First Niagara Financial Group, Inc.
Exhibit 99.1 - Summary of Quarterly Financial Data
2004 2003
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June 30, March 31, December 31, September 30, June 30,
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SELECTED FINANCIAL DATA
(Amounts in thousands)
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Total assets $ 5,025,940 4,979,890 3,589,507 3,533,430 3,561,646
Total interest-earning assets $ 4,384,094 4,335,885 3,261,953 3,195,743 3,250,449
Fed funds and other short-term investments $ 3,230 32,373 124,255 134,482 159,675
Securities, at amortized cost $ 1,214,248 1,232,352 846,450 753,193 806,552
Loans:
Real estate:
Residential $ 1,162,544 1,154,084 948,877 965,486 987,426
Home equity $ 227,544 221,486 179,282 176,269 168,725
Commercial and multi-family $ 1,014,178 970,516 653,976 631,041 589,122
Commercial construction $ 135,359 107,323 86,154 102,625 111,492
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Total real estate loans $ 2,539,625 2,453,409 1,868,289 1,875,421 1,856,765
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Commercial business $ 417,027 402,261 215,000 225,561 221,316
Consumer $ 193,608 207,834 202,630 201,092 197,364
Net deferred costs and discounts $ 9,761 10,394 8,704 8,688 9,082
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Total loans $ 3,160,021 3,073,898 2,294,623 2,310,762 2,284,527
Allowance for credit losses $ 41,434 40,766 25,420 25,219 24,781
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Loans, net $ 3,118,587 3,033,132 2,269,203 2,285,543 2,259,746
Goodwill and other intangibles $ 347,936 348,980 114,698 115,084 107,803
Total interest-bearing liabilities $ 3,741,917 3,711,906 2,642,798 2,586,081 2,624,447
Deposits:
Interest-bearing:
Savings $ 1,063,799 1,049,151 654,320 646,284 666,003
Checking $ 908,309 869,556 538,967 540,999 540,274
Certificates of deposit $ 1,055,993 1,131,373 991,545 973,070 982,903
Noninterest-bearing $ 290,926 248,970 170,384 158,915 166,059
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Total deposits $ 3,319,027 3,299,050 2,355,216 2,319,268 2,355,239
Short-term borrowings $ 196,006 154,383 87,148 85,020 67,564
Long-term borrowings $ 517,810 507,443 370,818 340,708 367,703
Stockholders' equity $ 925,750 938,023 728,174 723,047 718,390
Tangible equity (1) $ 577,814 589,043 613,476 607,963 610,587
Fair value adjustment included in
stockholders' equity $ (9,298) 4,011 (341) 1,397 3,558
Common shares outstanding (2) 79,332 79,712 66,326 66,370 66,228
Total loans serviced for others $ 331,927 347,291 246,078 250,082 271,401
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CAPITAL
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Tier 1 risk based capital 16.66% 16.94% 17.94% 18.59% 18.70%
Total risk based capital 17.91% 18.19% 19.04% 19.70% 19.80%
Tier 1 (core) capital 11.37% 11.53% 11.92% 12.48% 12.40%
Tangible capital 11.37% 11.53% 11.87% 12.42% 12.34%
Equity to assets 18.42% 18.84% 20.29% 20.46% 20.17%
Book value per share (2) $ 11.67 11.77 10.98 10.89 10.85
Tangible book value per share (1) $ 7.28 7.39 9.25 9.16 9.22
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ASSET QUALITY DATA
(Amounts in thousands)
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Non-performing loans:
Residential $ 4,685 4,410 3,905 3,605 3,395
Home equity $ 484 440 401 310 467
Commercial real-estate and multi-family $ 4,612 7,057 3,878 2,889 1,614
Consumer $ 830 594 538 679 1,040
Commercial business $ 2,712 3,771 3,583 4,204 3,537
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Total non-performing loans $ 13,323 16,272 12,305 11,687 10,053
Other non-performing assets $ 400 563 543 1,196 1,375
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Total non-performing assets $ 13,723 16,835 12,848 12,883 11,428
Provision for credit losses $ 3,104 1,750 2,007 1,757 2,208
Net loan charge-offs $ 2,436 1,054 1,806 1,319 1,340
Net charge-offs to average loans (annualized) 0.32% 0.14% 0.31% 0.23% 0.24%
Provision for credit losses as a
percentage of net loan charge-offs 127.42% 166.03% 111.13% 133.21% 164.78%
Total non-performing loans to total loans 0.42% 0.53% 0.54% 0.51% 0.44%
Total non-performing assets as a
percentage of total assets 0.27% 0.34% 0.36% 0.36% 0.32%
Allowance for credit losses to total loans 1.31% 1.33% 1.11% 1.09% 1.08%
Allowance for credit losses
to non-performing loans 311.00% 250.53% 206.58% 215.79% 246.50%
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Personnel FTE 1,196 1,177 944 915 891
Number of banking centers 70 68 47 46 46
First Niagara Financial Group, Inc.
