• Fourth quarter operating earnings of $0.15 per diluted share
    • Full Year 2015 operating earnings of $0.61 per diluted share
  • Fourth quarter GAAP earnings of $0.12 per diluted share, including merger-related and restructuring expenses
    • Full Year 2015 reported GAAP earnings of $0.54 per diluted share
  • Average loans increased 6% annualized QOQ
    • Average commercial loans (CRE and commercial business) up 6% annualized QOQ
    • Indirect Auto and Home Equity loans drove 6% annualized increase in average consumer loans QOQ
  • Average transactional deposit balances increased 14% annualized QOQ
    • Average business noninterest-bearing deposit balances increased 12% annualized QOQ
    • Average noninterest-bearing deposit balances increased 15% annualized QOQ
  • Strong credit quality maintained
    • Originated net charge-offs in 2015 averaged 0.32% of total originated loans, down 2 basis points YOY

BUFFALO, N.Y., Feb. 05, 2016 (GLOBE NEWSWIRE) -- First Niagara Financial Group, Inc. (NASDAQ:FNFG) today reported GAAP net income available to common shareholders of $43.3 million, or $0.12 per diluted share for the fourth quarter of 2015, compared to $52.9 million, or $0.15 per diluted share, for the quarter ended September 30, 2015. Excluding merger related and other non-operating items incurred during the fourth quarter of 2015, operating net income available to common shareholders was $55.3 million, or $0.15 per diluted share.

"We closed 2015 with strong core business fundamentals. Our fourth-quarter performance was highlighted by 6% annualized average commercial loan growth, 13% annualized growth in average checking account deposit balances, and stable credit metrics," said Gary M. Crosby, President and Chief Executive Officer. "As we begin 2016, we remain focused on keeping our customers at the center of all we do and maintaining a strong competitive position. At the same time, the First Niagara team is also engaged with our counterparts at KeyCorp (Key) in integration planning to ensure that our customers move seamlessly over to Key following the legal closing of our merger. This compelling combination of financial institutions truly makes First Niagara and Key better together. Together we will better serve our customers, more efficiently and with a broader set of product features and functionalities. Together we will better serve and support the communities in which we operate and provide many team members with expanded career opportunities as part of a larger, more-diversified organization."

"Our fourth quarter financial results reflect a 3% sequential increase in operating revenues driven by a 7% increase in noninterest income, stable net interest margin, and strong balance sheet growth," said Gregory W. Norwood, Chief Financial Officer. "Over the past year, our team has been working diligently to improve the effectiveness of our internal controls and processes to address last year's material weakness pertaining to the overstatement of the allowance for loan losses. Based on our assessment, this material weakness has been fully remediated."

Full Year 2015 Results

For the full year ended December 31, 2015, the company reported GAAP net income available to common shareholders of $193 million, or $0.54 per diluted share, compared to a net loss of $745 million, or $(2.13) per share in 2014.  GAAP net income for 2015 was impacted by $21 million in pre-tax restructuring charges as well as $14 million in merger-related costs incurred in connection with the company's merger agreement with KeyCorp that was announced on October 30, 2015. In 2014, GAAP net income was impacted by a pre-tax $1.1 billion non-cash goodwill impairment charge, $22 million in non-operating restructuring expenses and $22 million in reserves to address the previously disclosed process issue related to certain customer deposit accounts. Excluding these charges, non-GAAP operating net income available to common shareholders in 2015 was $0.61 per diluted share, compared to $0.70 per diluted share in 2014. The year-over-year performance reflects lower net interest income driven by the continued impact of reinvestments and re-pricing of assets in the current low interest rate and competitive pricing environment as well as $0.10 per diluted share of reduced benefits from the taxable reorganization of a subsidiary and tax credit investments, partially offset by strong balance sheet growth and lower provision for loan losses.

Average loans increased 5% in 2015, driven by a 5% increase in commercial loans and 6% increase in consumer loan categories. Average transactional deposits, which include interest-bearing and noninterest-bearing checking account balances, increased 7% on a year-over-year basis, driven by an 8% increase in non-interest bearing deposit balances and a 6% increase in interest-checking deposit balances.

Fourth Quarter Results

In the fourth quarter of 2015, First Niagara reported GAAP net income available to common shareholders of $43.3 million, or $0.12 per diluted share, compared to $52.9 million, or $0.15 per diluted share in the third quarter of 2015. Reported results in the fourth quarter of 2015 reflect pre-tax restructuring charges of $3 million and $14 million in merger related costs. Excluding these items, operating net income available to common shareholders was $55.3 million, or $0.15 per diluted share, and consistent with the third quarter of 2015.

Compared to the third quarter of 2015, the change in operating net income available to common shareholders was primarily driven by:
  • A 1% increase in net interest income driven by a 5% annualized increase in average earning assets and greater benefits from prepayment income and purchase accounting accretion.
  • A 7% increase in noninterest income driven by higher capital markets income, lower tax credit amortization, gain from the sale of a low-income housing property, and higher equity and investment gains.
  • A $2 million or 1% increase in operating noninterest expenses primarily driven by higher marketing spend, valuation write-down of a real estate property, and other corporate expenses, partially offset by lower professional services expense.

In the fourth quarter of 2014, First Niagara reported GAAP net income available to common shareholders of $61.5 million, or $0.17 per diluted share. Results in the fourth quarter of 2014 included $9 million of pre-tax restructuring charges and a $23 million benefit from the reversal of reserves related to a previously disclosed process issue related to certain customer deposit accounts. Excluding these nonrecurring items, fourth quarter 2014 net income available to common shareholders was $53.2 million, or $0.15 per diluted share.

Compared to the fourth quarter of 2014, the change in operating net income available to common shareholders in the fourth quarter of 2015 was primarily driven by:
  • A 1% decrease in net interest income driven by continued pressure on loan yields due to low interest rates and competitive pressures throughout 2015.
  • A $13 million decrease in provision for loan losses from elevated levels in the prior year that included a $5 million reserve to cover exposure to borrowers servicing the energy sector and a $5 million impairment on a commercial loan that was sold in March 2015.
  • A 16% increase in noninterest income, driven primarily by lower tax credit amortization.
  • Modestly lower noninterest expense as increases in salaries and benefits expense and technology & communications expenses were offset by declines in most other expense categories.
  • Higher tax rate reflecting lower benefits from the taxable reorganization of a subsidiary and tax credit investments.
Operating Results (Non-GAAP) Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Net interest income $   266.5   $   263.5   $   263.1   $    262.9   $   269.8  
Provision for credit losses   22.9     19.8     20.8     12.8     35.7  
Noninterest income   89.4     83.4     86.6     82.2     77.2  
Noninterest expense   247.4     245.4     247.9     243.5     248.2  
Operating net income   62.8     60.5     61.0     62.2     60.7  
Preferred stock dividend   7.5     7.5     7.5     7.5     7.5  
Operating net income available to common $   55.3   $   52.9   $   53.5   $   54.7   $   53.2  
Weighted average diluted shares outstanding   353.8     353.2     352.8     352.6     352.2  
Operating earnings per diluted share $   0.15   $    0.15   $   0.15   $   0.15   $   0.15  
           
