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First Niagara Reports Second Quarter 2013 Results

Stocks in this article: FNFG

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.

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