This Week
  • Eric Thornton, 27, tracks markets as a buyer at Baldwin Richardson Foods.

  • Whitney Town Center, a $22 million mixed-use development in Perinton, is slated to open.

  • Kevin Ryan is the new Monroe County Bar Association executive director.

  • The Pontarelli brother and sisters team own and operate PKG Equipment Inc.

  • In Rochester, microlending options for fledgling entrepreneurs are growing.

  • The Schools Report Card has rankings for 27 districts and more than 250 schools.

First Niagara to make pre-tax adjustment

Rochester Business Journal
January 16, 2013

First Niagara Financial Group Inc. will adjust its pre-tax earnings by $16 million, or 3 cents a share, to accelerate premium amortization on its collateralized mortgage obligations, the bank announced Wednesday.

The adjustment reduces the amount of unamortized premium on the mortgage portfolio to reflect substantial prepayments received in recent months and elevated levels of cash flows anticipated in the future, the bank said in a statement.

Except for the adjustment, the Buffalo-based bank expects to meet Wall Street estimates for non-Generally Accepted Accounting Principles operating earnings per share, the statement said.

First Niagara will announce fourth quarter and 2012 earnings Jan. 23.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google