Shares of Financial Institutions Inc. were down by 15 cents—or less than 1 percent--at noon Thursday, after the Wyoming County-based bank reported a 17.5 percent increase in second-quarter profit and surpassed analyst estimates by 3 cents.
The company reported its results after the market closed Wednesday.
The parent of Five Star Bank reported net income of $6.3 million, or 46 cents a diluted share, attributable to common shareholders, up from $5.3 million, or 39 cents, in the second quarter 2011.
“Our consistent, relationship-focused approach to community banking is making a positive difference for our customers and the company, as evidenced by our outstanding operating performance in the second quarter,” President and CEO Peter Humphrey said in a statement.
The results include a pre-tax expense of $1 million, or 4 cents a diluted share after taxes, because of the June 22 acquisition of First Niagara Bank N.A. branches in Brockport, Batavia, Medina and Seneca Falls, Chief Financial Officer Karl Krebs said.
The bank plans to acquire four former HSBC Bank USA N.A. branches—one in Albion, Orleans County, and three in Steuben County—on Aug. 17.
Five Star Bank ranks seventh in the Rochester market with local deposits of $701.2 million as of June 30, 2011, the most recent Federal Deposit Insurance Corp. data shows.
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