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Five Star profits falls 6 percent in first quarter

Five Star Bank’s parent company reported a 6 percent drop in its first-quarter net income from a year ago, to $6.8 million.

Warsaw-based Financial Institutions Inc. recorded diluted earnings per share of 46 cents, down from 50 cents a year ago.

Financial Institutions’ non-interest income rose 30 percent from a year ago, to $8.3 million, bolstered by its acquisition of Amherst-based insurance agency Scott Danahy Naylon during the third quarter of 2014.

Martin K. Birmingham, the bank’s president and CEO, said the impact of the SDN acquisition has exceeded expectations, and the bank continues to look at opportunities to grow further in the Buffalo Niagara market.

“We’re very bullish on Buffalo,” he said.

The bank’s net interest income from making loans and taking deposits was $23.1 million, essentially unchanged from a year ago.

Financial Institutions is scheduled to hold its annual meeting May 6 in Fairport.