EXHIBIT 99
Seventh Annual
Analyst Conference
July 29, 2005
Agenda
| 8:00 – 8:30 | Welcoming Remarks & Overview of TD Banknorth | Bill Ryan | ||
| 8:30 – 9:30 | Hudson United | Steve Boyle | ||
| Wendy Suehrstedt | ||||
| 9:30 – 9:45 | Hudson United Q&A | |||
| Business Line Updates | ||||
| 9:45 – 10:00 | Commercial/Consumer Lending | John Fridlington | ||
| 10:00 – 10:15 | TD Banknorth Insurance Group | Joe Fico | ||
| 10:15 – 10:30 | Marketing Initiatives/TD Banknorth Garden | Mark Collins | ||
| 10:30 – 10:45 | Use of Cash v. GAAP | Steve Boyle | ||
| 10:45 – 11:15 | Q&A/Final Remarks | Bill Ryan | ||
| TD Banknorth Analyst Conference July 29, 2005 Bill Ryan Chairman, President and CEO TD Banknorth Inc. Building on Strength |
| This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of TD Banknorth. Words such as "expect", "feel", "believe", "will", "may", "anticipate", "plan", "estimate", "intend", "should" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited, to, changes in general economic conditions, interest rates, deposit flows, loan demand, competition, legislation or regulation and accounting principles, policies or guidelines, as well as other economic, competitive, governmental, regulatory and accounting and technological factors affecting TD Banknorth's operations. In addition, acquisitions may result in large one-time charges to income, may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated and may result in unforeseen integration difficulties. Investors are encouraged to access TD Banknorth's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding TD Banknorth, including information which could affect TD Banknorth's forward-looking statements. TD Banknorth does not undertake any obligation to update these forward- looking statements to reflect events or circumstances that occur after the date on which such statements were made. Note on Forward-Looking Information |
| Today's Agenda Overview Bill Ryan Hudson United Steve Boyle Wendy Suehrstedt Q&A on Hudson United Business Line Updates Commercial and Consumer Lending John Fridlington TD Banknorth Insurance Joe Fico Marketing Mark Collins Use of Cash v. GAAP Steve Boyle Q&A and Concluding Remarks |
| Who is TD Banknorth Inc.? Headquartered in Portland, Maine Approximately 55% owned by TD Bank Financial Group (TD) Over 7,800 employees $32 billion in assets as of 6/30/05 More than 1.3 million households throughout New England and upstate New York Diversified loan and deposit base with emphasis on retail and commercial banking, investments and insurance Community-banking model based on local decision-making and superior service Poised for growth |
| Our vision is to be the premier community financial services company in the Northeast ... TD Banknorth Vision - Simple & Clear |
| Solid Financial Services Franchise in New England and New York Nearly 400 branches and 550 ATMs 30 Wealth Management offices 71 Bancnorth Investment Group offices* 27 Banknorth Insurance Group offices Current TD Banknorth Branch Locations 60 Maine 68 New Hampshire 161 Massachusetts 44 Connecticut 36 Vermont 27 New York *Based on number of reps. housed in the branches as well as in centralized locations. In association with Bancnorth Investment Group Inc., a subsidiary of PrimeVest Financial Services, Inc. |
| Litchfield Hartford Tolland Windham New London Middlesex New Haven Fairfield Hudson United TD Banknorth ME NY NH VT MA CT NJ PA RI Hartford Philadelphia Boston Significant Expansion in CT and Natural Extension into the Mid-Atlantic Region |
| Community Banking Model Bank presidents in each state responsible for all major decisions affecting their customers and communities; Local decision-making authority and loan authority; React and make decisions quickly; Superior local service; Target both the middle/small business commercial market and consumer market; Deposit gathering focused on core deposits; Cross sell additional services including insurance and investments. |
| History of Successful Acquisitions Acquisitions are a core competency All acquisitions have met or exceeded financial targets Completed 25 acquisitions since 1987 10 acquisitions since 2000 in higher growth markets of Massachusetts and Connecticut Completed 11 insurance agency acquisitions since 1997. |
| Consistently Strong Performance 10 consecutive years of operating EPS growth; Strong profitability 29% cash ROE as of 6/30/05 51% cash efficiency ratio as of 6/30/05 Consistent, strong core loan and deposit growth; Low-risk fee income growth with emphasis on loan and deposit fees, investment and insurance agency revenue; Superior asset quality. |
| Strong Loans & Deposit Growth Loans 2000 10.8 2001 12.7 2002 14.1 2003 16.3 2004 18.6 2004 5-yr. CAGR 13.6% Loans $ Billions Deposits 2000 12.1 2001 14.2 2002 15.7 2003 17.9 2004 19.2 2004 5-yr. CAGR 10.4% Deposits $ Billions 8.57% 7.97% 6.69% 5.29% 5.65% 4.13% 3.51% 2.05% 1.08% 1.34% Loan and Lease Yields Interest-Bearing Deposit Rates |
| Solid Earnings Growth Net Income 2000 252 2001 267 2002 312 2003 362 2004 402 Cash Operating Earnings* $ Millions 2004 5-yr. CAGR 11.4% * Earnings excluding merger and consolidation costs, deleveraging losses and the amortization of identifiable intangible assets. |
| What Differentiates TD Banknorth? Strong management team with a proven track record. We do what we say we'll do. Well-positioned for both organic and acquisition growth in higher growth markets in the Northeast. Access to capital to implement growth strategy as part of TD. Superior asset quality. |
| Doing What We Said We Would... On March 1, 2005, sold 51% of the company to TD; As a result of TD Banknorth buybacks completed in March of 2005, TD now owns approximately 55% of the company; Strategic rationale of the sale to TD was to allow us to continue to grow in New England and potentially beyond; With the recent announcement of the acquisition of Hudson United Bancorp, we are doing exactly what we told you we would do. |
