Exhibit 99.2
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
($ in thousands)
09/30/02 | 12/31/02 | 03/31/03 | 06/30/03 | 09/30/03 | 12/31/03 | 03/31/04 | 06/30/04 | 09/30/04 | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 300,184 | $ | 192,142 | $ | 190,537 | $ | 212,674 | $ | 209,695 | $ | 174,939 | $ | 154,178 | $ | 170,940 | $ | 165,191 | ||||||||||||||||||
Securities Available For Sale | 1,424,513 | 1,497,111 | 1,714,494 | 1,769,715 | 1,653,114 | 1,588,151 | 1,473,497 | 1,412,206 | 1,458,149 | |||||||||||||||||||||||||||
FRB and FHLB Stock | 14,967 | 17,030 | 24,356 | 24,356 | 24,352 | 20,753 | 20,753 | 12,240 | 19,243 | |||||||||||||||||||||||||||
Loans Held For Sale | 62,055 | 94,874 | 98,578 | 97,500 | 95,777 | 25,262 | 32,276 | 49,497 | 35,723 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Commercial | 567,939 | 568,224 | 625,177 | 632,816 | 633,221 | 658,615 | 686,304 | 740,410 | 770,933 | |||||||||||||||||||||||||||
Municipal | 97,912 | 77,820 | 82,005 | 54,917 | 106,512 | 87,080 | 92,338 | 66,533 | 105,781 | |||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||
1-4 Family | 608,040 | 561,330 | 832,284 | 781,715 | 724,749 | 700,671 | 666,753 | 667,676 | 685,714 | |||||||||||||||||||||||||||
Multi-Family | 87,435 | 96,494 | 167,010 | 167,363 | 172,419 | 176,478 | 182,085 | 189,589 | 181,622 | |||||||||||||||||||||||||||
Home Equity | 199,997 | 203,882 | 239,021 | 249,943 | 258,664 | 270,959 | 277,062 | 276,640 | 287,479 | |||||||||||||||||||||||||||
Commercial | 1,067,702 | 1,103,897 | 1,314,095 | 1,324,943 | 1,375,027 | 1,430,945 | 1,485,031 | 1,505,880 | 1,558,221 | |||||||||||||||||||||||||||
Construction | 81,232 | 85,512 | 96,859 | 113,044 | 143,515 | 140,801 | 138,497 | 129,901 | 143,871 | |||||||||||||||||||||||||||
Total Real Estate | 2,044,406 | 2,051,115 | 2,649,269 | 2,637,008 | 2,674,374 | 2,719,854 | 2,749,428 | 2,769,686 | 2,856,907 | |||||||||||||||||||||||||||
Consumer | 293,248 | 276,704 | 272,159 | 272,085 | 267,615 | 259,135 | 252,097 | 249,208 | 246,889 | |||||||||||||||||||||||||||
Total Loans | 3,003,505 | 2,973,863 | 3,628,610 | 3,596,826 | 3,681,722 | 3,724,684 | 3,780,166 | 3,825,837 | 3,980,510 | |||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (48,187 | ) | (48,197 | ) | (56,708 | ) | (57,591 | ) | (59,171 | ) | (57,464 | ) | (57,500 | ) | (57,969 | ) | (58,598 | ) | ||||||||||||||||||
Net Loans | 2,955,318 | 2,925,666 | 3,571,902 | 3,539,235 | 3,622,551 | 3,667,220 | 3,722,667 | 3,767,868 | 3,921,912 | |||||||||||||||||||||||||||
Acrrued Interest Receivable | 28,586 | 27,992 | 32,255 | 30,208 | 29,277 | 29,124 | 25,582 | 27,376 | 26,607 | |||||||||||||||||||||||||||
Other Real Estate Owned | 0 | 158 | 37 | 30 | 52 | 100 | 36 | 47 | 987 | |||||||||||||||||||||||||||
Other Assets | 42,039 | 35,269 | 48,737 | 46,571 | 61,451 | 68,487 | 51,834 | 64,098 | 57,587 | |||||||||||||||||||||||||||
