Shares of First Niagara Financial Group Inc.'s stock climbed 6.2% Thursday, to $13.90, after the company said first-quarter earnings were roughly even with a year earlier, at $18.8 million, or 18 cents a share.
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The $9 billion-asset Lockport, N.Y., company reported $2 million in severance and real estate writedowns related to its acquisition of Great Lakes Bancorp Inc., which closed during the quarter.
But net interest income increased 7%, to $60.1 million, on commercial loan growth and an improved net interest margin. Noninterest income rose 5%, to $29.3 million.
Its provision for credit losses jumped 94% from the year earlier, to $3.1 million.
