Exhibit 99.1
Summary of Quarterly Financial Data (1)
Second Quarter
1998 1997 1998 vs 1997
-------------------------- ----------------------------------------------- ---------------
Second First Fourth Third Second %
Quarter Quarter Quarter Quarter Quarter Change
----------- ----------- ----------- ----------- ------------ ------------
Selected Quarterly Average
Balances
Amounts in thousands
Total assets.................... $ 1,328,491 $ 1,205,365 $ 1,170,145 $ 1,166,733 $ 1,138,763 $ 16.7%
Total earning assets............ 1,267,959 1,150,798 1,120,696 1,122,331 1,104,403 14.8
Securities, at amortized cost... 486,610 463,613 464,629 471,462 467,761 4.0
Loans (2)....................... 664,351 643,520 633,432 620,491 607,620 9.3
Interest-bearing deposits....... 989,259 978,058 956,964 954,795 936,422 5.6
Short-term borrowings........... 18,469 16,162 16,732 18,815 24,133 (23.5)
Long-term borrowings............ 22,809 21,156 10,500 8,370 5,000 356.2
Total interest-bearing
liabilities.................... 1,038,590 1,021,451 991,502 992,729 973,228 6.7
Noninterest-bearing deposits.... 30,545 26,999 27,100 28,431 28,069 8.8
Total deposits.................. 1,019,804 1,005,057 984,064 983,226 964,491 5.7
Stockholders' equity............ 235,840 133,262 129,250 125,644 118,907 98.3
Common shares outstanding (3)
Basic...................... 28,792 - - - - -
Diluted.................... 28,792 - - - - -
Asset Quality Data
Non-performing loans............ $ 3,885 $ 2,965 $ 3,047 $ 1,925 $ 2,366 64.2%
Other non-performing assets..... 21 299 223 268 681 (96.9)
----------- ----------- ----------- ----------- ------------
Total non-performing assets..... 3,906 3,264 3,270 2,193 3,047 28.2
Allowance for credit losses..... 7,350 7,088 6,921 6,353 6,166 19.2
Net loan charge-offs............ 84 90 (50) 418 712 (88.2)
Total non-performing assets
as percentage of total
assets.................... 0.29% 0.25% 0.28% 0.19% 0.27% -
Total non-performing loans to
total loans.................... 0.57 0.46 0.47 0.31 0.39 -
Net charge-offs to average loans 0.01 0.01 (0.01) 0.07 0.12 -
Allowance for credit losses to
total loans.................... 1.07 1.10 1.08 1.01 1.01 -
Allowance for credit losses
to non-performing loans.... 189.19 239.06 227.14 330.03 260.61 -
Average for Six Months Average As of June 30, Period-end
-------------------------- 1998 vs 1997 ----------------------------- 1998 vs 1997
1998 1997 % Change 1998 1997 % Change
----------- ----------- ------------ ------------ ------------ ------------
Selected Financial Data
Total assets.................... $ 1,267,268 $ 1,118,559 13.3% 1,345,187 $ 1,147,455 17.2%
Total earning assets............ 1,209,703 1,084,048 11.6 1,267,128 1,108,286 14.3
Securities, at amortized cost... 475,175 456,904 4.0 509,293 481,667 5.7
Loans (2)....................... 653,993 608,246 7.5 687,462 611,765 12.4
Interest-bearing deposits....... 983,689 919,427 7.0 967,922 946,314 2.3
Short-term borrowings........... 17,322 23,173 (25.2) 18,471 18,896 (2.2)
Long-term borrowings............ 21,987 5,160 326.1 39,272 5,000 685.4
Total interest-bearing
liabilities.................... 1,030,067 954,840 7.9 1,035,264 979,413 5.7
Noninterest-bearing deposits.... 28,781 26,968 6.7 29,228 28,321 3.2
Total deposits.................. 1,012,470 946,395 7.0 997,150 974,635 2.3
Stockholders' equity............ 184,835 118,286 56.3 256,042 122,043 109.8
Fair value adjustment included
in stockholders' equity...... 3,201 (2,113) 251.5% 3,192 (631) 605.9%
Common shares outstanding (3)
Basic...................... 28,792 - - 28,687 - -
Diluted.................... 28,792 - - 28,687 - -
Equity to assets................ 14.59% 10.57% - 19.03% 10.64% -
Risk-weighted capital ratios:
Tier 1 capital............. - - - 34.62 21.40 -
Total capital.............. - - - 35.63 22.48 -
Leverage capital........... - - - 19.10 10.74 -
Exhibit 99.1, Cont'd.
