Associated tags: Retirement, Star Bank, Insurance, Five Star Bank, HNP, Financial institution, Bank
Locations: SDN, WARSAW, NY, US, UNITED STATES, MARYLAND, BALTIMORE, CANADA, UK, IRELAND
Benefit,
Common equity,
Sale,
NFP,
Common,
Federal Reserve,
Investment,
Nature,
Bank,
TCE,
Tier 1 capital,
As a service,
Insurance,
Financial institution,
Risk management,
Environment,
Computer,
Income tax,
Risk-weighted asset,
Acquisition,
Community Reinvestment Act,
Loss,
Marketing,
Bank statement,
Five Star Bank,
Community,
Growth,
Earnout,
Video game Net income was $2.1 million in the first quarter of 2024, compared to $9.8 million in the fourth quarter of 2023 and $12.1 million in the first quarter of 2023.
Key Points:
- Net income was $2.1 million in the first quarter of 2024, compared to $9.8 million in the fourth quarter of 2023 and $12.1 million in the first quarter of 2023.
- First quarter 2024 financial results were negatively impacted by the Company's previously disclosed deposit-related fraud event, which was the primary driver of noninterest expense variances from the linked and year-ago periods.
- Net interest margin was 2.78% in the current quarter and the fourth quarter of 2023, and 3.09% in the first quarter of 2023.
- The effective tax rate was 14.7% for the first quarter of 2024, 34.5% for the fourth quarter of 2023, and 18.7% for the first quarter of 2023.
8-K,
Financial institution,
Five Star Bank,
PC,
Growth,
Form,
Bank,
Sale,
LLP,
Security (finance),
NFP,
Insurance As part of the transaction, the SDN team joins NFP, including President William E. Gallagher.
Key Points:
- As part of the transaction, the SDN team joins NFP, including President William E. Gallagher.
- “In the nearly 10 years since we entered the insurance space, it has proven to be a valuable line of business that supported revenue diversification.
- SDN is a full-service insurance agency serving business and personal insurance customers.
- “In its 100-year history, SDN has established itself as a well-respected partner to commercial and personal insurance customers throughout Western New York,” said Mr. Gallagher.
WARSAW, N.Y., March 25, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), the parent company of Five Star Bank, SDN Insurance Agency, LLC, and Courier Capital, LLC, will release results for the first quarter ending March 31, 2024 after the market closes on April 25, 2024.
Key Points:
- WARSAW, N.Y., March 25, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), the parent company of Five Star Bank, SDN Insurance Agency, LLC, and Courier Capital, LLC, will release results for the first quarter ending March 31, 2024 after the market closes on April 25, 2024.
- Management will host an earnings conference call and audio webcast on April 26, 2024 at 8:30 a.m. Eastern Time.
- The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer.
- Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 916080.
WARSAW, N.Y., March 14, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), the parent company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC and Courier Capital, LLC, today announced that Wednesday, June 5, has been established as the date of its 2024 Annual Meeting of Shareholders.
Key Points:
- WARSAW, N.Y., March 14, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), the parent company of Five Star Bank (the “Bank”), SDN Insurance Agency, LLC and Courier Capital, LLC, today announced that Wednesday, June 5, has been established as the date of its 2024 Annual Meeting of Shareholders.
- The meeting will be held in a virtual format only, via live webcast, beginning at 10:00 am Eastern Time.
- The record date for voting at the Annual Meeting will be April 10, 2024.
- Further details regarding the Annual Meeting, including how to participate, will be included in the Financial Institutions, Inc. Proxy Statement and Notice of Annual Meeting of Shareholders, which is expected to be made available to shareholders and filed with the Securities and Exchange Commission on or about April 12, 2024.
Retrieved on:
Thursday, February 15, 2024
WARSAW, N.Y., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank, SDN Insurance Agency, LLC, and Courier Capital, LLC, announced today that its Board of Directors has approved a quarterly cash dividend of $0.30 per outstanding common share.
Key Points:
- WARSAW, N.Y., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank, SDN Insurance Agency, LLC, and Courier Capital, LLC, announced today that its Board of Directors has approved a quarterly cash dividend of $0.30 per outstanding common share.
- The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock.
- All dividends are payable April 2, 2024, to shareholders of record on March 15, 2024.
