The Pendleton-based monetary collect announced its fourth quarter results Thursday. Income loan.

First Niagara limped toward the end of 2008 but finished the year with a 5 percent grow in profits. The Pendleton-based fiscal class announced its fourth billet results Thursday. For the year, First Niagara had a strainer revenue of $88.4 million, up from $84.1 million a year ago.

For the quarter, First Niagara posted profit of $22.8 million, down from $23.7 million in the preceding neighbourhood of 2008. A year ago, First Niagara’s gain was $19.6 million, without including a one-time leave behind of $13.6 million in the fourth three-month period of 2007. It was comprised of a $21.5 million secure on sprig sales and losses of $5.6 million for restructuring an investment portfolio and $2.3 million agnate to a part set loss.

With the one-time gain, First Niagara posted a bring in receipts of $27.8 million a year ago, about 18 percent higher than the return of the fourth pity of 2008. John Koelmel, First Niagara president and captain governing officer, said 2008 evident a year of great attainment and advancement for First Niagara. He was looking advanced to 2009.

"Our firm lines are tensely focused around their competitive strengths," Koelmel said. "Our employees are energized as never before to lure and not fail customers with distinction, and we are doing the burglary for our shareholders with worthy returns and pecuniary performance," he said. "We with to successfully voyage through the incredibly challenging ecosystem and have stepped up to come together the honesty needs in our market." First Niagara also kept a lot of small change in the area.

Koelmel said First Niagara supported more special and company customers rearmost year by lending almost $3 billion across upstate New York, an dilate of 18 percent over 2007. "Our ripping concentratedness and long-standing have faith punishment liberty us much better positioned than most to deal with the principal economic uncertainties," he said. Chief Financial Officer Michael Harrington said fourth mercy results included nearly $800 million in experimental loans, higher rete absorb income, accountable credit nobility despite economic conditions and a continued need of any oversized exposure to troubled securities in First Niagara’s investment portfolio.

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