Premises and Equipment, net | 56,901 | 57,074 | 72,524 | 73,742 | 75,624 | 75,179 | 77,534 | 80,241 | 82,409 | |||||||||||||||||||||||||||
Mortgage Servicing Rights | 15,482 | 8,491 | 9,306 | 8,686 | 10,615 | 12,265 | 10,866 | 12,562 | 12,119 | |||||||||||||||||||||||||||
Identified Intangibles | 9,827 | 9,480 | 28,282 | 24,243 | 23,488 | 22,733 | 21,978 | 21,972 | 21,196 | |||||||||||||||||||||||||||
Goodwill | 55,911 | 55,257 | 205,579 | 215,721 | 216,431 | 216,431 | 216,431 | 216,697 | 216,697 | |||||||||||||||||||||||||||
Total Assets | $ | 4,965,783 | $ | 4,920,544 | $ | 5,996,587 | $ | 6,042,681 | $ | 6,022,426 | $ | 5,900,644 | $ | 5,807,632 | $ | 5,835,744 | $ | 6,017,820 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand | $ | 681,595 | $ | 684,077 | $ | 799,506 | $ | 864,526 | $ | 880,354 | $ | 898,920 | $ | 848,758 | $ | 891,244 | $ | 907,396 | ||||||||||||||||||
Savings | 397,545 | 400,616 | 503,415 | 512,775 | 523,497 | 517,789 | 526,625 | 541,138 | 534,286 | |||||||||||||||||||||||||||
NOW | 567,017 | 578,272 | 874,439 | 923,572 | 912,563 | 899,018 | 894,575 | 912,175 | 903,307 | |||||||||||||||||||||||||||
CMAs / Money Market | 1,578,955 | 1,519,424 | 1,491,329 | 1,468,731 | 1,617,176 | 1,604,138 | 1,472,377 | 1,491,522 | 1,603,059 | |||||||||||||||||||||||||||
Certificates of Deposit Less than $100,000 | 691,873 | 691,467 | 874,722 | 848,320 | 822,634 | 789,066 | 780,940 | 779,492 | 755,494 | |||||||||||||||||||||||||||
Certificates of Deposit $100,000 and Over | 237,948 | 231,393 | 270,627 | 249,250 | 262,137 | 260,960 | 311,067 | 298,721 | 388,935 | |||||||||||||||||||||||||||
Total Deposits | 4,154,933 | 4,105,249 | 4,814,038 | 4,867,174 | 5,018,361 | 4,969,891 | 4,834,342 | 4,914,292 | 5,092,477 | |||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 60,896 | 65,081 | 120,050 | 104,543 | 79,510 | 78,980 | 76,051 | 75,016 | 71,056 | |||||||||||||||||||||||||||
Other Borrowings | 258,951 | 254,416 | 433,547 | 419,484 | 285,857 | 208,454 | 236,446 | 204,122 | 182,450 | |||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 76,651 | 77,006 | 77,627 | 83,829 | 64,427 | 63,368 | 61,308 | 54,452 | 60,769 | |||||||||||||||||||||||||||
Total Liabilities | 4,551,431 | 4,501,752 | 5,445,262 | 5,475,030 | 5,448,155 | 5,320,693 | 5,208,147 | 5,247,882 | 5,406,752 | |||||||||||||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||
Common Stock | 44,686 | 44,686 | 50,168 | 50,168 | 50,168 | 50,178 | 50,196 | 50,202 | 50,202 | |||||||||||||||||||||||||||
Surplus | 136,256 | 136,254 | 246,024 | 245,940 | 246,181 | 246,938 | 247,464 | 248,241 | 248,828 | |||||||||||||||||||||||||||
Retained earnings | 283,536 | 294,943 | 305,140 | 316,472 | 329,035 | 341,441 | 351,569 | 361,623 | 372,980 | |||||||||||||||||||||||||||
