Exhibit 99.1
Summary of Quarterly Financial Data (1)
First Quarter
1999 1998 1999 vs 1998
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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............................... $ 1,522,004 $ 1,440,938 $ 1,384,346 $ 1,328,491 $ 1,205,365 26.3%
Total interest-earning assets.............. 1,419,779 1,353,495 1,302,282 1,267,959 1,150,798 23.4
Securities, at amortized cost.............. 585,317 566,285 544,897 486,610 463,613 26.3
Loans (2).................................. 771,219 733,561 696,343 664,351 643,520 19.8
Interest-bearing deposits.................. 1,024,298 1,001,754 990,393 998,798 985,278 4.0
Short-term borrowings...................... 6,737 8,022 24,732 18,469 16,162 (58.3)
Long-term borrowings....................... 168,649 109,500 56,086 22,809 21,156 697.2
Total interest-bearing liabilities......... 1,199,684 1,119,276 1,071,211 1,040,076 1,022,596 17.3
Noninterest-bearing deposits............... 30,574 29,060 27,651 29,059 25,854 18.3
Total deposits............................. 1,054,872 1,030,814 1,018,044 1,027,857 1,011,132 4.3
Stockholders' equity....................... $ 257,247 $ 263,448 $ 258,769 $ 235,840 $ 133,262 93.0%
Common shares outstanding
Basic................................. 27,888 28,701 28,687 28,792 - -
Diluted............................... 27,888 28,701 28,687 28,792 - -
ASSET QUALITY DATA
(Amounts in thousands)
Non-performing loans....................... $ 2,010 $ 3,296 $ 3,759 $ 3,885 $ 2,965% (32.2)%
Other non-performing assets................ 955 /(4)/ 589 21 21 299 219.4
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Total non-performing assets................ 2,965 3,885 3,780 3,906 3,264 (9.2)
Allowance for credit losses................ 8,730 8,010 7,559 7,350 7,088 23.2
Net loan charge-offs....................... $ 101 $ 995 $ 451 $ 174 $ 90 12.2%
Total non-performing assets
as percentage of total assets......... 0.19% 0.26% 0.26% 0.29% 0.25% -
Total non-performing loans to total loans.. 0.26 0.43 0.53 0.57 0.46 -
Net charge-offs to average loans........... 0.01 0.15 0.04 0.03 0.01 -
Allowance for credit losses to total loans. 1.10 1.06 1.06 1.07 1.10 -
Allowance for credit losses
to non-performing loans............... 434.31% 243.02% 201.10% 189.19% 239.06% -
Average Period-end
Average for Three Months 1999 vs 1998 As of March 31, 1999 vs 1998
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1999 1998 % Change 1999 1998 %
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SELECTED FINANCIAL DATA
(Amounts in thousands)
Total assets......................... $ 1,522,004 $ 1,205,365 26.3% $ 1,591,000 $ 1,323,466 20.2%
Total earning assets................. 1,419,779 1,150,798 23.4 1,491,837 1,270,148 17.5
Securities, at amortized cost........ 585,317 463,613 26.3 673,521 485,053 38.9
Loans (2)............................ 771,219 643,520 19.8 793,625 647,068 22.6
Interest-bearing deposits............ 1,024,298 985,278 4.0 1,034,001 1,103,547 (6.3)
Short-term borrowings................ 6,737 16,162 (58.3) 45,446 19,012 139.0
Long-term borrowings................. 168,649 21,156 697.2 200,194 19,798 911.2
Total interest-bearing liabilities... 1,199,684 1,022,596 17.3 1,279,641 1,142,358 12.0
Noninterest-bearing deposits......... 30,574 25,854 18.3 30,993 28,219 9.8
Total deposits....................... 1,054,872 1,011,132 4.3 1,064,994 1,131,766 (5.9)
Stockholders' equity................. 257,247 133,262 93.0 249,256 134,215 85.7
Fair value adjustment included in
Stockholders' equity........... $ 3,751 $ 3,165 18.5% $ 2,495 $ 3,328 (25.0)%
Common shares outstanding
Basic........................... 27,888 - - 27,241 - -
Diluted......................... 27,888 - - 27,241 - -
Equity to assets..................... 16.90% 11.06% - 15.67% 10.14% -
Risk-weighted capital ratios:
Tier 1 capital.................. - - - 26.08 19.98 -
Total capital................... - - - 27.29 21.06 -
Leverage capital................ - - - 15.30 10.90 -
EXHIBIT 99.1, (CONT'D.)