Retrieved on:
Thursday, January 25, 2024
Tier 1 capital,
TCE,
FDIC,
Bank statement,
Landmark Group,
COLI,
Financial institution,
Annual report,
Accounting,
Bank,
Computer,
Federal Reserve,
Environment,
Sale,
Tax,
Investment,
As a service,
Common equity,
Acquisition,
Advertising,
Risk management,
Risk-weighted asset,
Loss,
Common,
Five Star Bank,
Marketing,
Nature,
Growth Net income was $9.8 million in the fourth quarter of 2023, compared to $14.0 million in the third quarter of 2023 and $12.1 million in the fourth quarter of 2022.
Key Points:
- Net income was $9.8 million in the fourth quarter of 2023, compared to $14.0 million in the third quarter of 2023 and $12.1 million in the fourth quarter of 2022.
- Noninterest expense was $35.0 million in the fourth quarter of 2023 compared to $34.7 million in the third quarter of 2023 and $33.5 million in the fourth quarter of 2022.
- Income tax expense was $5.2 million for the fourth quarter of 2023 compared to $2.4 million in the third quarter of 2023, and $2.4 million in the fourth quarter of 2022.
- The effective tax rate was 34.5% for the fourth quarter of 2023, 14.8% for the third quarter of 2023, and 16.4% for the fourth quarter of 2022.
Retrieved on:
Wednesday, January 3, 2024
Management will host an earnings conference call and audio webcast on January 26, 2024 at 8:30 a.m. Eastern Time.
Key Points:
- Management will host an earnings conference call and audio webcast on January 26, 2024 at 8:30 a.m. Eastern Time.
- The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer.
- The live webcast will be available in listen-only mode on the Company’s website at www.FISI-Investors.com .
- Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 280151.
Workforce,
Marketing,
As a service,
Syracuse,
Business,
Five Star Bank,
Five Star,
Spokesperson,
Citizenship,
Lee University,
Mass communication,
Publication,
Risk management,
Public affairs,
Financial institution,
Morgan Stanley,
Treasurer,
Senior,
Management Mr. Whiting will also join the executive leadership team as a direct report of President and CEO Martin K. Birmingham.
Key Points:
- Mr. Whiting will also join the executive leadership team as a direct report of President and CEO Martin K. Birmingham.
- Additionally, several executives will assume expanded leadership responsibilities, ensuring the Company is better situated to serve its internal and external stakeholders.
- The Company’s operations, product, and technology areas will move under Chief Financial Officer and Treasurer W. Jack Plants II, leveraging Mr. Plants’ financial services and operational expertise.
- “I would like to also thank both Sean and Justin for their leadership and contributions to our Company.
Retrieved on:
Wednesday, November 15, 2023
WARSAW, N.Y., Nov. 15, 2023 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank, SDN Insurance Agency, LLC, and Courier Capital, LLC, announced today that its Board of Directors has approved a quarterly cash dividend of $0.30 per outstanding common share.
Key Points:
- WARSAW, N.Y., Nov. 15, 2023 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank, SDN Insurance Agency, LLC, and Courier Capital, LLC, announced today that its Board of Directors has approved a quarterly cash dividend of $0.30 per outstanding common share.
- The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock.
- All dividends are payable January 2, 2024, to shareholders of record on December 14, 2023.
Retrieved on:
Thursday, October 26, 2023
Fintech,
Sale,
Financial institution,
FDIC,
TCE,
As a service,
Pressure,
Federal Reserve,
Net,
Upstate New York,
Bank statement,
Nature,
Environment,
Growth,
Common,
Risk management,
Five Star Bank,
Marketing,
Income tax,
Risk-weighted asset,
Tier 1 capital,
Common equity,
Lender option borrower option,
Computer,
Overalls,
Investment,
Video game,
Beauty salon,
Bank,
Security (finance),
Commercial property,
Life insurance,
Renewable energy,
Rare-earth element,
Fine chemical Net income was $14.0 million for the third quarter of 2023, compared to $14.4 million in the second quarter of 2023 and $13.9 million in the third quarter of 2022.
Key Points:
- Net income was $14.0 million for the third quarter of 2023, compared to $14.4 million in the second quarter of 2023 and $13.9 million in the third quarter of 2022.
- Net interest income was $41.7 million for the third quarter of 2023, a decrease of $660 thousand from the second quarter of 2023 and a decrease of $1.4 million from the third quarter of 2022.
- Noninterest expense was $34.7 million in the third quarter of 2023 compared to $33.8 million in the second quarter of 2023 and $32.8 million in the third quarter of 2022.
- The effective tax rate was 14.8% for the third quarter of 2023, 14.4% for the second quarter of 2023, and 25.4% for the third quarter of 2022.
