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First Niagara Financial (FNFG) in Buffalo, N.Y., said its chief banking officer is leaving.
January 10 -
First Niagara Financial Group (FNFG) in Buffalo, N.Y., is laying off employees and shutting down branches as it seeks to retool its retail operations.
January 8 -
First Niagara Financial (FNFG) in Buffalo, N.Y., didn't have to look far to find its next president and chief executive, even though the search process lasted nine months.
December 19
First Niagara Financial Group (FNFG) in Buffalo, N.Y., met quarterly estimates and announced a plan to invest heavily in technological improvements as it moves beyond its recent phase of rapid growth.
The $37.6 billion-asset company reported a profit of $70.1 million in the fourth quarter, up 31% from the same period in 2012, it said Friday. Per-share earnings of 20 cents matched the average estimate of analysts polled by Bloomberg.
First Niagara's net revenue increased 7%, to $369.6 million, thanks to stronger yields and a growing loan book. Its net interest income rose 11%, to $280.3 million, as net interest margin widened by 19 basis points, to 3.41%. The company's provision for loan losses was $32 million, a $10 million increase.
In addition, Gary Crosby,
While loan revenue remained strong, First Niagara's fee-generation lagged in the fourth quarter. Noninterest income dipped by 3%, to $89.3 million, because of a 66% drop-off in mortgage banking revenue, to $2.8 million.
First Niagara's noninterest expense fell 5%, to $227.1 million, as costs related to marketing, advertising and mergers dropped.
Earlier this month First Niagara announced that its chief banking officer