First Niagara profit climbs in the first quarter

First Niagara Financial Group (NASDAQ: FNFG) today reported net income available to common shareholders of $59.7 million, or 17 cents per share, in the first quarter. That’s up from $54.8 million, or 16 cents a share, in the year-ago period.

First Niagara’s results for the first quarter include the impact of a $6.3 million pre-tax charge, or one cent a share, related to two executive departures announced last month.

They included the banking company’s March 19 announcement that president and CEO John Koelmel had left First Niagara in a “mutually agreed upon” situation. The company said it is progressing on its search for a permanent CEO.

First Niagara’s first-quarter results are evidence of its continued strong fundamentals and a focus on enhancing shareholder value, Gary Crosby, interim president and CEO, said in a news release.

“We are driving profitable growth by enabling our people to provide our customers what they need every day, and focusing on the efficiency and effectiveness of our organization as never before. In 2013, it is ‘business as usual’ at First Niagara as we continue to execute our existing strategic plan, focusing on managing expenses, maintaining our strong credit quality and maximizing the company’s potential in the diverse and attractive markets we serve,” Crosby said.

First Niagara shares traded up 28 cents to $9.07 as of 3:40 p.m. today.

First Niagara Bank, based in Buffalo, has 430 branches, $37 billion in assets, and 6,000 employees in upstate New York, Pennsylvania, Connecticut, and Massachusetts.

First Niagara Bank is number four in the Syracuse metro area deposit market with 21 branches, more than $808 million in deposits, and a deposit market share of more than 7.5 percent, according to the latest statistics from the Federal Deposit Insurance Corp. The bank is also number four in the Utica–Rome market with nine branches, $405.9 million in deposits, and a market share of about 11 percent.

The bank is number two in the Binghamton market with 10 branches, $342.5 million in deposits, and a market share of 12.8 percent.

Contact Reinhardt at ereinhardt@cnybj.com