Margins and fee income under pressure at First Niagara

• Q3 net operating income of $63.3M or $0.18 per share vs. $71.6M and $0.20 one year ago. GAAP net loss of $1.90 per share after a non-cash pretax goodwill impairment charge of $800M.
• Average loans up 9% on an annualized basis from Q2, with a 6% increase in commercial loans, and a boost in auto and home equity loan balances.
• Checking account balances up at 7% annualized pace.
• Net interest income of $273M vs. $277.5M one year ago. NIM still under pressure thanks to ZIRP and continuing compression in commercial and consumer loan yields.
• Noninterest income of $75,4M vs. $91.4M a year ago, with reductions across most fee income categories.
• Noninterest expense of $249.5M vs. $231.2M a year ago. Operating efficiency ratio deteriorates to 71.6% from 69.2% in Q2.
• Tier 1 Common capital ratio of 7.9%.
• Conference call at 8 ET
• Previously: First Niagara EPS in-line, misses on revenue
• FNFG no trades premarket