Reported Results (GAAP) Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Operating net income before non-op. items $   62.8   $   60.5   $   61.0   $   62.2   $   60.7  
Non-operating items (a)   12.0     -     -     10.9     (8.4 )
Net Income   50.8     60.5     61.0     51.4     69.1  
Preferred stock dividend   7.5     7.5     7.5     7.5     7.5  
Net income available to common $   43.3   $   52.9   $   53.5   $   43.8   $   61.5  
Weighted average diluted shares outstanding   353.8     353.2     352.8     352.6     352.2  
Earnings per diluted share $   0.12   $   0.15   $   0.15   $   0.12   $   0.17  

All amounts in millions except earnings per diluted share.

(a) Q4 2015: Non-operating charges primarily comprised of merger related costs including investment banker and other professional services fees, employee retention expenses, classification of compensation of certain personnel dedicated to merger integration efforts as well as third-party professional fees incurred in connection with the overstatement of allowance resulting from mid-level employee misconduct, net of taxes. Q1 2015: Non-operating charges primarily related to staffing realignment, branch consolidations and third-party professional fees incurred in connection with the overstatement of allowance resulting from mid-level employee misconduct, net of taxes. Q4 2014: Benefit from reversal of process issue reserve related to certain customer deposit accounts less severance and other restructuring charges related to Organizational Simplification initiative, net of taxes.

Loans

Average loans increased 6% annualized from the prior quarter to $23.8 billion, driven primarily by increases in the company's commercial real estate (CRE), indirect auto and home equity loan portfolios. On an end-of-period basis, total loans increased 6% annualized from the prior quarter driven by a 14% annualized increase in CRE loans.

Average commercial loans, which include commercial business (C&I) and commercial real estate (CRE) loans, increased 6% annualized from prior quarter to $14.4 billion, primarily driven by growth in the company's Tri-State and New England footprint.

  • Average CRE loans increased 10% annualized from the prior quarter to $8.5 billion driven by commercial mortgage and construction lending offset by borrower prepayments.
  • Average C&I loans averaged $6.0 billion and were flat to the prior quarter reflecting higher pay-down activity.

Average consumer loans increased 6% annualized from prior quarter to $9.3 billion.
  • Average indirect auto loan balances increased 13% annualized or by $76 million to $2.4 billion, as strong new origination activity was partially offset by increased pay-downs. Indirect auto originations during the quarter totaled $295 million. New originations in the fourth quarter yielded 3.30%, net of dealer reserve, compared to 3.42% on originations in the prior quarter.
  • Average residential real estate loans increased 1% annualized. 
  • Home equity balances increased for the eleventh consecutive quarter to $3.1 billion, or 7% annualized from the prior quarter reflecting higher customer draws as well as the benefits of promotional and cross-sell campaigns.
Average Loans Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Commercial real estate $   8,476   $   8,277   $   8,257   $   8,263   $   8,087  
Commercial business   5,971     5,972     5,830     5,797     5,791  
Total commercial   14,447     14,249     14,087     14,060     13,878  
Residential real estate   3,346     3,338     3,326     3,338     3,364  
Home equity   3,052     3,001     2,963     2,939     2,912  
Indirect auto   2,369     2,293     2,238     2,187     2,132  
Credit cards   305     306     304     311     314  
Other consumer   250     255     260     275     283  
Total consumer   9,322     9,193     9,091     9,050     9,005  
Total loans $   23,769   $   23,442   $   23,178   $   23,110   $   22,883  

All amounts in millions.

Credit Quality

At December 31, 2015, the allowance for loan losses was $242 million, compared to $239 million at September 30, 2015.  In the fourth quarter, provision for loan losses totaled $22.4 million, compared to $19.3 million in the prior quarter. Nonperforming assets comprised 0.58% of total assets, unchanged from September 30, 2015.

Information for both the originated and acquired portfolios follows.
  Q4 2015   Q3 2015
$ in millions Originated Acquired Total   Originated Acquired Total
Provision for loan losses* $   22.4   $   0.0   $   22.4     $   20.7   $   (1.4 ) $   19.3  
Net charge-offs   19.1     0.0     19.1       15.5     0.6     16.2  
NCOs/ Avg Loans   0.37 %   0.00 %   0.32 %     0.31 %   0.08 %   0.28 %
Total loans** $   21,101   $   2,937   $   24,038     $   20,592   $   3,075   $   23,666  
Allowance $   236.7   $   5.3   $   242.0     $   233.4   $   5.3   $   238.7  
Allowance/Loans   1.12 %   0.18 %   1.01 %     1.13 %   0.17 %   1.01 %
Nonperforming Loans $   188.2   $   25.3   $   213.6     $    185.6   $    25.4   $    210.9  
NPLs/ Loans   0.89 %   0.86 %   0.89 %     0.90 %   0.82 %   0.89 %
Criticized $   761.6   $   183.2   $   944.8     $   684.9   $   173.4   $   858.2  
Criticized as % of Loans   3.61 %   6.24 %   3.93 %     3.33 %   5.64 %   3.62 %
Classified $   450.7   $   152.2   $   602.9     $   449.5   $   142.2   $   591.8  
Classified as % of Loans   2.14 %   5.18 %   2.51 %     2.18 %   4.63 %   2.50 %

(*) Excludes provision for unfunded commitments $0.5 million each in 4Q15 and 3Q15 (**) Acquired loans net of associated credit discount; see accompanying tables for further information

Originated loans

The provision for loan losses on originated loans totaled $22 million, compared to $21 million in the third quarter of 2015. Originated net charge-offs in the fourth quarter equaled $19 million or 37 basis points of average originated loans, up from 31 basis points in the third quarter of 2015. The increase in net charge-offs were primarily driven by confirmation of losses on two commercial credits, including one serving the energy sector, that had been previously provided for as of September 30, 2015. In 2015, originated net charge-offs equaled 32 basis points of average loans, down 2 basis points from 34 basis points in 2014.