Treasury, at cost | (85,383 | ) | (85,382 | ) | (83,254 | ) | (81,543 | ) | (80,951 | ) | (78,579 | ) | (76,058 | ) | (72,967 | ) | (71,017 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||
Unrealized gains on securities available for sale | 31,402 | 28,573 | 33,388 | 36,375 | 25,610 | 15,595 | 21,964 | (3,772 | ) | 5,377 | ||||||||||||||||||||||||||
Accrued minimum pension liability, net of tax | — | (4,284 | ) | (4,058 | ) | (3,829 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Director's Deferred Compensation to be Settled in Stock | 3,909 | 4,052 | 3,963 | 4,111 | 4,266 | 4,413 | 4,381 | 4,562 | 4,720 | |||||||||||||||||||||||||||
Unearned Portion of Employee Restricted Stock | (54 | ) | (50 | ) | (46 | ) | (43 | ) | (38 | ) | (35 | ) | (31 | ) | (27 | ) | (22 | ) | ||||||||||||||||||
Total Stockholders’ Equity | 414,352 | 418,792 | 551,325 | 567,651 | 574,271 | 579,951 | 599,485 | 587,862 | 611,068 | |||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,965,783 | $ | 4,920,544 | $ | 5,996,587 | $ | 6,042,681 | $ | 6,022,426 | $ | 5,900,644 | $ | 5,807,632 | $ | 5,835,744 | $ | 6,017,820 | ||||||||||||||||||
CHITTENDEN CORPORATION
Consolidated Quarterly Statements of Income (Unaudited)
($ in thousands)
QTR 09/30/02 | QTR 12/31/02 | QTR 03/31/03 | QTR 06/30/03 | QTR 09/30/03 | QTR 12/31/03 | QTR 03/31/04 | QTR 06/30/04 | QTR 09/30/04 | |||||||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||||||||
Loans | $ | 48,734 | $ | 47,404 | $ | 47,580 | $ | 52,543 | $ | 49,434 | $ | 49,878 | $ | 49,254 | $ | 50,461 | $ | 53,090 | |||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Taxable | 17,954 | 18,173 | 18,216 | 18,511 | 17,648 | 17,176 | 15,580 | 14,757 | 14,807 | ||||||||||||||||||||||||||
Tax-favored | 96 | 187 | 46 | 42 | 61 | 13 | 13 | 13 | 13 | ||||||||||||||||||||||||||
Short-term investments | 83 | 44 | 12 | 123 | 88 | 71 | 7 | 52 | 59 | ||||||||||||||||||||||||||
Total Interest Income | 66,867 | 65,808 | 65,854 | 71,219 | 67,231 | 67,138 | 64,854 | 65,283 | 67,969 | ||||||||||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||||||||||||||
Deposits | 14,472 | 12,994 | 11,796 | 11,264 | 9,605 | 8,507 | 8,189 | 8,539 | 9,411 | ||||||||||||||||||||||||||
Borrowings | 2,734 | 2,710 | 3,110 | 3,855 | 2,965 | 2,277 | 1,954 | 1,820 | 1,889 | ||||||||||||||||||||||||||
Total Interest Expense | 17,206 | 15,704 | 14,906 | 15,119 | 12,570 | 10,784 | 10,143 | 10,359 | 11,300 | ||||||||||||||||||||||||||
Net Interest Income | 49,661 | 50,104 | 50,948 | 56,100 | 54,661 | 56,354 | 54,711 | 54,924 | 56,669 | ||||||||||||||||||||||||||
Provision for Loan Losses | 2,315 | 2,250 | 2,050 | 2,050 | 2,050 | 1,025 | 427 | 1,100 | 1,025 | ||||||||||||||||||||||||||
Net Interest Income after Provision for Loan Losses | 47,346 | 47,854 | 48,898 | 54,050 | 52,611 | 55,329 | 54,284 | 53,824 | 55,644 | ||||||||||||||||||||||||||
Noninterest Income: | |||||||||||||||||||||||||||||||||||
