Exhibit 99.1
Summary of Quarterly Financial Data (1)
First Quarter
1998 1997 1998 vs 1997
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First Fourth Third Second First %
Quarter Quarter Quarter Quarter Quarter Change
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SELECTED QUARTERLY AVERAGE BALANCES
Amounts in thousands
Total assets................................... $1,205,365 $1,170,145 $1,166,733 $1,138,763 $1,098,131 9.8%
Total earning assets........................... 1,150,798 1,120,696 1,122,331 1,104,403 1,063,475 8.2
Securities, at amortized cost.................. 463,613 464,629 471,462 467,761 445,927 4.0
Loans (2)...................................... 640,485 630,625 618,289 604,634 604,536 5.9
Interest-bearing deposits...................... 978,058 956,964 954,795 936,422 902,244 8.4
Short-term borrowed funds...................... 22,420 16,732 18,815 24,133 22,203 1.0
Long-term debt................................. 14,898 10,500 8,370 5,000 5,322 179.9
Total interest-bearing liabilities............. 1,021,451 991,502 992,729 973,228 936,250 9.1
Noninterest-bearing deposits................... 26,999 27,100 28,431 28,069 25,856 4.4
Total deposits................................. 1,005,057 984,064 983,226 964,491 928,100 8.3
Net worth...................................... 133,262 129,250 125,644 118,907 117,657 13.3
Common shares outstanding (3)
Basic................................ - - - - - -
Diluted.............................. - - - - - -
ASSET QUALITY DATA
Non-performing loans........................... $ 2,965 $ 3,047 $ 1,925 $ 2,366 $ 4,062 -27.0%
Other non-performing assets.................... 299 223 268 681 330 -9.4
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Total non-performing assets.................... 3,264 3,270 2,193 3,047 4,392 -25.7
Allowance for credit losses.................... 7,088 6,921 6,353 6,166 6,724 5.4
Net loan charge-offs (preceding 12 months)..... 1,170 1,111 1,266 920 276 323.9%
Total non-performing assets
as percentage of total assets........ 0.25% 0.28% 0.19% 0.27% 0.39% -
Total non-performing loans to total loans...... 0.46 0.47 0.31 0.39 0.66 -
Net charge-offs to average loans............... 0.19 0.18 0.21 0.16 0.05 -
Allowance for credit losses to total loans..... 1.10 1.08 1.01 1.01 1.10 -
Allowance for credit losses
to non-performing loans.............. 239.06 227.14 330.03 260.61 165.53 -
Average Period-end
Average for Three Months 1998 vs 1997 As of March 31, 1998 vs 1997
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1998 1997 % Change 1998 1997 % Change
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SELECTED FINANCIAL DATA
Total assets................................... $1,205,365 $1,098,131 9.8% $1,323,466 $1,122,718 17.9%
Total earning assets........................... 1,150,798 1,063,475 8.2 1,270,148 1,090,403 16.5
Securities, at amortized cost.................. 463,613 445,927 4.0 485,053 452,082 7.3
Loans (4)...................................... 640,485 604,536 5.9 647,068 613,602 5.5
Interest-bearing deposits...................... 978,058 902,244 8.4 1,097,684 929,603 18.1
Short-term borrowed funds...................... 22,420 22,203 1.0 19,012 25,036 -24.1
Long-term debt................................. 14,898 5,322 179.9 19,798 5,000 296.0
Total interest-bearing liabilities............. 1,021,451 936,250 9.1 1,142,358 965,218 18.4
Noninterest-bearing deposits................... 26,999 25,856 4.4 28,219 26,965 4.7
Total deposits................................. 1,005,057 928,100 8.3 1,125,902 956,568 17.7
Net worth...................................... 133,262 117,657 13.3 134,215 115,285 16.4
Fair value adjustment included in
net worth............................ 3,165 (1,209) 361.8% 3,328 (4,292) 177.5%
Common shares outstanding (3)
Basic................................ - - - - - -
Diluted.............................. - - - - - -
Equity to assets............................... 11.06% 10.71% - 10.14% 10.27% -
Risk-weighted capital ratios:
Tier 1 capital....................... - - - 19.98 21.76 -
Total capital........................ - - - 21.06 22.98 -
Leverage capital..................... - - - 10.90 10.88 -
Exhibit 99.1, Cont'd.
