Welcome to our dedicated page for Financial Instns news (Ticker: FISI), a resource for investors and traders seeking the latest updates and insights on Financial Instns stock.
Financial Institutions Inc (FISI), through its Five Star Bank and Courier Capital, LLC subsidiaries, provides essential community banking and wealth management services across multiple markets. This dedicated news hub offers investors and stakeholders immediate access to official updates and strategic developments.
Our curated collection features verified press releases spanning earnings reports, leadership changes, regulatory filings, and service expansions. Users can track comprehensive financial updates including commercial lending initiatives, investment management strategies, and community banking programs.
The repository systematically organizes critical information categories: quarterly financial disclosures, merger/acquisition activity, executive appointments, product/service innovations, and compliance updates. Each entry maintains FISI's commitment to transparency in financial services operations.
Bookmark this page for streamlined monitoring of FISI's evolving market position. Regular updates ensure continuous access to material developments affecting the company's community banking focus and wealth management offerings.
Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank, has announced its intention to wind down its Banking-as-a-Service (BaaS) offerings. This decision follows a strategic review by the company's management and board, considering factors such as BaaS contribution to core financial results, regulatory expectations, and future investment requirements. As of June 30, 2024, BaaS represented about 2% of deposits ($108 million) and less than 1% of loans ($31 million). The company aims to focus on its core community banking franchise, including retail banking, commercial banking, and wealth management. The wind down process is expected to be completed in 2025, with minimal financial impact. All personnel supporting BaaS will be retained and refocused on core banking operations.
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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