At December 31, 2015, nonperforming originated loans totaled $188 million, or 0.89% of originated loans, compared to 0.90% at September 30, 2015.  At December 31, 2015, the allowance for loan losses on originated loans totaled $237 million or 1.12% of such loans, compared to $233 million or 1.13% of such loans at September 30, 2015. The modest decline in allowance coverage ratio reflects the impact of charge-offs during the fourth quarter that were previously provided for as of September 30, 2015.

Acquired loans

In the fourth quarter of 2015, provision for losses on acquired loans totaled zero, compared to a $1 million recovery in the third quarter of 2015.  Net charge-offs on the acquired portfolio were zero, compared to $0.6 million of net charge-offs in the prior quarter.  At December 31, 2015, the allowance for loan losses on acquired loans totaled $5 million, unchanged from September 30, 2015. Acquired nonperforming loans totaled $25 million, unchanged from the prior quarter.  At December 31, 2015, remaining credit marks available to absorb losses on a pool-by-pool basis totaled $62 million.

Deposits

Average deposits increased 3% annualized from the prior quarter to $28.8 billion.
  • Non-interest checking deposit balances averaged $5.9 billion, up 15% annualized from the prior quarter and 7% from the year-ago period driven by higher business and municipal deposit balances.
  • Average transactional deposit balances, which include interest-bearing and noninterest-bearing checking account balances, increased 14% annualized and currently represents 39% of the company's deposit balances.
  • The 13% sequential increase in interest-checking deposit balances reflects seasonally strong municipal deposit balances.
  • Money market deposit balances increased 12% annualized, reflecting the benefits of promotional marketing and pricing campaigns and seasonally strong municipal deposit balances.
  • Average savings balances decreased 7% annualized from the prior quarter driven by lower customer balances and seasonality.
  • Time deposits decreased 45% annualized to $3.5 billion, driven by a $414 million decrease in brokered certificate of deposit balances.
Average Deposits Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Noninterest-bearing deposits $     5,868   $     5,661   $   5,427   $   5,430   $   5,485  
Savings accounts   3,364     3,427     3,494     3,432     3,447  
Interest-bearing checking   5,333     5,165     5,131     5,001     5,049  
Money market deposits   10,719     10,403     10,251     10,132     10,037  
Certificates of deposit   3,515     3,962     3,917     3,778     3,888  
Total deposits $   28,799   $   28,618   $   28,220   $   27,773   $   27,906  

All amounts in millions.

Net Interest Income

Fourth quarter 2015 GAAP net interest income of $267 million increased $3 million, or 1%, from the prior quarter, driven in part by earning asset growth and greater benefits from prepayment income and purchase accounting accretion. Reported net interest margin of 2.98% was unchanged sequentially.
  • Yields on loans increased 1 basis point to 3.65% primarily reflecting higher prepayment income and purchase accounting accretion and offset by continued pressure on loan yields due to low interest rates and competitive pressures.
  • Yields on investment securities decreased 2 basis points to 2.90% reflecting lower collateralized loan obligations (CLO) pay-off discount accretion income.
  • The average cost of interest-bearing deposits increased 1 basis point from the prior quarter to 0.30%.
Net Interest Income (Tax Equivalent) Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Quarter as Reported $    271.7   $   268.5   $   268.0   $   267.8   $   274.8  
Less: CLO pay-off discount recognition   -     (1.2 )   (2.3 )   -     (0.7 )
Less: Accelerated CMBS prepayment   -     -     -     -     (0.5 )
Add: CMO Retroactive premium amortization   -     -     1.1     -     1.0  
Add: CRE prepayment penalties   (0.5 )   -     -     -     (0.2 )
Less: Early loan payoffs   -     -     (1.7 )   -     -  
Less: Other miscellaneous items   (0.5 )   -     -     -     -  
Sub-Total   (1.0 )   (1.2 )   (2.9 )   -     (1.4 )
Normalized Net Interest Income $   270.7   $   267.3   $   265.1   $   267.8   $   273.4  

All amounts in millions.
Net Interest Margin (Tax Equivalent) Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Quarter as Reported   2.98 %   2.98 %   3.02 %   3.07 %   3.11 %
Less: CLO pay-off discount recognition   -     (0.01 )%   (0.03 )%   -     (0.01 )%
Less: Accelerated CMBS prepayment   -     -     -     -     (0.01 )%
Add: CMO Retroactive premium amortization   -     -     0.01 %   -     0.01 %
Add: CRE prepayment penalties   (0.01 )%   -     -     -     (0.01 )%
Less: Early loan payoffs   -     -     (0.02 %)   -     -  
Less: Other miscellaneous items   (0.01 )%   -     -     -     -  
Sub-Total   (0.02 )%   (0.01 )%   (0.03 )%   -     (0.02 %)
Normalized Net Interest Margin   2.96 %   2.97 %   2.99 %   3.07 %   3.09 %

Noninterest Income

Fourth quarter 2015 noninterest income of $89 million increased 7% or $6 million compared to the prior quarter.
  • Deposit service charges and wealth management revenues were largely unchanged from prior quarter.
  • Insurance commissions decreased $3 million driven primarily by seasonally lower renewal volumes during the fourth quarter.
  • Merchant and card fees decreased 1% driven by lower debit card interchange revenues.
  • Capital markets income, which includes income from derivatives and syndications, increased $4 million, primarily driven by strong derivative activity in the fourth quarter as well as the impact of a favorable credit valuation adjustment on interest rate swap assets.
  • Mortgage banking revenues were modestly lower from the prior quarter reflecting lower locked volumes and gain-on-sale margins offset by a $1 million repurchase reserve reversal.
  • Other noninterest income increased $5 million from the prior quarter due to lower tax credit amortization, gain from the sale of a low-income housing property, and higher equity and investment gains.
Noninterest Income Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Deposit service charges $     22.9   $     22.9   $     22.2   $   20.4   $   22.6  
Insurance commissions     14.9       18.3       17.1       15.7       14.8  
Merchant and card fees     13.3       13.4       13.3       11.9       13.0  
Wealth management services     14.6       14.6       15.7       14.7       14.4  
Mortgage banking     4.9       5.1       5.8       4.9       4.6  
Capital markets income     6.6       2.6       5.3       4.2       8.3  
Lending and leasing     4.2       4.5       4.0       4.4       4.6  
Bank owned life insurance     3.3       2.8       3.2       3.6       3.2  
Other income   4.7     (0.7 )     0.1       2.6       (8.3 )
Total noninterest income $   89.4   $   83.4   $   86.6   $   82.2   $   77.2  

All amounts in millions.

