First Niagara Reports First Quarter 2014 Results

Date Posted: April 24, 2014

First Quarter Highlights:
  • Operating Earnings of $0.17 per diluted share, excluding restructuring charges
    • GAAP Earnings of $0.15 per diluted share
  • Revenues flat YOY excluding Historic Tax Credit (HTC) asset amortization
    • Net interest income increased 2% YOY driven by balance sheet growth
    • Fees, excluding HTC amortization, decreased 6% YOY driven by lower mortgage banking and capital markets revenues
  • Organic loan growth continues, with average loans up 8% annualized QOQ
    • Average commercial business and real estate loans increased 9% QOQ
    • Momentum in average indirect auto loans continues with $160 million increase
  • Strong credit quality maintained
    • NCOs decreased to 0.36% of average originated loans in the first quarter of 2014
    • Nonperforming originated loans to originated loans decreased 11 basis points QOQ
  • Successful launch of remote deposit capture mobile feature in January 2014
    • Transactional deposits averaged 36% of deposits, up from 32% a year-ago


Ram Shankar
Senior Vice President,
Investor Relations

(716) 270-8623


Media Contact

David Lanzillo

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