Shares of First Niagara Financial Group Inc. (NASDAQ:FNFG) ended at $10.18 with 86,808,940 shares getting traded. Post opening the session at $10.11, the shares hit an intraday low of $10.11 and an intraday high of $10.34 and the price vacillated in this range throughout the day. The company has a market cap of $3.61 billion and the numbers of outstanding shares have been calculated to be 356.06 million shares.
First Niagara Financial Group Inc. (FNFG) on July 29, 2016 reported GAAP net income available to common shareholders of $38.9 million, or $0.11 per diluted share for the second quarter of 2016, compared to $40.8 million, or $0.11 per diluted share, for the quarter ended March 31, 2016. Excluding the impact of $7 million in after-tax losses on the sale of the company’s entire high-yield energy bond exposure as well as $17 million in after-tax merger-related costs incurred during the second quarter of 2016, operating net income available to common shareholders was $62.7 million, or $0.18 per diluted share.
“Our second quarter performance is more evidence of the strength of our lending and deposit franchises,” said Gary M. Crosby, President and Chief Executive Officer. “During the second quarter, our core businesses continued to demonstrate positive momentum, with 5% year-over-year growth in average commercial loans and 6% growth in average transactional deposit balances. Consistent with our time-tested policy of prudent and disciplined credit underwriting, our commercial and consumer loan portfolios continue to perform well as evidenced by our stable credit metrics. The First Niagara team delivered this solid performance while at the same time staying very focused on preparing for the completion of our merger with KeyCorp.”
Shares of Umpqua Holdings Corp (NASDAQ:UMPQ) ended Tuesday session in red amid volatile trading. The shares closed down -0.28 points or -1.71% at $16.06 with 1.03 million shares getting traded. Post opening the session at $16.35, the shares hit an intraday low of $15.94 and an intraday high of $16.35 and the price vacillated in this range throughout the day. The company has a market cap of $3.55 billion and the numbers of outstanding shares have been calculated to be 220.20 million shares.
Umpqua Holdings Corp (UMPQ) on July 21, 2016 reported net earnings available to common shareholders of $54.3 million for the second quarter of 2016, compared to $47.5 million for the first quarter of 2016 and $54.7 million for the second quarter of 2015. Earnings per diluted common share were $0.25 for the second quarter of 2016, compared to $0.22 for the first quarter of 2016 and $0.25 for the second quarter of 2015.
“Despite the continuing low interest rate environment, Umpqua’s financial performance for the second quarter was solid; highlighted by strong performance in the mortgage banking business and double-digit growth in loans and leases, combined with further reductions in the core expense base from ongoing efficiency initiatives,” said Ray Davis, president and CEO of Umpqua Holdings Corporation. “We recognize that ongoing margin pressure increases our need to become as efficient as possible, while not eroding the quality of the customer service experience the company provides. As we move into the second half of the year, our loan pipeline remains at record levels and further efficiency initiatives are in process. We will also continue to look for, and take advantage of, growth opportunities such as our FinPac and Pivotus subsidiaries.”