First Niagara Financial moves to 2nd-qtr profit
First Niagara Financial moves to profit in 2Q, free of large expenses from a year earlier
BUFFALO, N.Y. (AP) -- First Niagara moved to a profit in its second quarter, free of large expenses that weighed down the prior-year period.
The holding company for First Niagara Bank earned $63.6 million, or 18 cents per share, for the period ended June 30. That compares with a loss of $18.5 million, or 5 cents per share, a year earlier.
The year-ago period included $135.2 million in acquisition and restructuring expenses related to a deal to buy HSBC branches.
The performance met the expectations of analysts surveyed by FactSet.
The company set aside $24.8 million for bad loans, better than last year's provision of $27.8 million.
Revenue increased 3 percent to $365 million from $354.6 million, topping the $359 million that Wall Street forecast.
Net interest income, or earnings from loans and deposits, climbed to $269.4 million from $259 million. Non-interest income, which comes from fees and other items, dipped slightly to $95.5 million from $95.6 million.
Non-interest expense, which includes items such as employee salaries and benefits, equipment and property leases, declined to $235.2 million from $345.6 million.
Shares of First Niagara Financial Group Inc. rose 7 cents to $10.35 in afternoon trading.
