This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Niagara Post In-Line Profit

BUFFALO, N.Y. (TheStreet) -- First Niagara Financial (MI) on Thursday reported fourth-quarter operating earnings of $31.3 million, or 17 cents a share, matching the consensus estimate of analysts polled by Thomson Reuters.

In comparison, on the same basis, the thrift holding company earned $27.3 million, or 19 cents a share, in the third quarter, and $22.8 million or 20 cents a share in year-ago equivalent period.

For the full year 2009, operating earnings were $105.6 million or 72 cents a share, up from $89.8 million or 83 cents a share, in 2008.

On a GAAP [generally accepted accounting principles] basis, First Niagara's fourth-quarter net income was $28.9 million or 16 cents a share, compared to $10.9 million, or 7 cents a share ,in the third quarter and $21.6 million, or 19 cents a share, a year earlier. GAAP results in the latest period reflect the impact of $23 million in expenses related to the acquisition of 57 National City Branches from PNC Financial (PNC.) in Western Pennsylvania.

The earnings comparisons reflect the issuance of 78 million shares through three stock offerings during 2009 that raised close to $1 billion in common equity. First Niagara participated in the Troubled Assets Relief Program, receiving issuing preferred shares to the government in November 2008 to receive $184 million in capital, which the company repaid in May.

First Niagara expects to complete its pending acquisition of Harleysville National (HNBC) during the first quarter, which will bring in another $4 billion in deposits in Pennsylvania.

As the company took advantage of market turmoil in 2009 to make significant branch acquisitions and increase its total assets 56% to $14.1 billion, credit quality remained very strong, with nonperforming assets -- including nonaccrual loans and repossessed real estate - comprising 0.52% of total assets as of Dec. 31. Loan losses during 2009 were low, with net charge-offs totaling $33.1 million or 0.50% of total loans.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs