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First Niagara net incomes rises 9% in Q1

Rochester Business Journal
April 19, 2013

First Niagara Financial Group Inc. on Friday reported first-quarter net income of $59.7 million available to common shareholders, up 9 percent and in line with Wall Street estimates.

The Buffalo-based company reported earnings of 17 cents a diluted share. Income for the first quarter 2012 was $54.8 million, or 16 cents a share.

The most recent results include a $6.3 million pre-tax charge, or a penny a share, related to the departures last month of John Koelmel, former president and CEO, and Oliver Summer, former executive vice president of corporate development.

Gary Crosby, executive vice president and chief administrative and operations officer, has been named interim president and CEO. The search for a permanent CEO is progressing, bank officials said in the earnings report.

Summer will not be replaced because the bank is not looking to continue its acquisition strategy, officials said.

“In 2013, it is business as usual at First Niagara as we continue to execute our existing strategic plan, focusing on managing expenses, maintaining our strong credit quality and maximizing the company’s potential in the diverse and attractive markets we serve,” Crosby said in a statement.
First Niagara Bank N.A. ranked fifth in the Rochester market as of June 30, 2012, with local deposits of $1.5 billion. Its risk management business employs some 100 in Brighton.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

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