Exhibit 99.1
First Niagara Financial Group, Inc.
Summary of Quarterly Financial Data
2004 2003
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September 30, June 30, March 31, December 31, September 30,
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SELECTED FINANCIAL DATA
(Amounts in thousands)
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Total assets $ 5,065,135 5,025,940 4,979,890 3,589,507 3,533,430
Total interest-earning assets $ 4,410,707 4,384,094 4,335,885 3,261,953 3,195,743
Fed funds and other short-term investments $ 12,862 3,230 32,373 124,255 134,482
Securities, at amortized cost $ 1,177,043 1,214,248 1,232,352 846,450 753,193
Loans:
Real estate:
Residential $ 1,150,032 1,162,544 1,154,084 948,877 965,486
Home equity $ 236,357 227,544 221,486 179,282 176,269
Commercial and multi-family $ 1,052,875 1,014,178 970,516 653,976 631,041
Commercial construction $ 159,670 135,359 107,323 86,154 102,625
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Total real estate loans $ 2,598,934 2,539,625 2,453,409 1,868,289 1,875,421
---------- ---------- ---------- ---------- ----------
Commercial business $ 422,656 417,027 402,261 215,000 225,561
Consumer $ 185,518 193,608 207,834 202,630 201,092
Net deferred costs and discounts $ 9,113 9,761 10,394 8,704 8,688
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Total loans $ 3,216,221 3,160,021 3,073,898 2,294,623 2,310,762
Allowance for credit losses $ 41,273 41,434 40,766 25,420 25,219
---------- ---------- ---------- ---------- ----------
Loans, net $ 3,174,948 3,118,587 3,033,132 2,269,203 2,285,543
Goodwill and other intangibles $ 347,865 347,936 348,980 114,698 115,084
Total interest-bearing liabilities $ 3,756,581 3,741,917 3,711,906 2,642,798 2,586,081
Deposits:
Interest-bearing:
Savings $ 1,066,321 1,063,799 1,049,151 654,320 646,284
Checking $ 919,378 908,309 869,556 538,967 540,999
Certificates of deposit $ 1,045,604 1,055,993 1,131,373 991,545 973,070
Noninterest-bearing $ 285,322 290,926 248,970 170,384 158,915
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Total deposits $ 3,316,625 3,319,027 3,299,050 2,355,216 2,319,268
Short-term borrowings $ 192,282 196,006 154,383 87,148 85,020
Long-term borrowings $ 532,996 517,810 507,443 370,818 340,708
Stockholders' equity $ 937,307 925,750 938,023 728,174 723,047
Tangible equity (1) $ 589,442 577,814 589,043 613,476 607,963
Fair value adjustment included in
stockholders' equity $ (3,625) (9,298) 4,011 (341) 1,397
Common shares outstanding (2) 79,246 79,332 79,712 66,326 66,370
Total loans serviced for others $ 326,936 331,927 347,291 246,078 250,082
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CAPITAL
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Tier 1 risk based capital 16.43% 16.66% 16.94% 17.94% 18.59%
Total risk based capital 17.68% 17.91% 18.19% 19.04% 19.70%
Tier 1 (core) capital 11.31% 11.37% 11.53% 11.92% 12.48%
Tangible capital 11.31% 11.37% 11.53% 11.87% 12.42%
Equity to assets 18.51% 18.42% 18.84% 20.29% 20.46%
Book value per share (2) $ 11.83 11.67 11.77 10.98 10.89
Tangible book value per share (1)(2) $ 7.44 7.28 7.39 9.25 9.16
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ASSET QUALITY DATA
(Amounts in thousands)
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Non-performing loans:
Residential $ 4,536 4,685 4,410 3,905 3,605
Home equity $ 390 484 440 401 310
Commercial real-estate and multi-family $ 5,414 4,612 7,057 3,878 2,889
Consumer $ 677 830 594 538 679
Commercial business $ 3,922 2,712 3,771 3,583 4,204
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Total non-performing loans $ 14,939 13,323 16,272 12,305 11,687
Other non-performing assets $ 691 400 563 543 1,196
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Total non-performing assets $ 15,630 13,723 16,835 12,848 12,883
Provision for credit losses $ 1,742 3,104 1,750 2,007 1,757
Net loan charge-offs $ 1,903 2,436 1,054 1,806 1,319
Net charge-offs to average loans (annualized) 0.24% 0.32% 0.14% 0.31% 0.23%
Provision for credit losses as a
percentage of net loan charge-offs 91.54% 127.42% 166.03% 111.13% 133.21%
Total non-performing loans to total loans 0.46% 0.42% 0.53% 0.54% 0.51%
Total non-performing assets as a
percentage of total assets 0.31% 0.27% 0.34% 0.36% 0.36%
Allowance for credit losses to total loans 1.28% 1.31% 1.33% 1.11% 1.09%
Allowance for credit losses
to non-performing loans 276.28% 311.00% 250.53% 206.58% 215.79%
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Personnel FTE 1,207 1,196 1,177 944 915
Number of banking centers 71 70 68 47 46
First Niagara Financial Group, Inc.