Noninterest Expense

Operating noninterest expenses totaled $247 million in the fourth quarter of 2015, or 1% higher than third quarter 2015 levels. The quarter-over-quarter increase was primarily driven by higher marketing spend and higher levels of other noninterest expense.
  • Salaries and benefits expense of $113 million decreased modestly compared to the prior quarter as higher medical costs were offset by lower incentive compensation expenses.
  • Occupancy and equipment expense increased 2%, due primarily to higher rent and building maintenance expenses.
  • Marketing and advertising spend increased $1 million from third quarter levels due to timing of promotional campaigns.
  • Professional services fees decreased $3 million from third quarter levels due primarily to lower spend on vendor and other consulting fees.
  • Other expenses increased $3 million sequentially driven in part by higher other real estate (ORE) valuation write-downs, litigation expenses, and new credit and debit card issuance costs.
Operating Noninterest Expense (Non-GAAP)* Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014
Salaries and employee benefits $   113.1   $   113.8   $   113.6   $   112.0   $   111.0  
Occupancy and equipment     26.0       25.5       26.0       27.3       28.4  
Technology and communications     38.2       38.3       36.5       35.1       33.9  
Marketing and advertising     9.7       8.4       10.3       9.9       11.6  
Professional services     15.4       18.1       16.3       13.1       16.6  
Amortization of intangibles     4.0       4.0       5.1       6.2       6.4  
Federal deposit insurance premiums     10.4       10.0       11.8       11.2       11.9  
Other expense     30.7       27.3       28.4       28.9       28.4  
Total operating noninterest expense $   247.4   $   245.4   $   247.9   $   243.5   $   248.2  

*All amounts in millions. See appendix for reconciliation of GAAP to Non-GAAP amounts            In the fourth quarter of 2015, the operating efficiency ratio improved to 69.5%, compared to 70.7% in the prior quarter.

Capital

Beginning in the first quarter of 2015, all regulatory capital ratios and amounts were calculated under the Basel III standardized transitional approach. At December 31, 2015, the company's consolidated Total Risk Based capital and Common Equity Tier 1 capital ratios were 12.0% and 8.6%, respectively, unchanged from September 30, 2015. The company remains well above current regulatory guidelines for well-capitalized institutions.

About First Niagara

First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 390 branches, $40 billion in assets, $29 billion in deposits, and approximately 5,400 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit www.firstniagara.com.

Safe Harbor Statement

Non-GAAP Measures - This news release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (GAAP).  The company believes that non-GAAP financial measures provide a meaningful comparison of the underlying operational performance of the company, and facilitate investors' assessments of business and performance trends in comparison to others in the financial services industry.  In addition, the company believes the exclusion of these non-operating items enables management to perform a more effective evaluation and comparison of the company's results and to assess performance in relation to the company's ongoing operations.  These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.  Where non-GAAP disclosures are used in this news release, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document.

Forward-Looking Statements - This press release contains forward-looking statements with respect to the financial condition and results of operations of First Niagara Financial Group, Inc. including, without limitations, statements relating to the earnings outlook of the company.  These forward-looking statements involve certain risks and uncertainties.  Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) changes in the interest rate environment; (2) competitive pressure among financial services companies; (3) general economic conditions including an increase in non-performing loans that could result from an economic downturn; (4) changes in legislation or regulatory requirements; (5) difficulties in continuing to improve operating efficiencies; (6) impact of the pending merger agreement on customers and employees; and (7) ability to consummate the merger transaction with KeyCorp on a timely basis or at all.
                   
First Niagara Financial Group, Inc.                  
Income Statement Highlights - Reported Basis                   
(in thousands, except per share amounts)                   
                             
            2015       2014     For year ending
           Fourth  Third  Second  First    Fourth  Third    December 31,  December 31,
           Quarter  Quarter  Quarter  Quarter    Quarter  Quarter     2015     2014  
                             
Interest income:                      
  Loans and leases   $   214,945   $   211,407   $   211,899   $   210,371     $   214,609   $   212,452     $   848,622   $   846,923  
  Investment securities and other       88,825       87,914       86,356       86,280         86,919       91,668         349,375       360,574  
    Total interest income       303,770       299,321       298,255       296,651         301,528       304,120         1,197,997       1,207,497  
                             
Interest expense:                      
  Deposits       17,147       17,040       16,568       15,344         14,295       13,590         66,099       53,304  
  Borrowings       20,074       18,790       18,577       18,363         17,450       17,251         75,804       68,572  
    Total interest expense       37,221       35,830       35,145       33,707         31,745       30,841         141,903       121,876  
                             
      Net interest income       266,549       263,491       263,110       262,944         269,783       273,279         1,056,094       1,085,621  
Provision for credit losses       22,900       19,768       20,756       12,765         35,706       16,700         76,189       95,906  
      Net interest income after provision       243,649       243,723       242,354       250,179         234,077       256,579         979,905       989,715  
                             
Noninterest income:                      
  Deposit service charges       22,919       22,944       22,208       20,389         22,611       20,373         88,460       90,073  
  Insurance commissions       14,920       18,252       17,060       15,714         14,764       18,352         65,946       66,150  
  Merchant and card fees       13,318       13,423       13,317       11,907         13,043       12,991         51,965       50,372  
  Wealth management services       14,567       14,572       15,718       14,650         14,404       15,367         59,507       61,307  
  Mortgage banking       4,894       5,070       5,783       4,887         4,600       4,358         20,634       17,595  
  Capital markets income       6,580       2,608       5,284       4,152         8,312       3,509         18,624       18,361  
  Lending and leasing       4,248       4,487       3,998       4,353         4,567       3,914         17,086       17,893  
  Bank owned life insurance       3,259       2,819       3,160       3,592         3,187       3,080         12,830       14,817  
  Other income       4,696       (732 )     79       2,600         (8,311 )     (6,552 )       6,643       (26,418 )
    Total noninterest income       89,401       83,443       86,607       82,244         77,177       75,392         341,695       310,150  
                             
Noninterest expense:                      
  Salaries and employee benefits       113,063       113,794       113,561       111,973         110,985       116,245         452,391       462,898  
  Occupancy and equipment       25,961       25,538       26,021       27,332         28,379       27,450         104,852       112,258  
  Technology and communications       38,232       38,301       36,486       35,061         33,940       31,465         148,080       126,890  
  Marketing and advertising       9,719       8,445       10,297       9,863         11,584       7,746         38,324       35,133  
  Professional services       15,361       18,052       16,321       13,070         16,644       13,988         62,804       55,584  
  Amortization of intangibles       3,972       4,001       5,092       6,205         6,432       6,521         19,270       27,252  
  Federal deposit insurance premiums       10,383       10,026       11,750       11,158         11,911       9,579         43,317       40,101  
  Restructuring charges       3,378       -        -        17,517         9,066       2,364         20,895       21,786  
  Goodwill impairment       -        -        -        -          -        1,100,000         -       1,100,000  
  Deposit account remediation       -        -        -        -          (23,000 )     45,000         -       22,000  
  Merger and acquisition integration expenses       14,198       -        -        -          -        -          14,198       -  
  Other expense       30,728       27,276       28,371       28,859         28,371       36,467         115,234       120,086  
    Total noninterest expense       264,995       245,433       247,899       261,038         234,312       1,396,825         1,019,365       2,123,988  
                             
