Exhibit 99.1
First Niagara Financial Group, Inc.
Summary of Quarterly Financial Data
2004 2003
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March 31, December 31, September 30, June 30, March 31,
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SELECTED FINANCIAL DATA
(Amounts in thousands)
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Total assets $4,979,890 3,589,507 3,533,430 3,561,646 3,603,432
Total interest-earning assets $4,335,885 3,261,953 3,195,743 3,250,449 3,292,424
Fed funds and other short-term investments $ 32,373 124,255 134,482 159,675 392,956
Securities, at amortized cost $1,232,352 846,450 753,193 806,552 666,750
Loans:
Real estate:
Residential $1,154,084 948,877 965,486 987,426 997,078
Home equity $ 221,486 179,282 176,269 168,725 167,267
Commercial and multi-family $ 970,516 653,976 631,041 589,122 549,724
Commercial construction $ 107,323 86,154 102,625 111,492 111,736
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Total real estate loans $2,453,409 1,868,289 1,875,421 1,856,765 1,825,805
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Commercial business $ 402,261 215,000 225,561 221,316 208,137
Consumer $ 207,834 202,630 201,092 197,364 188,552
Net deferred costs and discounts $ 10,394 8,704 8,688 9,082 8,688
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Total loans $3,073,898 2,294,623 2,310,762 2,284,527 2,231,182
Allowance for credit losses $ 40,766 25,420 25,219 24,781 23,913
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Loans, net $3,033,132 2,269,203 2,285,543 2,259,746 2,207,269
Goodwill and other intangibles $ 348,980 114,698 115,084 107,803 107,048
Total interest-bearing liabilities $3,711,906 2,642,798 2,586,081 2,624,447 2,697,244
Deposits:
Interest-bearing:
Savings $1,049,151 654,320 646,284 666,003 688,597
Interest-bearing checking $ 869,556 538,967 540,999 540,274 511,941
Certificates of deposit $1,131,373 991,545 973,070 982,903 1,054,996
Noninterest-bearing $ 248,970 170,384 158,915 166,059 143,263
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Total deposits $3,299,050 2,355,216 2,319,268 2,355,239 2,398,797
Short-term borrowings $ 154,383 87,148 85,020 67,564 63,980
Long-term borrowings $ 507,443 370,818 340,708 367,703 377,730
Stockholders' equity $ 938,023 728,174 723,047 718,390 711,646
Tangible equity (1) $ 589,043 613,476 607,963 610,587 604,598
Fair value adjustment included in
stockholders' equity $ 4,011 (341) 1,397 3,558 3,333
Common shares outstanding 79,712 66,326 66,370 66,228 66,071
Total loans serviced for others $ 347,291 246,078 250,082 271,401 289,341
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CAPITAL
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Tier 1 risk based capital 17.33% 17.94% 18.59% 18.70% 18.64%
Total risk based capital 18.58% 19.04% 19.70% 19.80% 19.70%
Tier 1 (core) capital 11.74% 11.92% 12.48% 12.40% 12.21%
Tangible capital 11.39% 11.87% 12.42% 12.34% 12.15%
Equity to assets 18.84% 20.29% 20.46% 20.17% 19.75%
Book value per share $ 11.77 10.98 10.89 10.85 10.77
Tangible book value per share (1) $ 7.39 9.25 9.16 9.22 9.15
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ASSET QUALITY DATA
(Amounts in thousands)
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Non-performing loans:
Residential $ 4,410 3,905 3,605 3,395 3,723
Home equity $ 440 401 310 467 474
Commercial real-estate and multi-family $ 7,057 3,878 2,889 1,614 1,537
Consumer $ 594 538 679 1,040 630
Commercial business $ 3,771 3,583 4,204 3,537 3,572
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Total non-performing loans $ 16,272 12,305 11,687 10,053 9,936
Other non-performing assets $ 563 543 1,196 1,375 1,646
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Total non-performing assets $ 16,835 12,848 12,883 11,428 11,582
Provision for credit losses $ 1,750 2,007 1,757 2,208 1,957
Net loan charge-offs $ 1,054 1,806 1,319 1,340 918
Net charge-offs to average loans (annualized) 0.14% 0.31% 0.23% 0.24% 0.17%
Provision for credit losses as a
percentage of net loan charge-offs 166.03% 111.13% 133.21% 164.78% 213.18%
Total non-performing loans to total loans 0.53% 0.54% 0.51% 0.44% 0.45%
Total non-performing assets as a
percentage of total assets 0.34% 0.36% 0.36% 0.32% 0.32%
Allowance for credit losses to total loans 1.33% 1.11% 1.09% 1.08% 1.07%
Allowance for credit losses
to non-performing loans 250.53% 206.58% 215.79% 246.50% 240.67%
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Personnel FTE 1,177 944 915 891 897
Number of banking centers 68 47 46 46 45
Exhibit 99.1 (continued)
First Niagara Financial Group, Inc.
