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Five Star Bank parent reports flat Q4 earnings

Rochester Business Journal
January 30, 2014

Shares of Financial Institutions Inc. were up 3 percent in early afternoon trading after the company reported flat fourth-quarter net income with earnings per share falling 4 cents short of analyst estimates.
 
The parent of Five Star Bank on Wednesday reported net income of just more than $6 million, or 43 cents a diluted share, available to common shareholders, compared with nearly $6 million, and 43 cents a share, in the fourth quarter 2012.

Net income for 2013 totaled nearly $24.1 million, or $1.75 a diluted share, available to shareholders, up 9.5 percent from nearly $22 million, or $1.60 a share, in 2012.

“We remain committed to delivering shareholder value by leveraging opportunities within existing markets, including strengthening our positions in Buffalo and Rochester,” President and CEO Martin Birmingham said in an earnings statement released Wednesday after the markets closed.

Five Star Bank ranks seventh in the Rochester market with local deposits of $888.3 million, data from the Federal Deposit Insurance Corp. shows.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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