    Income (loss) before income tax       68,055       81,733       81,062       71,385         76,942       (1,064,854  )       302,235       (824,123 )
Income tax expense (benefit)       17,255       21,251       20,052       20,000         7,875       (144,808 )       78,558       (109,229 )
    Net income (loss)       50,800       60,482       61,010       51,385         69,067       (920,046  )       223,677       (714,894 )
Preferred stock dividend       7,547       7,547       7,547       7,547         7,547       7,547         30,188       30,188  
    Net income (loss) available to common stockholders   $   43,253   $   52,935   $   53,463   $   43,838     $   61,520   $   (927,593  )   $   193,489   $   (745,082 )
                             
Financial Ratios:                      
Earnings (loss) per basic share   $ 0.12   $ 0.15   $ 0.15   $ 0.12     $ 0.17   $ (2.65 )   $ 0.55     (2.13 )
Earnings (loss) per diluted share   $ 0.12   $ 0.15   $ 0.15   $ 0.12     $ 0.17   $ (2.65 )   $ 0.54     (2.13 )
Weighted average shares outstanding - basic (1)     351,306     351,293     351,126     350,741       350,444     350,381       351,119     350,237  
Weighted average shares outstanding - diluted (1)     353,797     353,248     352,791     352,621       352,152     350,381       353,040     350,237  
Net revenue (2)   $ 355,950   $ 346,934   $ 349,717   $ 345,188     $ 346,960   $ 348,671     $ 1,397,789   $ 1,395,771  
Noninterest income as a percentage of net revenue (2)   25.12 %   24.05 %   24.76 %   23.83 %     22.24 %   21.62 %     24.45 %   22.22 %
Pre-tax, pre-provision income (loss) (3)   $ 90,955   $ 101,501   $ 101,818   $ 84,150     $ 112,648   $ (1,048,154 )   $ 378,424   $ (728,217 )
Pre-tax, pre-provision income per diluted share (3)   $ 0.26   $ 0.29   $ 0.29   $ 0.24     $ 0.32   $ (2.99 )   $ 1.07   $ (2.08 )
Pre-tax, pre-provision return on average assets (3)     0.91 %   1.03 %   1.05 %   0.88 %     1.17 %   (10.8 )%     0.97 %   (1.91 )%
Net interest margin (4)     2.98 %   2.98 %   3.02 %   3.07 %     3.11 %   3.21 %     3.01 %   3.23 %
Interest yield on average loans (4)     3.65 %   3.64 %   3.73 %   3.75 %     3.78 %   3.80 %     3.69 %   3.86 %
Rate paid on interest-bearing liabilities     0.51 %   0.50 %   0.49 %   0.48 %     0.45 %   0.44 %     0.49 %   0.44 %
Efficiency ratio     74.45 %   70.74 %   70.89 %   75.62 %     67.53 %   400.61 %     72.93 %   152.17 %
Expenses as a percentage of average loans and deposits   2.0 %   1.9 %   1.9 %   2.1 %     1.8 %   11.2 %     2.0 %   4.3 %
Effective tax rate (benefit)     25.40 %   26.00 %   24.70 %   28.00 %     10.20 %   (13.60 )%     26.00 %   (13.30 )%
Return on average assets (5)     0.51 %   0.61 %   0.63 %   0.54 %     0.72 %   (9.46 )%     0.57 %   (1.87 )%
Return on average equity (5)     4.85 %   5.78 %   5.90 %   5.05 %     6.62 %   (71.57 )%     5.40 %   (14.79 )%
Return on average tangible equity (3)(5)     7.32 %   8.73 %   8.94 %   7.68 %     10.07 %   (141.16 )%     8.17 %   (27.66 )%
Return on average common equity     4.50 %   5.51 %   5.63 %   4.69 %     6.42 %   (77.27 )%     5.08 %   (16.57 )%
Return on average tangible common equity (3)     7.10 %   8.72 %   8.94 %   7.48 %     10.24 %   (163.71 )%     8.06 %   (33.16 )%
                             
  (1 ) Share count excludes unallocated ESOP shares prior to January 1, 2015 and unvested restricted stock shares. 
  (2 ) Net revenue is comprised of net interest income and noninterest income.
  (3 ) The tables in this earnings release present the computation of earnings and certain other ratios using non-GAAP financial measures, which we believe provide investors with information that is useful in understanding our financial performance and position. See Appendix A for further detail. 
  (4 ) Yields and rates calculated on a tax equivalent basis.
  (5 ) Return used to calculate ratio excludes preferred stock dividend.

First Niagara Financial Group, Inc.                  
Period End Balance Sheet                  
(in thousands)                  
                         
            2015       2014    
          December 31,  September 30, June 30, March 31,    December 31,  September 30,  
                         
Cash and cash equivalents   $   672,243   $   420,289   $   527,323   $   387,676     $   420,033   $   451,313    
Investment securities:                  
  Available for sale       5,471,291       5,725,608       5,750,860       5,911,419         5,915,338       6,198,140    
  Held to maturity       6,387,689       6,280,049       6,169,838       6,214,561         5,941,621       5,351,977    
  FHLB and FRB common stock       410,452       373,066       379,135       375,090         411,857       389,870    
    Total investment securities       12,269,432       12,378,723       12,299,833       12,501,070         12,268,816       11,939,987    
Loans held for sale       46,096       51,056       59,816       48,755         39,825       31,245    
Loans and leases:                   
  Commercial:                  
    Real estate       8,652,255       8,365,808       8,312,332       8,287,108         8,204,027       8,013,622    
    Business       6,013,217       6,031,358       5,923,524       5,790,980         5,775,413       5,836,235    
      Total commercial loans       14,665,472       14,397,166       14,235,856       14,078,088         13,979,440       13,849,857    
  Consumer:                  
    Residential real estate       3,354,639       3,345,701       3,329,799       3,330,216         3,353,081       3,360,805    
    Home equity       3,068,962       3,032,618       2,984,872       2,943,844         2,936,123       2,886,655    
    Indirect auto       2,393,105       2,330,826       2,256,004       2,200,913         2,166,320       2,073,843    
    Credit cards       310,813       305,779       304,682       301,228         324,113       312,549    
    Other consumer       244,935       254,109       257,204       263,985         278,305       286,140    
      Total consumer loans       9,372,454       9,269,033       9,132,561       9,040,186         9,057,942       8,919,992    
    Total loans and leases       24,037,926       23,666,199       23,368,417       23,118,274         23,037,382       22,769,849    
  Allowance for loan losses       242,036       238,700       235,600       231,138         234,251       222,753    
      Loans and leases, net       23,795,890       23,427,499       23,132,817       22,887,136         22,803,131       22,547,096    
Bank owned life insurance       436,709       434,263       431,335       428,454         426,192       423,376    
Goodwill and other intangibles       1,396,227       1,400,199       1,404,201       1,410,800         1,417,005       1,423,437    
Other assets       1,301,789       1,301,152       1,208,218       1,243,588         1,176,036       1,155,588    
Total assets   $   39,918,386   $   39,413,181   $   39,063,543   $   38,907,479     $   38,551,038   $   37,972,042    
                         
