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Financial Institutions, Inc. reports recurring developments as the parent company of Five Star Bank and Courier Capital, LLC. Company news centers on commercial banking, consumer banking and wealth management activity, including loan and deposit trends, net interest income, noninterest income, profitability metrics and operating results across its banking franchise.
Updates also cover capital management actions such as common and preferred stock dividends, share repurchases, subordinated debt transactions and refinancing activity. The company’s operating disclosures reflect banking services for consumer, commercial and municipal customers in Western and Central New York, with commercial lending activity also extending into the Mid-Atlantic region.
Financial Institutions, Inc. (NASDAQ:FISI) will participate in the Sidoti Virtual Micro Cap Conference on December 8-9, 2021. President and CEO Martin K. Birmingham will present on December 9 at 2:30 p.m. ET, joined by CFO W. Jack Plants II. The presentation is accessible live via the provided link. Additionally, the Company will host virtual one-on-ones with investors. Financial Institutions, Inc. offers diverse financial services through its subsidiaries, including banking, insurance, and investment management, employing around 600 staff across Western and Central New York.
Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly cash dividend of $0.27 per common share, alongside preferred stock dividends of $0.75 for Series A and $2.12 for Series B-1. These dividends are payable on January 3, 2022, to shareholders of record as of December 17, 2021.
The company operates through its subsidiaries, offering diverse financial services across Western and Central New York State.
Financial Institutions, Inc. (NASDAQ:FISI) reported a net income of $17.2 million for Q3 2021, a significant increase from $12.3 million in Q3 2020. Net income per diluted share rose to $1.05, up from $0.74 a year earlier. A $541 thousand benefit for credit losses was noted, contrasting with a $4.0 million provision last year. Total loans grew by 2.2%, excluding PPP loans, while net interest income reached $38.3 million. The efficiency ratio was 58%. Shareholder equity increased to $494.0 million. The company also completed strategic acquisitions and branch relocations to boost growth.
Financial Institutions, Inc. (NASDAQ:FISI) will announce its third-quarter results for the period ending September 30, 2021, after market closure on October 28, 2021. An earnings conference call is scheduled for October 29, 2021, at 8:30 a.m. ET, hosted by CEO Martin K. Birmingham and CFO W. Jack Plants II. This event will also be available via audio webcast on the company’s website. The company operates through its subsidiaries, offering services in banking, insurance, and investment management, employing approximately 600 individuals.
Financial Institutions, Inc. (NASDAQ:FISI) announced the acquisition of Buffalo-based North Woods Capital Benefits LLC by its insurance subsidiary SDN Insurance Agency on August 2, 2021. This strategic acquisition aims to enhance SDN's employee benefits and human resources consulting capabilities. William Wadsworth, North Woods' Founder, and Sarah Kirke, Director of Client Service, will continue their roles within SDN. The acquisition aligns with SDN's commitment to delivering innovative solutions and is a crucial step toward expanding its service offerings.
Financial Institutions, Inc. (NASDAQ:FISI) announced a quarterly cash dividend of $0.27 per common share, along with $0.75 on its Series A preferred stock and $2.12 on Series B-1 preferred stock. All dividends are payable on October 4, 2021, to shareholders of record by September 17, 2021. The Company operates through subsidiaries providing various financial services, including banking, insurance, and investment management, employing around 600 individuals across New York State.
On August 23, 2021, Five Star Bank opened a new 2,400-square-foot branch in Elmira, NY, enhancing its consumer and commercial lending services in the region. This modern branch, part of the NYS Downtown Revitalization Initiative, allows seamless interactions between bank associates and customers, eliminating traditional teller lines. The bank's commitment to sustainability is evident with energy-efficient materials used in construction. Additionally, Five Star Bank donated $10,000 to local organizations to celebrate the opening. The branch operates Monday to Friday with extended hours.
Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), announced the appointment of Laurie R. Collins as Chief Human Resources Officer. Collins brings over 15 years of public company experience, having previously worked at Columbus McKinnon Corporation and PepsiCo. Her role includes leadership in organizational design, talent acquisition, and diversity initiatives. President Martin K. Birmingham expressed optimism about her contributions towards enhancing company culture and HR practices.
Financial Institutions, Inc. (NASDAQ:FISI) reported a net income of $20.2 million for Q2 2021, up from $11.1 million in Q2 2020. This increase was significantly driven by a $4.6 million benefit from credit losses, contrasting with a provision of $3.7 million in the prior year. Net income per diluted share rose to $1.25 from $0.67. Total assets reached $5.30 billion, with total loans at $3.63 billion. Notably, net interest margin decreased to 3.06% from 3.29% in Q1 2021. The company opened two new branches in Buffalo, aiming to expand its urban market presence.
Financial Institutions, Inc. (NASDAQ:FISI) plans to announce its second-quarter results for the period ending June 30, 2021, after market close on July 29, 2021. The Company will conduct an earnings conference call on July 30, 2021, at 8:30 a.m. Eastern Time, featuring President and CEO Martin K. Birmingham and CFO W. Jack Plants II. The live audio webcast will be accessible through the Company’s website, with a replay available for at least 30 days. Financial Institutions, Inc. offers diversified financial services through its subsidiaries, including Five Star Bank, SDN Insurance Agency, Courier Capital, and HNP Capital.