Five Star Bank's new downtown branch "will serve as an excellent foundation for continued growth in Buffalo and all of Western New York," the bank's president and CEO, Martin K. Birmingham, said in a statement.
Warsaw-based Financial Institutions on Tuesday reported its first quarter net income increased 4 percent, to $7.9 million from $7.6 million a year ago. Its Fountain Plaza branch opened in February, part of the bank's push to increase its presence in the Buffalo Niagara region.
"We are off to a very good start in 2017 with first quarter earnings in-line with our expectations and ongoing execution of our strategic plan," Birmingham said.
The bank's non-interest income from making loans and taking deposits increased 9.3 percent from a year ago, to $27 million. But its non-interest income, from sources such as fees, dropped 15 percent, to $7.8 million. One factor was the loss of legacy accounts from Scott Danahy Naylon, the insurance firm Financial Institutions acquired in 2014. The bank also had one-time proceeds of $911,000 from company-owned life insurance in the first quarter of 2016 that was not repeated this year.
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