SUMMARY OF QUARTERLY FINANCIAL DATA (1)
1999 1998 Three Months Ended March 31,
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First Fourth Third Second First %
Quarter Quarter Quarter Quarter Quarter 1999 1998 Change
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SELECTED OPERATIONS DATA
(Amounts in thousands)
Interest income..................... $ 24,941 $ 24,269 $ 23,627 $ 22,942 $ 21,264 $ 24,941 $ 21,264 17.3%
Interest expense.................... 12,877 12,526 12,216 11,695 11,529 12,877 11,529 11.7
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Net interest income................. 12,064 11,743 11,411 11,247 9,735 12,064 9,735 23.9
Provision for credit losses......... 821 995 486 346 257 821 257 219.5
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Net interest income after provision. 11,243 10,748 10,925 10,901 9,478 11,243 9,478 18.6
Net securities gains................ 178 38 - 100 - 178 - -
Other noninterest income............ 6,742 2,755 2,350 2,168 1,771 6,742 1,771 280.7
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Total noninterest income............ 6,920 2,793 2,350 2,268 1,771 6,920 1,771 290.7
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Salaries and employee benefits...... 6,486 4,130 4,115 3,872 3,783 6,486 3,783 71.5
Other noninterest expense........... 4,809 3,694 3,517 9,865 2,970 4,809 2,970 61.9
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Total noninterest expense........... 11,295 7,824 7,632 13,737 6,753 11,295 6,753 67.3
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Income (loss) before income taxes... 6,868 5,717 5,643 (568) 4,496 6,868 4,496 52.8
Income taxes........................ 2,363 1,652 1,918 (214) 1,550 2,363 1,550 52.5
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Net income (loss)................... $ 4,505 $ 4,065 $ 3,725 $ (354)/(3)/ $ 2,946 $ 4,505 $ 2,946 52.9%
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PER SHARE DATA
(Amounts in thousands)
Net income
Basic.......................... 0.16 0.14 0.13 (0.01)/(3)/ - 0.16 - -
Diluted........................ 0.16 0.14 0.13 (0.01)/(3)/ - 0.16 - -
Cash dividends...................... 0.04 0.03 0.03 - - 0.04 - -
Dividend Payout Ratio............... 24.76% 21.19% 23.11% - - - - -
Book Value.......................... 9.15 9.19 9.09 8.93 - 9.15 - -
Market price (NASDAQ: NBCP):
High........................... 11.13 11.50 14.75 17.06 - 11.13 - -
Low............................ 9.25 8.38 8.75 14.38 - 9.25 - -
Close.......................... 10.00 10.50 9.81 14.75 - 10.00 - -
PERFORMANCE RATIOS (ANNUALIZED)
Return on average assets............ 1.20% 1.13% 1.08% (0.11)%/(3)/ 0.98% 1.20% 0.98% -
Return on average equity............ 7.10 6.17 5.76 (0.60) /(3)/ 8.84 7.10 8.84
Net interest margin................. 3.21 3.26 3.30 3.39 3.23 3.21 3.23 -
As a percentage of average assets:
Noninterest income............. 1.84 0.78 0.68 0.68 0.59 1.84 0.59 -
Noninterest expense............ 3.01 2.17 2.21 4.14 2.24 3.01 2.24 -
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Net overhead................... 1.17 1.39 1.53 3.46 /(3)/ 1.65 1.17 1.65 -
Efficiency ratio.................... 60.06% 53.97% 55.46% 102.40%/(3)/ 58.69% 60.06% 58.69% -
______________________________
(1) The reorganization of Lockport Savings Bank from a mutual savings bank to
a stock form of organization was effective April 17, 1998. All amounts
prior to this date are reflective of the consolidated financial results of
Lockport Savings Bank and subsidiaries.
(2) Net of deferred loan fees and expenses, loan discounts and loans-in-
process.
(3) During the second quarter of 1998, Niagara Bancorp, Inc. contributed
$3,984,000, net of applicable taxes, to the Lockport Savings Bank
Foundation. The following data excludes the effect of this contribution:
Net Income........................................................ $ 3,360
Basic earnings per share.......................................... 0.13
Diluted earnings per share........................................ 0.13
Return on average assets.......................................... 1.09%
Return on average equity.......................................... 6.16%
As a percentage of average assets:
Noninterest expense............................................. 2.10%
Net Overhead.................................................... 1.42%
Efficiency Ratio.................................................. 52.08%
(4) Includes $527,000 for a commercial real estate property expected to be sold
at its recorded value during the second quarter of 1999.