| Wendy Suehrstedt - Well Positioned to Lead Hudson United Graduated summa cum laude with a BS from Georgetown and with an MS in Economics from the University of Michigan Began her banking career with Bank of Maine in 1983 as a management trainee; In 1985, Bank of Maine became part of Fleet and Wendy was named a commercial loan officer; 1990, joined us as a Vice President of Commercial Loan Review; 1991 - 1994, served as Senior Vice President for Commercial Credit Policy and Administration; 1994 - 1997, served as Head of Retail and Small Business Banking; 1997 - present, serves as EVP and Chief Retail Banking Officer Upon closing, will be relocating to New Jersey to manage the Hudson United franchise. |
| Appendix |
| 2000 2001 2002 2003 2004 Excl. Merger/Consolidation Costs 1.74 1.88 2.09 2.21 2.31 GAAP 1.32 1.68 1.99 2.15 1.75 Cash Operating Earnings* GAAP * Earnings excluding merger and consolidation costs, deleveraging losses and the amortization of identifiable intangible assets. EPS Growth Per Diluted Share |
| Commercial Loans by State 2002 - 2004 Source: TD Banknorth 2004 10-K. |
| Loans by Type 2002 - 2004 Source: TD Banknorth 2004 10-K. |
| Deposits by Type 2002 - 2004 Source: TD Banknorth 2004 10-K. |
| Other Income Growth and Improved Efficiency Other income 2000 226.6 2001 239.2 2002 267.2 2003 324.7 2004 347.5 2004 5-yr. CAGR 12.7% Noninterest income (excluding securities gains/(losses) $ Millions Efficiency ratio 2000 0.5281 2001 0.5219 2002 0.5248 2003 0.5094 2004 0.504 Cash efficiency ratio Cash Efficiency Ratio excludes securities gains/(losses), merger and consolidation costs, prepayment penalties on borrowings, and amortization of intangible assets. |
| Diversified Noninterest Income Source: TD Banknorth 2004 10-K. |
| Strong Asset Quality Total Assets 2000 0.0037 2001 0.0039 2002 0.0029 2003 0.0024 2004 0.0028 NPA's as a % of Total Assets Average Loans 2000 0.0024 2001 0.0033 2002 0.0029 2003 0.0024 2004 0.0021 Net charge-offs as a % of Avg. Loans NPA's as a % of Total Assets have remained relatively stable while Total Assets have increased by 57% from 2000-2004. |
| This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of charges and expenses related to the consummation of mergers and acquisitions and costs related to the integration of merged entities, as well as the amortization of intangible assets in the case of "cash basis" performance measures. These non-GAAP measures also may exclude other significant gains or losses that are unusual in nature, such as security gains and prepayment penalties incurred in connection with deleveraging strategies. Because these items and their impact on the Company's performance are difficult to predict, management believes that presentations of financial measures excluding the impact of these items provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Note on Non-GAAP Financial Information |
| This presentation may be deemed to be solicitation material in respect of the proposed merger of TD Banknorth and Hudson United. In connection with the proposed transaction, a registration statement on Form S-4 will be filed with the SEC. Shareholders of TD Banknorth and shareholders of Hudson United are encouraged to read the registration statement and any other relevant documents filed with the SEC, including the joint proxy statement/prospectus that will be part of the registration statement, because they will contain important information about the proposed merger. The final joint proxy statement/prospectus will be mailed to shareholders of TD Banknorth and shareholders of Hudson United. Investors and security holders will be able to obtain the documents free of charge at the SEC's website, www.sec.gov, from TD Banknorth, Two Portland Square, P.O. Box 9540, Portland, Maine 04112-9540, Attention: Investor Relations, or from Hudson United, 1000 MacArthur Boulevard, Mahwah, New Jersey 07430, Attention: Investor Relations. TD Banknorth, Hudson United and their respective directors and executive officers and other members of management and employees may be deemed to participate in the solicitation of proxies in respect of the proposed transaction. Information regarding TD Banknorth's directors and executive officers is available in TD Banknorth's proxy statement for its 2005 annual meeting of shareholders, which was filed with the SEC on April 20, 2005, and information regarding Hudson United's directors and executive officers is available in Hudson United's proxy statement for its 2005 annual meeting of shareholders, which was filed with the SEC on March 23, 2005. Additional information regarding the interests of such potential participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available. Additional Information about the Transaction |
| (In thousands, except per share data) | YTD | |||||||||||||||||||||||
| 2000 | 2001 | 2002 | 2003 | 2004 | June 05 | |||||||||||||||||||
Net income before extraordinary item and cumulative effect of accounting change | $ | 191,734 | $ | 242,982 | $ | 298,638 | $ | 350,759 | $ | 304,643 | $ | 129,671 | ||||||||||||
| Add back merger and consolidation costs, net of tax | ||||||||||||||||||||||||
| Merger related | 27,305 | 2,460 | 7,486 | 5,710 | 40,765 | 26,865 | ||||||||||||||||||
| Securities restructuring | 10,331 | — | — | — | 51,560 | 41,453 | ||||||||||||||||||
| Change in unrealized loss on derivitives | — | — | — | — | — | (4,332 | ) | |||||||||||||||||
| Branch closings | 902 | 1,272 | (260 | ) | (35 | ) | — | — | ||||||||||||||||
| Charter consolidation | — | 633 | 2,340 | — | — | — | ||||||||||||||||||
| Write-down (adjustment) of auto lease residuals | 2,405 | 580 | — | (400 | ) | (370 | ) | — | ||||||||||||||||
| Contract termination — merchant processing | 2,009 | — | — | — | — | — | ||||||||||||||||||
| Excluding merger and consolidation costs, securities restructuring, and change in unrealized loss on derivatives | $ | 234,686 | $ | 247,927 | $ | 308,204 | $ | 356,034 | $ | 396,598 | $ | 193,657 | ||||||||||||
| Amortization of intangibles, net of tax | 17,423 | 18,434 | 4,220 | 5,815 | 5,608 | 27,241 | ||||||||||||||||||
| Cash basis, excluding merger and consolidation costs, securities restructuring, change in unrealized loss on derivatives, and amortization of intangibles | $ | 252,109 | $ | 266,361 | $ | 312,424 | $ | 361,849 | $ | 402,206 | $ | 220,898 | ||||||||||||
Diluted earnings per share, before extraordinary item and cumulative effect of accounting change | $ | 1.32 | $ | 1.68 | $ | 1.99 | $ | 2.15 | $ | 1.75 | $ | 0.72 | ||||||||||||
