First Niagara Financial Group, Inc.
Exhibit 99.1
2002 2001
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First As of Fourth Third Second First
Quarter December 31, Quarter Quarter Quarter Quarter
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SELECTED FINANCIAL DATA
(Amounts in thousands)
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Total assets $2,854,763 2,857,946 2,857,946 2,749,182 2,656,056 2,650,604
Total interest-earning assets $2,603,948 2,596,371 2,596,371 2,434,517 2,407,211 2,398,077
Fed funds and other short-term investments $ 147,801 22,231 22,231 13,981 25,575 58,193
Securities, at amortized cost $ 553,310 689,293 689,293 530,347 509,930 490,018
Loans:
Real estate loans:
One-to four-family $ 962,433 980,638 980,638 1,017,555 1,048,366 1,067,925
Home equity $ 121,212 114,443 114,443 110,201 107,602 104,527
Multi-family $ 142,955 133,439 133,439 128,513 114,558 112,328
Commercial real-estate $ 264,397 259,457 259,457 251,120 236,043 225,393
Construction $ 77,204 64,502 64,502 56,701 50,564 36,948
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Total real estate loans $1,568,201 1,552,479 1,552,479 1,564,090 1,557,133 1,547,121
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Commercial business loans $ 143,121 135,621 135,621 124,398 108,234 96,358
Consumer loans $ 181,182 182,126 182,126 186,163 187,278 187,763
Net deferred costs and discounts $ 1,786 1,642 1,642 1,629 1,352 1,161
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Total loans $1,894,290 1,871,868 1,871,868 1,876,280 1,853,997 1,832,403
Goodwill and other intangibles $ 81,016 81,010 81,010 82,555 83,595 84,968
Total interest-bearing liabilities $2,436,611 2,439,975 2,439,975 2,330,299 2,264,325 2,267,260
Deposits:
Interest-bearing deposits:
Savings accounts $ 551,002 450,762 450,762 416,215 415,003 416,169
Interest-bearing checking $ 528,416 549,306 549,306 556,133 549,483 543,428
Certificates of deposits $ 930,545 863,717 863,717 906,571 877,562 873,192
Mortgagors' payments held in escrow $ 10,523 17,150 17,150 15,400 18,105 10,813
Noninterest-bearing deposits $ 111,804 109,895 109,895 98,775 95,231 87,638
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Total deposits $2,132,290 1,990,830 1,990,830 1,993,094 1,955,384 1,931,240
Short-term borrowings $ 72,251 212,992 212,992 86,802 89,654 99,838
Long-term borrowings $ 343,874 346,048 346,048 349,178 314,518 323,820
Stockholders' equity $ 264,202 260,617 260,617 258,958 252,157 248,985
Tangible equity (1) $ 183,186 179,607 179,607 176,403 168,562 164,017
Fair value adjustment included in
stockholders' equity $ 454 2,561 2,561 4,435 1,849 1,962
Common shares outstanding 24,856 24,802 24,802 24,787 24,732 24,680
Total loans serviced for others $ 249,469 252,267 252,267 239,978 215,240 201,135
2002 2001
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First Year-to-Date Fourth Third Second First
Quarter December 31, Quarter Quarter Quarter Quarter
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SELECTED AVERAGE BALANCES (2)
(Amounts in thousands)
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Total assets $2,773,161 2,679,331 2,717,984 2,715,856 2,653,536 2,628,566
Total interest-earning assets $2,516,202 2,429,167 2,468,392 2,460,606 2,404,694 2,381,678
Fed funds and other short-term investments $ 74,813 39,533 41,753 50,335 41,189 24,548
Securities, at amortized cost $ 544,451 519,278 540,023 530,910 503,638 501,993
Loans (3) $1,885,312 1,854,117 1,873,337 1,864,773 1,841,032 1,836,824
Goodwill and other intangibles $ 81,116 83,621 81,984 83,235 84,382 84,917
Interest-bearing liabilities:
Savings accounts $ 498,453 417,256 427,122 415,986 413,549 412,219
Interest-bearing checking $ 538,325 545,118 548,510 550,593 544,588 536,589
Certificates of deposits $ 879,491 877,428 888,960 889,081 876,995 854,165
Mortgagors' payments held in escrow $ 15,135 19,198 18,017 25,118 18,207 15,359
Other borrowed funds $ 424,190 425,543 427,943 431,767 412,677 429,736
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Total interest-bearing liabilities $2,355,594 2,284,543 2,310,552 2,312,545 2,266,016 2,248,068
Interest-bearing deposits $1,931,404 1,859,000 1,882,609 1,880,778 1,853,339 1,818,332
Noninterest-bearing deposits $ 103,410 90,023 99,527 92,875 87,450 79,992
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Total deposits $2,034,814 1,949,023 1,982,136 1,973,653 1,940,789 1,898,324
Short-term borrowings $ 74,984 92,680 78,903 89,681 92,535 109,975
Long-term borrowings $ 349,206 332,863 349,040 342,086 320,142 319,761
Stockholders' equity $ 265,949 255,637 263,350 257,919 251,919 249,181
Tangible equity (1) $ 184,833 172,016 181,366 174,684 167,537 164,264
Common shares outstanding:
Basic 24,820 24,728 24,787 24,763 24,697 24,667
Diluted 25,246 25,010 25,165 25,188 24,982 24,788
First Niagara Financial Group, Inc.
