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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.
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.
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