| Effects of merger and consolidation costs, net of tax | 0.30 | 0.07 | 0.07 | 0.03 | 0.23 | 0.15 | ||||||||||||||||||
| Excluding merger and consolidation costs | $ | 1.62 | $ | 1.75 | $ | 2.06 | $ | 2.18 | $ | 1.98 | $ | 0.87 | ||||||||||||
| Effects of change in unrealized loss on derivitives | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
| Effects of deleveraging, net of tax | — | — | — | — | 0.30 | 0.23 | ||||||||||||||||||
| Excluding merger and consolidation costs, securities restructuring, and change in unrealized loss on derivatives | $ | 1.62 | $ | 1.75 | $ | 2.06 | $ | 2.18 | $ | 2.28 | $ | 1.08 | ||||||||||||
| Amortization of intangibles, net of tax | 0.12 | 0.13 | 0.03 | 0.03 | 0.03 | 0.15 | ||||||||||||||||||
| Cash basis, excluding merger and consolidation costs, securities restructuring, change in unrealized loss on derivatives, and amortization of intangibles | $ | 1.74 | $ | 1.88 | $ | 2.09 | $ | 2.21 | $ | 2.31 | $ | 1.23 | ||||||||||||
Non Interest Income | $ | 211,188 | $ | 240,505 | $ | 274,508 | $ | 367,159 | $ | 339,799 | $ | 142,891 | ||||||||||||
| Net gains(losses) on sales of securities | (15,456 | ) | 1,329 | 7,282 | 42,460 | (7,701 | ) | (49,036 | ) | |||||||||||||||
| Lower of cost or market adjustments | — | — | — | — | — | (7,114 | ) | |||||||||||||||||
| Change in unrealized loss on derivitives | — | — | — | — | — | 6,664 | ||||||||||||||||||
| Excluding net securities gains (losses) | $ | 226,644 | $ | 239,176 | $ | 267,226 | $ | 324,699 | $ | 347,500 | $ | 192,377 | ||||||||||||
Efficiency Ratio | 61.67 | % | 55.34 | % | 54.10 | % | 53.09 | % | 60.09 | % | 68.41 | % | ||||||||||||
| Effects of securities gains and prepayment penalties on borrowings | 1.15 | % | -0.08 | % | -0.37 | % | -0.69 | % | -5.16 | % | -6.02 | % | ||||||||||||
| Effect of merger and consolidation costs | -7.48 | % | -0.67 | % | -0.64 | % | -0.69 | % | -3.88 | % | -5.52 | % | ||||||||||||
| Effects of change in unrealized loss on derivitives | — | — | — | — | — | 0.66 | % | |||||||||||||||||
| Excluding securities gains, prepayment penalties on borrowings, change in unrealized loss on derivatives, and merger and consolidation costs | 55.34 | % | 54.59 | % | 53.09 | % | 51.71 | % | 51.05 | % | 57.53 | % | ||||||||||||
| Effects of amortization of intangibles | -2.53 | % | -2.40 | % | -0.61 | % | -0.77 | % | -0.67 | % | -6.30 | % | ||||||||||||
| Cash basis, excluding securities gains, prepayment penalties on borrowings, change in unrealized loss on derivatives, merger and consolidation costs, and amortization of intangibles | 52.81 | % | 52.19 | % | 52.48 | % | 50.94 | % | 50.38 | % | 51.23 | % | ||||||||||||
| Hudson United...A Platform for Growth July 29, 2005 Steve Boyle Chief Financial Officer Wendy Suehrstedt EVP and Chief Retail Banking Officer Building on Strength |
| This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of TD Banknorth. Words such as "expect", "feel", "believe", "will", "may", "anticipate", "plan", "estimate", "intend", "should" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited, to, changes in general economic conditions, interest rates, deposit flows, loan demand, competition, legislation or regulation and accounting principles, policies or guidelines, as well as other economic, competitive, governmental, regulatory and accounting and technological factors affecting TD Banknorth's operations. In addition, acquisitions may result in large one-time charges to income, may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated and may result in unforeseen integration difficulties. Investors are encouraged to access TD Banknorth's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding TD Banknorth, including information which could affect TD Banknorth's forward-looking statements. TD Banknorth does not undertake any obligation to update these forward- looking statements to reflect events or circumstances that occur after the date on which such statements were made. Note on Forward-Looking Information |
| Hudson United TD Banknorth ME NY NH VT MA CT NJ PA RI Hartford Philadelphia Boston Hudson United... More Than Just the Map! But the map is pretty good! |
| What's Been Covered to Date Great Markets Wealth Growth Diversity Break-out of New England creates more options Organic growth - existing locations De Novo fill-in Acquisitions - small, large, north, south, east or west |
| Additional Detail on the Hudson Transaction Solidly commercial franchise Nominal mortgages Lower than average CDs Correct entry into a competitive market; Cost saves achievable; Franchise investment plan more than sufficient; Significant revenue enhancements exist |
| Source: Company filings. Data as of or for the quarter ended March 31, 2005. Note: Combined numbers do not include purchase accounting or pro forma adjustments. C&I Loans Comprise 45% of Hudson United's Total Loan Portfolio |
| Source: Company filings. Data as of or for the quarter ended March 31, 2005. Note: Combined numbers do not include purchase accounting or pro forma adjustments. Hudson United Has a Commercial Bank Deposit Base That is Similar to TD Banknorth's |
| Hudson United Peer Analysis - Deposit Base More Like a Commercial Bank Deposit Base More Like a Commercial Bank Deposit Base More Like a Commercial Bank |
| Correct Entry into Competitive Markets Fixed costs already positioned Capacity to handle substantially more volume Modest rate-sensitive base to disintermediate Generally good locations and facilities (excepting deferred maintenance) BNK retail team visited 95% of Hudson locations during due diligence Can/will achieve scale as we have in CT/MA Allows for: Aggressive pricing, product set Excellent return on variable investments |
| Similar Experience in MA and CT Source: Lehman Bros. |
| Hudson United Average Branch Size Source: SNL Financial. Data as of June 30, 2004. Includes Bergen, Passaic, Essex and Hudson counties. Includes Orange, Dutchess, Westchester, Putnam, Ulster, Rockland and Sullivan counties. Market Hudson United ($ in millions) Market Average ($ in millions) Connecticut $38.5 $61.9 Northern New Jersey (1) $30.7 $69.0 Hudson River Valley (2) $40.4 $62.0 Philadelphia MSA $22.7 $54.7 Average deposits per TD Banknorth branch are $51 million. |
