| Business Summary | | First
Niagara
Financial
Group,
Inc.,
formerly
Niagara
Bancorp,
Inc.,
is
the
holding
company
for
First
Niagara
Bank,
formerly
Lockport
Savings
Bank.
The
Bank
operates
as
a
wholly
owned
subsidiary
of
the
Company
and
is
a
full-service,
community-oriented
savings
bank
that
emphasizes
personal
service
and
customer
convenience
in
serving
the
financial
needs
of
the
individuals,
families
and
businesses
residing
in
its
traditional
market
area
in
the
Western
New
York
counties
of
Niagara,
Orleans,
Erie
and
Genesee.
The
Bank's
business
is
primarily
accepting
deposits
from
customers
through
its
branch
offices
and
investing
those
deposits,
together
with
funds
generated
from
operations
and
borrowings,
in
one-
to
four-family
residential,
multi-family
residential
and
commercial
real
estate
loans,
commercial
business
loans,
consumer
loans,
and
investment
securities.
During
1999,
the
Bank
expanded
its
strategic
focus
in
both
product
offerings
and
market
area. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | First
Niagara
Financial
Group
is
a
bank
holding
company
for
First
Niagara
Bank.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
50%
to
$89.7
million.
Net
interest
income
after
loan
loss
provision
rose
36%
to
$35.9
million.
Net
income
rose
2%
to
$9.7
million.
Net
interest
income
reflects
increased
average
loan
balances,
partially
offset
by
increased
interest
paid
on
deposits.
Earnings
suffered
from
increased
personnel,
occupancy
and
amortization
costs. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| William Swan, 53 Chairman,
Pres, CEO | $737K | Daniel Dintino, Jr. CFO,
Sr. VP | -- | Kathleen Monti, 52 Exec.
VP, CAO | 301K | G. Berner, 53 Exec.
VP and CLO | 306K | Paul Kolkmeyer, 48 Exec.
VP and CBO | 408K | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|