Summary of Quarterly Financial Data (Cont'd)
2004
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Year-to Date Third Second
September 30, Quarter Quarter
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SELECTED OPERATIONS DATA
(Amounts in thousands)
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Interest income $ 165,624 56,818 55,750
Interest expense $ 50,448 17,180 16,815
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Net interest income $ 115,176 39,638 38,935
Provision for credit losses $ 6,596 1,742 3,104
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Net interest income after provision for credit losses $ 108,580 37,896 35,831
Noninterest income:
Banking services $ 14,440 5,296 4,934
Risk management services $ 13,198 4,308 4,442
Wealth management services $ 3,592 1,257 1,261
Lending and leasing $ 2,795 943 929
Bank-owned life insurance $ 2,901 826 1,208
Net realized gains (losses) on securities
available for sale $ 60 - -
Other $ 1,359 477 613
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Total noninterest income $ 38,345 13,107 13,387
Noninterest expense:
Salaries and benefits $ 48,588 16,790 15,915
Occupancy and equipment $ 9,555 3,079 3,120
Technology and communications $ 8,166 2,828 2,772
Marketing and advertising $ 3,335 998 1,381
Professional services $ 3,228 1,460 987
Amortization of intangibles $ 3,387 1,182 1,164
Other $ 12,547 4,041 4,510
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Total noninterest expense $ 88,806 30,378 29,849
Income from continuing operations before income taxes $ 58,119 20,625 19,369
Income taxes from continuing operations $ 19,861 7,295 6,356
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Income from continuing operations $ 38,258 13,330 13,013
Income (loss) from discontinued operations, net of tax (3) $ - - -
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Net income $ 38,258 13,330 13,013
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STOCK AND RELATED PER SHARE DATA
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Net income per share:
Basic $ 0.49 0.17 0.16
Diluted $ 0.48 0.17 0.16
Cash dividends $ 0.22 0.08 0.07
Dividend payout ratio 44.90% 47.06% 43.75%
Dividend yield (annualized) 2.20% 2.38% 2.35%
Market price (NASDAQ: FNFG):
High $ 15.78 14.00 14.13
Low $ 11.49 11.84 11.49
Close $ 13.38 13.38 12.00
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SELECTED RATIOS
(Annualized)
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Net income:
Return on average assets 1.04% 1.05% 1.05%
Return on average equity 5.53% 5.67% 5.60%
Return on average tangible equity (1) 8.62% 9.04% 8.93%
As a percentage of average assets:
Noninterest income 1.04% 1.04% 1.08%
Noninterest expense 2.42% 2.40% 2.41%
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Net overhead 1.38% 1.36% 1.33%
Efficiency ratio 57.85% 57.59% 57.05%
2004
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First
Quarter
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SELECTED OPERATIONS DATA
(Amounts in thousands)
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Interest income 53,056
Interest expense 16,453
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Net interest income 36,603
Provision for credit losses 1,750
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Net interest income after provision for credit losses 34,853
Noninterest income:
Banking services 4,210
Risk management services 4,448
Wealth management services 1,074
Lending and leasing 923
Bank-owned life insurance 867
Net realized gains (losses) on securities
available for sale 60
Other 269
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Total noninterest income 11,851
Noninterest expense:
Salaries and benefits 15,883
Occupancy and equipment 3,356
Technology and communications 2,566
Marketing and advertising 956
Professional services 781
Amortization of intangibles 1,041
Other 3,996
