Fri, Jan. 24, 7:57 AM
- Net interest income of $280.3M gained 1% sequentially, with NIM up 1 basis point to 3.41%.
- Noninterest income of $89.3M fell from $91.8M a year ago. Noninterest expenses of $227.1M fell from $238.8M a year ago.
- Average total loans up 9% annualized from Q3, average commercial loans up 7%. Prepayments remain high "driven by the intense competitive landscape."
- Allowance for loan losses of $209.3M up from $198M the previous quarter. Nonperforming assets to total assets ratio of 0.56% gained 3 basis points.
- Press release, Q4 results
- CC at 8 ET
- FNFG no trades premarket
Fri, Jan. 24, 6:51 AM
Fri, Jan. 24, 12:05 AM
Thu, Jan. 23, 5:30 PM
Dec. 20, 2013, 7:27 AM| Comment!
Dec. 19, 2013, 3:21 PM
- "Mr. Crosby has done nothing to give us concern that he is not capable of running the bank on a going-forward basis, and we have confidence that he will demonstrate a strong leadership ability in taking the bank to the next level," says KBW's Damon DelMonte in a note to clients following First Niagara's (FNFG -4.4%) hiring of interim CEO Gary Crosby to be permanent CEO.
- DelMonte rates the stock a Buy with $12 price target.
- The stock's in the tank today as investors register disappointment an outsider was unable to be found to lead the bank, says DelMonte. Since Crosby took over in early March, the stock's ahead 22% (including today's decline), not far off the 26% gain in the KBW Regional Banking Index.
Dec. 19, 2013, 10:36 AM| 1 Comment
Nov. 8, 2013, 10:41 AM
- Up sharply as interest rates fly higher (the 10-year is up 15 basis points to 2.75%) are the life insurers - all of whom have had their investment returns more than a little constrained by puny yields. IAK +2.4%
- MetLife (MET +5.9%), Prudential (PRU +4.5%), Lincoln National (LNC +6.8%), Hartford (HIG +3.1%).
- Also set to benefit from a steeper yield curve (if we're to believe their models) are the banks, and they're leading the S&P 500 higher. The TBTFs: Bank of America (BAC +3.3%), JPMorgan (JPM +3.1%), CItigroup (C +3.3%), Wells Fargo (WFC +2.6%). The regionals (KRE +3.4%): Huntington (HBAN +2.6%), Regions (RF +4.2%), PNC (PNC +2.8%), FIfth Third (FITB +3.4%), First Niagara (FNFG +2%), Keycorp (KEY +3.5%), Zions (ZION +4.1%), Comerica (CMA +3.1%).
- The XLF +1.9%.
- FInancial sector ETFs: FAS, XLF, FAZ, UYG, KRE, KBE, VFH, IYF, KIE, SEF, IAT, IAI, IYG, IAK, FXO, PFI, KBWB, RKH, QABA, RWW, FINU, RYF, KRU, KBWR, PSCF, KBWP, KBWI, KRS, FINZ, FNCL
Oct. 29, 2013, 5:40 PM| Comment!
Oct. 18, 2013, 12:40 PM
- Selecting a new CEO is the board's top priority, says First Niagara (FNFG -1.7%) interim CEO Gary Crosby on the earnings call. While trying to move fast, the board has no date in mind, and is instead more concerned with finding the right candidate. The search has been going on since March after acquisition-happy John Koelmel abruptly stepped down.
- Earlier, the bank reported core earnings that beat expectations as they fell to $71.6M in Q3 from $80.2M a year ago. Earnings were, however, 13% higher on a Q/Q basis. Noninterest income of $231.2M fell from $235.2M in Q2 and $266.5M a year ago, led by - what else - lower mortgage banking revenue.
- Q3 results, press release.
Oct. 18, 2013, 7:19 AM
Oct. 18, 2013, 12:05 AM
Oct. 17, 2013, 5:30 PM
Sep. 19, 2013, 3:05 PM
- Regional banks have fallen and can't get up following yesterday afternoon's non-taper announcement. The SPDR Regional Banking ETF (KRE -1.7%) is off about 3% from where it stood prior to 2 PM ET yesterday.
- The sector sliced right through the bond market tumble this summer as higher rates were expected to boost profitability for the lenders, and investors are using the excuse of the taper delay to cash in some chips (as they are with another higher-rate beneficiary, the insurance sector).
- Individual names of note: Huntington (HBAN -2%), Regions (RF -3.7%), SunTrust (STI -3.1%), First NIagara (FNFG -2.8%), Synovus (SNV -1.8%), KeyCorp (KEY -3.9%), ZIons (ZION -3.1%), Flagstar (FBC -2.3%).
- Perhaps a little less asset-sensitive and performing better: U.S. Bancorp (USB -0.4%), BB&T (BBT -0.3%), PNC Financial (PNC -0.5%), Hudson CIty (HCBK -0.9%), Fifth Third (FITB -1%).
- Other ETFs: KBE, KBWB.
Aug. 15, 2013, 3:45 PM
- Is it something more than interest rates at work? Selloffs earlier this summer were notable for exempting certain sectors set to benefit from higher rates - insurance (KIE -1.4%) and regional banks (KRE -1.1%) - but not today.
- Leading the insurance sector lower are AIG (AIG -2.3%), Aflac (AFL -2%), Cincinnati Financial (CINF -2.3%), Old Republic (ORI -1.3%), and Prudential (PRU -1.6%).
- In regional banks it's Huntington (HBAN -1.5%), SunTrust (STI -1.5%), First Niagara (FNFG -1.6%), Synovus (SNV -1%), and KeyCorp (KEY -1.5%), and Flagstar (FBC -4%).
- Related ETFs: IAT, KBE, KRE, RKH, QABA, KRU, KRS, KBWR.
Jul. 30, 2013, 5:50 PM| Comment!
FNFG vs. ETF Alternatives
Other News & PR