Financial Instns Inc Stock Price, News & Analysis

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.

Financial Institutions, Inc. (NASDAQ:FISI) reported third-quarter 2022 net income of $13.9 million, down from $17.2 million in Q3 2021. Net income available to common shareholders was $13.5 million ($0.88 per diluted share), lower than $16.8 million ($1.05) a year prior. The company recorded a $4.3 million provision for credit losses, contrasting with a $541 thousand benefit last year. Total loans reached $3.87 billion, a 5.8% increase year-over-year. Net interest income rose 12.5% to $43.1 million, driven by loan growth and margin expansion to 3.28%. Noninterest income increased by 4.7% to $12.7 million, while noninterest expenses were $32.8 million.

Financial Institutions, Inc. (NASDAQ:FISI) announced that it will release its third-quarter results on October 27, 2022, after market close. Following this, management will host an earnings conference call on October 28, 2022, at 8:30 a.m. ET. The call will be led by President and CEO Martin K. Birmingham and CFO W. Jack Plants II, with a webcast available for listeners. The company provides diversified financial services through Five Star Bank, SDN Insurance Agency, Courier Capital, and HNP Capital, employing approximately 650 individuals.

Financial Institutions, Inc. has appointed Bruce W. Harting as an independent member of its Board of Directors, effective immediately. Harting, a seasoned expert with extensive experience in investment banking and equity research, previously served at Rockefeller Capital Management and Deutsche Bank, among others. His addition increases the board to twelve members, emphasizing the company's commitment to board refreshment. Harting will bring valuable expertise to the Audit and Risk Oversight Committees as the company pursues its long-term growth strategy.

Financial Institutions, Inc. (NASDAQ:FISI) has declared a quarterly cash dividend of $0.29 per common share, payable on October 3, 2022, to shareholders of record on September 16, 2022. Additionally, the Company announced preferred stock dividends of $0.75 per share for Series A and $2.12 for Series B-1. Financial Institutions, Inc. operates through its subsidiaries, offering diverse financial services including banking and investment management, employing around 650 individuals across New York State and beyond.

Financial Institutions, Inc. (NASDAQ:FISI) reported second-quarter net income of $15.6 million, down from $20.2 million year-over-year. Earnings per share decreased to $0.99 from $1.25. Key factors include a $563 thousand provision for credit losses compared to a $4.6 million benefit last year, and a 2.4 million rise in salaries due to staff investments and increased compensation. The company also declared a $0.29 dividend per share, consistent with the previous quarter and a 7.4% increase year-over-year. Total assets reached $5.57 billion.