By ALLISSA KLINE
akline@bizjournals.com | 716-541-1612

The top executive at First Niagara Financial Group Inc. continues to tell the good-news story about the former local savings bank that has grown into a $30 billion financial institution.

John Koelmel, president and CEO, told shareholders Tuesday that recent out-of-state acquisitions has positioned the company so that it can dig deeper into new markets when the right opportunities come along. Its base of operations, however, will stay in Buffalo.

"This is home," he said during an address at the Larkin District headquarters. "This is our home base. This is where we are and where we want to be."

The comments were made during First Niagara's annual shareholder meeting. Koelmel spoke about the company's growth and outlook as it looks to become "something more" in coming years.

"We've created an enviable franchise ... and we're well-positioned to move forward and really differentiate ourselves," he said. "We've really not only survived, but we've thrived."

First Niagara, parent of First Niagara Bank, wrapped up its most recent takeover in mid-April when it acquired NewAlliance Bancshares Inc. in New Haven, Conn. The $1.5 billion transaction is the largest on record for First Niagara and establishes the bank, for the first time, in Connecticut and Massachusetts. It now has 345 branches in four states.

The move follows First Niagara's expansion into Pennsylvania, first in the fall of 2008 in the Pittsburgh area and again in spring 2010 in the Philadelphia region.

The quick succession of those acquisitions, Koelmel said, didn't harm the bank, but instead better positioned it to compete with its peers and within the banking industry as a whole. Now that it's got a foothold in each area, it can spring into new opportunities.

"I think we'll continue to see the window of opportunity open for at least another few years," he said. "I'm confident you'll continue to see us play. You can count on us to continue to be disciplined and pick and choose our spots. We've readied ourselves to do so."

Last week, the bank reported a 55 percent surge in first-quarter net income earnings - up to $44.9 million, or 22 cents per share, at the end of March from $28.9 million, or 16 cents per share. Koelmel said at the time that the bank would likely trim operations up to 10 percent in coming years. It is focusing on "repositioning" itself in order to be more efficient.

On Tuesday, he said the impact of such reshaping would be "positive" for Buffalo as the company reallocates and invests in its resources. He did not say whether local branches or back-office operations would close.

"It's about ... ensuring this $30 billion business can be more than this years from now," Koelmel said. "We look in the mirror every day ... and it's incumbent that we must make (the company) incrementally better."