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

Chris Mueller

Merrill Lynch names Chris Mueller to wealth management post (access required)

Merrill Lynch has named Chris Mueller as the bank's wealth management market executive for New York, a position spread across ...


Grant will help city target zombie properties (access required)

A $500,000 grant from New York State will help reduce the number of zombie properties in the city of Rochester. ...