Exhibit 99.1 (Cont'd.)
2002 2001
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First Year-to-Date Fourth Third Second First
Quarter December 31, Quarter Quarter Quarter Quarter
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SELECTED OPERATIONS DATA
(Amounts in thousands)
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Interest income $42,533 178,368 43,774 44,880 44,627 45,087
Interest expense $20,319 99,352 22,686 24,787 25,537 26,342
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Net interest income $22,214 79,016 21,088 20,093 19,090 18,745
Provision for credit losses $ 1,530 4,160 1,150 1,110 860 1,040
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Net interest income after provision $20,684 74,856 19,938 18,983 18,230 17,705
Noninterest income:
Bank service charges and fees $ 3,339 10,222 3,187 2,388 2,419 2,228
Lending and leasing income $ 1,039 4,310 1,205 1,064 997 1,044
Insurance services and fees $ 5,074 18,456 4,549 4,420 4,700 4,787
Bank-owned life insurance earnings $ 654 2,507 679 647 598 583
Annuity and mutual fund commissions $ 473 1,750 470 427 408 445
Investment and fiduciary services $ 327 1,456 317 383 358 398
Other $ 304 3,371 705 842 777 1,047
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Total noninterest income $11,210 42,072 11,112 10,171 10,257 10,532
Noninterest expense:
Salaries and benefits $12,348 45,989 11,934 11,236 11,150 11,669
Occupancy and equipment $ 2,034 7,664 1,862 1,830 1,897 2,075
Technology and communications $ 2,050 7,642 2,112 1,775 1,765 1,990
Marketing and advertising $ 540 2,126 541 371 781 433
Amortization of goodwill and other intangibles (4) $ 211 5,711 1,435 1,440 1,418 1,418
Other $ 3,388 13,873 3,930 3,321 3,490 3,132
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Total noninterest expense $20,571 83,005 21,814 19,973 20,501 20,717
Income before income taxes $11,323 33,923 9,236 9,181 7,986 7,520
Income taxes $ 3,873 12,703 3,440 3,432 2,973 2,858
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Net income $ 7,450 21,220 5,796 5,749 5,013 4,662
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Add back: Goodwill amortization $ -- 4,742 1,187 1,187 1,184 1,184
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Adjusted net income (4) $ 7,450 25,962 6,983 6,936 6,197 5,846
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STOCK AND RELATED PER SHARE DATA
(Amounts in thousands)
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Net income per share:
Basic $ 0.30 0.86 0.23 0.23 0.20 0.19
Diluted $ 0.30 0.85 0.23 0.23 0.20 0.19
Adjusted net income per share (4):
Basic $ 0.30 1.05 0.28 0.28 0.25 0.24
Diluted $ 0.30 1.04 0.28 0.28 0.25 0.24
Cash dividends $ 0.10 0.36 0.10 0.09 0.09 0.08
Dividend payout ratio 33.33% 41.86% 43.48% 39.13% 45.00% 42.11%
Dividend yield (Annualized) (5) 2.33% 2.14% 2.36% 2.25% 2.32% 2.90%
Book value $ 10.63 10.51 10.51 10.45 10.20 10.09
Tangible book value (1) $ 7.37 7.24 7.24 7.12 6.82 6.65
Market price (NASDAQ: FNFG):
High $ 19.45 17.90 17.45 17.90 15.99 12.00
Low $ 15.70 10.75 15.20 12.76 10.75 10.75
Close $ 17.44 16.83 16.83 15.87 15.53 11.19
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PERFORMANCE RATIOS (2)
(Annualized)
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Net income:
Return on average assets 1.09% 0.79% 0.85% 0.84% 0.76% 0.72%
Return on average equity 11.36% 8.30% 8.73% 8.84% 7.98% 7.59%
Return on average tangible equity 16.35% 12.34% 12.68% 13.06% 12.00% 11.51%
Adjusted net income (4):
Return on average assets 1.09% 0.97% 1.02% 1.01% 0.94% 0.90%
Return on average equity 11.36% 10.16% 10.52% 10.67% 9.87% 9.51%