Investment Management and Trust | 3,865 | 3,851 | 3,810 | 3,841 | 3,983 | 4,321 | 4,349 | 4,573 | 4,813 | ||||||||||||||||||||||||||
Service Charges on Deposits | 4,067 | 4,107 | 4,393 | 4,735 | 4,583 | 4,686 | 4,691 | 4,775 | 4,241 | ||||||||||||||||||||||||||
Mortgage Servicing | (882 | ) | (6,875 | ) | (757 | ) | (829 | ) | 1,275 | 592 | (767 | ) | 1,348 | (162 | ) | ||||||||||||||||||||
Gains on Sales of Loans, Net | 2,086 | 3,366 | 4,436 | 6,099 | 6,959 | 4,272 | 1,901 | 2,895 | 2,261 | ||||||||||||||||||||||||||
Gains on Sales of Securities | 6 | 10,234 | 1,391 | 9,054 | 3,305 | 3,031 | 1,802 | 240 | 186 | ||||||||||||||||||||||||||
Loss on Prepayments of Borrowings | 0 | 0 | 0 | 0 | (2,154 | ) | (916 | ) | (1,194 | ) | 0 | 0 | |||||||||||||||||||||||
Credit Card Income, Net | 1,026 | 941 | 903 | 970 | 1,149 | 1,057 | 908 | 1,022 | 1,146 | ||||||||||||||||||||||||||
Insurance Commissions, Net | 1,185 | 728 | 1,613 | 1,531 | 2,041 | 1,501 | 2,626 | 1,728 | 1,389 | ||||||||||||||||||||||||||
Retail Investment Services | 620 | 500 | 896 | 1,314 | 1,287 | 1,123 | 947 | 903 | 715 | ||||||||||||||||||||||||||
Other | 1,803 | 2,709 | 2,571 | 3,069 | 2,570 | 3,327 | 2,740 | 3,154 | 3,252 | ||||||||||||||||||||||||||
Total Noninterest Income | 13,776 | 19,561 | 19,256 | 29,784 | 24,998 | 22,994 | 18,003 | 20,638 | 17,841 | ||||||||||||||||||||||||||
Noninterest Expense: | |||||||||||||||||||||||||||||||||||
Salaries | 18,450 | 18,503 | 20,282 | 23,668 | 23,234 | 22,248 | 20,879 | 21,786 | 20,652 | ||||||||||||||||||||||||||
Employee Benefits | 3,678 | 4,159 | 4,857 | 5,145 | 5,419 | 5,157 | 5,971 | 5,679 | 5,027 | ||||||||||||||||||||||||||
Net Occupancy Expense | 4,766 | 4,980 | 5,479 | 6,198 | 5,977 | 5,603 | 6,026 | 5,752 | 5,481 | ||||||||||||||||||||||||||
Data Processing | 2,830 | 2,926 | 2,501 | 2,161 | 2,319 | 2,404 | 2,293 | 1,985 | 994 | ||||||||||||||||||||||||||
Amortization of Intangibles | 348 | 348 | 511 | 727 | 755 | 755 | 755 | 772 | 776 | ||||||||||||||||||||||||||
Conversion and Restructuring Charges | 0 | 0 | 0 | 6,800 | 0 | 2,169 | 152 | 1,318 | 505 | ||||||||||||||||||||||||||
Other | 6,974 | 8,939 | 8,546 | 9,561 | 9,154 | 9,741 | 8,526 | 8,671 | 9,376 | ||||||||||||||||||||||||||
Total Noninterest Expense | 37,046 | 39,855 | 42,176 | 54,260 | 46,858 | 48,077 | 44,602 | 45,963 | 42,811 | ||||||||||||||||||||||||||
Income Before Income Taxes | 24,076 | 27,560 | 25,978 | 29,574 | 30,751 | 30,246 | 27,685 | 28,499 | 30,674 | ||||||||||||||||||||||||||
Income Tax Expense | 8,364 | 9,764 | 9,387 | 10,947 | 10,887 | 10,528 | 10,218 | 10,345 | 11,196 | ||||||||||||||||||||||||||
Net Income | $ | 15,712 | $ | 17,795 | $ | 16,591 | $ | 18,627 | $ | 19,864 | $ | 19,718 | $ | 17,467 | $ | 18,154 | $ | 19,478 | |||||||||||||||||
CHITTENDEN CORPORATION
Selected Quarterly Financial Data (Unaudited)
($ in thousands, except share and per share data)
