This Week
  • Architect David Hanlon has worked with some of the area's leading developers.

  • For startup companies, legal and accounting missteps can prove costly.

  • Wilmorite hopes soon to win approval for $425M casino in Seneca County.

  • ID Signsystems Inc. has grown from a local company into an international business.

  • Robert Linton guides Jazz 90.1 through a new era in media.

  • The RBJ 75 supplement presents a list of the 75 largest private-sector employers.

Q2 profit jumps 17.5% at Financial Institutions

Rochester Business Journal
July 26, 2012

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.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google