Niagara Bancorp, Inc.
Summary of Quarterly Financial Data
Exhibit 99.1
2000 1999
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First As of Fourth Third
Quarter December 31, Quarter Quarter
---------------- --------------- --------------- ----------------
- ----------------------------------------------------------------------------------------------------------------------------
SELECTED FINANCIAL DATA
(Amounts in thousands)
- ----------------------------------------------------------------------------------------------------------------------------
Total assets $ 1,778,469 1,711,712 1,711,712 1,680,087
Total interest-earning assets $ 1,657,272 1,611,313 1,611,313 1,577,171
Securities, at amortized cost $ 553,433 578,546 578,546 609,778
Loans:
Real estate loans:
One-to four-family $ 673,913 609,742 609,742 590,184
Home equity $ 32,285 22,499 22,499 20,124
Multi-family $ 77,738 74,652 74,652 71,703
Commercial real-estate $ 131,112 120,758 120,758 117,230
Construction $ 28,794 28,413 28,413 20,453
---------------- --------------- --------------- ----------------
Total real estate loans $ 943,842 856,064 856,064 819,694
---------------- --------------- --------------- ----------------
Consumer loans:
Mobile home $ 25,337 25,957 25,957 25,991
Recreational vehicle $ 24,765 23,389 23,389 19,304
Automobile $ 25,476 24,289 24,289 20,419
Personal $ 15,349 15,771 15,771 15,841
Home improvement $ 7,885 7,983 7,983 8,292
Guaranteed student $ 14,483 12,564 12,564 12,275
Other consumer $ 332 280 280 384
---------------- --------------- --------------- ----------------
Total consumer loans $ 113,627 110,233 110,233 102,506
---------------- --------------- --------------- ----------------
Commercial business loans $ 26,237 24,301 24,301 19,209
Net deferred fees $ 3,231 4,892 4,892 5,608
---------------- --------------- --------------- ----------------
Total loans $ 1,086,937 995,490 995,490 947,017
Memo items:
Total loans originated $ 71,581 372,131 90,008 98,692
Total loans serviced $ 138,463 124,578 124,578 121,026
Total interest-bearing liabilities $ 1,476,730 1,413,798 1,413,798 1,367,354
Deposits:
Interest-bearing deposits $ 1,162,211 1,078,153 1,078,153 1,067,133
Noninterest-bearing deposits $ 38,438 35,149 35,149 32,631
---------------- --------------- --------------- ----------------
Total deposits $ 1,200,649 1,113,302 1,113,302 1,099,764
Short-term borrowings $ 74,588 90,005 90,005 45,461
Long-term borrowings $ 239,931 245,640 245,640 254,760
Stockholders' equity $ 229,947 232,616 232,616 235,690
Fair value adjustment included in
stockholders' equity $ (8,300) (8,893) (8,893) (6,002)
Common shares outstanding:
Basic 25,014 25,658 25,658 25,954
Diluted 25,014 25,658 25,658 25,954
Equity to assets 12.93% 13.59% 13.59% 14.03%
1999 1998
----------------------------------- ----------------------------------------------------
Second First As of Fourth Third
Quarter Quarter December 31, Quarter Quarter
---------------- --------------- --------------- --------------- ---------------
- ------------------------------------------------------------------------------------------------------------------------------------
SELECTED FINANCIAL DATA
(Amounts in thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,633,018 1,591,000 1,508,734 1,508,734 1,430,884
Total interest-earning assets 1,535,963 1,491,837 1,408,097 1,408,097 1,348,889
Securities, at amortized cost 646,155 673,521 572,976 572,976 564,569
Loans:
Real estate loans:
One-to four-family 533,915 477,363 456,197 456,197 440,182
Home equity 17,873 16,255 15,520 15,520 14,394
Multi-family 72,886 73,142 72,672 72,672 73,677
Commercial real-estate 113,248 105,009 98,693 98,693 87,467
Construction 17,425 22,486 19,476 19,476 12,334
---------------- --------------- --------------- --------------- ---------------
Total real estate loans 755,347 694,255 662,558 662,558 628,054
---------------- --------------- --------------- --------------- ---------------
