This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

First Niagara Reports Second Quarter 2013 Results

Second Quarter Highlights:

  • Profitable organic growth continues with EPS of $0.18 per share
  • Operating revenues increase 3% QOQ primarily driven by a 7% increase in fee income
  • Strong customer activity drove QOQ increases in most fee income categories
  • Stable net interest margin of 3.36%
  • Organic loan growth continues with average total loans up 8% QOQ
  • Average commercial loans increase 10% QOQ, the bank's 14th consecutive quarter of double-digit commercial loan growth
  • Interest-bearing checking balances increase 11% QOQ
  • Transactional deposits averaged 34% of deposits, up from 30% a year-ago
  • Mobile banking exceeds 100,000 registered customers
  • Strong credit quality maintained
  • NCOs equaled 0.33% of average originated loans, compared to 0.35% in 2012

BUFFALO, N.Y., July 19, 2013 (GLOBE NEWSWIRE) -- First Niagara Financial Group, Inc. (Nasdaq:FNFG) today reported net income available to common shareholders of $63.6 million or $0.18 per diluted share for the second quarter of 2013 highlighted by organic expansion of commercial and indirect auto lending, continued growth in transactional deposit balances, strong fee income generation and positive operating leverage.

"We continue to drive profitable organic growth across our entire footprint by diversifying and enhancing revenue sources while managing expenses to achieve real operating leverage," said Gary Crosby, Interim President and Chief Executive Officer. "First Niagara's strong business fundamentals are translating into strong financial performance. As we continue our search for a permanent CEO, the entire First Niagara team has not missed a beat and we are all focused on achieving our overall performance goals by expanding and broadening customer relationships for profitable organic growth."

Second Quarter Results

In the second quarter of 2013, First Niagara reported net income available to common shareholders of $63.6 million, or $0.18 per diluted share. In the second quarter of 2012, First Niagara reported a net loss available to common shareholders of $18.5 million, or $0.05 per diluted share, that included $135.2 million in pre-tax acquisition and restructuring expenses incurred primarily in connection with the closing of the HSBC branch acquisition in May 2012. For the first three months of the year, net income to common shareholders was $59.7 million, or $0.17 per diluted share.

1 of 7

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
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 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

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