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First Niagara Reports Second Quarter 2014 Results

Date Posted: July 25, 2014

BUFFALO, N.Y., July 25, 2014 - First Niagara Financial Group, Inc. (NASDAQ:FNFG) today reported second quarter results, highlighted by continued balance sheet growth, consistent credit quality and sequential noninterest income growth.

  • Earnings of $0.19 per diluted share
  • Revenues increased 1.5% QOQ
    • Noninterest income improved 5% QOQ driven by seasonal increases in various categories
    • Net interest income stable as balance sheet growth was offset by margin compression
     
  • Organic loan growth continues, with average loans up 7% annualized QOQ
    • Average commercial business and real estate loans increased 8% QOQ
    • Momentum in average indirect auto loans continues with $137 million increase
     
  • Transactional deposits up 12% QOQ driven by higher customer balances and account acquisitions
    • Noninterest-bearing and interest-bearing checking deposit balances increased 18% and 7% QOQ
    • Transactional deposits averaged 36% of deposits, up from 34% a year-ago
     
  • Strong credit quality maintained
    • NCOs decreased six basis points QOQ to 0.30% of average originated loans
     

 

Contacts

Ram Shankar
Senior Vice President
Investor Relations

(716) 270-8623

ram.shankar@fnfg.com

 

Media Contact

David Lanzillo
1-716-819-5780
david.lanzillo@fnfg.com

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Please Note:

Public relations officers are available for media inquiries only.

For customer and sales inquiries, please call 1-800-421-0004

 
 
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