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January 24, 2014

First Niagara's 4Q profits rise 31%

First Niagara website

Buffalo, N.Y. lender First Niagara Financial Group, which has a major Connecticut presence, said its fourth quarter profits were up 31 percent, thanks to higher investment income.

The parent to First Niagara Bank reported fourth-quarter net income of $70.1 million, or 20 cents per share, compared to $53.6 million, or 15 cents per share, a year earlier.

The gains were driven by higher income from securities investments, which increased by more than $24 million.

For the year, First Niagara booked $265.1 million in profits, or 75 cents per share. That’s up 88 percent from $140.7 million, or 40 cents per share in 2012.

The annual gains were the result of a combination of lower non-interest expense and higher net interest income.

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