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More on First Niagara Q2 beat

Jul. 24, 2015 8:45 AM ETFirst Niagara Financial Group Inc. (FNFG) StockFNFGBy: Stephen Alpher, SA News Editor
  • Q2 net income of $53.5M or $0.15 per share vs. $43.8M and $0.12 in Q1, $68.3M and $0.19 one year ago.
  • Net interest income of $263.1M vs. $262.9M in Q1, with NIM slipping five basis points.
  • Noninterest income of $90M (after item) vs. $83M in Q1. Deposit service charges up 9%, inline with seasonal patterns. Merchant and card fees up 12% thanks to higher volumes. Wealth management services up 7%. Mortgage banking income up 18%.
  • Noninterest expense of $248M slips $13M from Q1 (which included $18M in restructuring charges).
  • Total loans up 4% Q/Q, with C&I loans up 9%. Average deposits of $28.2B up 6% annualized Q/Q.
  • Conference call is underway.
  • Previously: First Niagara beats by $0.01, misses on revenue (July 24)
  • FNFG flat premarket

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First Niagara Financial Group Inc.