Harvard Winters
Long/short equity, growth at reasonable price, value

Do You Like Acquisitive Banks? First Niagara Financial Group, Inc. May Change Your Mind

First Niagara Financial Group, Inc. (NASDAQ:FNFG) is a $37 billion asset, $2.9 billion market cap bank headquartered in Buffalo, New York. When FNFG went public in April 1998, it did so as a thrift and used a mutual holding company structure. It completed its conversion to a fully-public thrift in January 2003. In March 2010, it became a bank holding company.

As is typical for a thrift converting to fully-public ownership, FNFG's stated book value per share (BV-PS) ballooned, from $4.21 in Q4 2002 to $10.06 in Q1 2003. Tangible book value per share (TBV-PS) increased from $3.02 to $8.55 (these figures are calculated by SNL Financial LC and differ slightly from company-reported figures). At December 31, 2012,...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
  • Access Top Ideas, chosen by Seeking Alpha’s editors
  • Filter long and short ideas by market cap and sector
  • Get Coverage of over 5,000 stocks, many of which have little or no coverage elsewhere
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO." Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else." Patrick Rice, Mainstay Capital Management
100% Satisfaction Guaranteed
Money back guarantee. Seeking Alpha PRO members receive a no-questions-asked refund for membership on months paid and not used. Details