Exhibit 99.1 - Summary of Quarterly Financial Data (Cont'd)
2004 2003
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Year-to Date Second First Year Ended Fourth Third Second
June 30, Quarter Quarter December 31, Quarter Quarter Quarter
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SELECTED OPERATIONS DATA
(Amounts in thousands)
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Interest income $108,806 55,750 53,056 169,959 42,450 41,984 42,602
Interest expense $ 33,268 16,815 16,453 62,544 14,197 14,836 15,976
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Net interest income $ 75,538 38,935 36,603 107,415 28,253 27,148 26,626
Provision for credit losses $ 4,854 3,104 1,750 7,929 2,007 1,757 2,208
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Net interest income after
provision for credit losses $ 70,684 35,831 34,853 99,486 26,246 25,391 24,418
Noninterest income:
Banking services $ 9,144 4,934 4,210 16,445 4,110 4,289 4,246
Risk management services $ 8,890 4,442 4,448 14,765 4,007 3,818 3,631
Wealth management services $ 2,335 1,261 1,074 3,525 726 775 1,052
Lending and leasing $ 1,852 929 923 3,617 906 853 959
Bank-owned life insurance $ 2,075 1,208 867 3,502 809 1,141 799
Net realized gains (losses) on
securities available for sale $ 60 -- 60 9 51 (24) (2)
Other $ 882 613 269 1,516 544 523 119
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Total noninterest income $ 25,238 13,387 11,851 43,379 11,153 11,375 10,804
Noninterest expense:
Salaries and benefits $ 31,798 15,915 15,883 50,377 12,743 13,037 12,025
Occupancy and equipment $ 6,476 3,120 3,356 9,315 2,331 2,284 2,259
Technology and communications $ 5,338 2,772 2,566 9,647 2,397 2,553 2,337
Marketing and advertising $ 2,337 1,381 956 3,205 541 810 786
Professional services $ 1,768 987 781 2,210 977 461 410
Amortization of intangibles $ 2,205 1,164 1,041 1,384 378 398 290
Other $ 8,506 4,510 3,996 12,139 3,371 2,877 2,965
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Total noninterest expense $ 58,428 29,849 28,579 88,277 22,738 22,420 21,072
Income from continuing
operations before income taxes $ 37,494 19,369 18,125 54,588 14,661 14,346 14,150
Income taxes from continuing
operations $ 12,566 6,356 6,210 18,646 4,551 5,042 5,073
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Income from continuing operations $ 24,928 13,013 11,915 35,942 10,110 9,304 9,077
Income (loss) from discontinued
operations, net of tax (3) $ -- -- -- 164 (22) -- 23
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Net income $ 24,928 13,013 11,915 36,106 10,088 9,304 9,100
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STOCK AND RELATED PER SHARE DATA
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Net income per share:
Basic $ 0.32 0.16 0.15 0.55 0.15 0.14 0.14
Diluted $ 0.31 0.16 0.15 0.53 0.15 0.14 0.13
Cash dividends $ 0.14 0.07 0.07 0.22 0.06 0.06 0.05
Dividend payout ratio 43.75% 43.75% 46.67% 40.00% 40.00% 42.86% 35.71%
Dividend yield (annualized) 2.35% 2.35% 2.06% 1.47% 1.59% 1.58% 1.44%
Market price (NASDAQ: FNFG):
High $ 15.78 14.13 15.78 16.55 15.64 16.55 14.20
Low $ 11.49 11.49 13.32 10.11 13.85 13.70 11.40
Close $ 12.00 12.00 13.64 14.97 14.97 15.09 13.92
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SELECTED RATIOS
(Annualized)
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Net income:
Return on average assets 1.03% 1.05% 1.02% 1.02% 1.13% 1.04% 1.02%
Return on average equity 5.45% 5.60% 5.29% 5.19% 5.50% 5.13% 5.09%
Return on average tangible
equity (1) 8.41% 8.93% 7.91% 6.15% 6.53% 6.08% 5.99%
As a percentage of average assets:
Noninterest income 1.05% 1.08% 1.01% 1.23% 1.25% 1.27% 1.21%
Noninterest expense 2.43% 2.41% 2.44% 2.50% 2.54% 2.51% 2.36%
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Net overhead 1.38% 1.33% 1.43% 1.27% 1.29% 1.24% 1.15%
Efficiency ratio 57.98% 57.05% 58.98% 58.54% 57.70% 58.20% 56.30%
First Niagara Financial Group, Inc.
