First Niagara Financial Group Inc. (NASDAQ:FNFG)
About First Niagara Financial Group Inc. (NASDAQ:FNFG) First Niagara Financial Group, Inc. provides a range of retail and commercial banking, as well as other financial services through its wholly owned savings bank subsidiary, First Niagara Bank (the Bank). First Niagara Bank is a community bank providing financial services to individuals, families, and businesses through its branch network located across Upstate New York and Western Pennsylvania. The Bankâ€™s subsidiaries provide a range of financial services to individuals and small and medium size companies. The subsidiaries include First Niagara Commercial Bank (the Commercial Bank), whose primary purpose is to generate municipal deposits; First Niagara Funding, Inc., which primarily originates and holds some of the Bankâ€™s commercial real estate and business loans, and First Niagara Risk Management, Inc. (FNRM). In September 2009, the Bank acquired 57 branch locations in Western Pennsylvania from National City Bank. In April 2010, it acquired Harleysville National Corporation.
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Financials First Niagara Financial Group Inc. (NASDAQ:FNFG ) engendered net income of $45.60 million in current quarter which is slightly less than previous quarter’s net income of $48.90 million. Moreover, net income is positive which led to positive EPSfor the current quarter. The company’s cash flow from operation stood at $215.16 million as contrasted to last quarter’s cash flow from operation which was placed at $76.71million. CFOis kept increasing which is a good sign and it shows if this trend continuous than company would not face any liquidity problem in future. The company’s total assets accumulate up to $20.87 billion as per its latest financials as on September 30, 2010. Current assets claim to have the highest contribution in the total assets. Return on equity and return on assets both are decreasing. Total liabilities and total equity stand at $18.06 billion and $2.80 billion respectively.
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