First Niagara Financial Group (NASDAQ: FNFG) earned $58.5 million in the fourth quarter, up more than 27 percent from a year earlier.
Earnings per share in the period totaled 19 cents, up from 22 cents in the fourth quarter of 2010. For the full year in 2011, First Niagara earned $173.9 million, or 64 cents a share, compared with $140.4 million, or 70 cents a share, in 2010.
Operating income for the fourth quarter was $72.1 million, up from $49.7 million in the same period of 2010. The fourth-quarter total for 2011 excludes merger expenses and employee severance and branch closure costs, according to Buffalo–based First Niagara.
(Sponsored)
Inflation and Insurance Rates: How to Offset the Impact
Many industries have been hit by inflation where it hurts the most, our pockets. Inflation is raising the price of goods and services including food, housing, transportation, and medical care.
7 Cyber Security Essentials to Check Off
By Bogdan Bagovskyy vCIO Along with back-to-school season, Halloween decorations hitting the shelves, and the beloved pumpkin spice latte making its reappearance, there’s another often-overlooked event this fall: National Cybersecurity
The branch closure and severance costs totaled $17 million, but the banking company did not provide any other details on layoffs in its earnings release.
“Throughout 2011, we’ve delivered solid fundamental results while advancing our strategy to be among the best in the business and a market leader in the communities we serve,” First Niagara President and CEO John Koelmel said in a news release. “We are off and running in 2012, excited about our soon-to-be-enhanced market position, as we continue to acquire and serve customers and provide support to consumers and businesses across the Northeast.”
First Niagara is in the midst of acquiring 195 branches in upstate New York, Westchester County, and Connecticut from HSBC. The company raised capital for the deal and announced plans to divest some of the branches involved in recent weeks.
The acquisition is expected to close in the second quarter.
First Niagara has $33 billion in assets, more than 330 branches, and 5,000 employees in New York, Pennsylvania, Connecticut, and Massachusetts. The addition of the HSBC branches will make it a major player in the Syracuse, Binghamton, and Utica banking markets.
Contact Tampone at ktampone@cnybj.com