Summary of Quarterly Financial Data (Cont'd)
2004 2003
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First Year Ended 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 $ 53,056 169,959 42,450 41,984 42,602 42,923
Interest expense $ 16,453 62,544 14,197 14,836 15,976 17,535
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Net interest income $ 36,603 107,415 28,253 27,148 26,626 25,388
Provision for credit losses $ 1,750 7,929 2,007 1,757 2,208 1,957
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Net interest income after provision for credit
losses $ 34,853 99,486 26,246 25,391 24,418 23,431
Noninterest income:
Banking services $ 4,210 16,445 4,110 4,289 4,246 3,800
Risk management services $ 4,448 14,765 4,007 3,818 3,631 3,309
Wealth management services $ 1,074 3,525 726 775 1,052 972
Lending and leasing $ 923 3,617 906 853 959 899
Bank-owned life insurance $ 867 3,502 809 1,141 799 753
Net realized gains (losses) on securities
available for sale $ 60 9 51 (24) (2) (16)
Other $ 269 1,516 544 523 119 330
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Total noninterest income $ 11,851 43,379 11,153 11,375 10,804 10,047
Noninterest expense:
Salaries and benefits $ 15,883 50,377 12,743 13,037 12,025 12,572
Occupancy and equipment $ 3,356 9,315 2,331 2,284 2,259 2,441
Technology and communications $ 2,566 9,647 2,397 2,553 2,337 2,360
Marketing and advertising $ 956 3,205 541 810 786 1,068
Amortization of intangibles $ 1,041 1,384 378 398 290 318
Other $ 4,777 14,349 4,348 3,338 3,375 3,288
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Total noninterest expense $ 28,579 88,277 22,738 22,420 21,072 22,047
Income from continuing operations before
income taxes $ 18,125 54,588 14,661 14,346 14,150 11,431
Income taxes from continuing operations $ 6,210 18,646 4,551 5,042 5,073 3,980
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Income from continuing operations $ 11,915 35,942 10,110 9,304 9,077 7,451
Income (loss) from discontinued operations,
net of tax (2) $ -- 164 (22) -- 23 163
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Net income $ 11,915 36,106 10,088 9,304 9,100 7,614
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STOCK AND RELATED PER SHARE DATA
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Net income per share:
Basic $ 0.15 0.55 0.15 0.14 0.14 0.12
Diluted $ 0.15 0.53 0.15 0.14 0.13 0.11
Cash dividends $ 0.07 0.22 0.06 0.06 0.05 0.05
Dividend payout ratio 46.67% 40.00% 40.00% 42.86% 35.71% 41.67%
Dividend yield (annualized) 2.06% 1.47% 1.59% 1.58% 1.44% 1.73%
Market price (NASDAQ: FNFG):
High $ 15.78 16.55 15.64 16.55 14.20 11.92
Low $ 13.32 10.11 13.85 13.70 11.40 10.11
Close $ 13.64 14.97 14.97 15.09 13.92 11.75
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SELECTED RATIOS
(Annualized)
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Net income:
Return on average assets 1.02% 1.02% 1.13% 1.04% 1.02% 0.89%
Return on average equity 5.29% 5.19% 5.50% 5.13% 5.09% 5.00%
Return on average tangible equity (1) 7.91% 6.15% 6.53% 6.08% 5.99% 5.98%
As a percentage of average assets:
Noninterest income 1.01% 1.23% 1.25% 1.27% 1.21% 1.18%
Noninterest expense 2.44% 2.50% 2.54% 2.51% 2.36% 2.58%
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Net overhead 1.43% 1.27% 1.29% 1.24% 1.15% 1.40%
Efficiency ratio 58.98% 58.54% 57.70% 58.20% 56.30% 62.22%
Exhibit 99.1 (continued)
First Niagara Financial Group, Inc.
