New York lender First Niagara Financial Group, which has a dozen Greater Hartford bank branches, said its profits dipped by approximately $100,000 in the fourth quarter.
First Niagara booked $70 million in net income, or 20 cents per diluted share, down from $70.1 million, also 20 cents, in the final quarter of 2013.
The bank saw declines in net interest income, mainly on lower investment securities revenue, and noninterest income, led by a drop in deposit service charges. The bank, however, did set aside less money to cover future credit losses, which helped make up the difference.
First Niagara’s loans and leases grew to $23.05 billion, up from $21.44 billion a year ago.
For the full year, the company lost $742.6 million, compared to a profit of $265.1 million in 2013.
The 2.12-per-diluted-share loss was the result of a pre-tax goodwill impairment charge of $1.1 billion, $22 million in restructuring expenses, and other costs.
