In Business Today: One local bank continues the string of those making a lot of money. Another doesn't. And the company that originated the Pacemaker shows improved vitals.
- Profits rise 68% at Five Star Bank parent - Jonathan D. Epstein/The Buffalo News
The parent of Five Star Bank said Thursday that third-quarter profits soared 68 percent thanks to growth in loans and lending income, controlled expenses and an improvement in credit quality.
Warsaw-based Financial Institutions reported net income of $5.7 million, or 43 cents per share, up from $3.4 million, or 23 cents per share, in the quarter a year ago. That beat Wall Street estimates of 38 cents per share. ...
- Evans Bancorp’s profits down 46% - Jonathan D. Epstein/The Buffalo News
Evans Bancorp said profits for the third quarter fell 46 percent, as the bank set aside much more for loan and lease losses.
The Hamburg-based parent of Evans Bank said it earned $1.28 million, or 31 cents per share, down from $2.44 million, or 87 cents per share, a year ago. ...
CEO David J. Nasca blamed the drop on the loan loss reserve, mostly for the leasing business that the company began winding down in 2009, as well as higher operating expenses from the company’s investments in staff and technology to boost revenues and market share in the future. He also cited the “tepid pace of the economic recovery” and low interest rates. ...
- Greatbatch profits beat forecast; sales up 5% - David Robinson/The Buffalo News
Greatbatch Inc.’s third-quarter profits beat analyst forecasts as the Clarence battery and medical device maker’s sales improved by 5 percent.
While Greatbatch’s main cardiac rhythm-management markets weakened during the summer as customers pared their inventories, that decline was more than offset by improved sales at its vascular, orthopedics and commercial battery businesses. ...
Thomas J. Hook, Greatbatch’s president and chief executive officer, said Greatbatch is dealing with “challenging market dynamics” that have trimmed the growth rates in all of its medical markets from what had been expected at the start of the year.
“These difficult market conditions are expected to persist for the foreseeable future,” Hook said during a conference call.
For the weekend, a song to keep your heart beating:
-- George Pyle/The Buffalo News