| Cost Saves Realistic - In Line With Other Recently Announced Deals Note: Includes all transactions announced since 1/1/03 with deal value between $1 billion and $10 billion and with cost saves disclosed. |
| Cost Saves Consistent with Our Experience |
| Cost Saves Achievable Our efficiency ratio is 50.5%; Hudson United's is 55.7% Pro forma efficiency ratio is 49.4% including the retail franchise investments Approximately 45% of Hudson United's core non-interest expense are in support and overhead areas Assuming 50% cost saves in support areas require only 5% from branch consolidation and line efficiencies. Back office salaries and occupancy in Maine are 25% lower than NJ. Maine tax incentives also reduce cost |
| Revenue Enhancements - Retail General - Add focus, stability, products and marketing/brand awareness to Hudson United Specifically: Introduce free checking Currently 81% of BNK's new checking accounts and 79% of BNK's checking base Hudson United Checking and Banking fees are currently 60bp of deposits; BNK's are 88 bps. Emphasize Home Equities, currently 9% of Hudson United's outstandings vs. BNK's 17% Expand indirect auto - 4% of outstandings for Hudson United vs. BNK 9% |
| Revenue Enhancements - Commercial General - Build on solid base by adding credit support and additional lenders Specifically: Introduce swap program - currently 37bps of commercial loans at BNK Add lenders to improve loan growth - Hudson United 8% vs. BNK's 10% Combined balance sheet will allow for larger loans Expand trade finance product set with TD Flatiron to finance TD Banknorth Insurance Group customers |
| Revenue Enhancements - other BNK is significantly larger in insurance, wealth management, and investment planning (8% of BNK's revenue vs. 1% for Hudson United) BNK has capital to back growth of Hudson Untied niche businesses: - Flatiron - insurance premium finance - Shoppers Charge - white label credit cards |
| Buyback Update Excess capital is available for share buybacks; Management believes that opportunities will exist for TD Banknorth to repurchase shares; However, the SEC's Reg M prohibits repurchases during specified periods following the announcement of a stock acquisition; In addition, the safe harbor provisions of Rule 10b-18 are not available until completion of the transaction; As such, we do not intend to purchase TD Banknorth stock until after the completion of the Hudson United transaction. |
| Summary Comfortable with assumptions in the model Confident that this is the right entry point into NY metro market Enhances our strategic options When executed should provide meaningful opportunities for accelerated organic growth |
| Hudson United It's All About Execution! Wendy Suehrstedt EVP and Chief Retail Banking Officer |
| Successful Conversion Long history of successful conversion efforts Several previous successful conversions of financial institutions of the same or greater proportional magnitude Bank of New Hampshire 35% of PHFG deposit base CFX 40% of PHFG deposit base Banknorth 44% of PHFG deposit base Hudson United 33% of BNK deposit base Large acquisition readiness review Review of process and governance Infrastructure readiness Departmental assessments |
| Build a Strong Team Retain strong personnel *Saratoga Institute Human Capital Benchmarking Report 2000. Hudson United top 3 reasons for leaving: Turnover of Retail leadership No compensation structure No career path TD Banknorth 2004 Hudson United 2004 Benchmark 2000* Total Turnover 20.2% 36.6% 24.9% Total Exempt 11.8% 24.4% 14.7% Total nonexempt 24.9% 45.2% 32.4% Total Retail Turnover 27.1% 45.3% Total Retail Exempt 11.5% 29.0% Total Retail Nonexempt 31.1% 53.5% |
| Build a Strong Team Ensure appropriate staffing is in place to grow Estimated additional incentive spend: Estimated base pay adjustment spend: Estimated additional sales staff spend: TD Banknorth Hudson United Deposits per Retail Employee $6.2MM $4.9MM $5,000,000-$8,000,000 |
| Build Strong Brand and Name Awareness TD Banknorth successful track record 2002 2004 % Change Massachusetts Name Recognition 52.5% 76.3% 45% Connecticut Name Recognition 18.4% 46.8% 154% Total MA/CT Marketing Spend $3,200,000 $4,050,000 26.5% |
| Build Strong Brand and Name Awareness ___________________________ Most recent fiscal year reported. 3 |
| Build Strong Brand and Name Awareness Incremental marketing expense increase scenarios: 13.3 bp of 12/04 deposits $8,275,000 13.3 bp on $10.2B deposit base $13,500,000 ($50MM average deposit base per branch, 204 branches) Incremental increase over 2004 marketing spend: $1,400,000-$6,600,000 Incremental increase over 3-yr average annual marketing spend: $3,000,000-$8,300,000 |
| Build on Commercial Success Core Hudson United Commercial Business Strong management Solid results Commercial loan outstanding balance growth 2002 5.4% 2003 16.3% 2004 5.5% |
| Build on Commercial Success TD Banknorth proven track record of consistent commercial success TD Banknorth commercial recruitment success: 26 experienced lenders added since January, 2003 to maximize market opportunity. Commercial loan outstanding balance growth excluding acquisition impact Commercial loan outstanding balance growth including acquisition impact 2002 11.5% 18.4% 2003 10.4% 13.6% 2004 10.3% 15.5% |
| Build on Specialty Business Success Private Label Credit Card Strong management Strong results Insurance Premium Financing Strong management Strong results |
| Enhance Retail Sales Culture Increase sales training Additional $300,000 spend would even the training investment per Retail employee. Establish sales goals Establish supporting incentive plan, reward & recognition programs Strengthen sales management, coaching skills, process Track and monitor results TD Banknorth 2004 Hudson United 2004 Total training spend per Retail employee $1,350 $1,110 |
| Enhance Retail Sales Culture TD Banknorth successful track record Connecticut Same Store Sales Growth Connecticut Same Store Sales Growth Qtr 3 & 4 2004 vs. Qtr 3 & 4 2003 DDA Account Openings 12.7% DDA Deposit Growth 53.5% Consumer Loan Originations 10.0% Small Business Loan Originations 50.9% |
