First Niagara Financial Group (NASDAQ: FNFG) earned $58.5 million in the fourth quarter, up more than 27 percent from a year earlier.
Earnings per share in the period totaled 19 cents, up from 22 cents in the fourth quarter of 2010. For the full year in 2011, First Niagara earned $173.9 million, or 64 cents a share, compared with $140.4 million, or 70 cents a share, in 2010.
Operating income for the fourth quarter was $72.1 million, up from $49.7 million in the same period of 2010. The fourth-quarter total for 2011 excludes merger expenses and employee severance and branch closure costs, according to Buffalo–based First Niagara.
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The branch closure and severance costs totaled $17 million, but the banking company did not provide any other details on layoffs in its earnings release.
“Throughout 2011, we’ve delivered solid fundamental results while advancing our strategy to be among the best in the business and a market leader in the communities we serve,” First Niagara President and CEO John Koelmel said in a news release. “We are off and running in 2012, excited about our soon-to-be-enhanced market position, as we continue to acquire and serve customers and provide support to consumers and businesses across the Northeast.”
First Niagara is in the midst of acquiring 195 branches in upstate New York, Westchester County, and Connecticut from HSBC. The company raised capital for the deal and announced plans to divest some of the branches involved in recent weeks.
The acquisition is expected to close in the second quarter.
First Niagara has $33 billion in assets, more than 330 branches, and 5,000 employees in New York, Pennsylvania, Connecticut, and Massachusetts. The addition of the HSBC branches will make it a major player in the Syracuse, Binghamton, and Utica banking markets.
Contact Tampone at ktampone@cnybj.com
