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First Niagara sees lower net loan charge-offs in Q1'16


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First Niagara sees lower net loan charge-offs in Q1'16

Buffalo,N.Y.-based First NiagaraFinancial Group Inc. on April 29 reported first-quarter GAAP netincome available to common shareholders of $40.8 million, or 11 cents pershare. In comparison, the company recorded GAAP net income available to commonshareholders of $43.8 million, or 12 cents per share, for the .

Excludingmerger-related costs, First Niagara's first-quarter 2016 operating net incomeavailable to common shareholders was $49.9 million, or 14 cents per share.

TheS&P Capital IQ consensus estimate for normalized EPS was 14 cents for therecent quarter.

Nonperformingassets totaled $238.0 million at the end of the first quarter, compared to$229.6 million at Dec. 31, 2015, and $246.9 million at March 31, 2015.

On atax-equivalent basis, the company's reported net interest margin for the firstquarter was 3.00%, compared to 2.98% in the previous quarter and 3.07% in thefirst quarter of 2015.

Netloan charge-offs for the three months ended March 31 amounted to $11.8 million,compared to $19.1 million for the prior quarter and $17.3 million for the firstquarter of 2015. The provision for loan losses was $22.5 million in the firstquarter, compared to $22.4 million in the linked quarter and $14.2 million inthe first quarter of 2015.

FirstNiagara recently disclosed that 18 of its branches are being to resolve antitrust concernsrelated to the company's pending mergerwith Cleveland-based KeyCorp.