| Underscore Strong Customer Service TD Banknorth outperforms the competition as a whole on all touch points TD Banknorth outperforms the competition as a whole on all touch points 100% 80% 60% 40% 20% 0% Overall Satisfaction Branch Teller Online ATM IVR Branch Branch Telephone Problem Touch Point Satisfaction (%8-10) - Customers v. All Non-customers 2005: Customers 2005: Non-customers 87% 92% 91% 91% 90% 89% 89% 86% 40% 83% 88% 90% 88% 87% 84% 87% 82% 35% |
| Underscore Strong Customer Service TD Banknorth's Problem Resolution efforts outperform those of our competitors' 100% 80% 60% 40% 20% 0% Problem Resolution Overall Friendly-Staff showing a genuine interest in solving your problem Convenient- Ease of reaching someone to help you Integrated- Knowing who to contact to resolve your problem Knowledgeable - -Staff understanding of what to do Simple-Ease of process Responsive- Staff taking responsibility to resolve the problem Accuracy (Reliable)- Correctly resolving the problem the first time Timeliness (Reliable)- Speed in which the problem was resolved 41% 60% 60% 56% 52% 51% 49% 48% 46% 35% 42% 56% 34% 31% 28% 40% 33% 26% 41% 60% 60% 56% 52% 51% 49% 48% 46% 35% 42% 56% 34% 31% 28% 40% 33% 26% Problem Resolution Feature High Scores (%8-10) - Customers v. Non-customers 2005: Customers 2005: Non-customers 2005: Non-customers |
| Ensure Strong Regulatory Compliance TD Banknorth successful track record Satisfactory regulatory compliance with respect to Bank Secrecy ACT/Anti-Money Laundering and Customer Information as well as all other regulations TD Banknorth transitionary compliance oversight Conduct testing for compliance with BSA/AML and CIP Conduct quarterly testing for data integrity Consult with Hudson United regarding scope and timing of other compliance testing |
| Retail Investment Early thoughts on likely incremental investments to ensure success: Annual Incremental Expense Marketing & Promotions $4,000,000-$8,000,000 Base Pay Adjustments/Incentives/Staff Adds $5,000,000-$8,000,000 Bricks & Mortar Improvements $1,000,000-$3,000,000 TOTAL $10,000,000-$19,000,000 |
| Hudson United - Summary Hudson represents a significant market expansion opportunity; TD Banknorth can improve and grow the Hudson franchise; Hudson represents a low-risk transaction; and A sound investment. |
| Questions & Answers |
| This presentation may be deemed to be solicitation material in respect of the proposed merger of TD Banknorth and Hudson United. In connection with the proposed transaction, a registration statement on Form S-4 will be filed with the SEC. Shareholders of TD Banknorth and shareholders of Hudson United are encouraged to read the registration statement and any other relevant documents filed with the SEC, including the joint proxy statement/prospectus that will be part of the registration statement, because they will contain important information about the proposed merger. The final joint proxy statement/prospectus will be mailed to shareholders of TD Banknorth and shareholders of Hudson United. Investors and security holders will be able to obtain the documents free of charge at the SEC's website, www.sec.gov, from TD Banknorth, Two Portland Square, P.O. Box 9540, Portland, Maine 04112-9540, Attention: Investor Relations, or from Hudson United, 1000 MacArthur Boulevard, Mahwah, New Jersey 07430, Attention: Investor Relations. TD Banknorth, Hudson United and their respective directors and executive officers and other members of management and employees may be deemed to participate in the solicitation of proxies in respect of the proposed transaction. Information regarding TD Banknorth's directors and executive officers is available in TD Banknorth's proxy statement for its 2005 annual meeting of shareholders, which was filed with the SEC on April 20, 2005, and information regarding Hudson United's directors and executive officers is available in Hudson United's proxy statement for its 2005 annual meeting of shareholders, which was filed with the SEC on March 23, 2005. Additional information regarding the interests of such potential participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available. Additional Information about the Transaction |
| Commercial and Consumer Lending July 29, 2005 John Fridlington EVP and Senior Lender Building on Strength |
| This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of TD Banknorth. Words such as "expect", "feel", "believe", "will", "may", "anticipate", "plan", "estimate", "intend", "should" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited, to, changes in general economic conditions, interest rates, deposit flows, loan demand, competition, legislation or regulation and accounting principles, policies or guidelines, as well as other economic, competitive, governmental, regulatory and accounting and technological factors affecting TD Banknorth's operations. In addition, acquisitions may result in large one-time charges to income, may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated and may result in unforeseen integration difficulties. Investors are encouraged to access TD Banknorth's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding TD Banknorth, including information which could affect TD Banknorth's forward-looking statements. TD Banknorth does not undertake any obligation to update these forward- looking statements to reflect events or circumstances that occur after the date on which such statements were made. Note on Forward-Looking Information |
| Lending Overview Nominal turnover in lending staff Senior lending positions have extensive experience Solid growth of the commercial portfolio Sustained growth of the consumer portfolio |
| Portfolio Information Average size loan relationship is approximately 850 thousand; Number of borrowers: 17,767 Geographic distribution MA and CT markets represent 56% of outstandings Asset based lending & corporate lending |
| Top Relationships Twenty largest relationships Asset range from $54 million to $24 million Nonperforming Top 15 range from $4.4 million to $719 thousand Top industries Services Manufacturing - durable and non-durable Investment real estate: Office buildings and apartments Construction |
| Portfolio Concentrations C & I = 42% of outstandings & unfunded commitments CRE Owner = 22% of outstandings & unfunded commitments CRE Investment = 36% of outstandings & unfunded commitments |