Summary of Quarterly Financial Data (1)
1998 1997 Three Months Ended March 31,
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First Fourth Third Second First %
Quarter Quarter Quarter Quarter Quarter 1998 1997 Change
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INCOME STATEMENT
Amounts in thousands
Interest income...................... $21,264 $21,053 $20,944 $20,546 $19,820 $21,264 $19,820 7.3%
Interest expense..................... 11,529 11,643 11,582 11,170 10,583 11,529 10,583 8.9
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Net interest income.................. 9,735 9,410 9,362 9,376 9,237 9,735 9,237 5.4
Provision for credit losses.......... 257 518 605 154 216 257 216 19.0
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Net interest income after provision.. 9,478 8,892 8,757 9,222 9,021 9,478 9,021 5.1
Net securities gains................. - 35 674 198 3 - 3 -
Other noninterest income............. 1,771 1,805 1,233 1,474 1,374 1,771 1,374 28.9
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Total noninterest income............. 1,771 1,840 1,907 1,672 1,377 1,771 1,377 28.6
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Salaries and employee benefits....... 3,783 3,384 3,356 3,248 3,130 3,783 3,130 20.9
Other noninterest expense............ 2,970 3,378 3,323 2,687 2,672 2,970 2,672 11.2
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Total noninterest expense............ 6,753 6,762 6,679 5,935 5,802 6,753 5,802 16.4
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Income before income taxes........... 4,496 3,970 3,985 4,959 4,596 4,496 4,596 -2.2
Income taxes......................... 1,550 1,354 1,334 1,862 1,709 1,550 1,709 -9.3
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Net income........................... $ 2,946 $ 2,616 $ 2,651 $ 3,097 $ 2,887 $ 2,946 $ 2,887 2.0%
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PER SHARE DATA (3)
Net income
Basic......................... - - - - - - - -
Diluted....................... - - - - - - - -
Cash dividends....................... - - - - - - - -
Book Value........................... - - - - - - - -
Market price (NASDAQ: NBCP):
High.......................... - - - - - - - -
Low........................... - - - - - - - -
Close......................... - - - - - - - -
PERFORMANCE RATIOS (ANNUALIZED) (5)
Return on average assets............. 0.98% 0.89% 0.91% 1.09% 1.05% 0.98% 1.05% -
Return on average net worth.......... 8.84 8.10 8.44 10.42 9.81 8.84 9.81 -
Net interest margin.................. 3.23 3.22 3.21 3.29 3.36 3.23 3.36 -
As a percentage of average assets:
Noninterest income............ 0.59 0.63 0.65 0.59 0.50 0.59 0.50 -
Noninterest expense........... 2.24 2.31 2.29 2.08 2.11 2.24 2.11 -
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Net overhead.................. 1.65 1.68 1.64 1.49 1.61 1.65 1.61 -
Efficiency ratio..................... 58.69 60.29 63.04 54.70 54.68 58.69 54.68 -
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(1) All amounts are for periods prior to the reorganization of Lockport Savings
Bank and are reflective of the consolidated performance of Lockport Savings
Bank and subsidiaries.
(2) Net of deferred loan fees and expenses, loan discounts, loans-in-process
and non-accruing loans.
(3) Not applicable. Niagara Bancorp stock had not yet issued common stock as of
March 31, 1998.
(4) Net of deferred loan fees and expenses, loan discounts and loans-in-
process.
(5) Performance ratios for future quarters will be impacted by the
reorganization and the contribution to the foundation.