-
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.
January 24
First Niagara Financial Group in Buffalo, N.Y.,
The $38 billion-asset company's second-quarter net income rose 4.1% from a year earlier, to $66.2 million. At 19 cents a share, its earnings were a penny better than the average estimate of analysts polled by Bloomberg.
Net interest income rose 1%, to $272 million. Commercial loans rose 8.2%, to $13.7 billion, and indirect auto lending rose 78%, to $1.9 billion. The net interest margin narrowed by 10 basis points, to 3.26%.
Noninterest income fell 15%, to $81 million, on lower revenues from mortgage banking and capital markets income.
First Niagara is "on-time and on-budget" with implementation of its previously announced