| Asset Quality at TD Banknorth Classified loan levels continue to remain stable Criticized loan levels continue to show minor changes over the last year Rate of downgrades within pass grades remains stable |
| Loans by Type 2002 - 2004 Source: TD Banknorth 2004 10-K. |
| Commercial Loans by State 2002 - 2004 Source: TD Banknorth 2004 10-K. |
| Building on Strength Insurance Group July 29, 2005 Joe Fico President TD Banknorth Insurance Group |
| This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of TD Banknorth. Words such as "expect", "feel", "believe", "will", "may", "anticipate", "plan", "estimate", "intend", "should" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited, to, changes in general economic conditions, interest rates, deposit flows, loan demand, competition, legislation or regulation and accounting principles, policies or guidelines, as well as other economic, competitive, governmental, regulatory and accounting and technological factors affecting TD Banknorth's operations. In addition, acquisitions may result in large one-time charges to income, may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated and may result in unforeseen integration difficulties. Investors are encouraged to access TD Banknorth's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding TD Banknorth, including information which could affect TD Banknorth's forward-looking statements. TD Banknorth does not undertake any obligation to update these forward- looking statements to reflect events or circumstances that occur after the date on which such statements were made. Note on Forward-Looking Information |
| Who We Are Banknorth Insurance Group is a full service agency with clients around the country. |
| We will deliver sales and service that sets the standard in each market we serve. We will provide our Customers integrated financial services to grow and protect all of their assets. Our Goal |
| New England's Largest Insurance Agency; Top 50 in the US; Approximately $54 million in Annualized Revenue; In excess of $525 million in Sales (Premium Volume); Over 94,000 Accounts across Three Major Lines of Business: Commercial Personal Employee Benefits 425+ Employees including Approximately 90 Producers; 24 Offices throughout New England and Upstate New York; Partner with the bank on cross referrals. What We Do |
| Over 94,000 Customers Commercial 10,000+ Personal Lines 77,000+ Employee Benefits 5,800+ Risk Services 200 + Investment and insurance products: not a deposit; not FDIC insured; not insured by any federal government agency; not guaranteed by the bank or any affiliate; and, may be subject to investment risk, including possible loss of value. Insurance products are offered through TD Banknorth, N.A., TD Banknorth Insurance Group, or their state licensed agency subsidiaries. 24 Offices throughout New England and Northern New York: Organizational Overview |
| 1997 1998 1999 2000 2001 2002 2003 2004 Net Revenue 11043600 13352000 19031000 25215500 40003965 45012154 46771121 51454401 Net Revenue |
| 1997 1998 1999 2000 2001 2002 2003 2004 Pretax Profit 0 1800100 2541300 3165500 5349656 7712912 6517443 7339514 Pre-Tax Profit |
| NNE MA CT NY Revenue 19697 13626 12609 5415 NNE MA CT Revenue 17106 5918 2191 2000 2004 Palmer Goodell (MA) Acquired 8/4/2000 The Watson Group (CT) Acquired 9/30/2000 Net Revenue By Region 2000 vs. 2004 |
| CL Retail EBL Fee East 0.38 0.4 0.16 0.06 CL Retail EBL Fee Net Revenue 0.4 0.353 0.22 0.023 2000 Q2, 2005 Net Revenue by Line of Business 2000 vs. Q2, 2005 |
| Commercial Insurance: Property Coverage General Liability Directors & Officers Coverage Auto & Fleet Coverage Captive Insurance Professional Liability: Medical malpractice Legal malpractice Risk Management & Loss Control Services Primary Services |
| Employee Benefits: Medical Dental Long Term Disability Group Life Complete Offering of Voluntary Benefits Payroll Deduct Programs Personal Insurance: Homeowners Auto Umbrella Primary Services |
| Major Client Types: Social Service Organizations Healthcare Education Municipalities Construction Distribution Manufacturing Energy Industry Practice Groups |
| Middle Market & Large / Complex Commercial Accounts: >75 Employees with at least $5-10 Million in Sales Difficult classes of business (e.g., Construction, Energy Healthcare, Nursing Homes, Manufacturing) Large Self-Insured Buying Groups: Colleges , Contractors, MA High Tech, Auto Dealers Strong TD Banknorth clients that need the advice and expertise we can offer Target Markets for Commercial Insurance |
| Manage complex insurance programs through the use of cutting edge technology: The Customer Extranet: a web-based technology that enhances our client's productivity by aggregating insurance related information and services into a secure, easy-to-use portal. HReSource: a web-based resource for employees who seek information or guidance on benefits, wellness, HR, and personal planning matters. Established Captive Insurance Services in 2002 Allows large clients to better manage their insurance costs Introducing new sales models: Meloche Monnex partnership; Small Business Initiative; MA discount program. TD Banknorth Insurance Group -An Industry Leader |
| Marketing July 29, 2005 Mark Collins Executive Vice President TD Banknorth Inc. Building on Strength |
| This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of TD Banknorth. Words such as "expect", "feel", "believe", "will", "may", "anticipate", "plan", "estimate", "intend", "should" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited, to, changes in general economic conditions, interest rates, deposit flows, loan demand, competition, legislation or regulation and accounting principles, policies or guidelines, as well as other economic, competitive, governmental, regulatory and accounting and technological factors affecting TD Banknorth's operations. In addition, acquisitions may result in large one-time charges to income, may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated and may result in unforeseen integration difficulties. Investors are encouraged to access TD Banknorth's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding TD Banknorth, including information which could affect TD Banknorth's forward-looking statements. TD Banknorth does not undertake any obligation to update these forward- looking statements to reflect events or circumstances that occur after the date on which such statements were made. Note on Forward-Looking Information |
