First Niagara Financial Group Inc. (FNFG) reported that its fourth-quarter net income to shareholders decreased to $53.55 million from $58.46 million last year. Profit per share was $0.15 compared to $0.19 prior year.
First Niagara reported non-GAAP operating net income available to shareholders of $67.8 million, or $0.19 per share, compared to $72.1 million, or $0.24 per share in the fourth quarter of 2011. The results exclude the impacts of the previously disclosed pre-tax adjustment of $16 million to accelerate premium amortization on its Collateralized Mortgage Obligations portfolio and $3.7 million in restructuring charges.
On average, 16 analysts polled by Thomson Reuters expected the company to report fourth-quarter profit per share of $0.18 for the quarter. Analysts' estimates typically exclude special items.
Net revenue increased to $344.11 million from $306.20 million last year. Analysts expected revenue of $358.58 million for the quarter. Net interest income increased to $252.29 million from $242.51 million last year. Total noninterest income was $91.82 million compared to $63.69 million prior year.
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