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Shares of the parent of Five Star Bank were little changed Thursday, after the company posted a 3 percent increase in net income for the second quarter, beating analysts’ estimates by a penny.
Reporting Wednesday after the markets closed, Warsaw, Wyoming County-based Financial Institutions Inc. logged earnings of nearly $6.5 million attributable to shareholders, or 47 cents a share for the quarter ended June 30.
In the year-ago period, the company reported net income of nearly $6.3 million, or 46 cents per diluted share, attributable to shareholders.
President and CEO Martin Birmingham noted the increase in earnings came from loan growth across diversified lines of business, an increase in fee income, tight control of expenses, and solid credit quality. Birmingham Thursday was named to Financial Institution’s board of directors.
Five Star Bank ranks seventh in the Rochester market with local deposits of $873.6 million, data from the Federal Deposit Insurance Corp. shows.
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