Exhibit 99.1 - Summary of Quarterly Financial Data (Cont'd)
2004 2003
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Year-to Date Second First Year Ended Fourth Third Second
June 30, Quarter Quarter December 31, Quarter Quarter Quarter
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SELECTED AVERAGE BALANCES
(Amounts in thousands)
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Total assets $4,844,087 4,986,412 4,701,761 3,531,697 3,545,301 3,540,403 3,579,903
Total interest-earning assets $4,240,514 4,361,984 4,117,336 3,226,208 3,228,756 3,230,971 3,280,842
Fed funds and other short-term
investments $ 41,648 24,166 59,130 220,330 137,175 167,878 282,842
Securities, at amortized cost $1,170,879 1,221,772 1,119,987 737,703 774,734 759,271 734,489
Loans (4) $3,013,831 3,099,987 2,927,675 2,255,703 2,308,146 2,294,650 2,250,864
Goodwill and other intangibles $ 323,917 348,534 299,300 109,207 114,876 112,446 107,631
Interest-bearing liabilities:
Savings accounts $ 992,964 1,056,289 929,639 670,785 646,954 654,076 676,024
Checking $ 854,935 893,854 816,016 525,346 537,431 550,020 527,440
Certificates of deposit $1,121,153 1,095,011 1,147,295 998,428 992,314 966,017 1,021,369
Other borrowed funds $ 641,432 672,731 610,134 431,299 426,005 425,166 436,178
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Total interest-bearing
liabilities $3,610,484 3,717,885 3,503,084 2,625,858 2,602,704 2,595,279 2,661,011
Interest-bearing deposits $2,969,052 3,045,154 2,892,950 2,194,559 2,176,699 2,170,113 2,224,833
Noninterest-bearing deposits $ 252,553 271,090 234,016 155,546 163,960 167,862 149,727
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Total deposits $3,221,605 3,316,244 3,126,966 2,350,105 2,340,659 2,337,975 2,374,560
Stockholders' equity $ 919,965 934,769 905,161 695,914 727,413 719,606 716,980
Tangible equity (1) $ 596,048 586,235 605,861 586,707 612,537 607,160 609,349
Common shares outstanding (2):
Basic 78,501 79,595 77,407 66,111 66,289 66,276 66,126
Diluted 79,826 80,731 78,917 67,754 67,941 68,002 67,722
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SELECTED AVERAGE YIELDS/RATES
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Investment securities 2.77% 2.77% 2.78% 2.35% 2.76% 2.12% 1.82%
Loans 6.16% 6.12% 6.20% 6.64% 6.37% 6.50% 6.80%
Total interest-earning assets 5.14% 5.12% 5.16% 5.27% 5.24% 5.18% 5.20%
Savings accounts 0.91% 0.93% 0.88% 1.01% 0.75% 0.84% 0.96%
Interest-bearing checking 0.87% 0.89% 0.86% 0.91% 0.83% 0.85% 0.85%
Certificates of deposit 2.22% 2.14% 2.29% 2.93% 2.61% 2.83% 3.03%
Other borrowed funds 3.99% 3.92% 4.07% 5.04% 4.95% 5.03% 5.07%
Total interest-bearing
liabilities 1.85% 1.82% 1.89% 2.38% 2.16% 2.27% 2.41%
Net interest rate spread 3.29% 3.30% 3.27% 2.89% 3.08% 2.91% 2.79%
Net interest rate margin 3.56% 3.57% 3.56% 3.33% 3.50% 3.36% 3.25%
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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."
First quarter 2003 amounts include the net gain realized on the sale of
$208,000.
(4) Net of deferred costs and unearned discounts.