Home / Industry / Banking & Finance / First Niagara meets expectations for Q3 net income

First Niagara meets expectations for Q3 net income

First Niagara Financial Group Inc. on Friday reported net income available to common shareholders of $52.9 million, or 15 cents a diluted share, in the third quarter. Earnings matched analyst expectations.

That compared with a net loss of $927.6 million, or $2.65 a share, for the quarter ended September 30, 2014. The Buffalo-based holding company for First Niagara Bank said that included a $1.1 billion non-cash goodwill impairment charge and a $45 million reserve. Excluding non-recurring costs, operating net income available to common shareholders for the year-ago quarter was $66.5 million, or 19 cents a share.

"Our business fundamentals were strong, as evidenced by a 10 percent annualized increase in average transactional deposits and 10 percent increase in commercial business loans,” President and CEO Gary Crosby said in a statement. “We also continued to make great progress in implementing our strategic investments, which remain on-time, on-budget and are focused on delivering enhanced products and services, based on customer preferences.”

Shares of First Niagara stock (Nasdaq: FNFG) were trading up slightly midday Friday at $10.60 a share. The stock closed Thursday at $10.56.

During a conference call with analysts, company leaders declined to comment on recent reports First Niagara is exploring options, including a possible sale.

(c) 2015 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email rbj@rbj.net.


Check Also

Workers prepare ingredients to be used for a variety of recipes on the menu at Real Eats. (Photo by Diana Louise Carter)

Real Eats simplifies meal preparation (access required)

  With so many choices for meal and delivery services, it can be hard to stand out in a crowded ...

Dunkin’ unveils ‘next generation’ store in Geneseo (access required)

The new Dunkin' store (they dropped the Donuts part, remember?) in Geneseo will be holding a grand opening event Monday, ...