| More traction through new products and services. In January, 2005 we were one of the first financial institutions in the region to offer the tax-advantaged Health Savings Accounts (HSA). More than 2,300 HSA Accounts opened through 6/30/05 Continued push to "own Small Business" in 2005. TD Banknorth's Free Business Checking Account is a solid cornerstone. More than 13,000 Free Business Checking Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. Accounts opened through 6/30/05. |
| More traction through new products and services. Overtime Thursdays launches in MA, NH, NY and CT... doors open early and stay open late - 7AM to 7PM. Customers take advantage of monthly special offers. |
| More traction through new products and services. In June, 2005, we introduced the TD Banknorth PayCard creates opportunity for customers whose employees who do not have banking relationships. New Home Equity options for consumers offer greater flexibility and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. and affordability. |
| See and be seen. Corporate Sponsorships and Sports Marketing. In 2004 North American Companies spent $11.4 billion on sports sponsorships. We are a sports nation. TD Banknorth is in the game. TD Banknorth is in the game. TD Banknorth is in the game. TD Banknorth is in the game. TD Banknorth is in the game. TD Banknorth is in the game. TD Banknorth is in the game. TD Banknorth is in the game. TD Banknorth is in the game. |
| See and be seen. Corporate Sponsorships and Sports Marketing. We sponsor arenas, sports franchises and cultural events throughout the footprint. footprint. footprint. footprint. footprint. footprint. footprint. footprint. footprint. |
| One brand. One voice. One brand. One voice. |
| One brand. One voice. On May 23, 2005 we became one united company. One name. One promise ... a move that will build on our growing brand/name recognition. Above and Beyond. Above and Beyond. Above and Beyond. Above and Beyond. Above and Beyond. |
| One brand. One voice. One brand. One voice. One brand. One voice. |
| An amazing marquee opportunity. An amazing marquee opportunity. |
| An amazing marquee opportunity. One of the top three arenas of its size in the world. 225 events a year attract more than 3 million fans. Exposure to more than 7 million North Station commuters a year. More than 215,000,000 brand impressions per year. 20 years of outstanding brand exposure. 20 years of outstanding brand exposure. 20 years of outstanding brand exposure. 20 years of outstanding brand exposure. 20 years of outstanding brand exposure. 20 years of outstanding brand exposure. |
| An amazing marquee opportunity. An amazing marquee opportunity. "Let Us Entertain You." |
| Building on Strength Use of Cash v. GAAP in Valuing TD Banknorth July 29, 2005 Steve Boyle Chief Financial Officer TD Banknorth Inc. |
| This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of TD Banknorth. Words such as "expect", "feel", "believe", "will", "may", "anticipate", "plan", "estimate", "intend", "should" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited, to, changes in general economic conditions, interest rates, deposit flows, loan demand, competition, legislation or regulation and accounting principles, policies or guidelines, as well as other economic, competitive, governmental, regulatory and accounting and technological factors affecting TD Banknorth's operations. In addition, acquisitions may result in large one-time charges to income, may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated and may result in unforeseen integration difficulties. Investors are encouraged to access TD Banknorth's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding TD Banknorth, including information which could affect TD Banknorth's forward-looking statements. TD Banknorth does not undertake any obligation to update these forward- looking statements to reflect events or circumstances that occur after the date on which such statements were made. Note on Forward-Looking Information |
| Impact of New Basis Accounting Since new basis accounting our financials are difficult to compare with peers on a GAAP basis: Intangible amortization is dramatically higher for BNK than for peers Comparing book value and ROE are like comparing apples and oranges Cash EPS growth for BNK has been historically strong GAAP EPS has built in annual EPS growth of 2% to 3% due to the reduced amortization expense of identifiable intangible assets This does not appear to be reflected in BNK valuation. |
| Comparable Companies Analysis ___________________________ Source: SNL Securities and company filings. Financial data for the quarter ended June 30, 2005. |
| Comparable Companies Analysis ___________________________ Source: SNL Securities and company filings. Market data as of July 25, 2005. Financial data for the quarter ended June 30, 2005. |
| Strong Growth in Cash Operating Earnings* per Diluted Share * Earnings excluding merger and consolidation costs, deleveraging losses and the amortization of identifiable intangible assets. the amortization of identifiable intangible assets. the amortization of identifiable intangible assets. |
| TD Banknorth -Analysis of Intangible Amortization as of 7/26/05 ($ in millions) 2006(1) 2007(1) 2008 (2) 2009(2) 2010(2) Earnings before intangible amortization 584.6 673.0 726.8 785.0 847.8 Intangible amortization 84.7 73.9 63.1 55.9 40.5 GAAP net income 499.9 599.1 663.7 729.1 807.3 Diluted EPS before intangible amortization 2.73 $ 2.96 $ 3.20 $ 3.45 $ 3.73 $ Intangible amortization per share 0.40 $ 0.33 $ 0.28 $ 0.25 $ 0.18 $ GAAP EPS 2.33 $ 2.63 $ 2.91 $ 3.20 $ 3.54 $ EPS growth before intangible amortization 8% 8% 8% 8% GAAP EPS growth 13% 11% 10% 11% GAAP v. "cash" growth 5% 3% 2% 3% (1) From Hudson United Investor Presentation dated July 12, 2005. (2) Assumes 8% cash EPS growth |