QTD 9/30/2002 | QTD 12/31/2002 | QTD 3/31/2003 | QTD 6/30/2003 | QTD 9/30/2003 | QTD 12/31/2003 | QTD 3/31/2004 | QTD 6/30/2004 | QTD 9/30/2004 | ||||||||||||||||||||||||||||
Per Common Share | ||||||||||||||||||||||||||||||||||||
Earnings, Basic | $ | 0.39 | $ | 0.45 | $ | 0.40 | $ | 0.41 | $ | 0.43 | $ | 0.43 | $ | 0.38 | $ | 0.39 | $ | 0.42 | ||||||||||||||||||
Earnings, Diluted | 0.38 | 0.44 | 0.39 | 0.41 | 0.43 | 0.42 | 0.38 | 0.39 | 0.42 | |||||||||||||||||||||||||||
Dividends | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.18 | 0.18 | |||||||||||||||||||||||||||
Book Value | 10.38 | 10.49 | 12.11 | 12.44 | 12.58 | 12.66 | 13.05 | 12.74 | 13.21 | |||||||||||||||||||||||||||
Tangible Book | 8.73 | 8.87 | 6.97 | 7.18 | 7.32 | 7.44 | 7.86 | 7.57 | 8.07 | |||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||
Nonperforming Assets (including OREO) | $ | 16,415 | $ | 14,959 | $ | 14,981 | $ | 17,970 | $ | 18,011 | $ | 14,431 | $ | 20,657 | $ | 20,624 | $ | 21,565 | ||||||||||||||||||
90 Days past due and still accruing | 3,213 | 2,953 | 3,106 | 1,921 | 3,021 | 4,029 | 3,201 | 3,777 | 3,140 | |||||||||||||||||||||||||||
Total | 19,628 | 17,912 | 18,087 | 19,891 | 21,032 | 18,460 | 23,858 | 24,401 | 24,705 | |||||||||||||||||||||||||||
Nonperforming Assets to Loans Plus OREO | 0.55 | % | 0.50 | % | 0.41 | % | 0.50 | % | 0.49 | % | 0.39 | % | 0.55 | % | 0.54 | % | 0.54 | % | ||||||||||||||||||
Allowance to Loans | 1.60 | % | 1.62 | % | 1.56 | % | 1.60 | % | 1.61 | % | 1.54 | % | 1.52 | % | 1.52 | % | 1.47 | % | ||||||||||||||||||
Allowance to Nonperforming Loans (excluding OREO) | 293.56 | % | 325.64 | % | 379.48 | % | 321.01 | % | 329.48 | % | 400.99 | % | 278.85 | % | 281.70 | % | 284.76 | % | ||||||||||||||||||
Net Charge-off Ratio | 0.10 | % | 0.07 | % | 0.04 | % | 0.03 | % | 0.01 | % | 0.08 | % | 0.01 | % | 0.02 | % | 0.01 | % | ||||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||||||||||||||||||
Securities | $ | 1,406,182 | $ | 1,533,180 | $ | 1,591,751 | $ | 1,760,773 | $ | 1,708,629 | $ | 1,647,313 | $ | 1,530,534 | $ | 1,447,419 | $ | 1,440,938 | ||||||||||||||||||
Loans, Net | 2,988,405 | 3,007,081 | 3,236,735 | 3,638,769 | 3,693,594 | 3,697,490 | 3,701,494 | 3,777,039 | 3,892,431 | |||||||||||||||||||||||||||
Earning Assets | 4,443,815 | 4,588,801 | 4,879,771 | 5,456,572 | 5,496,829 | 5,446,055 | 5,292,868 | 5,294,057 | 5,414,750 | |||||||||||||||||||||||||||
Total Assets | 4,727,637 | 4,869,802 | 5,224,669 | 5,943,041 | 5,974,552 | 5,960,054 | 5,792,012 | 5,799,583 | 5,930,272 | |||||||||||||||||||||||||||
Deposits | 3,951,162 | 4,088,425 | 4,278,877 | 4,797,953 | 4,941,066 | 5,033,498 | 4,808,334 | 4,868,682 | 5,017,991 | |||||||||||||||||||||||||||
Borrowings | 299,786 | 296,409 | 406,182 | 512,230 | 409,621 | 298,478 | 339,983 | 290,730 | 267,323 | |||||||||||||||||||||||||||
