Five Star Bank's parent company capped a strong year with a solid fourth quarter.
Warsaw-based Financial Institutions recorded profits of $8.7 million, in the fourth quarter, up 32 percent from $6.6 million a year ago. The bank benefited from an increase in loans, as well as a $632,000 increase in investment advisory income, boosted by its acquisition of Courier Capital, a wealth management advisory firm, in January 2016.
For the full year, Financial Institutions' net income of $31.9 million, up 13 percent from 2015.
The bank last year opened two new-style branches in Rochester. Five Star is preparing to move employees into a regional administrative center in Rochester, and in February will open a branch in Fountain Plaza in downtown Buffalo.