Financial Instns Inc Stock Price, News & Analysis

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.

Financial Institutions, Inc. (NASDAQ:FISI) has successfully completed a private placement of $35 million in fixed-to-floating rate subordinated notes due 2030. The notes, bearing an interest rate of 4.375% until 2025, will then reset quarterly. These funds will be used for general corporate purposes and to enhance regulatory capital ratios at Five Star Bank. The offering received a BBB- rating from Kroll Bond Rating Agency and is viewed positively by the market, indicating strong financial health. The company emphasizes this capital will not dilute current shareholders.

Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), has appointed Timothy Perrotta as Senior Vice President and Director of Human Resources. Perrotta, who joined the Bank in 2018, will oversee all HR functions following his successful management of HR responsibilities earlier this year. His past experience includes a managerial role at Wegmans Food Market, and he holds an MBA from the University of Rochester. President and CEO Martin K. Birmingham praised Perrotta's leadership and contributions towards the company's professional development.

Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ: FISI), announced the appointment of Kevin Quinn as Senior Vice President and Commercial Banking Executive, effective August 10, 2020. Quinn, who has extensive experience in commercial banking, will oversee various services including commercial lending and business banking. He succeeds Edward Oexle, who is retiring on August 4. The Bank's President and CEO, Martin K. Birmingham, expressed confidence in Quinn's capabilities to enhance business growth and community involvement.

Financial Institutions, Inc. (Nasdaq:FISI) reported net income of $11.1 million for Q2 2020, a slight decline from $11.4 million in Q2 2019. After preferred dividends, net income available to common shareholders was $10.8 million or $0.67 per diluted share. Pre-tax pre-provision income rose to $17.3 million. The company helped 1,700 small businesses with approximately $270 million in PPP loans. Total assets increased to $4.68 billion, and total loans reached $3.49 billion, reflecting strong loan growth despite COVID-19 challenges. The bank also launched a new digital banking platform.

Five Star Bank has announced a significant transformation to enhance its retail branches and adapt to shifting customer preferences in banking. The move follows a nine-month assessment revealing a 6% annual decline in in-branch transactions since 2018. Key changes include launching an advanced digital banking platform, consolidating 11 branches into five full-service centers, and modernizing staffing to improve customer service. The bank emphasizes that although 6% of its workforce will be impacted, it aims to support affected employees with alternative roles and severance packages, positioning itself for future growth.

Financial Institutions, Inc. (NASDAQ:FISI) will announce its second quarter results for the period ending June 30, 2020, on July 29, 2020, after market close. An earnings conference call is set for July 30, 2020, at 8:30 a.m. ET, featuring President and CEO Martin K. Birmingham and CFO Justin K. Bigham. Interested parties can listen via the company website or by dialing 1-888-346-9290. Financial Institutions, Inc. offers diversified financial services through its subsidiaries, including Five Star Bank and SDN Insurance Agency, employing approximately 700 individuals.

Financial Institutions, Inc. (NASDAQ:FISI) announced a change in the format of its 2020 Annual Meeting of Shareholders due to COVID-19 concerns. The meeting will now be held virtually on June 17, 2020, at 10:00 a.m. Eastern Time. Shareholders can access the meeting via www.virtualshareholdermeeting.com/FISI2020 starting at 9:45 a.m. Eastern Time. Those who wish to participate must use a unique 16-digit control number found on their proxy materials. The Company encourages early voting through proxy cards to facilitate the process.