This Week
  • Architect David Hanlon has worked with some of the area's leading developers.

  • For startup companies, legal and accounting missteps can prove costly.

  • Wilmorite hopes soon to win approval for $425M casino in Seneca County.

  • ID Signsystems Inc. has grown from a local company into an international business.

  • Robert Linton guides Jazz 90.1 through a new era in media.

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

First Niagara to make pre-tax adjustment

Rochester Business Journal
January 16, 2013

First Niagara Financial Group Inc. will adjust its pre-tax earnings by $16 million, or 3 cents a share, to accelerate premium amortization on its collateralized mortgage obligations, the bank announced Wednesday.

The adjustment reduces the amount of unamortized premium on the mortgage portfolio to reflect substantial prepayments received in recent months and elevated levels of cash flows anticipated in the future, the bank said in a statement.

Except for the adjustment, the Buffalo-based bank expects to meet Wall Street estimates for non-Generally Accepted Accounting Principles operating earnings per share, the statement said.

First Niagara will announce fourth quarter and 2012 earnings Jan. 23.

(c) 2012 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