First Niagara Financial Group of Lockport, N.Y., said Thursday that fourth-quarter earnings jumped 10%, mostly because of loan growth and revenue from five financial services companies, including three banks, that it acquired last year.
The $2.6 billion-asset company reported net income for the quarter of $4.9 million.
First Niagara expanded in western and central New York last year by buying Iroquois Bancorp, Albion Bancorp, CNY Financial, Niagara Investment Advisors, and Empire National Leasing.
We had had tremendous growth in our loans, said Paul Kolkmeyer, the companys chief operating officer. All of the acquisitions added substantially to our bottom line.