Consumer loans:
Mobile home 25,559 25,309 24,983 24,983 23,896
Recreational vehicle 16,457 12,981 8,906 8,906 5,638
Automobile 16,358 11,633 8,741 8,741 8,575
Personal 15,802 15,349 15,642 15,642 15,686
Home improvement 7,928 7,518 8,131 8,131 8,294
Guaranteed student 13,522 13,967 12,314 12,314 12,551
Other consumer 296 324 342 342 478
---------------- --------------- --------------- --------------- ---------------
Total consumer loans 95,922 87,081 79,059 79,059 75,118
---------------- --------------- --------------- --------------- ---------------
Commercial business loans 13,784 7,503 6,616 6,616 6,043
Net deferred fees 4,938 4,786 4,516 4,516 4,000
---------------- --------------- --------------- --------------- ---------------
Total loans 869,991 793,625 752,749 752,749 713,215
Memo items:
Total loans originated 99,707 83,724 310,257 91,476 83,235
Total loans serviced 142,137 167,116 170,105 170,105 166,192
Total interest-bearing liabilities 1,327,100 1,279,641 1,170,580 1,170,580 1,108,093
Deposits:
Interest-bearing deposits 1,055,568 1,034,001 1,027,983 1,027,983 991,363
Noninterest-bearing deposits 32,750 30,993 32,914 32,914 28,759
---------------- --------------- --------------- --------------- ---------------
Total deposits 1,088,318 1,064,994 1,060,897 1,060,897 1,020,122
Short-term borrowings 45,453 45,446 5,549 5,549 10,532
Long-term borrowings 226,078 200,194 137,048 137,048 106,198
Stockholders' equity 239,509 249,256 263,825 263,825 260,782
Fair value adjustment included in
stockholders' equity (2,090) 2,494 4,587 4,587 4,930
Common shares outstanding:
Basic 26,404 27,241 28,716 28,716 28,701
Diluted 26,404 27,241 28,716 28,716 28,701
Equity to assets 14.67% 15.67% 17.49% 17.49% 18.23%
2000 1999
---------------- -----------------------------------------------------
First Year-to-Date Fourth Third
Quarter December 31, Quarter Quarter
---------------- --------------- --------------- ----------------
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SELECTED AVERAGE BALANCES (5)
(Amounts in thousands)
- ----------------------------------------------------------------------------------------------------------------------------
Total assets $ 1,714,486 1,627,049 1,694,707 1,671,065
Total interest-earning assets $ 1,611,570 1,526,358 1,584,151 1,580,682
Securities, at amortized cost $ 564,979 614,174 589,707 627,259
Loans (1) $ 1,011,626 869,910 961,904 917,658
Interest-bearing liabilities:
Savings accounts $ 296,016 302,583 297,622 308,467
Interest-bearing checking $ 348,709 306,628 334,976 320,868
Certificates of deposits $ 431,696 433,168 430,615 423,590
Mortgagors' payments held in escrow $ 10,201 10,834 10,984 15,191
Other borrowed funds $ 327,999 261,515 314,327 296,739
---------------- --------------- --------------- ----------------
Total interest-bearing liabilities $ 1,414,621 1,314,728 1,388,524 1,364,855
Interest-bearing deposits $ 1,086,622 1,053,213 1,074,197 1,068,116
Noninterest-bearing deposits $ 33,005 31,921 32,125 31,839
---------------- --------------- --------------- ----------------
Total deposits $ 1,119,627 1,085,134 1,106,322 1,099,955
Short-term borrowings $ 91,060 41,048 65,844 45,454
Long-term borrowings $ 236,939 220,466 248,483 251,285
Stockholders' equity $ 230,809 245,099 236,380 238,182
Common shares outstanding:
Basic 25,377 26,744 25,864 26,225
Diluted 25,377 26,744 25,864 26,225
1999 1998
----------------------------------- ----------------------------------------------------
Second First Year-to-Date Fourth Third
Quarter Quarter December 31, Quarter Quarter
---------------- --------------- --------------- --------------- ---------------
- ------------------------------------------------------------------------------------------------------------------------------------
SELECTED AVERAGE BALANCES (5)
(Amounts in thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,618,039 1,522,004 1,340,553 1,440,938 1,384,346