Stockholders’ Equity | 405,783 | 413,449 | 463,149 | 560,209 | 555,567 | 572,512 | 586,788 | 589,067 | 591,137 | |||||||||||||||||||||||||||
Common Shares Outstanding | 39,925,800 | 39,924,338 | 45,525,459 | 45,621,163 | 45,653,675 | 45,795,688 | 45,954,210 | 46,134,686 | 46,241,091 | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 40,165,785 | 39,924,775 | 41,866,383 | 45,594,304 | 45,636,813 | 45,728,818 | 45,898,854 | 46,045,415 | 46,188,260 | |||||||||||||||||||||||||||
Weighted Average Common and Common Equivalent Shares Outstanding | 40,674,749 | 40,324,083 | 42,249,258 | 45,955,948 | 46,070,698 | 46,390,625 | 46,522,363 | 46,557,193 | 46,863,102 | |||||||||||||||||||||||||||
Return on Average Tangible Equity | 18.59 | % | 20.47 | % | 19.95 | % | 23.13 | % | 25.07 | % | 23.63 | % | 20.38 | % | 21.01 | % | 22.13 | % | ||||||||||||||||||
Return on Average Equity | 15.36 | % | 17.08 | % | 14.53 | % | 13.34 | % | 14.19 | % | 13.66 | % | 11.97 | % | 12.40 | % | 13.11 | % | ||||||||||||||||||
Return on Average Tangible Assets | 1.36 | % | 1.49 | % | 1.34 | % | 1.34 | % | 1.41 | % | 1.40 | % | 1.30 | % | 1.35 | % | 1.40 | % | ||||||||||||||||||
Return on Average Assets | 1.32 | % | 1.45 | % | 1.29 | % | 1.26 | % | 1.32 | % | 1.31 | % | 1.21 | % | 1.26 | % | 1.31 | % | ||||||||||||||||||
Net Yield on Earning Assets | 4.49 | % | 4.38 | % | 4.22 | % | 4.14 | % | 3.98 | % | 4.14 | % | 4.17 | % | 4.18 | % | 4.20 | % | ||||||||||||||||||
Efficiency Ratio | 57.71 | % | 59.20 | % | 60.36 | % | 60.70 | % | 59.87 | % | 59.58 | % | 60.34 | % | 58.05 | % | 56.87 | % | ||||||||||||||||||
Tangible Capital Ratio | 7.12 | % | 7.30 | % | 5.51 | % | 5.65 | % | 5.78 | % | 6.02 | % | 6.48 | % | 6.24 | % | 6.46 | % | ||||||||||||||||||
Leverage Ratio | 9.37 | % | 9.28 | % | 8.10 | % | 7.22 | % | 7.49 | % | 7.79 | % | 8.28 | % | 8.22 | % | 8.39 | % | ||||||||||||||||||
Tier 1 Capital Ratio | 12.04 | % | 12.25 | % | 9.22 | % | 9.28 | % | 9.72 | % | 10.07 | % | 10.36 | % | 10.46 | % | 10.51 | % | ||||||||||||||||||
Total Capital Ratio | 13.29 | % | 13.50 | % | 10.47 | % | 10.53 | % | 10.97 | % | 11.32 | % | 11.61 | % | 11.73 | % | 11.76 | % |
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Quarter Ended September 30, 2004
2004 | 2003 | |||||||||||||||||||
Average Balance | Interest Income/ Expense(1) | Average Yield/ Rate(1) | Average Balance | Interest Income/ Expense(1) | Average Yield/ Rate(1) | |||||||||||||||
ASSETS | ||||||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
Commercial | $ | 753,618 | $ | 10,237 | 5.40 | % | $ | 659,503 | $ | 9,023 | 5.43 | % | ||||||||
Municipals | 102,206 | 799 | 3.13 | % | 100,712 | 759 | 3.01 | % | ||||||||||||
Real Estate: | ||||||||||||||||||||
Residential | 1,181,885 | 15,859 | 5.36 | % | 1,246,866 | 14,965 | 4.79 | % | ||||||||||||
Commercial | 1,527,187 | 21,080 | 5.49 | % | 1,343,864 | 18,542 | 5.47 | % | ||||||||||||
