WARSAW, N.Y. - Financial Institutions, Inc. (NASDAQ:FISI), the parent company of Five Star Bank and Courier Capital, LLC, has announced the appointment of Christopher Campise as Senior Vice President and Chief Information Officer (CIO) of Five Star Bank. Campise's role will focus on leading the bank's technological development and enhancing its IT infrastructure to align with the company's long-term goals.
Campise brings a wealth of experience to his new position, with a background in overseeing IT strategy at Delaware North Companies, Highmark Blue Cross Blue Shield, and the University at Buffalo. His expertise in regulated industries and his history of executing IT strategies that support business objectives were highlighted as key reasons for his hire.
W. Jack Plants II, Executive Vice President, Chief Financial Officer, and Treasurer of Financial Institutions, Inc., praised Campise's proven leadership abilities and his results-driven approach. He expressed confidence that Campise's fresh perspective would be beneficial for the organization.
Prior to joining Five Star Bank, Campise contributed significantly to enterprise architecture at Delaware North Companies since 2021 and has a solid track record in IT leadership roles. His previous experience also includes community involvement, having served on the board of Habitat for Humanity Buffalo and the Gartner (NYSE:IT) Advisory Board, as well as volunteering with Mission: Ignite and InfoTech WNY.
Campise holds a Bachelor of Science degree in Computer Science from Canisius College and will operate from Five Star Bank Centre in Amherst, N.Y.
Financial Institutions, Inc., with assets worth approximately $6.2 billion, provides a range of banking and wealth management services. Five Star Bank, its subsidiary, offers banking solutions across Western and Central New York, and Courier Capital, LLC, delivers investment management and consulting services. This move is part of the company's ongoing efforts to strengthen its technological capabilities and support its expansion strategy.
The information in this article is based on a press release statement from Financial Institutions, Inc.
In other recent news, Financial Institutions, Inc. has reported a decline in its net income for the third quarter of 2024, amounting to $13.1 million, compared to the previous quarter's $25.3 million. This decrease is attributed to the absence of a one-time gain from the sale of its insurance business in the second quarter. However, the company's net interest margin (NIM) experienced an increase, and optimism remains concerning its core financial performance and market opportunities.
The company's total deposits grew by $173.3 million, even though total loans saw a slight decrease. Non-performing loans increased to $31.4 million, primarily due to two commercial relationships in New York. Non-interest income fell to $9.4 million from $24 million in the second quarter.
Analysts from various firms have noted a downward adjustment in the company's projected annual loan growth for 2024, now expected to be at the lower end of the 1% to 3% range. The company also anticipates over $1.1 billion in cash flows from loan and securities portfolios in the next 12 months. Further updates on these recent developments are expected in the upcoming January update and the next earnings call, where guidance on 2025 projections will be provided.
InvestingPro Insights
Financial Institutions, Inc.'s appointment of Christopher Campise as CIO aligns with the company's focus on technological development and long-term growth. This strategic move is reflected in some key financial metrics and trends identified by InvestingPro.
According to InvestingPro data, Financial Institutions, Inc. has a market capitalization of $373.85 million and a P/E ratio of 7.49, suggesting the stock may be undervalued relative to its earnings. This could be attractive for investors looking at the company's potential for growth under new IT leadership.
The company's commitment to shareholder value is evident in its dividend history. An InvestingPro Tip highlights that Financial Institutions, Inc. has raised its dividend for 13 consecutive years and has maintained dividend payments for 26 consecutive years. With a current dividend yield of 5.03%, the stock may appeal to income-focused investors.
Despite recent challenges in the banking sector, Financial Institutions, Inc. has shown resilience. The company's revenue for the last twelve months as of Q3 2023 stood at $216.6 million, with a revenue growth of 9.25% over the same period. This growth, coupled with an operating income margin of 31.37%, indicates the company's ability to generate profits from its operations.
It's worth noting that the stock has seen a significant price uptick over the last six months, with a total return of 37.56%. This positive momentum could be a sign of investor confidence in the company's strategic direction, including its focus on technological advancement.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with over 10 more tips available for Financial Institutions, Inc. These tips could provide valuable context for understanding the company's financial health and future prospects as it enhances its IT capabilities under new leadership.
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