Financial Instns Inc Stock Price, News & Analysis

Financial Institutions, Inc. (NASDAQ: FISI) announced its 2023 Annual Meeting of Shareholders will be held virtually on June 21 at 10:00 am ET. The record date for voting is April 24, 2023. Details on participation will be provided in a Proxy Statement filed with the SEC by April 27, 2023. The Company offers diverse financial services with approximately $5.8 billion in assets, operating through subsidiaries including Five Star Bank, SDN Insurance Agency, Courier Capital, and HNP Capital.

Financial Institutions, Inc. (NASDAQ: FISI) announced the appointment of Gary Pacos as Chief Risk Officer of Five Star Bank. With over 30 years of risk management experience, Pacos previously held senior roles at HSBC Bank USA, M&T Bank, and Bank OZK, where he significantly improved compliance systems. He will oversee the company's risk management functions, succeeding Randy Phillips, who transitions to Deputy Chief Credit Officer. This leadership change emphasizes the bank's commitment to credit discipline and risk management. Financial Institutions, Inc. has approximately $5.8 billion in assets and operates several financial service subsidiaries.

Financial Institutions, Inc. (NASDAQ: FISI) announced a quarterly cash dividend increase to $0.30 per share, marking a 3.4% rise from the previous quarter. This is the 13th consecutive annual increase, showcasing the Board's confidence in the company's strategy and earnings potential. Additionally, dividends of $0.75 per share on Series A preferred stock and $2.12 on Series B-1 preferred stock were declared. All dividends are payable on April 3, 2023, to shareholders of record by March 16, 2023. With approximately $5.8 billion in assets, FISI is committed to shareholder returns through its diversified financial services.

Financial Institutions reported its fourth quarter and annual results for 2022, revealing a net income of $12.1 million for Q4 compared to $19.6 million in 2021. The net income per diluted share fell to $0.76 from $1.21. A significant $6.1 million loan loss provision was recorded, influenced by economic uncertainties. Total loans increased by 4.7% in Q4 and 10.1% for the year. Net interest income rose to $43.1 million, up $2.3 million year-over-year, though net interest margin decreased slightly. The company declared a $0.29 dividend, marking a 7.4% increase from last year.

Financial Institutions (NASDAQ: FISI) announced the opening of a new commercial loan production office in Syracuse, NY, enhancing its presence in Upstate New York. This expansion into Onondaga County is part of the Bank's strategy to increase credit-disciplined loan growth, following the addition of a team of experienced bankers. The Syracuse office will house a three-member Commercial and Industrial team and is located at 115 Solar Street. This marks the second office launched by Five Star Bank in the past year, supporting its growth across Buffalo, Rochester, and now Syracuse.

Financial Institutions, Inc. (NASDAQ: FISI) has announced the promotion of W. Jack Plants II to Executive Vice President. Plants, who joined the company in 2019, previously served as Chief Financial Officer since February 2021 and has overseen financial planning, accounting, and investor relations. President Martin K. Birmingham expressed confidence in Plants' ability to enhance profitability and operational efficiency in 2023. Financial Institutions, Inc. holds approximately $5.5 billion in assets, offering diverse banking and insurance services through its subsidiaries.

Financial Institutions, Inc. (NASDAQ: FISI) will announce its fourth quarter and full year results for 2022 on January 30, 2023, after market closure. An earnings conference call will follow on January 31, 2023, at 8:30 a.m. ET, led by President and CEO Martin K. Birmingham and CFO W. Jack Plants II. The call will be accessible live on the company's website and via phone. Financial Institutions, Inc. operates with approximately $5.5 billion in assets, providing banking, insurance, and wealth management services through various subsidiaries.

Financial Institutions, Inc. (NASDAQ:FISI), parent company of Five Star Bank, announced its participation in two financial conferences: the Hovde Group Financial Services Conference from November 2-4, 2022, and the Piper Sandler East Coast Financial Services Conference from November 8-9, 2022. CEO Martin K. Birmingham and CFO W. Jack Plants II will engage in one-on-one investor meetings. Additionally, Sean M. Willet, Chief Administrative Officer, will join a panel on FinTech trends at the Hovde conference. Financial Institutions, Inc. operates over 45 branches in New York and employs approximately 650 staff.