First Niagara Financial Group Inc. in Lockport, N.Y., reported a 77% jump in first-quarter earnings from a year earlier, to $21.1 million, largely because of its Jan. 14 purchase of Hudson River Bancorp.
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Earnings per share climbed 27%, to 19 cents, the $7.9 billion-asset First Niagara said Friday.
The deal for Hudson River, in Hudson, N.Y., added $2.5 billion of assets, $1.7 billion of loans, and $1.8 billion of deposits. Excluding the acquisition, loans increased by $42.4 million, or 1.4%.
Organic deposit growth was more robust; First Niagara said it added $59.1 million of new deposits, an 18% increase from a year earlier.