Construction | 135,682 | 1,844 | 5.41 | % | 120,487 | 1,613 | 5.31 | % | ||||||||||||
Total Real Estate | 2,844,754 | 38,783 | 5.43 | % | 2,711,217 | 35,120 | 5.15 | % | ||||||||||||
Consumer | 250,197 | 3,636 | 5.78 | % | 280,316 | 4,835 | 6.84 | % | ||||||||||||
Total Loans | 3,950,775 | 53,455 | 5.39 | % | 3,751,748 | 49,737 | 5.27 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,439,643 | 14,807 | 4.11 | % | 1,691,276 | 17,648 | 4.17 | % | ||||||||||||
Tax-Favored Securities | 1,295 | 20 | 6.27 | % | 17,353 | 86 | 1.96 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 150 | 0 | 1.09 | % | 150 | 1 | 2.64 | % | ||||||||||||
Federal Funds Sold | 22,887 | 50 | 0.86 | % | 36,302 | 88 | 0.96 | % | ||||||||||||
Total Interest-Earning Assets | 5,414,750 | 68,332 | 5.03 | % | 5,496,829 | 67,560 | 4.89 | % | ||||||||||||
NonInterest-Earning Assets | 573,866 | 535,877 | ||||||||||||||||||
Allowance for Loan Losses | (58,344 | ) | (58,154 | ) | ||||||||||||||||
Total Assets | $ | 5,930,272 | $ | 5,974,552 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | 538,913 | 411 | 0.30 | % | 526,894 | 432 | 0.33 | % | ||||||||||||
Now | 892,358 | 628 | 0.28 | % | 901,126 | 713 | 0.31 | % | ||||||||||||
CMA/Money Market | 1,570,431 | 3,019 | 0.76 | % | 1,565,010 | 2,830 | 0.72 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 765,759 | 3,637 | 1.89 | % | 835,307 | 4,491 | 2.13 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 353,403 | 1,716 | 1.93 | % | 250,501 | 1,139 | 1.80 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,120,864 | 9,411 | 0.91 | % | 4,078,838 | 9,605 | 0.93 | % | ||||||||||||
Borrowings | 192,738 | 1,739 | 3.59 | % | 316,968 | 2,720 | 3.41 | % | ||||||||||||
Repos | 74,585 | 150 | 0.80 | % | 92,653 | 245 | 1.05 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,388,187 | 11,300 | 1.02 | % | 4,488,459 | 12,570 | 1.11 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 897,127 | 862,228 | ||||||||||||||||||
Other Liabilities | 53,821 | 68,298 | ||||||||||||||||||
Total Liabilities | 5,339,135 | 5,418,985 | ||||||||||||||||||
Stockholders’ Equity | 591,137 | 555,567 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 5,930,272 | $ | 5,974,552 | ||||||||||||||||
Net Interest Income | $ | 57,032 | $ | 54,990 | ||||||||||||||||
Interest Rate Spread (2) | 4.01 | % | 3.78 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.20 | % | 3.98 | % |
(1) | On a fully taxable equivalent basis. Calculated using a Federal Income Tax Rate of 35%. Loan income includes fees. |
(2) | Interest rate spread is the average rate earned on total interest-earning assets less the average rate paid on interest-bearing liabilities. |
(3) | Net yield on earning assets is net interest income divided by total interest-earning assets. |
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Year Ended September 30, 2004
2004 | 2003 | |||||||||||||||||||||