Deposits:                    
  Savings accounts   $   3,389,728   $   3,359,320   $   3,483,777   $   3,488,441     $   3,451,616   $   3,458,661    
  Interest-bearing checking       5,478,947       5,285,987       5,088,856       5,158,264         5,084,456       5,055,458    
  Money market deposits       10,653,792       10,483,721       10,303,873       10,368,358         9,962,220       9,894,346    
  Noninterest-bearing deposits       5,834,534       5,813,571       5,549,944       5,500,484         5,407,382       5,308,736    
  Certificates of deposit       3,343,878       3,873,521       4,020,367       3,734,226         3,875,563       3,952,879    
      Total deposits       28,700,879       28,816,120       28,446,817       28,249,773         27,781,237       27,670,080    
                         
Short-term borrowings       4,348,586       4,086,415       4,275,886       4,739,264         5,471,974       4,928,762    
Long-term borrowings       2,308,101       1,783,402       1,683,476       1,233,550         733,620       733,684    
Other liabilities       434,492       587,867       536,239       559,646         471,449       543,813    
  Total liabilities       35,792,058       35,273,804       34,942,418       34,782,233         34,458,280       33,876,339    
Preferred stockholders' equity       338,002       338,002       338,002       338,002         338,002       338,002    
Common stockholders' equity       3,788,326       3,801,375       3,783,123       3,787,244         3,754,756       3,757,701    
  Total stockholders' equity       4,126,328       4,139,377       4,121,125       4,125,246         4,092,758       4,095,703    
Total liabilities and stockholders' equity   $   39,918,386   $   39,413,181   $   39,063,543   $   38,907,479     $   38,551,038   $   37,972,042    
                         
Selected balance sheet information:                  
Total interest-earning assets (1)   $   36,677,134   $   36,099,580   $   35,813,498   $   35,594,208     $   35,310,447   $   34,720,650    
Total interest-bearing liabilities       29,523,032       28,872,365       28,856,235       28,722,103         28,579,449       28,023,790    
Net interest-earning assets   $   7,154,102   $   7,227,215   $   6,957,263   $   6,872,105     $   6,730,998   $   6,696,860    
                         
Tangible common equity (1)(2)   $   2,392,099   $   2,401,176   $   2,378,922   $   2,376,444     $   2,337,751   $   2,334,263    
Unrealized gain on available for sale securities, net of tax (3)     (9,577 )     29,877       37,464       68,194         52,244       55,052    
                         
Total core deposits   $   25,357,001   $   24,942,599   $   24,426,450   $   24,515,547     $   23,905,674   $   23,717,201    
                         
Originated loans (4)   $   21,101,040   $   20,591,532   $   19,929,719   $   19,528,609     $   19,295,553   $   18,841,896    
Acquired loans (5)       2,998,530       3,138,568       3,517,525       3,681,354         3,834,931       4,028,091    
Credit related discount on acquired loans (6)       (61,644 )     (63,901 )     (78,827 )     (91,689 )       (93,102 )     (100,138 )  
  Total Loans   $   24,037,926   $   23,666,199   $   23,368,417   $   23,118,274     $   23,037,382   $   22,769,849    
                   
  (1 ) Includes interest bearing cash and cash equivalents, investment securities at amortized cost, loans held for sale, and total loans and leases.  
  (2 ) The tables in this earnings release present the computation of earnings and certain other ratios using non-GAAP financial measures, which we believe provide investors with information that is useful in understanding our financial performance and position. See Appendix A for further detail.  
  (3 ) Excludes unamortized unrealized gains recorded in accumulated other comprehensive income related to available for sale securities transferred to held to maturity.  
  (4 ) Originated loans represent total loans excluding acquired loans.          
  (5 ) Carrying value of acquired loans plus the principal not expected to be collected.        
  (6 ) Principal on acquired loans not expected to be collected.          

First Niagara Financial Group, Inc.                                  
Average Balance Sheet and Related Tax Equivalent Yields & Rates                          
(in millions)                                  
      For the three months ended   For year ending
      December 31, 2015 September 30, 2015 December 31, 2014   December 31, 2015 December 31, 2014
       Average Interest (1)  Yields  Average Interest (1)  Yields  Average Interest (1)  Yields    Average Interest (1)  Yields  Average Interest (1)  Yields
       Balances     and Rates (1)  Balances     and Rates (1)  Balances     and Rates (1)    Balances     and Rates (1)  Balances     and Rates (1)
                                     
Interest-earning assets:                                  
Loans and leases (2)                                  
Commercial:                                  
Real estate   $   8,476   $   77     3.57 % $   8,277   $   74     3.52 % $   8,087   $   76     3.68 %   $   8,319   $   302     3.57 % $   7,944   $   302     3.75 %
Business      5,971      50      3.28      5,972      50      3.26      5,791      51      3.43        5,893      201      3.36      5,617      200      3.51  
Total commercial loans      14,447      127      3.45      14,249      124      3.41      13,878      127      3.58        14,212      503      3.49      13,561      502      3.65  
Consumer:                                  
Residential real estate      3,346      31      3.65      3,338      31      3.70      3,364      32      3.79        3,337      123      3.70      3,373      129      3.81  
Home equity      3,052      29      3.80      3,001      29      3.82      2,912      29      3.94        2,989      115      3.85      2,832      114      4.03  
Indirect auto      2,369      17      2.90      2,293      17      2.86      2,132      15      2.82        2,272      64      2.82      1,870      53      2.86  
Credit cards      305      9      11.45      306      9      11.44      314      9      11.47        306      35      11.51      312      36      11.50  
Other consumer      250      5      8.50      255      5      8.57      283      6      8.47        260      22      8.51      290      25      8.55  
Total consumer loans      9,322      91      3.88      9,193      91      3.91      9,005      91      4.01        9,164      359      3.93      8,677      357      4.11  
  Total loans and leases      23,769      218      3.65      23,442      215      3.64      22,883      218      3.78        23,376      862      3.69      22,238      859      3.86  
Residential MBS      7,705      47      2.44      7,478      45      2.40      6,892      43      2.51        7,437      179      2.41      6,274      164      2.61  
Commercial MBS      1,126      12      4.31      1,212      12      3.88      1,512      13      3.37        1,262      47      3.69      1,595      53      3.35  
Other investment securities (3)      3,540      31      3.47      3,518      32      3.68      3,585      32      3.59        3,555      128      3.61      3,994      149      3.72  
  Total securities, at amortized cost      12,371      90      2.90      12,208      89      2.92      11,989      88      2.94        12,254      354      2.89      11,863      366      3.09  
Money market and other investments      88      1      2.29      109      1      1.92      161      -      1.21        114      2      1.60      134      2      1.58  
Total interest-earning assets      36,228   $   309     3.38 %    35,759   $   305     3.38 %    35,033   $   307     3.47 %      35,744   $ 1,218     3.41 %    34,235   $ 1,227     3.58 %
Goodwill and other intangibles      1,398          1,402          1,420            1,405          2,249      
Other noninterest-earning assets      1,951          1,890          1,865            1,915          1,736      
                                     
Total assets   $ 39,577       $ 39,051       $ 38,318         $ 39,064       $ 38,220      
                                     
Interest-bearing liabilities:                                  
Deposits                                  
Savings accounts   $   3,364   $   1     0.09 % $   3,427   $   1     0.10 % $   3,447   $   1     0.09 %   $   3,429   $   3     0.09 % $   3,571   $   3     0.09 %
Interest-bearing checking      5,333      -      0.03      5,165      -      0.03      5,049      -      0.03        5,159      2      0.03      4,857      2      0.03  
Money market deposits      10,719      8      0.30      10,403      8      0.29      10,037      6      0.24        10,378      30      0.29      9,944      22      0.22  
Certificates of deposit      3,515      8      0.89      3,962      8      0.81      3,888      7      0.72        3,792      31      0.84      3,870      27      0.69  
Total interest bearing deposits      22,931      17     0.30 %    22,957      17     0.29 %    22,421      14     0.25 %      22,758      66     0.29 %    22,241      53     0.24 %
Borrowings                                  
Short-term borrowings      4,014      6     0.56 %    3,953      5     0.50 %    4,917      5     0.43 %      4,399      22     0.50 %    4,678      20     0.43 %
Long-term borrowings      1,971      14      2.89      1,693      14      3.24      734      12      6.56        1,515      54      3.56      733      48      6.61  
Total borrowings      5,985      20      1.33      5,646      19      1.32      5,651      17      1.23        5,914      76      1.28      5,411      69      1.27  
Total interest-bearing liabilities      28,916   $   37     0.51 %    28,603   $   36     0.50 %    28,072   $   32     0.45 %      28,672   $   142     0.49 %    27,653   $   122     0.44 %
Noninterest-bearing deposits      5,868          5,661          5,485            5,598          5,173      
Other noninterest-bearing liabilities      640          637          620            650          560      
Total liabilities      35,424          34,901          34,177            34,920          33,386      
Total stockholders' equity      4,153          4,150          4,141            4,144          4,834      
Total liabilities and stockholders' equity   $   39,577       $   39,051       $   38,318         $   39,064       $   38,220      
                                     
Net interest income (FTE)     $   272       $   269       $   275         $ 1,076       $ 1,105    
Taxable Equivalent Adjustment (1)        5          6          5            20          19    
                                     
 Total core deposits   $ 25,284   $   9     0.15 % $ 24,656   $   9     0.14 % $ 24,018   $   7     0.12 %   $ 24,564   $   35     0.14 % $ 23,545   $   27     0.11 %
 Total transactional deposits      11,201      -     0.02 %    10,826      -     0.01 %    10,534      -     0.02 %      10,757      2     0.01 %    10,030      2     0.02 %
 Total deposits      28,799      17     0.24 %    28,618      17     0.24 %    27,906      14     0.20 %      28,356      66     0.23 %    27,414      53     0.19 %
                                     
Tax equivalent net interest rate spread         2.87 %       2.88 %       3.02 %         2.92 %       3.14 %
Tax equivalent net interest rate margin         2.98 %       2.98 %       3.11 %         3.01 %       3.23 %
                                     
  (1 ) Tax equivalent interest income is calculated using a 35% tax rate.                          
  (2 ) Includes nonaccrual loans.                                  
  (3 ) Includes debt securities, collateralized loan obligations, asset-backed securities, FHLB and FRB common stock, and other investment securities.          

First Niagara Financial Group, Inc.                      
Allowance for Loans and Lease Losses & Asset Quality                      
(in thousands)                      
              2015       2014     For year ending
             Fourth   Third   Second   First     Fourth   Third     December 31,   December 31, 
             Quarter   Quarter   Quarter  Quarter     Quarter   Quarter      2015     2014  
                               
Beginning balance   $   238,700   $   235,600   $   231,138   $   234,251     $   222,753   $   219,426     $   234,251   $   209,274  
Net loan (charge-offs) recoveries:                      
  Commercial real estate   $   (1,476 ) $   (2,686 ) $   (5,525 ) $   (5,825 )   $   (2,008 ) $   (2,259 )   $   (15,512 ) $   (8,247 )
  Commercial business       (10,441 )     (6,286 )     (3,513 )     (4,178 )       (12,650 )     (3,148 )       (24,418 )     (26,731 )
  Residential real estate       (94 )     (230 )     (197 )     (266 )       (476 )     (102 )       (787 )     (1,104 )
  Home equity       (723 )     (1,056 )     (1,367 )     (1,526 )       (1,406 )     (1,131 )       (4,672 )     (6,876 )
  Indirect auto       (2,122 )     (1,743 )     (1,342 )     (1,226 )       (2,241 )     (1,621 )       (6,433 )     (7,403 )
  Credit cards       (2,450 )     (2,215 )     (2,522 )     (2,450 )       (2,464 )     (2,726 )       (9,637 )     (11,164 )
  Other consumer       (1,758 )     (1,952 )     (1,528 )     (1,807 )       (1,457 )     (1,986 )       (7,045 )     (6,698 )
        Total net loan charge-offs   $   (19,064 ) $   (16,168 ) $   (15,994 ) $   (17,278 )   $   (22,702 ) $   (12,973 )   $   (68,504 ) $   (68,223 )
Provision for loan losses       22,400       19,268       20,456       14,165         34,200       16,300         76,289       93,200  
    Ending balance   $   242,036   $   238,700   $   235,600   $   231,138     $   234,251   $   222,753     $   242,036   $   234,251  
                               
