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First Niagara tops Street estimates in Q3

Rochester Business Journal
October 18, 2013

First Niagara Financial Group Inc.’s third-quarter net income jumped 41 percent, with earnings per share beating Wall Street estimates by a penny, the company reported Friday.

The Buffalo-based bank reported income of $71.6 million, or 20 cents a diluted share, attributable to First Niagara Financial Group common shareholders. That compares with income of $50.8 million on the same basis in the third quarter 2012, or earnings of 14 cents a diluted share.

The year-ago quarter included $29.4 million in pre-tax acquisition and restructuring expenses incurred primarily in connection with the closing of the HSBC branch acquisition in May 2012, the bank reported.
 
"We delivered another quarter of strong earnings despite the challenges presented by the macro-economic and competitive environment," said Gary Crosby, interim president and CEO.
 
"We are very focused on maximizing returns and expect to continue to deliver industry-leading loan growth while maintaining our high underwriting standards. We will continue to diligently invest in opportunities that drive revenue production, achieve operating leverage and enhance risk mitigation capabilities to position us well for the future."

First Niagara Bank N.A. ranks fifth in the Rochester market with local deposits of $1.3 billion and a market share of 8.2 percent.

Shares of First Niagara stock (NasdaqGS: FNFG) were up slightly at $10.95 Friday afternoon. The stock closed Thursday at $10.93.

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


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