On a GAAP basis, First Niagara reported third quarter net income to common shareholders of $50.8 million, or $0.14 per diluted share, compared to a net loss to common shareholders of $18.5 million, or $0.05 per diluted share, in the second quarter of 2012. Reported GAAP results for the third quarter of 2012 include $29.4 million of acquisition and restructuring costs incurred primarily in connection with the HSBC branch acquisition and a $5.3 million gain related to the second quarter MBS sale. 

Operating Results (Non-GAAP) Q3 2012 Q2 2012 Q3 2011
Net interest income $ 269.6 $ 259.0 $ 235.4
Provision for credit losses 22.2 28.1 14.5
Noninterest income 96.9 79.7 68.7
Noninterest expense 237.1 210.4 178.5
Operating net income before non-operating items 74.0 66.6 73.6
Preferred stock dividend 7.5 7.5 --
Operating net income available to common shareholders 66.5 59.1 73.6
Weighted average diluted shares outstanding 349.4 348.9 292.5
Operating earnings per diluted share $ 0.19 $ 0.17 $ 0.25
       
Reported Results (GAAP)      
Operating net income before non-operating items $ 74.0 $ 66.6 $ 73.6
Gain on securities portfolio repositioning (a) 3.5 10.3 --
Non-operating expenses (b) 19.1 87.9 16.7
Net income (loss) 58.4 (10.9) 57.0
Preferred stock dividend 7.5 7.5 --
Net income (loss) available to common shareholders 50.8 (18.5) 57.0
Weighted average diluted shares outstanding 349.4 348.9 292.5
Earnings (loss) per diluted share $ 0.14  $ (0.05)  $ 0.19

All amounts in millions except earnings per diluted share. The Non-GAAP/Operating Results table above summarizes the company's operating results excluding certain non-operating items. For a detailed reconciliation of non-GAAP measures, refer to the attached tables.

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