Total interest-earning assets 1,518,391 1,419,779 1,269,284 1,353,495 1,302,282
Securities, at amortized cost 654,224 585,317 515,714 566,285 544,897
Loans (1) 826,239 711,219 684,723 733,561 696,343
Interest-bearing liabilities:
Savings accounts 307,312 296,859 302,313 290,894 296,049
Interest-bearing checking 299,028 270,779 205,326 240,475 214,357
Certificates of deposits 430,283 448,487 476,641 461,536 466,410
Mortgagors' payments held in escrow 10,528 8,173 9,483 8,849 13,577
Other borrowed funds 257,693 175,386 69,485 117,522 80,818
---------------- --------------- --------------- --------------- ---------------
Total interest-bearing liabilities 1,304,844 1,199,684 1,063,248 1,119,276 1,071,211
Interest-bearing deposits 1,047,151 1,024,298 993,763 1,001,754 990,393
Noninterest-bearing deposits 31,511 30,574 28,242 29,060 27,651
---------------- --------------- --------------- --------------- ---------------
Total deposits 1,078,662 1,054,872 1,022,005 1,030,814 1,018,044
Short-term borrowings 45,461 6,737 12,861 8,022 24,732
Long-term borrowings 212,232 168,649 56,625 109,500 56,086
Stockholders' equity 248,892 257,247 223,285 263,448 258,769
Common shares outstanding:
Basic 27,026 27,888 28,722 28,701 28,687
Diluted 27,026 27,888 28,722 28,701 28,687
Niagara Bancorp, Inc.
Summary of Quarterly Financial Data (Cont'd.)
Exhibit 99.1
2000 1999
---------------- -----------------------------------------------------
First Year ended Fourth Third
Quarter December 31, Quarter Quarter
---------------- ---------------- --------------- ----------------
- -------------------------------------------------------------------------------------------------------------------------------
SELECTED OPERATIONS DATA
(Amounts in thousands)
- -------------------------------------------------------------------------------------------------------------------------------
Interest income $ 28,959 107,814 28,401 27,893
Interest expense $ 15,759 57,060 15,458 14,873
---------------- ---------------- --------------- ----------------
Net interest income $ 13,200 50,754 12,943 13,020
Provision for credit losses $ 417 2,466 544 554
---------------- ---------------- --------------- ----------------
Net interest income after provision $ 12,783 48,288 12,399 12,466
Noninterest income:
Bank service charges and fees $ 1,484 4,816 1,292 1,258
Loan fees $ 327 1,684 390 379
Insurance services and fees $ 3,982 15,723 3,813 3,959
Bank-owned life insurance earnings $ 482 1,581 498 418
Annuity and mutual fund commissions $ 295 1,382 331 355
Net securities gains (losses) $ (24) 478 295 1
Premiums from covered-call options $ 282 1,378 153 428
Other $ 648 646 118 230
---------------- ---------------- --------------- ----------------
Total noninterest income $ 7,476 27,688 6,890 7,028
Noninterest expense:
Salaries and benefits $ 7,594 27,708 7,186 7,234
Occupancy and equipment $ 1,279 4,506 1,157 1,105
Technology and communications $ 1,209 4,481 1,205 1,131
Marketing and advertising $ 693 1,893 413 461
Goodwill amortization $ 451 1,494 374 372
Charitable contributions $ 73 122 23 17
Other $ 1,888 7,439 2,165 1,808
---------------- ---------------- --------------- ----------------
Total noninterest expense $ 13,187 47,643 12,523 12,128
Income before income taxes $ 7,072 28,333 6,766 7,366
Income taxes $ 2,416 9,893 2,317 2,580
---------------- ---------------- --------------- ----------------
Net income $ 4,656 18,440 4,449 4,786
---------------- ---------------- --------------- ----------------
1999 1998
- -------------------------------------------------------------------------------- ---------------------------------------------------
SELECTED OPERATIONS DATA Second First Year Ended Fourth Third
(Amounts in thousands) Quarter Quarter December 31, Quarter Quarter
- ----------------------------------------------------------- ---------------- ---------------- -------------- ----------------
