BUFFALO — First Niagara Financial Group, Inc. (NASDAQ: FNFG) today reported a drop in year-over-year earnings in the fourth quarter of 2012.
Net income available to common shareholders dropped to $53.5 million in the quarter, or 15 cents per share. That’s down from $58.5 million in the same period a year ago but up from $50.8 million in the third quarter of this year.
The fourth-quarter earnings include a $16 million accelerated premium amortization adjustment on First Niagara’s collateralized mortgage obligations (CMO) worth 3 cents per share. They also include $3.7 million in restructuring charges worth 1 cent per share.
(Sponsored)
What Distressed Property Owners Might Expect From the IRS
The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
New Sexual Harassment Policy and Training Requirements. Does Your Policy Comply?
New York State requires all employers to provide annual sexual harassment prevention training and a harassment policy to its employees. This requirement applies to all employees, including hourly and salaried,
For the full year of 2012, net income available to common shareholders totaled $140.7 million, or 40 cents per share. That’s down from $173.9 million, or 64 cents per share, in 2011.
“As I have consistently stated, running our business a little bit better each and every day is what we are about in 2013,” First Niagara President and CEO John Koelmel said in a news release.
The bank will try to grow in part with commercial and consumer lending, he added. First Niagara has experienced 12 straight quarters of double-digit growth in commercial loans.
“And while the impact of our CMO portfolio on fourth-quarter results is disappointing, it doesn’t at all diminish the consistent core operating performance we have again produced,” Koelmel said.
First Niagara has $36.8 billion in total assets. It operates 430 branches.
As of June 30, it had the fourth-highest market share in the Syracuse metropolitan area, 7.5 percent, with over $808 million in deposits. It had the second-highest market share in the Binghamton area, 12.8 percent, with more than $342.5 million in deposits and the fourth-highest market share in the Utica-Rome market, nearly 11 percent, with $405.9 million in deposits.
Contact Seltzer at rseltzer@cnybj.com