Return on average tangible equity 16.35% 15.09% 15.28% 15.75% 14.84% 14.43%
Yield on interest-earning assets 6.80% 7.34% 7.07% 7.28% 7.43% 7.61%
Rate on interest-bearing liabilities 3.50% 4.35% 3.90% 4.25% 4.52% 4.75%
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Net interest rate spread 3.30% 2.99% 3.17% 3.03% 2.91% 2.86%
Net interest margin as a percentage of
interest-earning assets 3.52% 3.25% 3.42% 3.28% 3.17% 3.13%
As a percentage of average assets:
Noninterest income (6) 1.64% 1.57% 1.62% 1.47% 1.58% 1.63%
Noninterest expense (4) 3.01% 2.92% 3.01% 2.74% 2.92% 3.01%
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Net overhead 1.37% 1.35% 1.39% 1.27% 1.34% 1.38%
Efficiency ratio (4) (6) 61.52% 64.59% 64.11% 62.28% 65.36% 66.71%
First Niagara Financial Group, Inc.
Exhibit 99.1 (Cont'd.)
2002 2001
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First As of Fourth Third Second First
Quarter December 31, Quarter Quarter Quarter Quarter
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CAPITAL RATIOS
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Tier 1 capital 10.02% 10.27% 10.27% 9.96% 10.10% 10.09%
Total capital 11.06% 11.36% 11.36% 11.05% 11.23% 11.23%
Leverage capital 6.76% 6.71% 6.71% 6.47% 6.50% 6.35%
Equity to assets 9.25% 9.12% 9.12% 9.42% 9.49% 9.39%
Tangible equity to tangible assets 6.60% 6.47% 6.47% 6.62% 6.55% 6.39%
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ASSET QUALITY DATA
(Amounts in thousands)
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Non-performing loans:
One-to four-family $ 5,040 4,833 4,833 4,605 3,738 3,519
Home equity $ 504 491 491 488 486 649
Commercial real estate and multi-family $ 2,365 2,402 2,402 2,208 1,723 1,304
Consumer $ 746 510 510 385 270 413
Commercial business $ 4,062 3,244 3,244 840 839 569
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Total non-performing loans $12,717 11,480 11,480 8,526 7,056 6,454
Other non-performing assets $ 676 665 665 693 651 867
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Total non-performing assets $13,393 12,145 12,145 9,219 7,707 7,321
Allowance for credit losses $18,983 18,727 18,727 18,651 18,573 18,148
Net loan charge-offs $ 1,274 3,179 1,074 1,032 435 638
Provision for credit losses as a
percentage of net loan charge-offs 120.09% 130.86% 107.08% 107.56% 197.70% 163.01%
Total non-performing assets as a
percentage of total assets 0.47% 0.42% 0.42% 0.34% 0.29% 0.28%
Total non-performing loans to total loans 0.67% 0.61% 0.61% 0.45% 0.38% 0.35%
Net charge-offs to average loans (Annualized) 0.27% 0.17% 0.23% 0.22% 0.09% 0.14%
Allowance for credit losses to total loans 1.00% 1.00% 1.00% 0.99% 1.00% 0.99%
Allowance for credit losses
to non-performing loans 149.27% 163.13% 163.13% 218.75% 263.22% 281.19%
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Personnel FTE 932 919 919 911 918 917
Number of banking centers 38 37 37 37 36 36
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(1) Excludes goodwill and other intangibles.
(2) Averages presented are daily averages.
(3) Net of deferred costs and unearned discounts.
(4) With the adoption of SFAS No. 142 "Goodwill and Other Intangibles" on
January 1, 2002, the Company is no longer required to amortize goodwill.
Accordingly, for the prior periods presented, goodwill amortization has
been excluded from adjusted amounts for consistency purposes. The remaining
amortization relates to identifiable intangible assets (ie. Customer
lists).
(5) Computed based upon the period end closing stock price.
(6) Excludes net gain/loss on sale of securities available for sale.