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Financial Fact:
Today’s EPS Names:
FRS, PLXS, KMP, More
First Niagara Financial Group, Inc. (Nasdaq: FNFG) will recognize a pre-tax adjustment of $16 million, or $0.03 per share, in 2012 to accelerate premium amortization on its Collateralized Mortgage Obligations (CMO) portfolio. The adjustment reduces the amount of unamortized premium on the CMO portfolio to reflect the impacts of the substantial level of prepayments received in recent months and the expected elevated levels of cash flows to be received for the foreseeable future.
Except for this adjustment, First Niagara expects to report non-GAAP operating earnings per share consistent with current consensus analyst expectations. Excluding any impacts of this adjustment, the net interest margin in the fourth quarter of 2012 is expected to be 3.42% (non-GAAP*).
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