| Comparable Companies Analysis ___________________________ Comparable companies include selected banks with assets between $15 billion and $65 billion. Financial data as of or for the quarter ended June 30, 2005. Market data as of July 25, 2005. Performance Comparison Metrics |
| "Cash" Trading Analysis |
| GAAP P/E Trading Analysis GAAP P/E Trading Analysis |
| Questions & Answers |
| This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of charges and expenses related to the consummation of mergers and acquisitions and costs related to the integration of merged entities, as well as the amortization of intangible assets in the case of "cash basis" performance measures. These non-GAAP measures also may exclude other significant gains or losses that are unusual in nature, such as security gains and prepayment penalties incurred in connection with deleveraging strategies. Because these items and their impact on the Company's performance are difficult to predict, management believes that presentations of financial measures excluding the impact of these items provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Note on Non-GAAP Financial Information |
| This presentation may be deemed to be solicitation material in respect of the proposed merger of TD Banknorth and Hudson United. In connection with the proposed transaction, a registration statement on Form S-4 will be filed with the SEC. Shareholders of TD Banknorth and shareholders of Hudson United are encouraged to read the registration statement and any other relevant documents filed with the SEC, including the joint proxy statement/prospectus that will be part of the registration statement, because they will contain important information about the proposed merger. The final joint proxy statement/prospectus will be mailed to shareholders of TD Banknorth and shareholders of Hudson United. Investors and security holders will be able to obtain the documents free of charge at the SEC's website, www.sec.gov, from TD Banknorth, Two Portland Square, P.O. Box 9540, Portland, Maine 04112-9540, Attention: Investor Relations, or from Hudson United, 1000 MacArthur Boulevard, Mahwah, New Jersey 07430, Attention: Investor Relations. TD Banknorth, Hudson United and their respective directors and executive officers and other members of management and employees may be deemed to participate in the solicitation of proxies in respect of the proposed transaction. Information regarding TD Banknorth's directors and executive officers is available in TD Banknorth's proxy statement for its 2005 annual meeting of shareholders, which was filed with the SEC on April 20, 2005, and information regarding Hudson United's directors and executive officers is available in Hudson United's proxy statement for its 2005 annual meeting of shareholders, which was filed with the SEC on March 23, 2005. Additional information regarding the interests of such potential participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available. Additional Information about the Transaction |
| (In thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
| 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | ||||||||||||||||||||||||||||
Net income before extraordinary item and cumulative effect of accounting change | $ | 123,044 | $ | 145,488 | $ | 141,744 | $ | 196,958 | $ | 191,734 | $ | 242,982 | $ | 298,638 | $ | 350,759 | $ | 304,643 | ||||||||||||||||||
| Add back merger and consolidation costs, net of tax | ||||||||||||||||||||||||||||||||||||
| Merger related | 8,782 | 15,547 | 45,202 | 20,816 | 27,305 | 2,460 | 7,486 | 5,710 | 40,765 | |||||||||||||||||||||||||||
| Securities restructuring | — | — | — | — | 10,331 | — | — | — | 51,560 | |||||||||||||||||||||||||||
| Change in unrealized loss on derivitives | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Branch closings | — | — | — | — | 902 | 1,272 | (260 | ) | (35 | ) | — | |||||||||||||||||||||||||
| Charter consolidation | — | — | — | — | — | 633 | 2,340 | — | — | |||||||||||||||||||||||||||
| Write-down (adjustment) of auto lease residuals | — | — | — | — | 2,405 | 580 | — | (400 | ) | (370 | ) | |||||||||||||||||||||||||
| Contract termination — merchant processing | — | — | — | — | 2,009 | — | — | — | — | |||||||||||||||||||||||||||
| Excluding merger and consolidation costs, securities restructuring, and change in unrealized loss on derivatives | $ | 131,826 | $ | 161,035 | $ | 186,946 | $ | 217,774 | $ | 234,686 | $ | 247,927 | $ | 308,204 | $ | 356,034 | $ | 396,598 | ||||||||||||||||||
| Amortization of intangibles, net of tax | 9,832 | 11,341 | 14,157 | 16,637 | 17,423 | 18,434 | 4,220 | 5,815 | 5,608 | |||||||||||||||||||||||||||
| Cash basis, excluding merger and consolidation costs, securities restructuring, change in unrealized loss on derivatives, and amortization of intangibles | $ | 141,658 | $ | 172,376 | $ | 201,103 | $ | 234,411 | $ | 252,109 | $ | 266,361 | $ | 312,424 | $ | 361,849 | $ | 402,206 | ||||||||||||||||||
Diluted earnings per share, before extraordinary item and cumulative effect of accounting change | $ | 0.87 | $ | 0.98 | $ | 0.95 | $ | 1.34 | $ | 1.32 | $ | 1.68 | $ | 1.99 | $ | 2.15 | $ | 1.75 | ||||||||||||||||||
| Effects of merger and consolidation costs, net of tax | 0.06 | 0.10 | 0.30 | 0.14 | 0.30 | 0.07 | 0.07 | 0.03 | 0.23 | |||||||||||||||||||||||||||
| Excluding merger and consolidation costs | $ | 0.93 | $ | 1.08 | $ | 1.25 | $ | 1.48 | $ | 1.62 | $ | 1.75 | $ | 2.06 | $ | 2.18 | $ | 1.98 | ||||||||||||||||||
| Effects of change in unrealized loss on derivitives | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Effects of deleveraging, net of tax | — | — | — | — | — | — | — | — | 0.30 | |||||||||||||||||||||||||||
| Excluding merger and consolidation costs, securities restructuring, and change in unrealized loss on derivatives | $ | 0.93 | $ | 1.08 | $ | 1.25 | $ | 1.48 | $ | 1.62 | $ | 1.75 | $ | 2.06 | $ | 2.18 | $ | 2.28 | ||||||||||||||||||
| Amortization of intangibles, net of tax | 0.07 | 0.08 | 0.10 | 0.11 | 0.12 | 0.13 | 0.03 | 0.03 | 0.03 | |||||||||||||||||||||||||||
| Cash basis, excluding merger and consolidation costs, securities restructuring, change in unrealized loss on derivatives, and amortization of intangibles | $ | 1.00 | $ | 1.16 | $ | 1.35 | $ | 1.59 | $ | 1.74 | $ | 1.88 | $ | 2.09 | $ | 2.21 | $ | 2.31 | ||||||||||||||||||
