- Net interest margin increased to 2.87%, up 9 basis points from Q1
- Total loans grew 0.4% to $4.46 billion
- Deposits decreased 4.9% to $5.13 billion due to seasonality
- Strong credit quality with net charge-offs of 0.10% of average loans
- Common equity tier 1 ratio improved to 10.03%
The company benefited from margin expansion, improved asset quality, and capital build. Management noted continued focus on liquidity, capital and earnings led to solid core business performance.
Financial Institutions, the parent company of Five Star Bank and Courier Capital, will release its second-quarter 2024 results on July 25, 2024, after market close. An earnings conference call will follow on July 26, 2024, at 8:30 a.m. ET, hosted by President and CEO Martin K. Birmingham and CFO W. Jack Plants II. The call will be accessible via a live webcast on the company's website or by dialing in within the U.S. using access code 713156. A replay will be available for 30 days.
Financial Institutions, parent company of Five Star Bank and Courier Capital, announced a quarterly cash dividend of $0.30 per common share. Additionally, 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 were declared. All dividends are payable on July 2, 2024, to shareholders of record as of June 14, 2024.
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