First Niagara Financial Corp. on Thursday reported a 13 percent drop in first-quarter net income.
The Buffalo-based bank reported net income available to common shareholders of $51.9 million, or 15 cents a diluted share. That compared with net income $59.7 million, or 17 cents a diluted share, a year ago.
Excluding $8.3 million in after-tax restructuring and severance expenses, the company posted operating earnings of $60.2 million, or 17 cents a share, in the recent first quarter.
Analysts had expected earnings of 17 cents a share.
The quarter was affected by a 12 percent decrease in non-interest income from the fourth quarter 2013, the bank reported.
“Our customers and their preferences will remain at the center of all we do as we execute on our strategic investment plan,” President and CEO Gary Crosby said in a statement. “The main focus of those investments will be dedicated to expanding and enhancing our products and services, and improving our operating efficiency.”
First Niagara Bank N.A. ranks fifth in the Rochester market with local deposits of $1.3 billion, data from the Federal Deposit Insurance Corp. shows. Company subsidiary First Niagara Risk Management Inc. has its headquarters in Brighton.
Shares of First Niagara stock (NasdaqGS: FNFG) were down 2 cents a share midday Thursday at $9.23.
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