Summary of Quarterly Financial Data (1)
1998 1997 Six Months Ended June 30,
------------------------ ----------------------------------- ----------------------------------
Second First Fourth Third Second %
Quarter Quarter Quarter Quarter Quarter 1998 1997 Change
--------- ---------- --------- --------- --------- -------- -------- ---------
Income Statement
Amounts in thousands
Interest income............ $ 22,942 $ 21,264 $ 21,053 $ 20,944 $ 20,546 $ 44,206 $ 40,366 9.5%
Interest expense........... 11,695 11,529 11,643 11,582 11,170 23,224 21,753 6.8
--------- ---------- --------- --------- --------- -------- --------
Net interest income........ 11,247 9,735 9,410 9,362 9,376 20,982 18,613 12.7
Provision for credit losses 346 257 518 605 154 603 370 63.0
--------- ---------- --------- --------- --------- -------- --------
Net interest income after
provision................. 10,901 9,478 8,892 8,757 9,222 20,379 18,243 11.7
Net securities gains....... 100 - 35 674 198 100 201 -
Other noninterest income... 2,168 1,771 1,805 1,233 1,474 3,939 2,848 38.3
--------- ---------- --------- --------- --------- -------- --------
Total noninterest income... 2,268 1,771 1,840 1,907 1,672 4,039 3,049 32.5
--------- ---------- --------- --------- --------- -------- --------
Salaries and employee
benefits.................. 3,872 3,783 3,384 3,356 3,248 7,655 6,379 20.0
Other noninterest expense.. 9,865 2,970 3,378 3,323 2,687 12,835 5,358 139.5
--------- ---------- --------- --------- --------- -------- --------
Total noninterest expense.. 13,737 6,753 6,762 6,679 5,935 20,490 11,737 74.6
--------- ---------- --------- --------- --------- -------- --------
Income before income taxes. (568) 4,496 3,970 3,985 4,959 3,928 9,555 (58.9)
Income taxes............... (214) 1,550 1,354 1,334 1,862 1,336 3,571 (62.6)
--------- ---------- --------- --------- --------- -------- --------
Net income................. $ (354) $ 2,946 $ 2,616 $ 2,651 $ 3,097 $ 2,592 $ 5,984 (56.7)
========= ========== ========= ========= ========= ======== ========
Net income (4)............. $ 3,630 $ 2,946 $ 2,616 $ 2,651 $ 3,097 $ 6,576 $ 5,984 9.9%
========= ========== ========= ========= ========= ======== ========
Per Share Data (3)
Net income
Basic................. (0.01) 0.09
Basic (4)............. 0.13 - - - - 0.23 - -
Diluted............... (0.01) 0.09
Diluted (4)........... 0.13 - - - - 0.23 - -
Cash dividends............. - - - - - - - -
Book Value................. 8.60 - - - - 8.60 - -
Market price (NASDAQ:
NBCP):
High.................. 17.06 - - - - 17.06 - -
Low................... 14.38 - - - - 14.38 - -
Close................. 14.75 - - - - 14.75 - -
Performance Ratios
(Annualized)
Return on average assets... (0.11) % 0.98% 0.89% 0.91% 1.09% 0.41% 1.07% -
Return on average assets
(4)....................... 1.09 - - - - 1.04 - -
Return on average equity... (0.60) 8.84 8.10 8.44 10.42 2.81 10.12
Return on average equity
(4)....................... 6.16 - - - - 7.12 - -
Net interest margin........ 3.39 3.23 3.22 3.21 3.29 3.31 3.33 -
As a percentage of average
assets:
Noninterest income.... 0.68 0.59 0.63 0.65 0.59 0.64 0.55 -
Noninterest expense... 4.14 2.24 2.31 2.29 2.08 3.23 2.10 -
--------- ---------- --------- --------- --------- -------- --------
Net overhead.......... 3.46 1.65 1.68 1.64 1.49 2.59 1.55 -
Noninterest income.... 0.68 - - - - 0.64 - -
Noninterest expense
(4).................. 2.10 - - - - 2.17 - -
--------- ---------- --------- --------- --------- -------- --------
Net overhead (4)...... 1.42 - - - - 1.53 - -
Efficiency ratio........... 102.40 58.69 60.29 63.04 54.70 82.22 54.69 -
Efficiency ratio (4)....... 52.08 - - - - 55.13 - -
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(1) The reorganization of Lockport Savings Bank from a mutual savings bank to
a stock form of organization was effective 4/17/98. All amounts prior to
this date are reflective of the consolidated performance of Lockport
Savings Bank and subsidiaries.
(2) Net of deferred loan fees and expenses, loan discounts and loans-in-
process.
(3) Niagara Bancorp stock commenced trading on 4/20/98. Per share data for the
quarters ended prior to 6/30/98 is not applicable.
(4) Excludes the contribution of $3,984,000, net of applicable income taxes,
made by Niagara Bancorp during the second quarter of 1998 to the Lockport
Savings Bank Foundation.