Financial Instns Inc Stock Price, News & Analysis

On August 23, 2021, Five Star Bank opened a new 2,400-square-foot branch in Elmira, NY, enhancing its consumer and commercial lending services in the region. This modern branch, part of the NYS Downtown Revitalization Initiative, allows seamless interactions between bank associates and customers, eliminating traditional teller lines. The bank's commitment to sustainability is evident with energy-efficient materials used in construction. Additionally, Five Star Bank donated $10,000 to local organizations to celebrate the opening. The branch operates Monday to Friday with extended hours.

Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), announced the appointment of Laurie R. Collins as Chief Human Resources Officer. Collins brings over 15 years of public company experience, having previously worked at Columbus McKinnon Corporation and PepsiCo. Her role includes leadership in organizational design, talent acquisition, and diversity initiatives. President Martin K. Birmingham expressed optimism about her contributions towards enhancing company culture and HR practices.

Financial Institutions, Inc. (NASDAQ:FISI) reported a net income of $20.2 million for Q2 2021, up from $11.1 million in Q2 2020. This increase was significantly driven by a $4.6 million benefit from credit losses, contrasting with a provision of $3.7 million in the prior year. Net income per diluted share rose to $1.25 from $0.67. Total assets reached $5.30 billion, with total loans at $3.63 billion. Notably, net interest margin decreased to 3.06% from 3.29% in Q1 2021. The company opened two new branches in Buffalo, aiming to expand its urban market presence.

Financial Institutions, Inc. (NASDAQ:FISI) plans to announce its second-quarter results for the period ending June 30, 2021, after market close on July 29, 2021. The Company will conduct an earnings conference call on July 30, 2021, at 8:30 a.m. Eastern Time, featuring President and CEO Martin K. Birmingham and CFO W. Jack Plants II. The live audio webcast will be accessible through the Company’s website, with a replay available for at least 30 days. Financial Institutions, Inc. offers diversified financial services through its subsidiaries, including Five Star Bank, SDN Insurance Agency, Courier Capital, and HNP Capital.

Five Star Bank has opened its sixth branch in Greater Buffalo at 2222 Seneca Street, showcasing a commitment to community banking and economic revitalization. This branch, designed as a financial solution center, offers various banking services without teller lines, enhancing customer interaction. The construction emphasizes sustainability, utilizing green materials. In a community initiative, the Bank will donate $10 for each account opened until August 31, 2021, to the Seneca-Babcock Community Association. The new location complements Five Star's growth strategy in the region.

Five Star Bank has inaugurated its new full-service branch at 451 Elmwood Avenue, Buffalo, aiming to enhance its presence in the region. This branch is part of a larger initiative as Five Star Bank continues to expand its services, offering a range of consumer and commercial banking options. The design focuses on customer convenience with no teller lines and incorporates advanced technology. Additionally, for each new checking account opened, the bank will donate $10 to the Westminster Economic Development Initiative, emphasizing its commitment to community support.

Financial Institutions, Inc. (NASDAQ:FISI) announced key leadership appointments, including Susan R. Holliday as Chair of the Board and the election of new directors Mauricio F. Riveros and Mark A. Zupan. Holliday, previously Vice Chair, aims to enhance long-term shareholder value. The Board demonstrated commitment to diversity, with a balanced tenure and gender representation. Several committee leadership roles were also filled, emphasizing the organization’s focus on inclusive governance.

Financial Institutions, Inc. (NASDAQ:FISI) has announced a quarterly cash dividend of $0.27 per common share, alongside $0.75 and $2.12 dividends on Series A and B-1 preferred stocks, respectively. All dividends will be payable on July 2, 2021 to shareholders on record by June 18, 2021. The company, which owns Five Star Bank, SDN Insurance, Courier Capital, and HNP Capital, provides diversified financial services across Western and Central New York State, employing approximately 600 individuals.

Financial Institutions, Inc. (NASDAQ:FISI) reported strong first-quarter 2021 results, with net income soaring to $20.7 million, or $1.27 per diluted share, compared to $1.1 million, or $0.05 in Q1 2020. The significant improvement was due to a credit loss provision benefit of $2.0 million, contrasting with a $13.9 million provision in the prior year. Record pre-tax pre-provision income reached $24.1 million, boosted by cost savings from an enterprise standardization program. The Company also reported growth in net interest income, which totaled $37.9 million, and completed the acquisition of Landmark Group to diversify revenue.