Interest income 26,579 24,941 92,102 24,269 23,627
Interest expense 13,852 12,877 47,966 12,526 12,216
---------------- ---------------- ---------------- -------------- ----------------
Net interest income 12,727 12,064 44,136 11,743 11,411
Provision for credit losses 547 821 2,084 995 486
---------------- ---------------- ---------------- -------------- ----------------
Net interest income after provision 12,180 11,243 42,052 10,748 10,925
Noninterest income:
Bank service charges and fees 1,201 1,065 3,791 1,159 909
Loan fees 465 450 1,736 457 441
Insurance services and fees 3,951 4,000 1,120 369 248
Bank-owned life insurance earnings 335 330 769 337 337
Annuity and mutual fund commissions 373 323 741 260 200
Net securities gains (losses) 4 178 138 38 -
Premiums from covered-call options 293 504 (9) (9) -
Other 228 70 896 182 215
---------------- ---------------- ---------------- -------------- ---------------
Total noninterest income 6,850 6,920 9,182 2,793 2,350
Noninterest expense:
Salaries and benefits 6,802 6,486 15,900 4,130 4,115
Occupancy and equipment 1,103 1,141 3,388 911 864
Technology and communications 1,100 1,045 3,166 968 912
Marketing and advertising 511 508 1,543 186 549
Goodwill amortization 374 374 - - -
Charitable contributions 23 59 6,849 21 25
Other 1,784 1,682 5,100 1,608 1,167
---------------- ---------------- ---------------- -------------- ---------------
Total noninterest expense 11,697 11,295 35,946 7,824 7,632
Income before income taxes 7,333 6,868 15,288 5,717 5,643
Income taxes 2,633 2,363 4,906 1,652 1,918
---------------- ---------------- ---------------- -------------- ---------------
Net income 4,700 4,505 10,382 (2) 4,065 3,725
---------------- ---------------- ---------------- -------------- ---------------
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STOCK AND RELATED PER SHARE DATA
(Amounts in thousands)
- -------------------------------------------------------------------------------------------------------------------------------
Net income per share:
Basic $ 0.18 0.69 0.17 0.18
Diluted $ 0.18 0.69 0.17 0.18
Cash $ 0.20 0.75 0.19 0.20
Cash dividends $ 0.06 0.14 (3) 0.06 (3) - (3)
Dividend payout ratio 32.70% 20.30% (3) 34.88% (3) - (3)
Book value $ 9.19 9.07 9.07 9.08
Market price (NASDAQ: NBCP):
High $ 10.38 11.13 11.00 10.94
Low $ 8.25 9.00 10.13 9.69
Close $ 9.75 10.25 10.25 10.44
Treasury shares repurchased 656 3,111 308 465
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STOCK AND RELATED PER SHARE DATA
(Amounts in thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income per share:
Basic 0.17 0.16 0.36 (2) 0.14 0.13
Diluted 0.17 0.16 0.36 (2) 0.14 0.13
Cash 0.19 0.17 - - -
Cash dividends 0.04 0.04 0.06 0.03 0.03
Dividend payout ratio 23.00% 24.76% 16.60% 21.19% 23.11%
Book value 9.07 9.15 9.19 9.19 9.09
Market price (NASDAQ: NBCP):
High 10.94 11.13 17.06 11.50 14.75
Low 9.00 9.25 8.38 8.38 8.75
Close 10.63 10.00 10.50 10.50 9.81
Treasury shares repurchased 850 1,488 - - -
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PERFORMANCE RATIOS (5)
(Annualized)
- ------------------------------------------------------------------------------------------------------------------------------------
Return on average assets 1.09% 1.13% 1.04% 1.14%
Return on average equity 8.11% 7.52% 7.47% 7.97%
Yield on interest-earning assets 7.19% 7.06% 7.17% 7.06%
Rate on interest-bearing liabilities 4.47% 4.34% 4.42% 4.32%
---------------- ---------------- --------------- ----------------
Net interest rate spread 2.72% 2.72% 2.75% 2.74%
Net interest margin as a percent of
interest-earning assets 3.29% 3.33% 3.24% 3.27%
As a percentage of average assets:
Noninterest income (4) 1.76% 1.67% 1.54% 1.67%
Noninterest expense 3.09% 2.93% 2.93% 2.88%
---------------- ---------------- --------------- ----------------
Net overhead 1.33% 1.26% 1.39% 1.21%
Efficiency ratio 63.70% 61.11% 64.10% 60.50%
