The New York parent of First Niagara Bank, which has a Connecticut branch network, said its second-quarter profits grew 4.1 percent, mainly thanks to lower income taxes and an uptick in interest income.
First Niagara booked net income of $66.2 million, or 19 cents per diluted share, up from $63.6 million, or 18 cents, in the second quarter of 2013.
Net interest income —income from loans, leases and securities less deposits, loans and loss provision — grew by $4.8 million, to $249 million. Noninterest income, which includes fees, charges and other income, declined 15 percent, or $14.6 million, to $80.9 million. Noninterest expense increased 3.8 percent, to $244.1 million.
Income tax expense was $12 million, down from $33.5 million a year ago. The bank’s loan loss provision also shrank, from $25.2 million to $22.8 million.
Total loans grew 8.8 percent year over year, to $22.35 billion. Meanwhile, deposits ticked up 1 percent, to $27.44 billion.