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Total noninterest expense 28,579
Income from continuing operations before income taxes 18,125
Income taxes from continuing operations 6,210
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Income from continuing operations 11,915
Income (loss) from discontinued operations, net of tax (3) -
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Net income 11,915
===================
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STOCK AND RELATED PER SHARE DATA
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Net income per share:
Basic 0.15
Diluted 0.15
Cash dividends 0.07
Dividend payout ratio 46.67%
Dividend yield (annualized) 2.06%
Market price (NASDAQ: FNFG):
High 15.78
Low 13.32
Close 13.64
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SELECTED RATIOS
(Annualized)
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Net income:
Return on average assets 1.02%
Return on average equity 5.29%
Return on average tangible equity (1) 7.91%
As a percentage of average assets:
Noninterest income 1.01%
Noninterest expense 2.44%
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Net overhead 1.43%
Efficiency ratio 58.98%
2003
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Year Ended Fourth Third
December 31, Quarter Quarter
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SELECTED OPERATIONS DATA
(Amounts in thousands)
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Interest income 169,959 42,450 41,984
Interest expense 62,544 14,197 14,836
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Net interest income 107,415 28,253 27,148
Provision for credit losses 7,929 2,007 1,757
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Net interest income after provision for credit losses 99,486 26,246 25,391
Noninterest income:
Banking services 16,445 4,110 4,289
Risk management services 14,765 4,007 3,818
Wealth management services 3,525 726 775
Lending and leasing 3,617 906 853
Bank-owned life insurance 3,502 809 1,141
Net realized gains (losses) on securities
available for sale 9 51 (24)
Other 1,516 544 523
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Total noninterest income 43,379 11,153 11,375
Noninterest expense:
Salaries and benefits 50,377 12,743 13,037
Occupancy and equipment 9,315 2,331 2,284
Technology and communications 9,647 2,397 2,553
Marketing and advertising 3,205 541 810
Professional services 2,210 977 461
Amortization of intangibles 1,384 378 398
Other 12,139 3,371 2,877
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Total noninterest expense 88,277 22,738 22,420
Income from continuing operations before income taxes 54,588 14,661 14,346
Income taxes from continuing operations 18,646 4,551 5,042
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Income from continuing operations 35,942 10,110 9,304
Income (loss) from discontinued operations, net of tax (3) 164 (22) -
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Net income 36,106 10,088 9,304
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STOCK AND RELATED PER SHARE DATA
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Net income per share:
Basic 0.55 0.15 0.14
Diluted 0.53 0.15 0.14
Cash dividends 0.22 0.06 0.06
Dividend payout ratio 40.00% 40.00% 42.86%
Dividend yield (annualized) 1.47% 1.59% 1.58%
Market price (NASDAQ: FNFG):
High 16.55 15.64 16.55
Low 10.11 13.85 13.70
Close 14.97 14.97 15.09
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SELECTED RATIOS
(Annualized)
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Net income:
Return on average assets 1.02% 1.13% 1.04%
Return on average equity 5.19% 5.50% 5.13%
Return on average tangible equity (1) 6.15% 6.53% 6.08%
As a percentage of average assets:
Noninterest income 1.23% 1.25% 1.27%
Noninterest expense 2.50% 2.54% 2.51%
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Net overhead 1.27% 1.29% 1.24%
Efficiency ratio 58.54% 57.70% 58.20%
First Niagara Financial Group, Inc.