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PERFORMANCE RATIOS (5)
(Annualized)
- ------------------------------------------------------------------------------------------------------------------------------------
Return on average assets 1.17% 1.20% 0.77% (2) 1.13% 1.08%
Return on average equity 7.57% 7.10% 4.65% (2) 6.17% 5.76%
Yield on interest-earning assets 7.00% 7.03% 7.26% 7.17% 7.26%
Rate on interest-bearing liabilities 4.26% 4.35% 4.51% 4.44% 4.52%
---------------- ---------------- ---------------- -------------- ----------------
Net interest rate spread 2.74% 2.68% 2.75% 2.73% 2.74%
Net interest margin as a percent of
interest-earning assets 3.36% 3.45% 3.48% 3.44% 3.48%
As a percentage of average assets:
Noninterest income (4) 1.70% 1.84% 0.68% 0.78% 0.68%
Noninterest expense 2.90% 3.01% 2.68% (2) 2.17% 2.21%
---------------- ---------------- ---------------- -------------- ----------------
Net overhead 1.20% 1.17% 2.00% (2) 1.39% 1.53%
Efficiency ratio 59.76% 60.06% 67.59% (2) 53.97% 55.46%
Niagara Bancorp, Inc.
Summary of Quarterly Financial Data (Cont'd.)
Exhibit 99.1
2000 1999
---------------- -------------------------------------------------------
First As of Fourth Third
Quarter December 31, Quarter Quarter
---------------- --------------- ---------------- ----------------
- ----------------------------------------------------------------------------------------------------------------------------------
RISK-BASED CAPITAL RATIOS
(Amounts in thousands)
- ----------------------------------------------------------------------------------------------------------------------------------
Tier 1 capital 20.09% 22.40% 22.40% 22.88%
Total capital 21.33% 23.56% 23.56% 24.00%
Leverage capital 12.62% 13.51% 13.51% 13.71%
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ASSET QUALITY DATA
(Amounts in thousands)
- ----------------------------------------------------------------------------------------------------------------------------------
Non-performing loans:
One-to four-family $ 1,325 974 974 926
Home equity $ 54 130 130 132
Commercial real estate and multi-family $ 627 640 640 641
Consumer $ 70 33 33 145
Commercial business $ 159 152 152 152
---------------- --------------- ---------------- ----------------
Total non-performing loans $ 2,235 1,929 1,929 1,996
Other non-performing assets $ 436 1,073 1,073 1,017
---------------- --------------- ---------------- ----------------
Total non-performing assets $ 2,671 3,002 3,002 3,013
Allowance for credit losses $ 10,503 9,862 9,862 9,526
Net loan charge-offs $ 76 614 208 146
Total non-performing assets as
percentage of total assets 0.15% 0.18% 0.18% 0.18%
Total non-performing loans to total loans 0.21% 0.19% 0.19% 0.21%
Net charge-offs to average loans 0.01% 0.07% 0.02% 0.02%
Allowance for credit losses to total loans 0.97% 0.99% 0.99% 1.01%
Allowance for credit losses
to non-performing loans 469.93% 511.27% 511.27% 477.26%
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Personnel FTE 649.50 624.50 624.50 635.00
Number of bank offices 22 18 18 18
1998
------------------------------------ ------------------------------------
Second First As of Fourth
Quarter Quarter December 31, Quarter
---------------- --------------- ---------------- ----------------
- ------------------------------------------------------------------------------------------------------------------------------
RISK-BASED CAPITAL RATIOS
(Amounts in thousands)
- ------------------------------------------------------------------------------------------------------------------------------
Tier 1 capital 24.07% 26.08% 31.67% 31.67%
Total capital 25.27% 27.29% 32.88% 32.88%
Leverage capital 14.19% 15.30% 18.05% 18.05%
- ------------------------------------------------------------------------------------------------------------------------------
ASSET QUALITY DATA
(Amounts in thousands)
- ------------------------------------------------------------------------------------------------------------------------------