Summary of Quarterly Financial Data (Cont'd)
2004 2003
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First Year Ended Fourth Third Second First
Quarter December 31, Quarter Quarter Quarter Quarter
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SELECTED AVERAGE BALANCES
(Amounts in thousands)
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Total assets $4,701,761 3,531,697 3,545,301 3,540,403 3,579,903 3,460,151
Total interest-earning assets $4,117,336 3,226,208 3,228,756 3,230,971 3,280,842 3,163,493
Fed funds and other short-term investments $ 59,130 220,330 137,175 167,878 282,842 295,743
Securities, at amortized cost $1,119,987 737,703 774,734 759,271 734,489 681,051
Loans (3) $2,927,675 2,255,703 2,308,146 2,294,650 2,250,864 2,167,176
Goodwill and other intangibles $ 299,300 109,207 114,876 112,446 107,631 101,695
Interest-bearing liabilities:
Savings accounts $ 929,639 670,785 646,954 654,076 676,024 706,930
Interest-bearing checking $ 816,016 525,346 537,431 550,020 527,440 485,655
Certificates of deposit $1,147,295 998,428 992,314 966,017 1,021,369 1,014,610
Other borrowed funds $ 610,134 431,299 426,005 425,166 436,178 438,047
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Total interest-bearing liabilities $3,503,084 2,625,858 2,602,704 2,595,279 2,661,011 2,645,242
Interest-bearing deposits $2,892,950 2,194,559 2,176,699 2,170,113 2,224,833 2,207,195
Noninterest-bearing deposits $ 234,016 155,546 163,960 167,862 149,727 140,237
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Total deposits $3,126,966 2,350,105 2,340,659 2,337,975 2,374,560 2,347,432
Stockholders' equity $ 905,161 695,914 727,413 719,606 716,980 618,195
Tangible equity (1) $ 605,861 586,707 612,537 607,160 609,349 516,500
Common shares outstanding:
Basic 77,407 66,111 66,289 66,276 66,126 65,758
Diluted 78,917 67,754 67,941 68,002 67,722 67,268
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SELECTED AVERAGE YIELDS/RATES
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Investment securities 2.78% 2.35% 2.76% 2.12% 1.82% 2.72%
Loans 6.20% 6.64% 6.37% 6.50% 6.80% 6.90%
Total interest-earning assets 5.16% 5.27% 5.24% 5.18% 5.20% 5.46%
Savings accounts 0.88% 1.01% 0.75% 0.84% 0.96% 1.50%
Interest-bearing checking 0.86% 0.91% 0.83% 0.85% 0.85% 1.12%
Certificates of deposit 2.29% 2.93% 2.61% 2.83% 3.03% 3.24%
Other borrowed funds 4.07% 5.04% 4.95% 5.03% 5.07% 5.11%
Total interest-bearing liabilities 1.89% 2.38% 2.16% 2.27% 2.41% 2.69%
Net interest rate spread 3.27% 2.89% 3.08% 2.91% 2.79% 2.77%
Net interest margin 3.56% 3.33% 3.50% 3.36% 3.25% 3.21%
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(1) Excludes goodwill and other intangible assets.
(2) 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."
First quarter 2003 amounts include the net gain realized on the sale of
$208,000.
(3) Net of deferred costs and unearned discounts.