First Niagara Financial Group Inc. in Buffalo, N.Y., reported a slight dip in earnings compared with the previous quarter as it completed its acquisition of NewAlliance Bancshares Inc.
The $30 billion-asset company said its first-quarter earnings slipped 2.3% from the fourth quarter but jumped 55.4% from a year earlier, to $44.9 million. The first quarter included $6.2 million in merger-related expenses; First Niagara bought NewAlliance on April 15.
The loan-loss provision fell 4.4% from the fourth quarter and 1.5% from a year earlier, to $12.9 million. Nonperforming assets fell 10.9% from the fourth quarter but rose 15.5% from a year earlier, to $87.3 million.
Total loans rose 2.3% from the fourth quarter and 45.3% from a year earlier, to $10.71 billion.