This Week
  • Arts and cultural groups are using a range of strategies to draw younger people.

  • ConServe does collection work for government, education and business.

  • Prominent cancer surgeon to lead URMC's department of surgery.

  • Donald Mead draws on his experience in leading furniture maker Gunlocke Co.

  • Anne Gabel, 27, owns MJ Gabel Diamond and Jewelry Buyers.

  • The RBJ 75 supplement presents a list of the 75 largest private-sector employers.

First Niagara net incomes rises 9% in Q1

Rochester Business Journal
April 19, 2013

First Niagara Financial Group Inc. on Friday reported first-quarter net income of $59.7 million available to common shareholders, up 9 percent and in line with Wall Street estimates.

The Buffalo-based company reported earnings of 17 cents a diluted share. Income for the first quarter 2012 was $54.8 million, or 16 cents a share.

The most recent results include a $6.3 million pre-tax charge, or a penny a share, related to the departures last month of John Koelmel, former president and CEO, and Oliver Summer, former executive vice president of corporate development.

Gary Crosby, executive vice president and chief administrative and operations officer, has been named interim president and CEO. The search for a permanent CEO is progressing, bank officials said in the earnings report.

Summer will not be replaced because the bank is not looking to continue its acquisition strategy, officials said.

“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,” Crosby said in a statement.
 
First Niagara Bank N.A. ranked fifth in the Rochester market as of June 30, 2012, with local deposits of $1.5 billion. Its risk management business employs some 100 in Brighton.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google