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Financial Institutions Inc. (Nasdaq:FISI) the parent company of Five Star Bank, announced financial results for the third quarter ended September 30, 2011. Net income was $5.5 million for the third quarter of 2011 compared with $5.7 million for the third quarter of 2010, bringing the Company's net income for the first nine months of 2011 to $17.0 million compared to $16.2 million in 2010. After preferred dividends, third quarter diluted earnings per share was $0.37, a 14% decrease from the $0.43 per share earned during the third quarter of 2010. On a year to date basis, diluted earnings per share decreased $0.14 to $1.09 per share as compared to $1.23 per share for the same period last year. The current quarter and year to date earnings per share amounts were impacted by the 2,813,475 additional shares of common stock issued in conjunction with our follow-on public offering completed during the first quarter of 2011.
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