First Niagara Financial Group, Inc. (NASDAQ: FNFG) on Friday reported that its third-quarter net income rose almost 41 percent from the year-ago period, when it took on merger-related expenses.
The Buffalo–based parent company of First Niagara Bank N.A. generated net income available to common shareholders of $71.6 million, or 20 cents a share, in the third quarter. That’s up from $50.8 million, or 14 cents, in the same quarter in 2012, which included $29.4 million in pre-tax acquisition and restructuring expenses mostly associated with its May 2012 acquisition of HSBC’s upstate New York retail branches.
First Niagara said in its earnings report that this year’s third quarter was highlighted by balance-sheet growth, consistent credit quality, and positive operating leverage.
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“We delivered another quarter of strong earnings despite the challenges presented by the macro-economic and competitive environment,” Gary M. Crosby, interim president and CEO, said in the report.
First Niagara’s average loans increased 10 percent annualized in the third quarter compared to the second quarter. Average commercial business and real-estate loans grew 7 percent annualized over the prior quarter, driven by a 9 percent increase in commercial real-estate loans, the banking company said. Average consumer loans increased 14 percent annualized, led by continued growth in indirect auto loan balances, partially offset by a decline in residential mortgage loans, First Niagara said.
Gregory W. Norwood, CFO at First Niagara, told CNYBJ.com that what stood out to him in the quarter was the bank’s “strong but measured loan growth and continued good expense management.”
He added,” Our indirect auto platform continues to grow at a strong clip.”
First Niagara Bank has about 420 branches, $37 billion in assets, $27 billion in deposits, and about 5,800 employees across New York, Pennsylvania, Connecticut, and Massachusetts.
Contact Rombel at arombel@cnybj.com
