First Niagara Financial Group Inc. (FNFG, Financial) filed Quarterly Report for the period ended 2010-09-30.
First Niagara Financial Group Inc. has a market cap of $2.57 billion; its shares were traded at around $12.3 with a P/E ratio of 15.4 and P/S ratio of 4.2. The dividend yield of First Niagara Financial Group Inc. stocks is 4.9%. First Niagara Financial Group Inc. had an annual average earning growth of 6.5% over the past 10 years.FNFG is in the portfolios of Irving Kahn of Kahn Brothers & Company Inc., John Keeley of Keeley Fund Management, Manning & Napier Advisors, Inc, Paul Tudor Jones of The Tudor Group, Diamond Hill Capital of Diamond Hill Capital Management Inc, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
On April 9, 2010, we acquired all of the outstanding common shares of Harleysville National Corporation (Harleysville), the parent company of Harleysville National Bank and Trust Company, and thereby acquired all of Harleysville National Banks 83 branch locations in Eastern Pennsylvania. As a result of the merger, we acquired assets with a fair value of $5.3 billion, including cash of $1.1 billion and loans with a fair value of $2.6 billion, and we assumed deposits with a fair value of $4.0 billion and borrowings with a fair value of $960 million. Under the terms of the merger agreement, Harleysville stockholders received 20.3 million shares of First Niagara Financial Group, Inc. common stock.
On August 19, 2010, First Niagara Financial Group, Inc. and NewAlliance Bancshares, Inc. (NewAlliance), the parent company of NewAlliance Bank, jointly announced a definitive merger agreement under which NewAlliance will merge into the Company. At September 30, 2010, NewAlliance had total assets of approximately $8.8 billion, including $5.0 billion in loans, and deposits of approximately $5.1 billion in 88 bank branches across eight counties from Greenwich, Connecticut to Springfield, Massachusetts. The merger is expected to be completed in the second quarter of 2011 and is subject to the approvals of NewAlliance stockholders and the applicable regulatory agencies.
In the normal course of our loan monitoring process, we review all pass graded individual commercial real estate and business loans and/or total loan concentration to one borrower greater than $500 thousand and less than $1 million no less frequently than every 36 months and those loans over $1 million no less frequently than every 18 months.
Substandard loans, including all impaired commercial loans greater than $200 thousand, are reviewed on a quarterly basis by either the Classified Loan Review Committee (for such loans greater than $1 million) or by a senior credit manager (for such loans between $200 thousand and $1 million). Such review considers, as applicable, current payment status, payment history, charge-off amounts, collateral valuation information (including appraisal dates), and commentary on collateral valuations, guarantor information, interim financial data, cash flow historical data and projections, rent roll data, account history, as well as loan grading, loan classification, and related allowance for credit losses conclusions and justifications. Similar information is also reviewed for all special mention loans greater than $250 thousand and substandard or worse loans greater than $200 thousand and less than $1 million by a Senior Credit Manager. Such loans below these thresholds are reviewed by a loan officer on a quarterly basis ensuring that loan grading and classifications are appropriate.
Substandard loans greater than $1 million are required to have an appraisal performed at least every 18 months on real estate collateral, and substandard loans greater than $500 thousand to $1 million are required to have an appraisal performed at least every 24 months. However, a more current appraisal is obtained prior to the required time frames when it is determined to be appropriate in the judgment of management. Non-real estate collateral is reappraised on an as-needed basis, as determined by the loan officer, our Classified Loan Review Committee, or by credit risk management based upon the facts and circumstances of the individual relationship.
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First Niagara Financial Group Inc. has a market cap of $2.57 billion; its shares were traded at around $12.3 with a P/E ratio of 15.4 and P/S ratio of 4.2. The dividend yield of First Niagara Financial Group Inc. stocks is 4.9%. First Niagara Financial Group Inc. had an annual average earning growth of 6.5% over the past 10 years.FNFG is in the portfolios of Irving Kahn of Kahn Brothers & Company Inc., John Keeley of Keeley Fund Management, Manning & Napier Advisors, Inc, Paul Tudor Jones of The Tudor Group, Diamond Hill Capital of Diamond Hill Capital Management Inc, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
First Niagara Financial Group, Inc. is a Delaware corporation and on April 9, 2010, became a bank holding company, subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the Federal Reserve), serving both retail and commercial customers through our bank subsidiary, First Niagara Bank, N.A. (the Bank), which became a national bank subject to supervision and regulation by the Office of the Comptroller of the Currency (the OCC) on that same date. At September 30, 2010, we had $20.9 billion in assets, $13.4 billion in deposits, and 255 full-service branch locations across Upstate New York and Pennsylvania.On April 9, 2010, we acquired all of the outstanding common shares of Harleysville National Corporation (Harleysville), the parent company of Harleysville National Bank and Trust Company, and thereby acquired all of Harleysville National Banks 83 branch locations in Eastern Pennsylvania. As a result of the merger, we acquired assets with a fair value of $5.3 billion, including cash of $1.1 billion and loans with a fair value of $2.6 billion, and we assumed deposits with a fair value of $4.0 billion and borrowings with a fair value of $960 million. Under the terms of the merger agreement, Harleysville stockholders received 20.3 million shares of First Niagara Financial Group, Inc. common stock.
On August 19, 2010, First Niagara Financial Group, Inc. and NewAlliance Bancshares, Inc. (NewAlliance), the parent company of NewAlliance Bank, jointly announced a definitive merger agreement under which NewAlliance will merge into the Company. At September 30, 2010, NewAlliance had total assets of approximately $8.8 billion, including $5.0 billion in loans, and deposits of approximately $5.1 billion in 88 bank branches across eight counties from Greenwich, Connecticut to Springfield, Massachusetts. The merger is expected to be completed in the second quarter of 2011 and is subject to the approvals of NewAlliance stockholders and the applicable regulatory agencies.
In the normal course of our loan monitoring process, we review all pass graded individual commercial real estate and business loans and/or total loan concentration to one borrower greater than $500 thousand and less than $1 million no less frequently than every 36 months and those loans over $1 million no less frequently than every 18 months.
Substandard loans, including all impaired commercial loans greater than $200 thousand, are reviewed on a quarterly basis by either the Classified Loan Review Committee (for such loans greater than $1 million) or by a senior credit manager (for such loans between $200 thousand and $1 million). Such review considers, as applicable, current payment status, payment history, charge-off amounts, collateral valuation information (including appraisal dates), and commentary on collateral valuations, guarantor information, interim financial data, cash flow historical data and projections, rent roll data, account history, as well as loan grading, loan classification, and related allowance for credit losses conclusions and justifications. Similar information is also reviewed for all special mention loans greater than $250 thousand and substandard or worse loans greater than $200 thousand and less than $1 million by a Senior Credit Manager. Such loans below these thresholds are reviewed by a loan officer on a quarterly basis ensuring that loan grading and classifications are appropriate.
Substandard loans greater than $1 million are required to have an appraisal performed at least every 18 months on real estate collateral, and substandard loans greater than $500 thousand to $1 million are required to have an appraisal performed at least every 24 months. However, a more current appraisal is obtained prior to the required time frames when it is determined to be appropriate in the judgment of management. Non-real estate collateral is reappraised on an as-needed basis, as determined by the loan officer, our Classified Loan Review Committee, or by credit risk management based upon the facts and circumstances of the individual relationship.
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