Financial Instns Inc Stock Price, News & Analysis

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.

Financial Institutions, Inc. (NASDAQ:FISI) will disclose its third-quarter earnings for the period ending September 30, 2020, post-market on October 29, 2020. An earnings conference call is scheduled for October 30, 2020, at 8:30 a.m. ET, featuring Martin K. Birmingham, President, and Justin K. Bigham, CFO. Financial Institutions, Inc. operates through subsidiaries, including Five Star Bank and SDN Insurance Agency, offering a variety of financial services across Western and Central New York State. The call will be accessible via their website or by phone.