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Net income climbs in Q1 for Five Star Bank parent

Rochester Business Journal
April 24, 2014

Financial Institutions Inc. reported a 19 percent jump in its first-quarter profit and beat Wall Street estimates by a nickel a share.

The Warsaw, Wyoming County-based parent of Five Star Bank reported net income available to common shareholders of $6.9 million, or 50 cents a diluted share, compared with $5.9 million, or 42 cents a share, in the first quarter 2013.

The Street pegged earnings at 45 cents a share for the most-recent quarter.

The company announced its earnings Wednesday after the market closed.

“We are building on the momentum from our solid performance last year,” President and CEO Martin Birmingham said in a statement. “This is a strong start to 2014 and reinforces our confidence in the outlook for Five Star Bank.”

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

Financial Institutions stock (NasdaqGS: FISI) was trading at $23.70 midafternoon Thursday, up from Wednesday close of $23.69.

(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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