This Day On The Street
Continue to site
ADVERTISEMENT
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

First Niagara Reports First Quarter 2013 Results

First Quarter Highlights:
  • Net Income of $0.17 per share included $0.01 in executive departure related charges
  • Operating revenues declined 1% QOQ primarily driven by a 3% decline in fee income
  • Net interest margin of 3.39% decreased 3 basis points from adjusted fourth quarter
  • Lower margins drove a 20% QOQ decline in mortgage banking revenues
  • Operating expenses declined $3.7 million from the prior quarter adjusted for executive departure related charges
  • Average total loans increased 11% annualized QOQ driven by 13 th consecutive quarter of double-digit increases in average commercial lending
  • Double-digit average commercial growth rates QOQ in each of the company's geographies
  • New York commercial loans increased 9% annualized since HSBC Transaction
  • Interest-bearing checking balances up 19% annualized
  • New checking account unit production per branch increased 15% QOQ
  • Mobile banking platform successfully launched in January 2013
  • Strong credit quality maintained
  • Originated NPL balances flat QOQ and declined 4 basis points to 1.03% of originated loans
  • NCOs equaled 0.27% of average originated loans, compared to 0.35% in 2012

BUFFALO, N.Y., April 19, 2013 (GLOBE NEWSWIRE) -- First Niagara Financial Group, Inc. (Nasdaq:FNFG) today announced first quarter 2013 results that reflect continued organic loan growth, particularly in commercial lending, positive operating leverage driven by strong focus on expense management, and strong credit quality.

"Our first-quarter results are evidence of our continued strong fundamentals and a focus on enhancing shareholder value," said Gary Crosby, Interim President and Chief Executive Officer. "We are driving profitable growth by enabling our people to provide our customers what they need every day, and focusing on the efficiency and effectiveness of our organization as never before. In 2013, it is "business as usual" at First Niagara as we continue to execute our existing strategic plan, focusing on managing expenses, maintaining our strong credit quality and maximizing the company's potential in the diverse and attractive markets we serve."

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,582.30 -107.56 -0.61%
S&P 500 2,092.04 -11.80 -0.56%
NASDAQ 5,101.2560 -27.0250 -0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs