First Niagara Financial Group, Inc. (NASDAQ:FNFG) today reported
GAAP net income available to common shareholders of $40.8 million,
or $0.11 per diluted share for the first quarter of 2016, compared
to $43.3 million, or $0.12 per diluted share, for the quarter ended
December 31, 2015. Excluding merger-related costs incurred during
the first quarter of 2016, operating net income available to common
shareholders was $49.9 million, or $0.14 per diluted share.
“The First Niagara team remains fully committed to keeping our
customers at the center of all we do and their efforts are
reflected in our first-quarter performance, which is highlighted by
continued strong core business fundamentals, particularly loan and
deposit growth. Compared to the year-ago quarter, we grew average
commercial loans by 5%, delivered 7% growth in average checking
account deposit balances, and reported improved credit metrics,"
said Gary M. Crosby, President and Chief Executive Officer.
“We’re maintaining a strong competitive position while we
move forward on our planned merger with KeyCorp.”
“In the first quarter, we delivered on the strong commercial
loan pipeline at year-end which translated to an 11% annualized
increase in period-end C&I loan balances and 5% QOQ increase on
an average basis,” said Gregory W. Norwood, Chief Financial
Officer. “Revenue and expenses were largely consistent with typical
first quarter seasonal trends. Our originated net charge-offs of
just 22 basis points in the first quarter also reflects continued
stable asset quality as well as the recovery on an energy credit
that was previously charged-off.”
First Quarter Results
In the first quarter of 2016, First Niagara reported GAAP net
income available to common shareholders of $40.8 million, or $0.11
per diluted share, compared to $43.3 million, or $0.12 per diluted
share in the fourth quarter of 2015. Reported results in the first
quarter of 2016 and fourth quarter of 2015 reflect pre-tax merger
related and restructuring costs of $13 million and $18 million,
respectively. Excluding these items, operating net income available
to common shareholders was $49.9 million, or $0.14 per diluted
share, compared to $55.3 million, or $0.15 per diluted share in the
fourth quarter of 2015.
Compared to the fourth quarter of 2015, the change in operating
net income available to common shareholders was primarily driven
by:
- A $1 million increase in net interest income driven by a 5%
annualized increase in average earning assets and two basis point
expansion in net interest margin in part driven by higher
short-term interest rates, and partially offset by lower net
interest income from one less day in the first quarter.
- A $10 million or 12% decrease in noninterest income driven by
moderation in capital markets income from strong fourth quarter
levels which included a favorable credit valuation adjustment,
seasonal declines in deposit service charges and merchant and card
fees, lower wealth management income due to lower producer levels
and equity market volatility, and lower mortgage banking revenues
due to a $1 million repurchase reserve reversal taken in the fourth
quarter of 2015.
- A $6 million or 2% decrease in operating noninterest expenses
primarily driven by lower technology and professional services
spend, partially offset by typical first quarter increases in
payroll taxes and other benefits expenses.
- A higher effective tax rate attributable to the expiration of
benefits from certain tax credit investments.
In the first quarter of 2015, First Niagara reported GAAP net
income available to common shareholders of $43.8 million, or $0.12
per diluted share. Results in the first quarter of 2015 included
$18 million of pre-tax restructuring charges. Excluding these
nonrecurring items, first quarter 2015 net income available to
common shareholders was $54.7 million, or $0.15 per diluted
share.
Compared to the first quarter of 2015, the change in operating
net income available to common shareholders in the first quarter of
2016 was primarily driven by:
- A 2% increase in net interest income driven by a 3% annualized
increase in average earning assets, offset by a seven basis point
compression in the net interest margin driven by increases in cost
of deposits and borrowings.
- A $10 million increase in provision for loan losses driven by
greater reserve build.
- A 4% decrease in noninterest income, driven by lower capital
markets, lower commercial lines insurance revenues, and lower
wealth management income attributable to market volatility in the
first quarter of 2016.
- Modestly lower noninterest expense as an increase in incentive
compensation expenses was offset by declines in amortization of
intangibles, marketing spend, FDIC assessments and third party
professional services expenses.
Operating Results (Non-GAAP) |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Net interest income |
$ |
267.6 |
|
$ |
266.5 |
|
$ |
263.5 |
|
$ |
263.1 |
|
$ |
262.9 |
|
Provision for credit losses |
|
22.5 |
|
|
22.9 |
|
|
19.8 |
|
|
20.8 |
|
|
12.8 |
|
Noninterest income |
|
79.1 |
|
|
89.4 |
|
|
83.4 |
|
|
86.6 |
|
|
82.2 |
|
Noninterest expense |
|
241.9 |
|
|
247.4 |
|
|
245.4 |
|
|
247.9 |
|
|
243.5 |
|
Operating net income |
|
57.4 |
|
|
62.8 |
|
|
60.5 |
|
|
61.0 |
|
|
62.2 |
|
Preferred stock dividend |
|
7.5 |
|
|
7.5 |
|
|
7.5 |
|
|
7.5 |
|
|
7.5 |
|
Operating net income available to common |
$ |
49.9 |
|
$ |
55.3 |
|
$ |
52.9 |
|
$ |
53.5 |
|
$ |
54.7 |
|
Weighted average diluted shares outstanding |
|
354.0 |
|
|
353.8 |
|
|
353.2 |
|
|
352.8 |
|
|
352.6 |
|
Operating earnings per diluted share |
$ |
0.14 |
|
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.15 |
|
|
|
|
|
|
|
Reported Results (GAAP) |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Operating net income before non-op. items |
$ |
57.4 |
|
$ |
62.8 |
|
$ |
60.5 |
|
$ |
61.0 |
|
$ |
62.2 |
|
Non-operating items (a) |
|
9.1 |
|
|
12.0 |
|
|
- |
|
|
- |
|
|
10.9 |
|
Net Income |
|
48.3 |
|
|
50.8 |
|
|
60.5 |
|
|
61.0 |
|
|
51.4 |
|
Preferred stock dividend |
|
7.5 |
|
|
7.5 |
|
|
7.5 |
|
|
7.5 |
|
|
7.5 |
|
Net income available to common |
$ |
40.8 |
|
$ |
43.3 |
|
$ |
52.9 |
|
$ |
53.5 |
|
$ |
43.8 |
|
Weighted average diluted shares outstanding |
|
354.0 |
|
|
353.8 |
|
|
353.2 |
|
|
352.8 |
|
|
352.6 |
|
Earnings per diluted share |
$ |
0.11 |
|
$ |
0.12 |
|
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.12 |
|
All amounts in millions except earnings per diluted share.
(a) Q1 2016: Non-operating charges comprised of merger related
costs including employee retention expenses, classification of
compensation of certain personnel dedicated to merger integration
efforts as well as costs related to securing shareholder approval
for the merger, net of taxes.
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.
Loans
Average loans increased 5% annualized from the prior quarter to
$24.1 billion, driven primarily by increases in the company’s
commercial real estate (CRE), commercial business (C&I), and
indirect auto portfolios. On an end-of-period basis, total loans
increased 2% annualized from the prior quarter driven by an 11%
annualized increase in C&I loans and 12% increase in indirect
auto loans.
Average commercial loans, which include commercial business
(C&I) and commercial real estate (CRE) loans, increased 7%
annualized from prior quarter to $14.7 billion, primarily driven by
growth in the company’s New England, Western Pennsylvania, and
Tri-State regions.
- Average CRE loans increased 7% annualized from the prior
quarter to $8.6 billion driven by new commercial mortgage and
construction lending volumes.
- Average C&I loans increased 6% annualized QOQ to $6.1
billion reflecting strong origination activity across the company’s
footprint.
Average consumer loans increased 2% annualized from prior
quarter to $9.4 billion.
- Average indirect auto loan balances increased 9% annualized or
by $51 million to $2.4 billion, as strong new origination activity
was partially offset by increased pay-downs. Indirect auto
originations during the quarter totaled $314 million. New
originations in the first quarter yielded 3.41%, net of dealer
reserve, compared to 3.30% on originations in the prior
quarter.
- Average residential real estate loans were flat to the prior
quarter.
- Home equity balances increased for the twelfth consecutive
quarter to $3.1 billion, or 2% annualized from the prior quarter as
new volumes were offset by pay-downs driven by higher customer
refinancing activity given low mortgage rates.
- Credit card balances were down $8 million, or 11% annualized
due to typical seasonality.
Average Loans |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Commercial real estate |
$ |
8,625 |
|
$ |
8,476 |
|
$ |
8,277 |
|
$ |
8,257 |
|
$ |
8,263 |
|
Commercial business |
|
6,062 |
|
|
5,971 |
|
|
5,972 |
|
|
5,830 |
|
|
5,797 |
|
Total commercial |
|
14,687 |
|
|
14,447 |
|
|
14,249 |
|
|
14,087 |
|
|
14,060 |
|
Residential real estate |
|
3,346 |
|
|
3,346 |
|
|
3,338 |
|
|
3,326 |
|
|
3,338 |
|
Home equity |
|
3,066 |
|
|
3,052 |
|
|
3,001 |
|
|
2,963 |
|
|
2,939 |
|
Indirect auto |
|
2,420 |
|
|
2,369 |
|
|
2,293 |
|
|
2,238 |
|
|
2,187 |
|
Credit cards |
|
297 |
|
|
305 |
|
|
306 |
|
|
304 |
|
|
311 |
|
Other consumer |
|
242 |
|
|
250 |
|
|
255 |
|
|
260 |
|
|
275 |
|
Total consumer |
|
9,371 |
|
|
9,322 |
|
|
9,193 |
|
|
9,091 |
|
|
9,050 |
|
Total loans |
$ |
24,058 |
|
$ |
23,769 |
|
$ |
23,442 |
|
$ |
23,178 |
|
$ |
23,110 |
|
All amounts in millions.
Credit Quality
At March 31, 2016, the allowance for loan losses was $253
million, compared to $242 million at December 31, 2015. In
the first quarter, provision for loan losses totaled $22.5 million,
compared to $22.4 million in the prior quarter. Nonperforming
assets comprised 0.59% of total assets, essentially flat compared
to December 31, 2015. Information for both the originated and
acquired portfolios follows.
|
Q1 2016 |
|
Q4 2015 |
$ in millions |
Originated |
Acquired |
Total |
|
Originated |
Acquired |
Total |
Provision for loan losses* |
$ |
22 .5 |
|
$ |
0.0 |
|
$ |
22.5 |
|
|
$ |
22.4 |
|
$ |
0.0 |
|
$ |
22.4 |
|
Net charge-offs |
|
11.4 |
|
|
0.4 |
|
|
11.8 |
|
|
|
19.1 |
|
|
0.0 |
|
|
19.1 |
|
NCOs/ Avg Loans |
|
0.22 |
% |
|
0.05 |
% |
|
0.20 |
% |
|
|
0.37 |
% |
|
0.00 |
% |
|
0.32 |
% |
Total loans** |
$ |
21,362 |
|
$ |
2,817 |
|
$ |
24,178 |
|
|
$ |
21,101 |
|
$ |
2,937 |
|
$ |
24,038 |
|
Allowance |
$ |
247.8 |
|
$ |
5.0 |
|
$ |
252.8 |
|
|
$ |
236.7 |
|
$ |
5.3 |
|
$ |
242.0 |
|
Allowance/Loans |
|
1.16 |
% |
|
0.18 |
% |
|
1.05 |
% |
|
|
1.12 |
% |
|
0.18 |
% |
|
1.01 |
% |
Nonperforming Loans |
$ |
196.7 |
|
$ |
24.9 |
|
$ |
221.5 |
|
|
$ |
188.2 |
|
$ |
25.3 |
|
$ |
213.6 |
|
NPLs/ Loans |
|
0.92 |
% |
|
0.88 |
% |
|
0.92 |
% |
|
|
0.89 |
% |
|
0.86 |
% |
|
0.89 |
% |
Criticized |
$ |
775.9 |
|
$ |
178.5 |
|
$ |
954.5 |
|
|
$ |
761.6 |
|
$ |
183.2 |
|
$ |
944.8 |
|
Criticized as % of Loans |
|
3.63 |
% |
|
6.34 |
% |
|
3.95 |
% |
|
|
3.61 |
% |
|
6.24 |
% |
|
3.93 |
% |
Classified |
$ |
462.9 |
|
$ |
138.6 |
|
$ |
601.5 |
|
|
$ |
450.7 |
|
$ |
152.2 |
|
$ |
602.9 |
|
Classified as % of Loans |
|
2.17 |
% |
|
4.92 |
% |
|
2.49 |
% |
|
|
2.14 |
% |
|
5.18 |
% |
|
2.51 |
% |
(*) Excludes provision for unfunded commitment of $0.5 million
in 4Q15; none in 1Q16 (**) Acquired loans net of associated credit
discount; see accompanying tables for further information
Originated loans
The provision for loan losses on originated loans totaled $23
million, compared to $22 million in the fourth quarter of 2015. The
current quarter provision included $11 million to cover net
charge-offs on originated loans and $11 million to support both
$261 million in originated loan growth and reserve build
toward the company’s exposure to scrap metal companies and
demolition companies whose profitability is partially dependent on
the sale of scrap metal. Originated net charge-offs in the first
quarter equaled $11 million or 22 basis points of average
originated loans, down from 37 basis points in the fourth quarter
of 2015. The decrease in net charge-offs were driven by a recovery
on a previously charged-off energy credit as well as moderation
from elevated fourth quarter levels which included losses related
to two commercial credits.
At March 31, 2016, nonperforming originated loans totaled $197
million, or 0.92% of originated loans, compared to 0.89% at
December 31, 2015. The increase was primarily driven by new inflows
of a few energy-related commercial credits, as well as a demolition
contractor whose profitability is partially dependent on the sale
of scrap metal, and offset by pay-downs, charge-offs and
resolutions. At March 31, 2016, the allowance for loan losses on
originated loans totaled $248 million or 1.16% of such loans,
compared to $237 million or 1.12% of such loans at December 31,
2015. The increase in allowance coverage ratio reflects reserve
build toward the company’s modest metals exposure.
Acquired loans
There was no provision for losses on acquired loans in both the
first quarter of 2016 and the fourth quarter of
2015. Net charge-offs on the acquired portfolio were
$0.4 million, compared to zero in the prior quarter. At March
31, 2016, the allowance for loan losses on acquired loans totaled
$5 million, unchanged from December 31, 2015. Acquired
nonperforming loans totaled $25 million, also unchanged from the
prior quarter. At March 31, 2016, remaining credit marks
available to absorb losses on a pool-by-pool basis totaled $57
million.
Deposits
Average deposits increased 1% annualized from the prior quarter
to $28.9 billion.
- Non-interest checking deposit balances averaged $5.7 billion,
decreased 14% annualized from the prior quarter driven by business
and municipal deposit balances but were up 4% from the year-ago
period.
- Time deposits increased 24% annualized to $3.7 billion, driven
by a $144 million increase in brokered certificate of deposit (CD)
balances and an $86 million increase in Retail CDs.
- Money market deposit balances were flat from the prior quarter
as a $135 million, or 8%, increase in retail money market balances
was offset by seasonal declines in municipal money market deposit
balances.
- Average transactional deposit balances, which include
interest-bearing and noninterest-bearing checking account balances,
increased 6% from the year-ago period and decreased 6% annualized
from the prior quarter and currently represents 38% of the
company’s deposit balances.
- The 2% sequential increase in interest-checking deposit
balances was driven by a $74 million increase in retail interest
checking balances.
- Average savings balances increased 1% annualized from the prior
quarter driven by modestly higher retail balances.
Average Deposits |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Noninterest-bearing deposits |
$ |
5,666 |
|
$ |
5,868 |
|
$ |
5,661 |
|
$ |
5,427 |
|
$ |
5,430 |
|
Savings accounts |
|
3,371 |
|
|
3,364 |
|
|
3,427 |
|
|
3,494 |
|
|
3,432 |
|
Interest-bearing checking |
|
5,362 |
|
|
5,333 |
|
|
5,165 |
|
|
5,131 |
|
|
5,001 |
|
Money market deposits |
|
10,725 |
|
|
10,719 |
|
|
10,403 |
|
|
10,251 |
|
|
10,132 |
|
Certificates of deposit |
|
3,726 |
|
|
3,515 |
|
|
3,962 |
|
|
3,917 |
|
|
3,778 |
|
Total deposits |
$ |
28,850 |
|
$ |
28,799 |
|
$ |
28,618 |
|
$ |
28,220 |
|
$ |
27,773 |
|
All amounts in millions.
Net Interest Income
First quarter 2016 GAAP net interest income of $268 million
increased $1 million from the prior quarter, driven in part by
earning asset growth and modest benefit from an increase in
short-term interest rates and offset by one less day in the
quarter. Reported net interest margin of 3.00% was up 2 basis
points from the prior quarter.
- Yields on loans increased 8 basis points to 3.73% primarily
reflecting benefit from the recent increase in short-term interest
rates.
- Yields on investment securities increased 2 basis points to
2.92%.
- The average cost of interest-bearing deposits increased 2 basis
points from the prior quarter to 0.32%.
Net Interest Income (Tax Equivalent) |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Quarter as Reported |
$ |
272.8 |
|
$ |
271.7 |
|
$ |
268.5 |
|
$ |
268.0 |
|
$ |
267.8 |
|
Less: CLO pay-off discount recognition |
|
- |
|
|
- |
|
|
(1.2 |
) |
|
(2.3 |
) |
|
- |
|
Add: CMO Retroactive premium amortization |
|
- |
|
|
- |
|
|
- |
|
|
1.1 |
|
|
- |
|
Add: CRE prepayment penalties |
|
- |
|
|
(0.5 |
) |
|
- |
|
|
- |
|
|
- |
|
Less: Early loan payoffs |
|
- |
|
|
- |
|
|
- |
|
|
(1.7 |
) |
|
- |
|
Less: Other miscellaneous items |
|
(0.6 |
) |
|
(0.5 |
) |
|
- |
|
|
- |
|
|
- |
|
Sub-Total |
|
(0.6 |
) |
|
(1.0 |
) |
|
(1.2 |
) |
|
(2.9 |
) |
|
- |
|
Normalized Net Interest Income |
$ |
272.2 |
|
$ |
270.7 |
|
$ |
267.3 |
|
$ |
265.1 |
|
$ |
267.8 |
|
All amounts in millions.
Net Interest Margin (Tax Equivalent) |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Quarter as Reported |
|
3.00 |
% |
|
2.98 |
% |
|
2.98 |
% |
|
3.02 |
% |
|
3.07 |
% |
Less: CLO pay-off discount recognition |
|
- |
|
|
- |
|
|
(0.01 |
)% |
|
(0.03 |
)% |
|
- |
|
Add: CMO Retroactive premium amortization |
|
- |
|
|
- |
|
|
- |
|
|
0.01 |
% |
|
- |
|
Add: CRE prepayment penalties |
|
- |
|
|
(0.01 |
)% |
|
- |
|
|
- |
|
|
- |
|
Less: Early loan payoffs |
|
- |
|
|
- |
|
|
- |
|
|
(0.02 |
%) |
|
- |
|
Less: Other miscellaneous items |
|
(0.01 |
)% |
|
(0.01 |
)% |
|
- |
|
|
- |
|
|
- |
|
Sub-Total |
|
(0.01 |
)% |
|
(0.02 |
)% |
|
(0.01 |
)% |
|
(0.03 |
)% |
|
- |
|
Normalized Net Interest Margin |
|
2.99 |
% |
|
2.96 |
% |
|
2.97 |
% |
|
2.99 |
% |
|
3.07 |
% |
Noninterest Income
First quarter 2016 noninterest income of $79 million decreased
12% or $10 million compared to the prior quarter.
- Deposit service charges decreased $1 million or 6% due to
typical first quarter seasonality.
- Merchant and card fees decreased $1 million driven by
seasonally lower interchange revenues consistent with lower card
transaction volumes.
- Wealth management revenue decreased $1 million from prior
quarter driven in part by equity market volatility.
- Capital markets income, which includes income from derivatives
and syndications, decreased $4 million, primarily driven by an
unfavorable quarter-over-quarter change in credit valuation
adjustments.
- Mortgage banking revenues were $1 million lower than the prior
quarter reflecting a $1 million repurchase reserve reversal
recognized in the fourth quarter of 2015. Locked volumes increased
QOQ, while gain-on-sale margin remained relatively flat.
- Other noninterest income decreased $2 million from the prior
quarter due to lower equity and investment gains as well as a
one-time gain from the sale of a low-income housing property
recognized in the prior quarter.
Noninterest Income |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Deposit service charges |
$ |
21.5 |
|
$ |
22.9 |
|
$ |
22.9 |
|
$ |
22.2 |
|
$ |
20.4 |
|
Insurance commissions |
|
14.6 |
|
|
14.9 |
|
|
18.3 |
|
|
17.1 |
|
|
15.7 |
|
Merchant and card fees |
|
12.3 |
|
|
13.3 |
|
|
13.4 |
|
|
13.3 |
|
|
11.9 |
|
Wealth management services |
|
13.6 |
|
|
14.6 |
|
|
14.6 |
|
|
15.7 |
|
|
14.7 |
|
Mortgage banking |
|
4.0 |
|
|
4.9 |
|
|
5.1 |
|
|
5.8 |
|
|
4.9 |
|
Capital markets income |
|
2.3 |
|
|
6.6 |
|
|
2.6 |
|
|
5.3 |
|
|
4.2 |
|
Lending and leasing |
|
4.1 |
|
|
4.2 |
|
|
4.5 |
|
|
4.0 |
|
|
4.4 |
|
Bank owned life insurance |
|
3.5 |
|
|
3.3 |
|
|
2.8 |
|
|
3.2 |
|
|
3.6 |
|
Other income |
|
3.2 |
|
|
4.7 |
|
|
(0.7 |
) |
|
0.1 |
|
|
2.6 |
|
Total noninterest income |
$ |
79.1 |
|
$ |
89.4 |
|
$ |
83.4 |
|
$ |
86.6 |
|
$ |
82.2 |
|
All amounts in millions.
Noninterest Expense
Operating noninterest expenses totaled $242 million in the first
quarter of 2016, or 2% lower than fourth quarter 2015 levels. The
quarter-over-quarter decrease was primarily driven by lower
technology and professional services expenses.
- Salaries and benefits expense of $115 million increased
modestly compared to the prior quarter as typical resetting of
payroll taxes and other seasonal benefits more than offset lower
salaries from lower headcount.
- Occupancy and equipment expense increased 2%, due primarily to
lower rental income associated with a property that was sold.
- Technology and communications decreased $3 million, or 7% from
prior quarter on lower infrastructure costs and depreciation
expense.
- Marketing and advertising spend were $1 million lower compared
to fourth quarter levels and consistent with seasonal
patterns.
- Professional services fees decreased $3 million from fourth
quarter levels driven by pause of certain projects and the
associated decline in third party services expenses.
- Other expenses decreased $1 million sequentially driven in part
by lower other real estate (ORE) valuation write-downs and other
corporate expenses.
Operating Noninterest Expense (Non-GAAP)* |
Q1 2016 |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Salaries and employee benefits |
$ |
115.0 |
|
$ |
113.1 |
|
$ |
113.8 |
|
$ |
113.6 |
|
$ |
112.0 |
|
Occupancy and equipment |
|
26.5 |
|
|
26.0 |
|
|
25.5 |
|
|
26.0 |
|
|
27.3 |
|
Technology and communications |
|
35.4 |
|
|
38.2 |
|
|
38.3 |
|
|
36.5 |
|
|
35.1 |
|
Marketing and advertising |
|
8.8 |
|
|
9.7 |
|
|
8.4 |
|
|
10.3 |
|
|
9.9 |
|
Professional services |
|
12.4 |
|
|
15.4 |
|
|
18.1 |
|
|
16.3 |
|
|
13.1 |
|
Amortization of intangibles |
|
3.9 |
|
|
4.0 |
|
|
4.0 |
|
|
5.1 |
|
|
6.2 |
|
Federal deposit insurance premiums |
|
10.5 |
|
|
10.4 |
|
|
10.0 |
|
|
11.8 |
|
|
11.2 |
|
Other expense |
|
29.4 |
|
|
30.7 |
|
|
27.3 |
|
|
28.4 |
|
|
28.9 |
|
Total operating noninterest expense |
$ |
241.9 |
|
$ |
247.4 |
|
$ |
245.4 |
|
$ |
247.9 |
|
$ |
243.5 |
|
*All amounts in millions. See appendix for reconciliation of
GAAP to Non-GAAP
amounts
In the first quarter of 2016, the operating efficiency ratio was
69.8%, compared to 69.5% 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 March 31, 2016, the company’s
consolidated Total Risk Based capital and Common Equity Tier 1
capital ratios were 12.1% and 8.6%, respectively, relatively
unchanged from December 31, 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, $30 billion in
deposits, and approximately 5,300 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
First |
|
Fourth |
Third |
Second |
First |
|
Fourth |
|
|
|
|
|
|
Quarter |
|
Quarter |
Quarter |
Quarter |
Quarter |
|
Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases |
|
$ |
219,050 |
|
|
$ |
214,945 |
|
$ |
211,407 |
|
$ |
211,899 |
|
$ |
210,371 |
|
|
$ |
214,609 |
|
|
|
Investment
securities and other |
|
|
89,759 |
|
|
|
88,825 |
|
|
87,914 |
|
|
86,356 |
|
|
86,280 |
|
|
|
86,919 |
|
|
|
|
Total interest income |
|
|
308,809 |
|
|
|
303,770 |
|
|
299,321 |
|
|
298,255 |
|
|
296,651 |
|
|
|
301,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
18,640 |
|
|
|
17,147 |
|
|
17,040 |
|
|
16,568 |
|
|
15,344 |
|
|
|
14,295 |
|
|
|
Borrowings |
|
|
22,578 |
|
|
|
20,074 |
|
|
18,790 |
|
|
18,577 |
|
|
18,363 |
|
|
|
17,450 |
|
|
|
|
Total interest expense |
|
|
41,218 |
|
|
|
37,221 |
|
|
35,830 |
|
|
35,145 |
|
|
33,707 |
|
|
|
31,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
267,591 |
|
|
|
266,549 |
|
|
263,491 |
|
|
263,110 |
|
|
262,944 |
|
|
|
269,783 |
|
|
Provision
for credit losses |
|
|
22,519 |
|
|
|
22,900 |
|
|
19,768 |
|
|
20,756 |
|
|
12,765 |
|
|
|
35,706 |
|
|
|
|
|
Net interest
income after provision |
|
|
245,072 |
|
|
|
243,649 |
|
|
243,723 |
|
|
242,354 |
|
|
250,179 |
|
|
|
234,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
service charges |
|
|
21,507 |
|
|
|
22,919 |
|
|
22,944 |
|
|
22,208 |
|
|
20,389 |
|
|
|
22,611 |
|
|
|
Insurance
commissions |
|
|
14,562 |
|
|
|
14,920 |
|
|
18,252 |
|
|
17,060 |
|
|
15,714 |
|
|
|
14,764 |
|
|
|
Merchant
and card fees |
|
|
12,329 |
|
|
|
13,318 |
|
|
13,423 |
|
|
13,317 |
|
|
11,907 |
|
|
|
13,043 |
|
|
|
Wealth
management services |
|
|
13,610 |
|
|
|
14,567 |
|
|
14,572 |
|
|
15,718 |
|
|
14,650 |
|
|
|
14,404 |
|
|
|
Mortgage
banking |
|
|
3,950 |
|
|
|
4,894 |
|
|
5,070 |
|
|
5,783 |
|
|
4,887 |
|
|
|
4,600 |
|
|
|
Capital
markets income |
|
|
2,323 |
|
|
|
6,580 |
|
|
2,608 |
|
|
5,284 |
|
|
4,152 |
|
|
|
8,312 |
|
|
|
Lending and
leasing |
|
|
4,051 |
|
|
|
4,248 |
|
|
4,487 |
|
|
3,998 |
|
|
4,353 |
|
|
|
4,567 |
|
|
|
Bank owned
life insurance |
|
|
3,540 |
|
|
|
3,259 |
|
|
2,819 |
|
|
3,160 |
|
|
3,592 |
|
|
|
3,187 |
|
|
|
Other
income |
|
|
3,196 |
|
|
|
4,696 |
|
|
(732 |
) |
|
79 |
|
|
2,600 |
|
|
|
(8,311 |
) |
|
|
|
Total noninterest income |
|
|
79,068 |
|
|
|
89,401 |
|
|
83,443 |
|
|
86,607 |
|
|
82,244 |
|
|
|
77,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
115,007 |
|
|
|
113,063 |
|
|
113,794 |
|
|
113,561 |
|
|
111,973 |
|
|
|
110,985 |
|
|
|
Occupancy
and equipment |
|
|
26,466 |
|
|
|
25,961 |
|
|
25,538 |
|
|
26,021 |
|
|
27,332 |
|
|
|
28,379 |
|
|
|
Technology
and communications |
|
|
35,419 |
|
|
|
38,232 |
|
|
38,301 |
|
|
36,486 |
|
|
35,061 |
|
|
|
33,940 |
|
|
|
Marketing
and advertising |
|
|
8,821 |
|
|
|
9,719 |
|
|
8,445 |
|
|
10,297 |
|
|
9,863 |
|
|
|
11,584 |
|
|
|
Professional services |
|
|
12,401 |
|
|
|
15,361 |
|
|
18,052 |
|
|
16,321 |
|
|
13,070 |
|
|
|
16,644 |
|
|
|
Amortization of intangibles |
|
|
3,860 |
|
|
|
3,972 |
|
|
4,001 |
|
|
5,092 |
|
|
6,205 |
|
|
|
6,432 |
|
|
|
Federal
deposit insurance premiums |
|
|
10,460 |
|
|
|
10,383 |
|
|
10,026 |
|
|
11,750 |
|
|
11,158 |
|
|
|
11,911 |
|
|
|
Merger and
acquisition integration expenses |
|
|
13,473 |
|
|
|
14,198 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
Restructuring charges |
|
|
- |
|
|
|
3,378 |
|
|
- |
|
|
- |
|
|
17,517 |
|
|
|
9,066 |
|
|
|
Deposit
account remediation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(23,000 |
) |
|
|
Other
expense |
|
|
29,445 |
|
|
|
30,728 |
|
|
27,276 |
|
|
28,371 |
|
|
28,859 |
|
|
|
28,371 |
|
|
|
|
Total noninterest expense |
|
|
255,352 |
|
|
|
264,995 |
|
|
245,433 |
|
|
247,899 |
|
|
261,038 |
|
|
|
234,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax |
|
|
68,788 |
|
|
|
68,055 |
|
|
81,733 |
|
|
81,062 |
|
|
71,385 |
|
|
|
76,942 |
|
|
Income tax
expense |
|
|
20,481 |
|
|
|
17,255 |
|
|
21,251 |
|
|
20,052 |
|
|
20,000 |
|
|
|
7,875 |
|
|
|
|
Net
income |
|
|
48,307 |
|
|
|
50,800 |
|
|
60,482 |
|
|
61,010 |
|
|
51,385 |
|
|
|
69,067 |
|
|
Preferred
stock dividend |
|
|
7,547 |
|
|
|
7,547 |
|
|
7,547 |
|
|
7,547 |
|
|
7,547 |
|
|
|
7,547 |
|
|
|
|
Net income available to common
stockholders |
|
$ |
40,760 |
|
|
$ |
43,253 |
|
$ |
52,935 |
|
$ |
53,463 |
|
$ |
43,838 |
|
|
$ |
61,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per basic share |
|
$ |
0.11 |
|
|
$ |
0.12 |
|
$ |
0.15 |
|
$ |
0.15 |
|
|
0.12 |
|
|
|
0.17 |
|
|
Earnings
per diluted share |
|
$ |
0.11 |
|
|
$ |
0.12 |
|
$ |
0.15 |
|
$ |
0.15 |
|
|
0.12 |
|
|
|
0.17 |
|
|
Weighted
average shares outstanding - basic(1) |
|
|
351,372 |
|
|
|
351,306 |
|
|
351,293 |
|
|
351,126 |
|
|
350,741 |
|
|
|
350,444 |
|
|
Weighted
average shares outstanding - diluted(1) |
|
|
353,965 |
|
|
|
353,797 |
|
|
353,248 |
|
|
352,791 |
|
|
352,621 |
|
|
|
352,152 |
|
|
Net
revenue(2) |
|
$ |
346,659 |
|
|
$ |
355,950 |
|
$ |
346,934 |
|
$ |
349,717 |
|
$ |
345,188 |
|
|
$ |
346,960 |
|
|
Noninterest
income as a percentage of net revenue(2) |
|
22.81 |
% |
|
|
25.12 |
% |
|
24.05 |
% |
|
24.76 |
% |
|
23.83 |
% |
|
|
22.24 |
% |
|
Pre-tax,
pre-provision income(3) |
|
$ |
91,307 |
|
|
$ |
90,955 |
|
$ |
101,501 |
|
$ |
101,818 |
|
$ |
84,150 |
|
|
$ |
112,648 |
|
|
Pre-tax,
pre-provision income per diluted share(3) |
|
$ |
0.26 |
|
|
$ |
0.26 |
|
$ |
0.29 |
|
$ |
0.29 |
|
$ |
0.24 |
|
|
$ |
0.32 |
|
|
Pre-tax,
pre-provision return on average assets(3) |
|
|
0.92 |
% |
|
|
0.91 |
% |
|
1.03 |
% |
|
1.05 |
% |
|
0.88 |
% |
|
|
1.17 |
% |
|
Net
interest margin(4) |
|
|
3.00 |
% |
|
|
2.98 |
% |
|
2.98 |
% |
|
3.02 |
% |
|
3.07 |
% |
|
|
3.11 |
% |
|
Interest
yield on average loans(4) |
|
|
3.73 |
% |
|
|
3.65 |
% |
|
3.64 |
% |
|
3.73 |
% |
|
3.75 |
% |
|
|
3.78 |
% |
|
Rate paid
on interest-bearing liabilities |
|
|
0.56 |
% |
|
|
0.51 |
% |
|
0.50 |
% |
|
0.49 |
% |
|
0.48 |
% |
|
|
0.45 |
% |
|
Efficiency
ratio |
|
|
73.7 |
% |
|
|
74.4 |
% |
|
70.7 |
% |
|
70.9 |
% |
|
75.6 |
% |
|
|
67.5 |
% |
|
Expenses as
a percentage of average loans and deposits |
|
1.9 |
% |
|
|
2.0 |
% |
|
1.9 |
% |
|
1.9 |
% |
|
2.1 |
% |
|
|
1.8 |
% |
|
Effective
tax rate |
|
|
29.8 |
% |
|
|
25.4 |
% |
|
26.0 |
% |
|
24.7 |
% |
|
28.0 |
% |
|
|
10.2 |
% |
|
Return on
average assets(5) |
|
|
0.49 |
% |
|
|
0.51 |
% |
|
0.61 |
% |
|
0.63 |
% |
|
0.54 |
% |
|
|
0.72 |
% |
|
Return on
average equity(5) |
|
|
4.68 |
% |
|
|
4.85 |
% |
|
5.78 |
% |
|
5.90 |
% |
|
5.05 |
% |
|
|
6.62 |
% |
|
Return on
average tangible equity(3)(5) |
|
|
7.04 |
% |
|
|
7.32 |
% |
|
8.73 |
% |
|
8.94 |
% |
|
7.68 |
% |
|
|
10.07 |
% |
|
Return on
average common equity |
|
|
4.30 |
% |
|
|
4.50 |
% |
|
5.51 |
% |
|
5.63 |
% |
|
4.69 |
% |
|
|
6.42 |
% |
|
Return on
average tangible common equity(3) |
|
|
6.77 |
% |
|
|
7.10 |
% |
|
8.72 |
% |
|
8.94 |
% |
|
7.48 |
% |
|
|
10.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
3 |
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
March 31, |
|
December 31, |
September 30, |
June 30, |
March 31, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
382,539 |
|
|
$ |
672,243 |
|
$ |
420,289 |
|
$ |
527,323 |
|
$ |
387,676 |
|
|
$ |
420,033 |
|
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
Available
for sale |
|
|
5,439,220 |
|
|
|
5,471,291 |
|
|
5,725,608 |
|
|
5,750,860 |
|
|
5,911,419 |
|
|
|
5,915,338 |
|
|
Held to
maturity |
|
|
6,720,817 |
|
|
|
6,387,689 |
|
|
6,280,049 |
|
|
6,169,838 |
|
|
6,214,561 |
|
|
|
5,941,621 |
|
|
FHLB and
FRB common stock |
|
|
375,960 |
|
|
|
410,452 |
|
|
373,066 |
|
|
379,135 |
|
|
375,090 |
|
|
|
411,857 |
|
|
|
Total
investment securities |
|
|
12,535,997 |
|
|
|
12,269,432 |
|
|
12,378,723 |
|
|
12,299,833 |
|
|
12,501,070 |
|
|
|
12,268,816 |
|
Loans held
for sale |
|
|
26,592 |
|
|
|
46,096 |
|
|
51,056 |
|
|
59,816 |
|
|
48,755 |
|
|
|
39,825 |
|
Loans and
leases: |
|
|
|
|
|
|
|
|
|
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
Real
estate |
|
|
8,625,965 |
|
|
|
8,652,255 |
|
|
8,365,808 |
|
|
8,312,332 |
|
|
8,287,108 |
|
|
|
8,204,027 |
|
|
|
Business |
|
|
6,174,753 |
|
|
|
6,013,217 |
|
|
6,031,358 |
|
|
5,923,524 |
|
|
5,790,980 |
|
|
|
5,775,413 |
|
|
|
|
Total commercial
loans |
|
|
14,800,718 |
|
|
|
14,665,472 |
|
|
14,397,166 |
|
|
14,235,856 |
|
|
14,078,088 |
|
|
|
13,979,440 |
|
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
Residential
real estate |
|
|
3,330,533 |
|
|
|
3,354,639 |
|
|
3,345,701 |
|
|
3,329,799 |
|
|
3,330,216 |
|
|
|
3,353,081 |
|
|
|
Home
equity |
|
|
3,057,154 |
|
|
|
3,068,962 |
|
|
3,032,618 |
|
|
2,984,872 |
|
|
2,943,844 |
|
|
|
2,936,123 |
|
|
|
Indirect
auto |
|
|
2,464,318 |
|
|
|
2,393,105 |
|
|
2,330,826 |
|
|
2,256,004 |
|
|
2,200,913 |
|
|
|
2,166,320 |
|
|
|
Credit
cards |
|
|
288,747 |
|
|
|
310,813 |
|
|
305,779 |
|
|
304,682 |
|
|
301,228 |
|
|
|
324,113 |
|
|
|
Other
consumer |
|
|
236,911 |
|
|
|
244,935 |
|
|
254,109 |
|
|
257,204 |
|
|
263,985 |
|
|
|
278,305 |
|
|
|
|
Total consumer
loans |
|
|
9,377,663 |
|
|
|
9,372,454 |
|
|
9,269,033 |
|
|
9,132,561 |
|
|
9,040,186 |
|
|
|
9,057,942 |
|
|
|
Total loans
and leases |
|
|
24,178,381 |
|
|
|
24,037,926 |
|
|
23,666,199 |
|
|
23,368,417 |
|
|
23,118,274 |
|
|
|
23,037,382 |
|
|
Allowance
for loan losses |
|
|
252,800 |
|
|
|
242,036 |
|
|
238,700 |
|
|
235,600 |
|
|
231,138 |
|
|
|
234,251 |
|
|
|
|
Loans and leases,
net |
|
|
23,925,581 |
|
|
|
23,795,890 |
|
|
23,427,499 |
|
|
23,132,817 |
|
|
22,887,136 |
|
|
|
22,803,131 |
|
Bank owned
life insurance |
|
|
439,084 |
|
|
|
436,709 |
|
|
434,263 |
|
|
431,335 |
|
|
428,454 |
|
|
|
426,192 |
|
Goodwill
and other intangibles |
|
|
1,392,367 |
|
|
|
1,396,227 |
|
|
1,400,199 |
|
|
1,404,201 |
|
|
1,410,800 |
|
|
|
1,417,005 |
|
Other
assets |
|
|
1,370,275 |
|
|
|
1,301,789 |
|
|
1,301,152 |
|
|
1,208,218 |
|
|
1,243,588 |
|
|
|
1,176,036 |
|
Total
assets |
|
$ |
40,072,435 |
|
|
$ |
39,918,386 |
|
$ |
39,413,181 |
|
$ |
39,063,543 |
|
$ |
38,907,479 |
|
|
$ |
38,551,038 |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Savings
accounts |
|
$ |
3,428,924 |
|
|
$ |
3,389,728 |
|
$ |
3,359,320 |
|
$ |
3,483,777 |
|
$ |
3,488,441 |
|
|
$ |
3,451,616 |
|
|
Interest-bearing checking |
|
|
5,553,928 |
|
|
|
5,478,947 |
|
|
5,285,987 |
|
|
5,088,856 |
|
|
5,158,264 |
|
|
|
5,084,456 |
|
|
Money
market deposits |
|
|
10,884,350 |
|
|
|
10,653,792 |
|
|
10,483,721 |
|
|
10,303,873 |
|
|
10,368,358 |
|
|
|
9,962,220 |
|
|
Noninterest-bearing deposits |
|
|
5,739,509 |
|
|
|
5,834,534 |
|
|
5,813,571 |
|
|
5,549,944 |
|
|
5,500,484 |
|
|
|
5,407,382 |
|
|
Certificates of deposit |
|
|
3,954,033 |
|
|
|
3,343,878 |
|
|
3,873,521 |
|
|
4,020,367 |
|
|
3,734,226 |
|
|
|
3,875,563 |
|
|
|
|
Total deposits |
|
|
29,560,744 |
|
|
|
28,700,879 |
|
|
28,816,120 |
|
|
28,446,817 |
|
|
28,249,773 |
|
|
|
27,781,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
|
3,255,890 |
|
|
|
4,348,586 |
|
|
4,086,415 |
|
|
4,275,886 |
|
|
4,739,264 |
|
|
|
5,471,974 |
|
Long-term
borrowings |
|
|
2,608,014 |
|
|
|
2,308,101 |
|
|
1,783,402 |
|
|
1,683,476 |
|
|
1,233,550 |
|
|
|
733,620 |
|
Other
liabilities |
|
|
498,084 |
|
|
|
434,492 |
|
|
587,867 |
|
|
536,239 |
|
|
559,646 |
|
|
|
471,449 |
|
|
Total
liabilities |
|
|
35,922,732 |
|
|
|
35,792,058 |
|
|
35,273,804 |
|
|
34,942,418 |
|
|
34,782,233 |
|
|
|
34,458,280 |
|
Preferred
stockholders' equity |
|
|
338,002 |
|
|
|
338,002 |
|
|
338,002 |
|
|
338,002 |
|
|
338,002 |
|
|
|
338,002 |
|
Common
stockholders' equity |
|
|
3,811,701 |
|
|
|
3,788,326 |
|
|
3,801,375 |
|
|
3,783,123 |
|
|
3,787,244 |
|
|
|
3,754,756 |
|
|
Total
stockholders' equity |
|
|
4,149,703 |
|
|
|
4,126,328 |
|
|
4,139,377 |
|
|
4,121,125 |
|
|
4,125,246 |
|
|
|
4,092,758 |
|
Total
liabilities and stockholders' equity |
|
$ |
40,072,435 |
|
|
$ |
39,918,386 |
|
$ |
39,413,181 |
|
$ |
39,063,543 |
|
$ |
38,907,479 |
|
|
$ |
38,551,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected balance sheet information: |
|
|
|
|
|
|
|
|
|
Total
interest-earning assets(1) |
|
$ |
36,789,339 |
|
|
$ |
36,677,134 |
|
$ |
36,099,580 |
|
$ |
35,813,498 |
|
$ |
35,594,208 |
|
|
$ |
35,310,447 |
|
Total
interest-bearing liabilities |
|
|
29,685,139 |
|
|
|
29,523,032 |
|
|
28,872,365 |
|
|
28,856,235 |
|
|
28,722,103 |
|
|
|
28,579,449 |
|
Net
interest-earning assets |
|
$ |
7,104,200 |
|
|
$ |
7,154,102 |
|
$ |
7,227,215 |
|
$ |
6,957,263 |
|
$ |
6,872,105 |
|
|
$ |
6,730,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
common equity(1)(2) |
|
$ |
2,419,334 |
|
|
$ |
2,392,099 |
|
$ |
2,401,176 |
|
$ |
2,378,922 |
|
$ |
2,376,444 |
|
|
$ |
2,337,751 |
|
Unrealized
gain (loss) on available for sale securities, net of tax(3) |
|
1,246 |
|
|
|
(9,577 |
) |
|
29,877 |
|
|
37,464 |
|
|
68,194 |
|
|
|
52,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core
deposits |
|
$ |
25,606,711 |
|
|
$ |
25,357,001 |
|
$ |
24,942,599 |
|
$ |
24,426,450 |
|
$ |
24,515,547 |
|
|
$ |
23,905,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
loans(4) |
|
$ |
21,361,753 |
|
|
$ |
21,101,040 |
|
$ |
20,591,532 |
|
$ |
19,929,719 |
|
$ |
19,528,609 |
|
|
$ |
19,295,553 |
|
Acquired
loans(5) |
|
|
2,873,372 |
|
|
|
2,998,530 |
|
|
3,138,568 |
|
|
3,517,525 |
|
|
3,681,354 |
|
|
|
3,834,931 |
|
Credit
related discount on acquired loans(6) |
|
|
(56,744 |
) |
|
|
(61,644 |
) |
|
(63,901 |
) |
|
(78,827 |
) |
|
(91,689 |
) |
|
|
(93,102 |
) |
|
Total
Loans |
|
$ |
24,178,381 |
|
|
$ |
24,037,926 |
|
$ |
23,666,199 |
|
$ |
23,368,417 |
|
$ |
23,118,274 |
|
|
$ |
23,037,382 |
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
March 31, 2016 |
December 31, 2015 |
March 31, 2015 |
|
|
|
|
|
|
Average |
Interest(1) |
Yields |
Average |
Interest(1) |
Yields |
Average |
Interest(1) |
Yields |
|
|
|
|
|
|
Balances |
|
and Rates(1) |
Balances |
|
and Rates(1) |
Balances |
|
and Rates(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
$ |
8,625 |
|
$ |
79 |
|
|
3.61 |
% |
$ |
8,476 |
|
$ |
77 |
|
|
3.57 |
% |
$ |
8,263 |
|
$ |
74 |
|
|
3.60 |
% |
|
|
|
Business |
|
|
6,062 |
|
|
52 |
|
|
3.42 |
|
|
5,971 |
|
|
50 |
|
|
3.28 |
|
|
5,797 |
|
|
50 |
|
|
3.43 |
|
|
|
|
Total commercial loans |
|
|
14,687 |
|
|
131 |
|
|
3.53 |
|
|
14,447 |
|
|
127 |
|
|
3.45 |
|
|
14,060 |
|
|
124 |
|
|
3.53 |
|
|
|
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
|
3,346 |
|
|
31 |
|
|
3.65 |
|
|
3,346 |
|
|
31 |
|
|
3.65 |
|
|
3,338 |
|
|
32 |
|
|
3.78 |
|
|
|
|
Home equity |
|
|
3,066 |
|
|
30 |
|
|
3.93 |
|
|
3,052 |
|
|
29 |
|
|
3.80 |
|
|
2,939 |
|
|
28 |
|
|
3.91 |
|
|
|
|
Indirect auto |
|
|
2,420 |
|
|
18 |
|
|
2.91 |
|
|
2,369 |
|
|
17 |
|
|
2.90 |
|
|
2,187 |
|
|
15 |
|
|
2.79 |
|
|
|
|
Credit cards |
|
|
297 |
|
|
9 |
|
|
11.80 |
|
|
305 |
|
|
9 |
|
|
11.45 |
|
|
311 |
|
|
9 |
|
|
11.74 |
|
|
|
|
Other consumer |
|
|
242 |
|
|
4 |
|
|
8.57 |
|
|
250 |
|
|
5 |
|
|
8.50 |
|
|
275 |
|
|
6 |
|
|
8.49 |
|
|
|
|
Total consumer loans |
|
|
9,371 |
|
|
92 |
|
|
3.94 |
|
|
9,322 |
|
|
91 |
|
|
3.88 |
|
|
9,050 |
|
|
90 |
|
|
4.02 |
|
|
|
|
|
Total loans and
leases |
|
|
24,058 |
|
|
223 |
|
|
3.73 |
|
|
23,769 |
|
|
218 |
|
|
3.65 |
|
|
23,110 |
|
|
214 |
|
|
3.75 |
|
|
|
|
Residential MBS |
|
|
7,864 |
|
|
48 |
|
|
2.43 |
|
|
7,705 |
|
|
47 |
|
|
2.44 |
|
|
7,180 |
|
|
45 |
|
|
2.49 |
|
|
|
|
Commercial MBS |
|
|
997 |
|
|
12 |
|
|
4.68 |
|
|
1,126 |
|
|
12 |
|
|
4.31 |
|
|
1,404 |
|
|
11 |
|
|
3.26 |
|
|
|
|
Other investment securities (3) |
|
|
3,513 |
|
|
30 |
|
|
3.53 |
|
|
3,540 |
|
|
31 |
|
|
3.47 |
|
|
3,554 |
|
|
31 |
|
|
3.52 |
|
|
|
|
|
Total securities, at
amortized cost |
|
|
12,374 |
|
|
90 |
|
|
2.92 |
|
|
12,371 |
|
|
90 |
|
|
2.90 |
|
|
12,138 |
|
|
87 |
|
|
2.88 |
|
|
|
|
Money market and other investments |
|
|
205 |
|
|
1 |
|
|
1.37 |
|
|
88 |
|
|
1 |
|
|
2.29 |
|
|
158 |
|
|
- |
|
|
1.01 |
|
|
|
|
Total interest-earning assets |
|
|
36,637 |
|
$ |
314 |
|
|
3.45 |
% |
|
36,228 |
|
$ |
309 |
|
|
3.38 |
% |
|
35,406 |
|
$ |
302 |
|
|
3.45 |
% |
|
|
|
Goodwill and other intangibles |
|
|
1,394 |
|
|
|
|
1,398 |
|
|
|
|
1,414 |
|
|
|
|
|
|
Other noninterest-earning assets |
|
|
1,929 |
|
|
|
|
1,951 |
|
|
|
|
1,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
39,960 |
|
|
|
$ |
39,577 |
|
|
|
$ |
38,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
3,371 |
|
$ |
1 |
|
|
0.09 |
% |
$ |
3,364 |
|
$ |
1 |
|
|
0.09 |
% |
$ |
3,432 |
|
$ |
- |
|
|
0.08 |
% |
|
|
|
Interest-bearing checking |
|
|
5,362 |
|
|
- |
|
|
0.03 |
|
|
5,333 |
|
|
- |
|
|
0.03 |
|
|
5,001 |
|
|
- |
|
|
0.03 |
|
|
|
|
Money market deposits |
|
|
10,725 |
|
|
9 |
|
|
0.32 |
|
|
10,719 |
|
|
8 |
|
|
0.30 |
|
|
10,132 |
|
|
7 |
|
|
0.26 |
|
|
|
|
Certificates of deposit |
|
|
3,726 |
|
|
9 |
|
|
0.97 |
|
|
3,515 |
|
|
8 |
|
|
0.89 |
|
|
3,778 |
|
|
8 |
|
|
0.84 |
|
|
|
|
Total interest bearing deposits |
|
|
23,184 |
|
|
19 |
|
|
0.32 |
% |
|
22,931 |
|
|
17 |
|
|
0.30 |
% |
|
22,343 |
|
|
15 |
|
|
0.28 |
% |
|
|
|
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
3,815 |
|
|
7 |
|
|
0.72 |
% |
|
4,014 |
|
|
6 |
|
|
0.56 |
% |
|
5,125 |
|
|
6 |
|
|
0.46 |
% |
|
|
|
Long-term borrowings |
|
|
2,416 |
|
|
15 |
|
|
2.62 |
|
|
1,971 |
|
|
14 |
|
|
2.89 |
|
|
1,027 |
|
|
13 |
|
|
4.98 |
|
|
|
|
Total borrowings |
|
|
6,231 |
|
|
22 |
|
|
1.46 |
|
|
5,985 |
|
|
20 |
|
|
1.33 |
|
|
6,152 |
|
|
19 |
|
|
1.21 |
|
|
|
|
Total interest-bearing liabilities |
|
|
29,415 |
|
$ |
41 |
|
|
0.56 |
% |
|
28,916 |
|
$ |
37 |
|
|
0.51 |
% |
|
28,495 |
|
$ |
34 |
|
|
0.48 |
% |
|
|
|
Noninterest-bearing deposits |
|
|
5,666 |
|
|
|
|
5,868 |
|
|
|
|
5,430 |
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
|
725 |
|
|
|
|
640 |
|
|
|
|
654 |
|
|
|
|
|
|
Total liabilities |
|
|
35,806 |
|
|
|
|
35,424 |
|
|
|
|
34,579 |
|
|
|
|
|
|
Total stockholders' equity |
|
|
4,154 |
|
|
|
|
4,153 |
|
|
|
|
4,128 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
39,960 |
|
|
|
$ |
39,577 |
|
|
|
$ |
38,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (FTE) |
|
|
$ |
273 |
|
|
|
$ |
272 |
|
|
|
$ |
268 |
|
|
|
|
|
Taxable Equivalent Adjustment(1) |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
core deposits |
|
$ |
25,124 |
|
$ |
10 |
|
|
0.15 |
% |
$ |
25,284 |
|
$ |
9 |
|
|
0.15 |
% |
$ |
23,995 |
|
$ |
7 |
|
|
0.13 |
% |
|
|
|
Total
transactional deposits |
|
|
11,028 |
|
|
- |
|
|
0.02 |
% |
|
11,201 |
|
|
- |
|
|
0.02 |
% |
|
10,431 |
|
|
- |
|
|
0.01 |
% |
|
|
|
Total
deposits |
|
|
28,850 |
|
|
19 |
|
|
0.26 |
% |
|
28,799 |
|
|
17 |
|
|
0.24 |
% |
|
27,773 |
|
|
15 |
|
|
0.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent net interest rate spread |
|
|
|
|
2.89 |
% |
|
|
|
2.87 |
% |
|
|
|
2.97 |
% |
|
|
|
Tax equivalent net interest rate margin |
|
|
|
|
3.00 |
% |
|
|
|
2.98 |
% |
|
|
|
3.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
First |
|
Fourth |
Third |
Second |
First |
|
Fourth |
|
|
|
|
|
|
|
Quarter |
|
Quarter |
Quarter |
Quarter |
Quarter |
|
Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
balance |
|
$ |
242,036 |
|
|
$ |
238,700 |
|
$ |
235,600 |
|
$ |
231,138 |
|
$ |
234,251 |
|
|
$ |
222,753 |
|
|
Net loan
(charge-offs) recoveries: |
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate |
|
$ |
(254 |
) |
|
$ |
(1,476 |
) |
$ |
(2,686 |
) |
$ |
(5,525 |
) |
$ |
(5,825 |
) |
|
$ |
(2,008 |
) |
|
|
Commercial
business |
|
|
(3,903 |
) |
|
|
(10,441 |
) |
|
(6,286 |
) |
|
(3,513 |
) |
|
(4,178 |
) |
|
|
(12,650 |
) |
|
|
Residential
real estate |
|
|
(135 |
) |
|
|
(94 |
) |
|
(230 |
) |
|
(197 |
) |
|
(266 |
) |
|
|
(476 |
) |
|
|
Home
equity |
|
|
(995 |
) |
|
|
(723 |
) |
|
(1,056 |
) |
|
(1,367 |
) |
|
(1,526 |
) |
|
|
(1,406 |
) |
|
|
Indirect
auto |
|
|
(2,030 |
) |
|
|
(2,122 |
) |
|
(1,743 |
) |
|
(1,342 |
) |
|
(1,226 |
) |
|
|
(2,241 |
) |
|
|
Credit
cards |
|
|
(2,654 |
) |
|
|
(2,450 |
) |
|
(2,215 |
) |
|
(2,522 |
) |
|
(2,450 |
) |
|
|
(2,464 |
) |
|
|
Other
consumer |
|
|
(1,784 |
) |
|
|
(1,758 |
) |
|
(1,952 |
) |
|
(1,528 |
) |
|
(1,807 |
) |
|
|
(1,457 |
) |
|
|
|
|
|
Total net loan
charge-offs |
|
$ |
(11,755 |
) |
|
$ |
(19,064 |
) |
$ |
(16,168 |
) |
$ |
(15,994 |
) |
$ |
(17,278 |
) |
|
$ |
(22,702 |
) |
|
Provision
for loan losses |
|
|
22,519 |
|
|
|
22,400 |
|
|
19,268 |
|
|
20,456 |
|
|
14,165 |
|
|
|
34,200 |
|
|
|
|
Ending
balance |
|
$ |
252,800 |
|
|
$ |
242,036 |
|
$ |
238,700 |
|
$ |
235,600 |
|
$ |
231,138 |
|
|
$ |
234,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental information |
|
|
|
|
|
|
|
|
|
|
Allowance
to loans |
|
|
1.05 |
% |
|
|
1.01 |
% |
|
1.01 |
% |
|
1.01 |
% |
|
1.00 |
% |
|
|
1.02 |
% |
|
Allowance
for originated loans to originated loans(1) |
|
|
1.16 |
% |
|
|
1.12 |
% |
|
1.13 |
% |
|
1.15 |
% |
|
1.15 |
% |
|
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) to average loans (annualized) |
|
|
|
|
|
|
|
|
|
|
Commercial
real estate |
|
|
0.01 |
% |
|
|
0.07 |
% |
|
0.13 |
% |
|
0.27 |
% |
|
0.29 |
% |
|
|
0.10 |
% |
|
|
Commercial
business |
|
|
0.26 |
% |
|
|
0.70 |
% |
|
0.42 |
% |
|
0.24 |
% |
|
0.29 |
% |
|
|
0.87 |
% |
|
|
|
Total
commercial loans |
|
|
0.11 |
% |
|
|
0.33 |
% |
|
0.25 |
% |
|
0.26 |
% |
|
0.28 |
% |
|
|
0.42 |
% |
|
|
Residential
real estate |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
0.03 |
% |
|
0.02 |
% |
|
0.03 |
% |
|
|
0.06 |
% |
|
|
Home
equity |
|
|
0.13 |
% |
|
|
0.09 |
% |
|
0.14 |
% |
|
0.18 |
% |
|
0.21 |
% |
|
|
0.19 |
% |
|
|
Indirect
auto |
|
|
0.34 |
% |
|
|
0.36 |
% |
|
0.30 |
% |
|
0.24 |
% |
|
0.22 |
% |
|
|
0.42 |
% |
|
|
Credit
cards |
|
|
3.57 |
% |
|
|
3.21 |
% |
|
2.90 |
% |
|
3.32 |
% |
|
3.16 |
% |
|
|
3.13 |
% |
|
|
Other
consumer |
|
|
2.95 |
% |
|
|
2.81 |
% |
|
3.06 |
% |
|
2.35 |
% |
|
2.63 |
% |
|
|
2.06 |
% |
|
|
|
Total
consumer loans |
|
|
0.33 |
% |
|
|
0.31 |
% |
|
0.32 |
% |
|
0.31 |
% |
|
0.33 |
% |
|
|
0.36 |
% |
|
|
Total
loans |
|
|
0.20 |
% |
|
|
0.32 |
% |
|
0.28 |
% |
|
0.28 |
% |
|
0.30 |
% |
|
|
0.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) of originated loans to average originated
loans (annualized)(1) |
|
|
|
|
|
|
|
Commercial
real estate |
|
|
0.00 |
% |
|
|
0.08 |
% |
|
0.14 |
% |
|
0.31 |
% |
|
0.24 |
% |
|
|
0.06 |
% |
|
|
Commercial
business |
|
|
0.26 |
% |
|
|
0.72 |
% |
|
0.44 |
% |
|
0.25 |
% |
|
0.31 |
% |
|
|
0.93 |
% |
|
|
|
Total
commercial loans |
|
|
0.11 |
% |
|
|
0.36 |
% |
|
0.27 |
% |
|
0.28 |
% |
|
0.27 |
% |
|
|
0.44 |
% |
|
|
Residential
real estate |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
0.04 |
% |
|
0.04 |
% |
|
0.05 |
% |
|
|
0.09 |
% |
|
|
Home
equity |
|
|
0.16 |
% |
|
|
0.14 |
% |
|
0.14 |
% |
|
0.17 |
% |
|
0.16 |
% |
|
|
0.15 |
% |
|
|
Indirect
auto |
|
|
0.34 |
% |
|
|
0.36 |
% |
|
0.30 |
% |
|
0.24 |
% |
|
0.22 |
% |
|
|
0.42 |
% |
|
|
Credit
cards |
|
|
3.57 |
% |
|
|
3.21 |
% |
|
2.90 |
% |
|
3.32 |
% |
|
3.16 |
% |
|
|
3.13 |
% |
|
|
Other
consumer |
|
|
2.95 |
% |
|
|
2.81 |
% |
|
3.06 |
% |
|
2.35 |
% |
|
2.63 |
% |
|
|
2.06 |
% |
|
|
|
Total
consumer loans |
|
|
0.40 |
% |
|
|
0.39 |
% |
|
0.38 |
% |
|
0.37 |
% |
|
0.38 |
% |
|
|
0.44 |
% |
|
|
Total
loans |
|
|
0.22 |
% |
|
|
0.37 |
% |
|
0.31 |
% |
|
0.31 |
% |
|
0.31 |
% |
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans: |
|
|
|
|
|
|
|
|
|
|
|
Originated(1): |
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate |
|
$ |
37,087 |
|
|
$ |
44,438 |
|
$ |
54,699 |
|
$ |
60,021 |
|
$ |
65,655 |
|
|
$ |
53,164 |
|
|
|
Commercial
business |
|
|
71,999 |
|
|
|
56,382 |
|
|
45,389 |
|
|
42,979 |
|
|
54,506 |
|
|
|
45,201 |
|
|
|
Residential
real estate |
|
|
30,234 |
|
|
|
31,513 |
|
|
32,455 |
|
|
32,877 |
|
|
32,791 |
|
|
|
33,652 |
|
|
|
Home
equity |
|
|
35,701 |
|
|
|
35,561 |
|
|
34,191 |
|
|
27,092 |
|
|
26,163 |
|
|
|
23,749 |
|
|
|
Indirect
auto |
|
|
16,536 |
|
|
|
15,131 |
|
|
13,795 |
|
|
13,066 |
|
|
13,399 |
|
|
|
12,616 |
|
|
|
Other
consumer |
|
|
5,093 |
|
|
|
5,201 |
|
|
5,047 |
|
|
4,917 |
|
|
5,065 |
|
|
|
5,140 |
|
|
|
|
Total
originated nonperforming loans |
|
|
196,650 |
|
|
|
188,226 |
|
|
185,576 |
|
|
180,952 |
|
|
197,579 |
|
|
|
173,522 |
|
|
|
|
Total
acquired nonperforming loans(2) |
|
|
24,874 |
|
|
|
25,335 |
|
|
25,365 |
|
|
26,553 |
|
|
30,236 |
|
|
|
30,223 |
|
|
|
|
|
Total
nonperforming loans |
|
|
221,524 |
|
|
|
213,561 |
|
|
210,941 |
|
|
207,505 |
|
|
227,815 |
|
|
|
203,745 |
|
|
|
Real estate
owned |
|
|
16,457 |
|
|
|
16,063 |
|
|
18,359 |
|
|
17,397 |
|
|
19,128 |
|
|
|
20,541 |
|
|
|
|
Total
nonperforming assets(3) |
|
$ |
237,981 |
|
|
$ |
229,624 |
|
$ |
229,300 |
|
$ |
224,902 |
|
$ |
246,943 |
|
|
$ |
224,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing
troubled debt restructurings (TDR) |
|
$ |
63,659 |
|
|
$ |
62,630 |
|
$ |
60,941 |
|
$ |
64,643 |
|
$ |
64,401 |
|
|
$ |
67,102 |
|
|
Loans 90
days past due still accruing(4) |
|
|
57,259 |
|
|
|
67,718 |
|
|
69,879 |
|
|
78,279 |
|
|
87,213 |
|
|
|
93,903 |
|
|
Total
classified loans(5) |
|
|
601,539 |
|
|
|
602,912 |
|
|
591,771 |
|
|
592,148 |
|
|
615,518 |
|
|
|
609,316 |
|
|
Total
criticized loans(6) |
|
$ |
954,480 |
|
|
$ |
944,779 |
|
$ |
858,243 |
|
$ |
938,951 |
|
$ |
990,656 |
|
|
$ |
1,041,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming loans to loans |
|
|
0.92 |
% |
|
|
0.89 |
% |
|
0.89 |
% |
|
0.89 |
% |
|
0.99 |
% |
|
|
0.88 |
% |
|
Total
nonperforming originated loans to originated loans(1) |
|
0.92 |
% |
|
|
0.89 |
% |
|
0.90 |
% |
|
0.91 |
% |
|
1.01 |
% |
|
|
0.90 |
% |
|
Total
nonperforming assets to loans and real estate owned |
|
0.98 |
% |
|
|
0.95 |
% |
|
0.97 |
% |
|
0.96 |
% |
|
1.07 |
% |
|
|
0.97 |
% |
|
Total
nonperforming assets to assets |
|
|
0.59 |
% |
|
|
0.58 |
% |
|
0.58 |
% |
|
0.58 |
% |
|
0.63 |
% |
|
|
0.58 |
% |
|
Allowance
to nonperforming loans |
|
|
114.1 |
% |
|
|
113.3 |
% |
|
113.2 |
% |
|
113.5 |
% |
|
101.5 |
% |
|
|
115.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
loans(1) |
|
$ |
21,361,753 |
|
|
$ |
21,101,040 |
|
$ |
20,591,532 |
|
$ |
19,929,719 |
|
$ |
19,528,609 |
|
|
$ |
19,295,553 |
|
|
Acquired
loans(7) |
|
|
2,873,372 |
|
|
|
2,998,530 |
|
|
3,138,568 |
|
|
3,517,525 |
|
|
3,681,354 |
|
|
|
3,834,931 |
|
|
Credit
related discount on acquired loans(8) |
|
|
(56,744 |
) |
|
|
(61,644 |
) |
|
(63,901 |
) |
|
(78,827 |
) |
|
(91,689 |
) |
|
|
(93,102 |
) |
|
|
Total
Loans |
|
$ |
24,178,381 |
|
|
$ |
24,037,926 |
|
$ |
23,666,199 |
|
$ |
23,368,417 |
|
$ |
23,118,274 |
|
|
$ |
23,037,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Originated loans represent total loans
excluding acquired loans. |
|
(2) Nonperforming acquired loans include
certain lines of credit that are considered nonaccruing. |
|
(3) Does not include a $5.5 million
nonperforming loan that was classified as held for sale at March
31, 2015, which was sold and for which we received the proceeds on
April 2, 2015. |
|
(4) Includes acquired loans that were
originally recorded at fair value upon acquisition, credit card
loans, and loans that have matured which are in the process of
collection. |
|
(5) Includes consumer loans, which are
considered classified when they are 90 days or more past due.
Classified loans include substandard, doubtful, and loss, which are
consistent with regulatory definitions, and as described in Item 1,
"Business", under the heading "Asset Quality Review" in our Annual
Report on 10-K for the year ended December 31, 2015. |
|
(6) Criticized loans includes consumer
loans when they are 90 days or more past due. Criticized
loans include special mention, substandard, doubtful, and
loss. |
|
(7) Represents the carrying value of
acquired loans plus the principal not expected to be
collected. |
|
(8) Represent principal on acquired loans
not expected to be collected. |
|
First Niagara Financial Group, Inc. |
|
|
|
|
|
|
|
|
|
Key
Statistics |
|
|
|
|
|
|
|
|
|
(Risk
weighted assets in millions; share counts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
March 31, |
|
December 31, |
September 30, |
June 30, |
March 31, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
First
Niagara Financial Group, Inc. capital ratios(1)(2): |
|
|
|
|
|
|
|
|
|
|
Tier 1 risk
based capital |
|
|
10.12 |
% |
|
|
10.08 |
% |
|
10.05 |
% |
|
10.03 |
% |
|
10.02 |
% |
|
|
9.81 |
% |
|
Total risk
based capital |
|
|
12.09 |
% |
|
|
12.01 |
% |
|
11.97 |
% |
|
11.96 |
% |
|
11.95 |
% |
|
|
11.75 |
% |
|
Common
equity tier 1 capital |
|
|
8.58 |
% |
|
|
8.55 |
% |
|
8.52 |
% |
|
8.50 |
% |
|
8.48 |
% |
|
|
N/A |
|
|
Tier 1
common capital(3) |
|
|
N/A |
|
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
8.20 |
% |
|
Leverage |
|
|
7.55 |
% |
|
|
7.62 |
% |
|
7.66 |
% |
|
7.60 |
% |
|
7.56 |
% |
|
|
7.50 |
% |
|
Equity to
assets |
|
|
10.36 |
% |
|
|
10.34 |
% |
|
10.50 |
% |
|
10.55 |
% |
|
10.60 |
% |
|
|
10.62 |
% |
|
Tangible
common equity to tangible assets(3) |
|
|
6.25 |
% |
|
|
6.21 |
% |
|
6.32 |
% |
|
6.32 |
% |
|
6.34 |
% |
|
|
6.30 |
% |
|
Total risk
weighted assets |
|
$ |
28,809 |
|
|
$ |
28,881 |
|
$ |
28,716 |
|
$ |
28,445 |
|
$ |
28,152 |
|
|
$ |
28,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Niagara Bank, N.A capital ratios(1)(2): |
|
|
|
|
|
|
|
|
|
|
Tier 1 risk
based capital |
|
|
10.73 |
% |
|
|
10.65 |
% |
|
10.67 |
% |
|
10.66 |
% |
|
10.65 |
% |
|
|
10.48 |
% |
|
Total risk
based capital |
|
|
11.67 |
% |
|
|
11.55 |
% |
|
11.56 |
% |
|
11.54 |
% |
|
11.53 |
% |
|
|
11.37 |
% |
|
Common
equity tier 1 capital |
|
|
10.73 |
% |
|
|
10.65 |
% |
|
10.67 |
% |
|
10.66 |
% |
|
10.65 |
% |
|
N/A |
|
Leverage |
|
|
8.00 |
% |
|
|
8.05 |
% |
|
8.12 |
% |
|
8.07 |
% |
|
8.03 |
% |
|
|
8.01 |
% |
|
Total risk
weighted assets |
|
$ |
28,742 |
|
|
$ |
28,813 |
|
$ |
28,632 |
|
$ |
28,359 |
|
$ |
28,068 |
|
|
$ |
28,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
branches |
|
|
392 |
|
|
|
392 |
|
|
394 |
|
|
394 |
|
|
394 |
|
|
|
411 |
|
Full time
equivalent employees |
|
|
5,322 |
|
|
|
5,428 |
|
|
5,397 |
|
|
5,364 |
|
|
5,322 |
|
|
|
5,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
information and per share metrics: |
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
354,977 |
|
|
|
354,762 |
|
|
354,788 |
|
|
354,890 |
|
|
353,717 |
|
|
|
353,388 |
|
|
Preferred
shares outstanding |
|
|
14,000 |
|
|
|
14,000 |
|
|
14,000 |
|
|
14,000 |
|
|
14,000 |
|
|
|
14,000 |
|
|
Treasury
shares |
|
|
11,025 |
|
|
|
11,240 |
|
|
11,214 |
|
|
11,112 |
|
|
12,285 |
|
|
|
12,614 |
|
|
Market
price (NASDAQ: FNFG): |
|
$ |
9.68 |
|
|
$ |
10.85 |
|
$ |
10.21 |
|
$ |
9.44 |
|
$ |
8.84 |
|
|
$ |
8.43 |
|
|
Book value
per common share(4) |
|
|
10.84 |
|
|
|
10.78 |
|
|
10.82 |
|
|
10.77 |
|
|
10.80 |
|
|
|
10.71 |
|
|
Tangible
book value per common share(3)(4) |
|
|
6.88 |
|
|
|
6.81 |
|
|
6.84 |
|
|
6.77 |
|
|
6.78 |
|
|
|
6.67 |
|
|
Price/Book |
|
|
89.30 |
% |
|
|
100.65 |
% |
|
94.36 |
% |
|
87.65 |
% |
|
81.85 |
% |
|
|
78.71 |
% |
|
Price/Tangible book(1) |
|
|
140.70 |
% |
|
|
159.32 |
% |
|
149.27 |
% |
|
139.44 |
% |
|
130.38 |
% |
|
|
126.39 |
% |
|
Common
stock dividends |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
$ |
0.08 |
|
$ |
0.08 |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
Preferred
stock dividends |
|
|
0.54 |
|
|
|
0.54 |
|
|
0.54 |
|
|
0.54 |
|
|
0.54 |
|
|
|
0.54 |
|
|
Dividend
payout ratio |
|
|
72.73 |
% |
|
|
66.67 |
% |
|
53.33 |
% |
|
53.33 |
% |
|
66.67 |
% |
|
|
47.06 |
% |
|
Dividend
yield (annualized) |
|
|
3.32 |
% |
|
|
2.93 |
% |
|
3.11 |
% |
|
3.40 |
% |
|
3.67 |
% |
|
|
3.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents an estimate as of March 31,
2016. All preceding quarters represent actual amounts. |
(2) Basel III Transitional rules became effective
for us on January 1, 2015. Ratios and amounts presented prior
to March 31, 2015 are calculated under Basel I rules. As of
March 31, 2015, the ratios presented are calculated under the Basel
III Standardized Transitional Approach. Common equity tier 1
capital under Basel III replaced Tier 1 common capital under Basel
I. Prior to Basel III becoming effective on January 1, 2015,
tier 1 common capital under Basel I was a non-GAAP financial
measure. |
(3) The tables in this earnings release present
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) Share count excludes unallocated ESOP shares
prior to January 1, 2015 and unvested restricted stock shares. |
First Niagara Financial Group, Inc. |
|
|
|
|
|
|
|
|
|
|
Appendix A
- Non-GAAP Reconciliation |
|
|
|
|
|
|
|
|
|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
First |
|
Fourth |
Third |
Second |
First |
|
Fourth |
|
|
|
|
|
|
Quarter |
|
Quarter |
Quarter |
Quarter |
Quarter |
|
Quarter |
|
Financial ratios computed on an operating
basis(1): |
|
|
|
|
|
|
|
|
|
|
Earnings
per basic share |
|
$ |
0.14 |
|
|
$ |
0.16 |
|
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
Earnings
per diluted share |
|
$ |
0.14 |
|
|
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
Weighted
average shares outstanding - basic(2) |
|
|
351,372 |
|
|
|
351,306 |
|
|
351,293 |
|
|
351,126 |
|
|
350,741 |
|
|
|
350,444 |
|
|
Weighted
average shares outstanding - diluted(2) |
|
|
353,965 |
|
|
|
353,797 |
|
|
353,248 |
|
|
352,791 |
|
|
352,621 |
|
|
|
352,152 |
|
|
Noninterest
income as a percentage of net revenue(3) |
|
|
22.81 |
% |
|
|
25.12 |
% |
|
24.05 |
% |
|
24.76 |
% |
|
23.83 |
% |
|
|
22.24 |
% |
|
Pre-tax,
pre-provision income |
|
|
104,780 |
|
|
|
108,531 |
|
|
101,501 |
|
|
101,818 |
|
|
101,667 |
|
|
|
98,714 |
|
|
Pre-tax,
pre-provision income per diluted share |
|
$ |
0.30 |
|
|
$ |
0.31 |
|
$ |
0.29 |
|
$ |
0.29 |
|
$ |
0.29 |
|
|
$ |
0.28 |
|
|
Pre-tax,
pre-provision return on average assets |
|
|
1.05 |
% |
|
|
1.09 |
% |
|
1.03 |
% |
|
1.05 |
% |
|
1.07 |
% |
|
|
1.02 |
% |
|
Net
interest margin(4) |
|
|
3.00 |
% |
|
|
2.98 |
% |
|
2.98 |
% |
|
3.02 |
% |
|
3.07 |
% |
|
|
3.11 |
% |
|
Interest
yield on average loans(4) |
|
|
3.73 |
% |
|
|
3.65 |
% |
|
3.64 |
% |
|
3.73 |
% |
|
3.75 |
% |
|
|
3.78 |
% |
|
Rate paid
on interest-bearing liabilities |
|
|
0.56 |
% |
|
|
0.51 |
% |
|
0.50 |
% |
|
0.49 |
% |
|
0.48 |
% |
|
|
0.45 |
% |
|
Efficiency
ratio |
|
|
69.8 |
% |
|
|
69.5 |
% |
|
70.7 |
% |
|
70.9 |
% |
|
70.5 |
% |
|
|
71.5 |
% |
|
Effective
tax rate |
|
|
30.2 |
% |
|
|
26.6 |
% |
|
26.0 |
% |
|
24.7 |
% |
|
30.0 |
% |
|
|
3.7 |
% |
|
Return on
average assets |
|
|
0.58 |
% |
|
|
0.63 |
% |
|
0.61 |
% |
|
0.63 |
% |
|
0.65 |
% |
|
|
0.63 |
% |
|
Return on
average equity |
|
|
5.56 |
% |
|
|
6.00 |
% |
|
5.78 |
% |
|
5.90 |
% |
|
6.12 |
% |
|
|
5.82 |
% |
|
Return on
average tangible equity(5) |
|
|
8.37 |
% |
|
|
9.05 |
% |
|
8.73 |
% |
|
8.94 |
% |
|
9.30 |
% |
|
|
8.85 |
% |
|
Return on
average common equity |
|
|
5.26 |
% |
|
|
5.75 |
% |
|
5.51 |
% |
|
5.63 |
% |
|
5.85 |
% |
|
|
5.54 |
% |
|
Return on
average tangible common equity(6) |
|
|
8.29 |
% |
|
|
9.07 |
% |
|
8.72 |
% |
|
8.94 |
% |
|
9.34 |
% |
|
|
8.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of noninterest expense on operating
basis to reported noninterest
expense(1): |
|
|
|
|
|
|
|
|
|
|
|
Total
noninterest expense on operating basis (Non-GAAP) |
|
$ |
241,879 |
|
|
$ |
247,419 |
|
$ |
245,433 |
|
$ |
247,899 |
|
$ |
243,521 |
|
|
$ |
248,246 |
|
|
|
|
Merger and
acquisition integration expenses |
|
|
13,473 |
|
|
|
14,198 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
Restructuring charges |
|
|
- |
|
|
|
3,378 |
|
|
- |
|
|
- |
|
|
17,517 |
|
|
|
9,066 |
|
|
|
|
Deposit
account remediation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(23,000 |
) |
|
|
Total
reported noninterest expense (GAAP) |
|
$ |
255,352 |
|
|
$ |
264,995 |
|
$ |
245,433 |
|
$ |
247,899 |
|
$ |
261,038 |
|
|
$ |
234,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net operating income to net
income(1): |
|
|
|
|
|
|
|
|
|
|
|
Net
operating income (Non-GAAP) |
|
$ |
57,448 |
|
|
$ |
62,813 |
|
$ |
60,482 |
|
$ |
61,010 |
|
$ |
62,246 |
|
|
$ |
60,697 |
|
|
|
Nonoperating income and expenses, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Merger and
acquisition integration expenses |
|
|
9,141 |
|
|
|
9,919 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
Restructuring charges |
|
|
- |
|
|
|
2,094 |
|
|
- |
|
|
- |
|
|
10,861 |
|
|
|
6,364 |
|
|
|
|
Deposit
account remediation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(14,734 |
) |
|
|
|
|
Total nonoperating
expenses, net of tax |
|
|
9,141 |
|
|
|
12,013 |
|
|
- |
|
|
- |
|
|
10,861 |
|
|
|
(8,370 |
) |
|
|
Net income
(GAAP) |
|
$ |
48,307 |
|
|
$ |
50,800 |
|
$ |
60,482 |
|
$ |
61,010 |
|
$ |
51,385 |
|
|
$ |
69,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net operating income available to
common stockholders to net income available to common
stockholders(1): |
|
|
|
|
|
|
|
|
|
|
|
Net operating income available to common stockholders
(Non-GAAP) |
|
$ |
49,901 |
|
|
$ |
55,266 |
|
$ |
52,935 |
|
$ |
53,463 |
|
$ |
54,699 |
|
|
$ |
53,150 |
|
|
|
Nonoperating income and expenses, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Merger and
acquisition integration expenses |
|
|
9,141 |
|
|
|
9,919 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
Restructuring charges |
|
|
- |
|
|
|
2,094 |
|
|
- |
|
|
- |
|
|
10,861 |
|
|
|
6,364 |
|
|
|
|
Deposit
account remediation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(14,734 |
) |
|
|
|
|
Total nonoperating
income and expenses, net of tax |
|
|
9,141 |
|
|
|
12,013 |
|
|
- |
|
|
- |
|
|
10,861 |
|
|
|
(8,370 |
) |
|
|
Net income available to common stockholders (GAAP) |
|
$ |
40,760 |
|
|
$ |
43,253 |
|
$ |
52,935 |
|
$ |
53,463 |
|
$ |
43,838 |
|
|
$ |
61,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of pre-tax,pre-provision income: |
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
267,591 |
|
|
$ |
266,549 |
|
$ |
263,491 |
|
$ |
263,110 |
|
$ |
262,944 |
|
|
$ |
269,783 |
|
|
|
Noninterest
income |
|
|
79,068 |
|
|
|
89,401 |
|
|
83,443 |
|
|
86,607 |
|
|
82,244 |
|
|
|
77,177 |
|
|
|
Noninterest
expense |
|
|
(255,352 |
) |
|
|
(264,995 |
) |
|
(245,433 |
) |
|
(247,899 |
) |
|
(261,038 |
) |
|
|
(234,312 |
) |
|
|
Pre-tax,
pre-provision income (GAAP) |
|
|
91,307 |
|
|
|
90,955 |
|
|
101,501 |
|
|
101,818 |
|
|
84,150 |
|
|
|
112,648 |
|
|
|
Add back:
non-operating noninterest expenses (1) |
|
|
- |
|
|
|
17,576 |
|
|
- |
|
|
- |
|
|
17,517 |
|
|
|
(13,934 |
) |
|
|
Pre-tax,
pre-provision income (Non-GAAP)(1) |
|
$ |
91,307 |
|
|
$ |
108,531 |
|
$ |
101,501 |
|
$ |
101,818 |
|
$ |
101,667 |
|
|
$ |
98,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Noninterest expense on an operating basis,
net operating income, and pre-tax, pre-provision income on an
operating basis are non-GAAP measures that we believe provide
meaningful comparisons of our underlying operational performance
and facilitates investors' assessments of business and performance
trends in comparison to others in the financial services industry.
In addition, we believe exclusion of these nonoperating items
enables management to perform a more effective evaluation and
comparison of our results and to assess performance in relation to
our ongoing operations. |
|
(2) Share count excludes unallocated ESOP shares
and unvested restricted stock shares. |
(3) Net revenue is comprised of net interest
income and noninterest income. |
(4) Yields and rates calculated on a tax
equivalent basis. |
(5) Tangible equity is a non-GAAP measure and
excludes goodwill and other intangibles. |
(6) Tangible common equity is a non-GAAP measure
and excludes goodwill and other intangibles as well as preferred
stock. |
First Niagara Financial Group, Inc. |
|
|
|
|
|
|
|
|
|
|
Appendix A
- Non-GAAP Reconciliation (Cont.) |
|
|
|
|
|
|
|
|
|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
First |
|
Fourth |
Third |
Second |
First |
|
Fourth |
|
|
|
|
|
|
Quarter |
|
Quarter |
Quarter |
Quarter |
Quarter |
|
Quarter |
|
Computation of Ending Tangible Assets: |
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
40,072,435 |
|
|
$ |
39,918,386 |
|
$ |
39,413,181 |
|
$ |
39,063,543 |
|
$ |
38,907,479 |
|
|
$ |
38,551,038 |
|
|
|
Less:
Goodwill and other intangibles |
|
|
(1,392,367 |
) |
|
|
(1,396,227 |
) |
|
(1,400,199 |
) |
|
(1,404,201 |
) |
|
(1,410,800 |
) |
|
|
(1,417,005 |
) |
|
|
Tangible
assets |
|
$ |
38,680,068 |
|
|
$ |
38,522,159 |
|
$ |
38,012,982 |
|
$ |
37,659,342 |
|
$ |
37,496,679 |
|
|
$ |
37,134,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Average Tangible Assets: |
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
39,959,615 |
|
|
$ |
39,576,697 |
|
$ |
39,051,359 |
|
$ |
38,913,219 |
|
$ |
38,706,545 |
|
|
$ |
38,317,930 |
|
|
|
Less:
Goodwill and other intangibles |
|
|
(1,394,178 |
) |
|
|
(1,398,122 |
) |
|
(1,402,138 |
) |
|
(1,407,946 |
) |
|
(1,413,765 |
) |
|
|
(1,420,119 |
) |
|
|
Tangible
assets |
|
$ |
38,565,437 |
|
|
$ |
38,178,575 |
|
$ |
37,649,221 |
|
$ |
37,505,273 |
|
$ |
37,292,780 |
|
|
$ |
36,897,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Ending Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
$ |
4,149,703 |
|
|
$ |
4,126,328 |
|
$ |
4,139,377 |
|
$ |
4,121,125 |
|
$ |
4,125,246 |
|
|
$ |
4,092,758 |
|
|
|
Less:
Goodwill and other intangibles |
|
|
(1,392,367 |
) |
|
|
(1,396,227 |
) |
|
(1,400,199 |
) |
|
(1,404,201 |
) |
|
(1,410,800 |
) |
|
|
(1,417,005 |
) |
|
|
Tangible
equity |
|
$ |
2,757,336 |
|
|
$ |
2,730,101 |
|
$ |
2,739,178 |
|
$ |
2,716,924 |
|
$ |
2,714,446 |
|
|
$ |
2,675,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Ending Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
$ |
4,149,703 |
|
|
$ |
4,126,328 |
|
$ |
4,139,377 |
|
$ |
4,121,125 |
|
$ |
4,125,246 |
|
|
$ |
4,092,758 |
|
|
|
Less:
Goodwill and other intangibles |
|
|
(1,392,367 |
) |
|
|
(1,396,227 |
) |
|
(1,400,199 |
) |
|
(1,404,201 |
) |
|
(1,410,800 |
) |
|
|
(1,417,005 |
) |
|
|
Less:
Preferred stockholders' equity |
|
|
(338,002 |
) |
|
|
(338,002 |
) |
|
(338,002 |
) |
|
(338,002 |
) |
|
(338,002 |
) |
|
|
(338,002 |
) |
|
|
Tangible
common equity |
|
$ |
2,419,334 |
|
|
$ |
2,392,099 |
|
$ |
2,401,176 |
|
$ |
2,378,922 |
|
$ |
2,376,444 |
|
|
$ |
2,337,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Average Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
$ |
4,154,033 |
|
|
$ |
4,152,977 |
|
$ |
4,149,635 |
|
$ |
4,145,334 |
|
$ |
4,127,743 |
|
|
$ |
4,141,141 |
|
|
|
Less:
Goodwill and other intangibles |
|
|
(1,394,178 |
) |
|
|
(1,398,122 |
) |
|
(1,402,138 |
) |
|
(1,407,946 |
) |
|
(1,413,765 |
) |
|
|
(1,420,119 |
) |
|
|
Tangible
equity |
|
$ |
2,759,855 |
|
|
$ |
2,754,855 |
|
$ |
2,747,497 |
|
$ |
2,737,388 |
|
$ |
2,713,978 |
|
|
$ |
2,721,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Average Tangible Common
Equity: |
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
$ |
4,154,033 |
|
|
$ |
4,152,977 |
|
$ |
4,149,635 |
|
$ |
4,145,334 |
|
$ |
4,127,743 |
|
|
$ |
4,141,141 |
|
|
|
Less:
Goodwill and other intangibles |
|
|
(1,394,178 |
) |
|
|
(1,398,122 |
) |
|
(1,402,138 |
) |
|
(1,407,946 |
) |
|
(1,413,765 |
) |
|
|
(1,420,119 |
) |
|
|
Less:
Preferred stockholders' equity |
|
|
(338,002 |
) |
|
|
(338,002 |
) |
|
(338,002 |
) |
|
(338,002 |
) |
|
(338,002 |
) |
|
|
(338,002 |
) |
|
|
Tangible
common equity |
|
$ |
2,421,853 |
|
|
$ |
2,416,853 |
|
$ |
2,409,495 |
|
$ |
2,399,386 |
|
$ |
2,375,976 |
|
|
$ |
2,383,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Tier 1 Common Capital: |
|
|
|
|
|
|
|
|
|
|
|
Tier 1
capital |
|
|
N/A |
|
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
$ |
2,764,117 |
|
|
|
Less:
Qualifying restricted core capital elements |
|
|
N/A |
|
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
(113,785 |
) |
|
|
Less:
Perpetual non-cumulative preferred stock |
|
|
N/A |
|
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
(338,002 |
) |
|
|
Tier 1
common capital (Non-GAAP) |
|
|
N/A |
|
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
$ |
2,312,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Niagara Contacts
Investors:
Ram Shankar
Senior Vice President,
Investor Relations
(716) 270-8623
ram.shankar@fnfg.com
News Media:
David Lanzillo
Senior Vice President,
Corporate Communications
(716) 819-5780
david.lanzillo@fnfg.com
Grafico Azioni First Niagara Financial Grp. Inc. (MM) (NASDAQ:FNFG)
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Da Apr 2024 a Mag 2024
Grafico Azioni First Niagara Financial Grp. Inc. (MM) (NASDAQ:FNFG)
Storico
Da Mag 2023 a Mag 2024