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First Niagara Financial Group restated its fourth-quarter earnings as a result of a new chargeoff tied to a customer in the oil industry and a new provision for losses on a commercial loan.
March 17 -
First Niagara reported a fourth-quarter profit, but the more interesting question was why the Buffalo, N.Y., bank won't fully explain the customer problem that has forced it to set aside more than $20 million.
January 23 -
First Niagara Financial Group raised to $1.1 billion the amount of the goodwill impairment charge it recorded in the third quarter, as the Buffalo, N.Y., company cuts the value of assets acquired since 2009.
November 10
First Niagara Financial Group in Buffalo, N.Y., said its first-quarter profit declined because of costs tied to its technology upgrade and lower spread income.
The $39 billion-asset company said
Net interest income fell 3%, to $263 million, on two less days in the quarter, lower prepayment fees for commercial real estate and reinvestment and repricings into lower-yielding securities. The net interest margin compressed by 26 basis points, to 3.07%.
Fee income rose 7%, to $82 million, though the largest category, service charges on deposit accounts, fell 13%, to $20 million.
Noninterest expense rose 5%, to $261 million, due to First Niagara's ongoing technology upgrades and higher deposit-insurance premiums.
First Niagara's efficiency ratio worsened to 75.6% in the first quarter from 71.6% a year earlier.