Supplemental information                      
Allowance to loans     1.01 %   1.01 %   1.01 %   1.00 %     1.02 %   0.98 %     1.01 %   1.02 %
Allowance for originated loans to originated loans (1)     1.12 %   1.13 %   1.15 %   1.15 %     1.18 %   1.16 %     1.12 %   1.18 %
                               
Net charge-offs (recoveries) to average loans (annualized)                    
  Commercial real estate       0.07 %     0.13 %     0.27 %     0.29 %       0.10 %   0.11 %       0.19 %   0.10 %
  Commercial business       0.70 %     0.42 %     0.24 %     0.29 %       0.87 %   0.22 %       0.41 %   0.48 %
    Total commercial loans       0.33 %     0.25 %     0.26 %     0.28 %       0.42 %   0.16 %       0.28 %   0.26 %
  Residential real estate       0.01 %     0.03 %     0.02 %     0.03 %       0.06 %   0.01 %       0.02 %   0.03 %
  Home equity       0.09 %     0.14 %     0.18 %     0.21 %       0.19 %   0.16 %       0.16 %   0.24 %
  Indirect auto       0.36 %     0.30 %     0.24 %     0.22 %       0.42 %   0.33 %       0.28 %   0.40 %
  Credit cards       3.21 %     2.90 %     3.32 %     3.16 %       3.13 %   3.49 %       3.14 %   3.57 %
  Other consumer       2.81 %     3.06 %     2.35 %     2.63 %       2.06 %   2.77 %       2.71 %   2.31 %
    Total consumer loans       0.31 %     0.32 %     0.31 %     0.33 %       0.36 %   0.35 %       0.31 %   0.38 %
  Total loans       0.32 %     0.28 %     0.28 %     0.30 %       0.40 %   0.23 %       0.29 %   0.31 %
                               
Net charge-offs (recoveries) of originated loans to average originated loans (annualized) (1)                
  Commercial real estate       0.08 %     0.14 %     0.31 %     0.24 %       0.06 %   0.13 %       0.19 %   0.10 %
  Commercial business       0.72 %     0.44 %     0.25 %     0.31 %       0.93 %   0.24 %       0.43 %   0.51 %
    Total commercial loans       0.36 %     0.27 %     0.28 %     0.27 %       0.44 %   0.18 %       0.29 %   0.28 %
  Residential real estate       0.02 %     0.04 %     0.04 %     0.05 %       0.09 %   0.02 %       0.04 %   0.06 %
  Home equity       0.14 %     0.14 %     0.17 %     0.16 %       0.15 %   0.17 %       0.15 %   0.17 %
  Indirect auto       0.36 %     0.30 %     0.24 %     0.22 %       0.42 %   0.33 %       0.28 %   0.40 %
  Credit cards       3.21 %     2.90 %     3.32 %     3.16 %       3.13 %   3.49 %       3.14 %   3.57 %
  Other consumer       2.81 %     3.06 %     2.35 %     2.63 %       2.06 %   2.77 %       2.71 %   2.31 %
    Total consumer loans       0.39 %     0.38 %     0.37 %     0.38 %       0.44 %   0.45 %       0.38 %   0.48 %
  Total loans       0.37 %     0.31 %     0.31 %     0.31 %       0.44 %   0.27 %       0.32 %   0.34 %
                               
Nonperforming loans:                      
  Originated (1):                      
  Commercial real estate   $   44,438   $   54,699   $   60,021   $   65,655     $   53,164   $   57,340     $   44,438   $   53,164  
  Commercial business       56,382       45,389       42,979       54,506         45,201       36,939         56,382       45,201  
  Residential real estate       31,513       32,455       32,877       32,791         33,652       36,113         31,513       33,652  
  Home equity       35,561       34,191       27,092       26,163         23,749       23,392         35,561       23,749  
  Indirect auto       15,131       13,795       13,066       13,399         12,616       11,890         15,131       12,616  
  Other consumer       5,201       5,047       4,917       5,065         5,140       5,134         5,201       5,140  
    Total originated nonperforming loans       188,226       185,576       180,952       197,579         173,522       170,808         188,226       173,522  
    Total acquired nonperforming loans (2)       25,335       25,365       26,553       30,236         30,223       28,611         25,335       30,223  
      Total nonperforming loans       213,561       210,941       207,505       227,815         203,745       199,419         213,561       203,745  
  Real estate owned       16,063       18,359       17,397       19,128         20,541       20,261         16,063       20,541  
    Total nonperforming assets (3)   $   229,624   $   229,300   $   224,902   $   246,943     $   224,286   $   219,680     $   229,624   $   224,286  
                               
Accruing troubled debt restructurings (TDR)   $   62,630   $   60,941   $   64,643   $   64,401     $   67,102   $   69,199     $   62,630   $   67,102  
Loans 90 days past due still accruing (4)       67,718       69,879       78,279       87,213         93,903       108,615         67,718       93,903  
Total classified loans (5)       602,912       591,771       592,148       615,518         609,316       649,320         602,912       609,316  
Total criticized loans (6)   $   944,779   $   858,243   $   938,951   $   990,656     $   1,041,050   $   1,089,851     $   944,779   $   1,041,050  
                               
Total nonperforming loans to loans     0.89 %   0.89 %   0.89 %   0.99 %     0.88 %   0.88 %     0.89 %   0.88 %
Total nonperforming originated loans to originated loans (1)   0.89 %   0.90 %   0.91 %   1.01 %     0.90 %   0.91 %     0.89 %   0.90 %
Total nonperforming assets to loans and real estate owned   0.95 %   0.97 %   0.96 %   1.07 %     0.97 %   0.96 %     0.95 %   0.97 %
Total nonperforming assets to assets     0.58 %   0.58 %   0.58 %   0.63 %     0.58 %   0.58 %     0.58 %   0.58 %
Allowance to nonperforming loans     113.3 %   113.2 %   113.5 %   101.5 %     115.0 %   111.7 %     113.3 %   115.0 %
                               
Originated loans (1)   $ 21,101,040   $ 20,591,532   $ 19,929,719   $ 19,528,609     $ 19,295,553   $ 18,841,896     $ 21,101,040   $ 19,295,553  
Acquired loans (7)     2,998,530     3,138,568