Non-performing loans:
One-to four-family 895 1,162 1,459 1,459
Home equity 71 71 13 13
Commercial real estate and multi-family 693 597 1,706 1,706
Consumer 76 57 62 62
Commercial business 184 123 56 56
---------------- --------------- ---------------- ----------------
Total non-performing loans 1,919 2,010 3,296 3,296
Other non-performing assets 1,039 955 589 589
---------------- --------------- ---------------- ----------------
Total non-performing assets 2,958 2,965 3,885 3,885
Allowance for credit losses 9,118 8,730 8,010 8,010
Net loan charge-offs 159 101 995 544
Total non-performing assets as
percentage of total assets 0.18% 0.19% 0.26% 0.26%
Total non-performing loans to total loans 0.22% 0.26% 0.43% 0.43%
Net charge-offs to average loans 0.02% 0.01% 0.15% 0.07%
Allowance for credit losses to total loans 1.05% 1.10% 1.06% 1.06%
Allowance for credit losses
to non-performing loans 475.14% 434.31% 243.02% 243.02%
- ------------------------------------------------------------------------------------------------------------------------------
Personnel FTE 606.00 588.00 401.50 401.50
Number of bank offices 18 18 18 18
----------------
Third
Quarter
----------------
- -----------------------------------------------------------
RISK-BASED CAPITAL RATIOS
(Amounts in thousands)
- -----------------------------------------------------------
Tier 1 capital 32.76%
Total capital 33.73%
Leverage capital 18.53%
- -----------------------------------------------------------
ASSET QUALITY DATA
(Amounts in thousands)
- -----------------------------------------------------------
Non-performing loans:
One-to four-family 1,263
Home equity 19
Commercial real estate and multi-family 2,324
Consumer 58
Commercial business 95
----------------
Total non-performing loans 3,759
Other non-performing assets 21
----------------
Total non-performing assets 3,780
Allowance for credit losses 7,559
Net loan charge-offs 277
Total non-performing assets as
percentage of total assets 0.26%
Total non-performing loans to total loans 0.53%
Net charge-offs to average loans 0.04%
Allowance for credit losses to total loans 1.06%
Allowance for credit losses
to non-performing loans 201.10%
- -----------------------------------------------------------
Personnel FTE 390.00
Number of bank offices 18
- ----------------------------------------------------------
(1) Net of deferred loan fees and expenses, loan discounts and
loans-in-process.
(2) During the second quarter of 1998, Niagara Bancorp, Inc. contributed $4.0
million, net of applicable taxes, to the First Niagara Bank Foundation.
Noninterest expense includes $6.75 million for the one-time contribution of
cash and common stock. The following data excludes the effect of the
contribution. Additionally, the earnings per share calculation includes
proforma earnings of $0.10 per share for January 1, 1998 through April 17,
1998, the period prior to the Initial Public Offering ("Offering"). Such
calculations of proforma per share data do not include the effect of
estimated earnings on the proceeds raised from the Offering.
1998
--------------------
As of
December 31,
--------------------
(Amounts in thousands)
Net income: $ 14,366
Basic $ 0.50
Diluted $ 0.50
Return on average assets 1.07%
Return on average equity 6.43%
As a percentage of average assets:
Noninterest expense 2.18%
Net overhead 1.50%
Efficiency ratio 54.90%
(3) In order to coincide with the Company's Board of Director's review of
quarterly results, the dividend declaration date for the third quarter of
1999 was scheduled during the fourth quarter of 1999. Correspondingly, the
dividend declaration date for the fourth quarter of 1999 was scheduled
during the first quarter of 2000. During 1999, three quarterly dividends
were declared.
(4) Excluding net gain/loss on sale of securities available for sale.
(5) Averages presented are daily averages.