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Five Star Bank parent sees profit decline in Q1

Rochester Business Journal
April 25, 2013

Financial Institution Inc. shares were down nearly 2 percent Thursday midday after the company announced a decline in net income for the first quarter and missed analysts’ earnings estimates by 2 cents.

The Warsaw, Wyoming County-based parent of Five Star Bank in the Rochester market reported income of $5.78 million, or 42 cents a diluted share, down from $5.83 million and 42 cents in 2012. Analysts polled by Thomson Reuters expected earnings of 44 cents a share.

“Our first-quarter results provide a solid start to 2013,” President and CEO Martin Birmingham said in a statement released Wednesday after the markets closed. “We delivered consistent earnings despite the pressure we experienced, like most of the banking industry, on our net interest margin.”

The net interest margin was 3.73 for the quarter, compared with 4.05 percent in the first quarter of 2012 and 3.89 percent in the fourth quarter.

The bank’s provision for loan losses spiked to $2.7 million, compared with $2.5 million set aside for bad loans in the fourth quarter and less than $1.4 million in the first quarter a year ago.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

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