First Niagara Financial Q4 Profit Edges Down, But EPS Flat - Quick Facts

(RTTNews) - First Niagara Financial Group Inc. (FNFG) reported GAAP net income available to common shareholders of $70.0 million or $0.20 per share for the fourth quarter of 2014, compared to $70.1 million, or $0.20 per share in the prior year quarter.

Results for the fourth quarter 2014 included the benefit of a pre-tax $23 million reversal of reserves related to a previously disclosed process issue on certain customer deposit accounts as well as the expense impact of $9 million in pre-tax non-recurring restructuring charges primarily associated with the completion of an Organizational Simplification initiative.

Excluding certain non-recurring items incurred during the fourth quarter of 2014, operating net income available to common shareholders was $61.7 million, or $0.17 per diluted share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue declined to $346.96 million from $369.59 million in the prior year. Wall Street expected revenues of $351.20 million.