The New York parent of First Niagara Bank, which has an extensive Connecticut branch network, said restructuring costs, an amortization charge and “seasonal weakness” resulted in lower first-quarter profits.
First Niagara Financial Group booked net income of $51.9 million, or 15 cents per diluted share, down from $59.7 million, or 17 cents, a year prior.
The lender said an $8.3 million after-tax restructuring charge related to its branch consolidation effort impacted earnings. In addition, a $7.5 million amortization charge fueled a drop in fee income, which fell from $89.3 million to $76.7 million.
The bank said seasonal weakness also played a role in lower fee income.