Financial Institutions, the Warsaw-based parent company of Five Star Bank, reported second-quarter net income of $6.9 million, up 3 percent from $6.6 million a year ago.
Its diluted income per share for the quarter ending June 30 was 47 cents, up from 46 cents a year ago and exceeding analysts’ estimate of 45 cents.
Martin K. Birmingham, Financial Institutions’ president and chief executive officer, attributed the second-quarter gains to factors including loan growth across different lines of business and an increase in fee income.
Financial Institutions’ total loans increased 5 percent from a year ago, to $1.7 billion. That included a 7.7 percent increase in commercial business loans and a 5.3 percent increase in commercial mortgage loans.
Its net interest income from making loans and taking deposits rose 5.3 percent, to $22.5 million.
Financial Institutions’ non-interest income was $6.4 million, down 4.5 percent from $6.7 million a year earlier.
Non-interest expenses increased 5.3 percent from a year ago, to $17.5 million.
Financial Institutions’ total deposits were $2.3 billion, up 9.5 percent from a year ago.
Five Star has more than 50 branches in Western and Central New York, including three in Erie County. The bank this week announced it will close two branches, one each in Genesee and Wyoming counties. Last year, Financial Institutions acquired a total of eight HSBC Bank USA and First Niagara Financial Group branches.
email: mglynn@buffnews.com
Its diluted income per share for the quarter ending June 30 was 47 cents, up from 46 cents a year ago and exceeding analysts’ estimate of 45 cents.
Martin K. Birmingham, Financial Institutions’ president and chief executive officer, attributed the second-quarter gains to factors including loan growth across different lines of business and an increase in fee income.
Financial Institutions’ total loans increased 5 percent from a year ago, to $1.7 billion. That included a 7.7 percent increase in commercial business loans and a 5.3 percent increase in commercial mortgage loans.
Its net interest income from making loans and taking deposits rose 5.3 percent, to $22.5 million.
Financial Institutions’ non-interest income was $6.4 million, down 4.5 percent from $6.7 million a year earlier.
Non-interest expenses increased 5.3 percent from a year ago, to $17.5 million.
Financial Institutions’ total deposits were $2.3 billion, up 9.5 percent from a year ago.
Five Star has more than 50 branches in Western and Central New York, including three in Erie County. The bank this week announced it will close two branches, one each in Genesee and Wyoming counties. Last year, Financial Institutions acquired a total of eight HSBC Bank USA and First Niagara Financial Group branches.
email: mglynn@buffnews.com