Summary of Quarterly Financial Data (Cont'd)
2004 2003
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Year-to Date Third Second First Year Ended
September 30, Quarter Quarter Quarter December 31,
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SELECTED AVERAGE BALANCES
(Amounts in thousands)
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Total assets $ 4,907,543 5,033,077 4,986,412 4,701,761 3,531,697
Total interest-earning assets $ 4,296,770 4,408,057 4,361,984 4,117,336 3,226,208
Fed funds and other short-term investments $ 34,421 20,125 24,166 59,130 220,330
Securities, at amortized cost $ 1,177,893 1,191,767 1,221,772 1,119,987 737,703
Loans (4) $ 3,068,682 3,177,191 3,099,987 2,927,675 2,255,703
Goodwill and other intangibles $ 331,908 347,715 348,534 299,300 109,207
Interest-bearing liabilities:
Savings accounts $ 1,020,184 1,074,032 1,056,289 929,639 670,785
Checking $ 879,569 928,300 893,854 816,016 525,346
Certificates of deposit $ 1,093,601 1,039,097 1,095,011 1,147,295 998,428
Other borrowed funds $ 656,543 686,437 672,731 610,134 431,299
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Total interest-bearing liabilities $ 3,649,897 3,727,866 3,717,885 3,503,084 2,625,858
Interest-bearing deposits $ 2,993,354 3,041,429 3,045,154 2,892,950 2,194,559
Noninterest-bearing deposits $ 269,574 303,244 271,090 234,016 155,546
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Total deposits $ 3,262,928 3,344,673 3,316,244 3,126,966 2,350,105
Stockholders' equity $ 924,864 934,555 934,769 905,161 695,914
Tangible equity (1) $ 592,956 586,840 586,235 605,861 586,707
Common shares outstanding (2):
Basic 78,755 79,257 79,595 77,407 66,111
Diluted 79,994 80,312 80,731 78,917 67,754
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SELECTED AVERAGE YIELDS/RATES
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Investment securities 2.82% 2.91% 2.77% 2.78% 2.35%
Loans 6.12% 6.05% 6.12% 6.20% 6.64%
Total interest-earning assets 5.14% 5.15% 5.12% 5.16% 5.27%
Savings accounts 0.92% 0.95% 0.93% 0.88% 1.01%
Interest-bearing checking 0.90% 0.94% 0.89% 0.86% 0.91%
Certificates of deposit 2.20% 2.17% 2.14% 2.29% 2.93%
Other borrowed funds 3.96% 3.90% 3.92% 4.07% 5.04%
Total interest-bearing liabilities 1.85% 1.83% 1.82% 1.89% 2.38%
Net interest rate spread 3.29% 3.32% 3.30% 3.27% 2.89%
Net interest rate margin 3.57% 3.60% 3.57% 3.56% 3.33%
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First Niagara Financial Group, Inc.
Summary of Quarterly Financial Data (Cont'd)
2003
Fourth Third
Quarter Quarter
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Total assets 3,545,301 3,540,403
Total interest-earning assets 3,228,756 3,230,971
Fed funds and other short-term investments 137,175 167,878
Securities, at amortized cost 774,734 759,271
Loans (4) 2,308,146 2,294,650
Goodwill and other intangibles 114,876 112,446
Interest-bearing liabilities:
Savings accounts 646,954 654,076
Checking 537,431 550,020
Certificates of deposit 992,314 966,017
Other borrowed funds 426,005 425,166
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Total interest-bearing liabilities 2,602,704 2,595,279
Interest-bearing deposits 2,176,699 2,170,113
Noninterest-bearing deposits 163,960 167,862
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Total deposits 2,340,659 2,337,975
Stockholders' equity 727,413 719,606
Tangible equity (1) 612,537 607,160
Common shares outstanding (2):
Basic 66,289 66,276
Diluted 67,941 68,002
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SELECTED AVERAGE YIELDS/RATES
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Investment securities 2.76% 2.12%
Loans 6.37% 6.50%
Total interest-earning assets 5.24% 5.18%
Savings accounts 0.75% 0.84%
Interest-bearing checking 0.83% 0.85%
Certificates of deposit 2.61% 2.83%
Other borrowed funds 4.95% 5.03%
Total interest-bearing liabilities 2.16% 2.27%
Net interest rate spread 3.08% 2.91%
Net interest rate margin 3.50% 3.36%
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(1) Excludes goodwill and other intangible assets.
(2) Excludes unallocated ESOP shares and unvested restricted stock shares.
(3) Effective February 19, 2003, First Niagara Bank sold NOVA Healthcare
Administrators, Inc., its wholly- owned third-party benefit plan
administrator subsidiary. For the periods presented, the Company has
reported the results of operations from NOVA as "Discontinued
Operations." Year-Ended amounts include the net gain realized on the
sale of $208,000.
(4) Net of deferred costs and unearned discounts.