Average Balance | Interest Income/ Expense(1) | Average Yield/ Rate(1) | Average Balance | Interest Income/ Expense(1) | Average Yield/ Rate(1) | |||||||||||||||||
ASSETS | ||||||||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||
Commercial | $ | 705,931 | $ | 28,371 | 5.37 | % | $ | 622,770 | $ | 25,921 | 5.56 | % | ||||||||||
Municipals | 93,975 | 2,162 | 3.07 | % | 84,350 | 2,147 | 3.39 | % | ||||||||||||||
Real Estate: | ||||||||||||||||||||||
Residential | 1,170,668 | 46,109 | 5.25 | % | 1,211,982 | 48,807 | 5.37 | % | ||||||||||||||
Commercial | 1,491,623 | 60,460 | 5.41 | % | 1,278,785 | 54,240 | 5.67 | % | ||||||||||||||
Construction | 136,280 | 5,180 | 5.08 | % | 106,181 | 4,546 | 5.72 | % | ||||||||||||||
Total Real Estate | 2,798,571 | 111,749 | 5.33 | % | 2,596,948 | 107,593 | 5.53 | % | ||||||||||||||
Consumer | 249,591 | 11,449 | 6.13 | % | 276,246 | 14,701 | 7.11 | % | ||||||||||||||
Total Loans | 3,848,068 | 153,731 | 5.33 | % | 3,580,314 | 150,362 | 5.61 | % | ||||||||||||||
Investments: | ||||||||||||||||||||||
Taxable | 1,472,216 | 45,145 | 4.09 | % | 1,660,540 | 54,375 | 4.37 | % | ||||||||||||||
Tax-Favored Securities | 1,295 | 61 | 6.31 | % | 12,357 | 210 | 2.27 | % | ||||||||||||||
Interest-Bearing Deposits in Banks | 150 | 1 | 1.20 | % | 192 | 3 | 2.04 | % | ||||||||||||||
Federal Funds Sold | 11,642 | 106 | 1.22 | % | 36,569 | 221 | 0.81 | % | ||||||||||||||
Total Interest-Earning Assets | 5,333,371 | 199,044 | 4.98 | % | 5,289,972 | 205,171 | 5.18 | % | ||||||||||||||
NonInterest-Earning Assets | 563,315 | 492,363 | ||||||||||||||||||||
Allowance for Loan Losses | (58,061 | ) | (55,515 | ) | ||||||||||||||||||
Total Assets | $ | 5,838,625 | $ | 5,726,820 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||
Savings | 527,918 | 1,223 | 0.31 | % | 515,046 | 1,690 | 0.44 | % | ||||||||||||||
Now | 884,226 | 1,771 | 0.27 | % | 805,036 | 2,517 | 0.42 | % | ||||||||||||||
CMA/Money Market | 1,530,564 | 8,070 | 0.70 | % | 1,523,154 | 10,615 | 0.93 | % | ||||||||||||||
Certificates of Deposit less than $100,000 | 775,005 | 10,918 | 1.88 | % | 818,354 | 14,118 | 2.31 | % | ||||||||||||||
Certificates of Deposit $100,000 and over | 311,979 | 4,157 | 1.78 | % | 251,862 | 3,725 | 1.98 | % | ||||||||||||||
Total Interest-Bearing Deposits | 4,029,692 | 26,139 | 0.87 | % | 3,913,452 | 32,665 | 1.12 | % | ||||||||||||||
Borrowings | 225,738 | 5,199 | 3.08 | % | 350,980 | 8,704 | 3.31 | % | ||||||||||||||
Repos | 73,264 | 465 | 0.85 | % | 102,484 | 1,226 | 1.60 | % | ||||||||||||||
Total Interest-Bearing Liabilities | 4,328,694 | 31,803 | 0.98 | % | 4,366,916 | 42,595 | 1.30 | % | ||||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||||
Demand Deposits | 868,889 | 760,806 | ||||||||||||||||||||
Other Liabilities | 53,893 | 72,445 | ||||||||||||||||||||
Total Liabilities | 5,251,476 | 5,200,167 | ||||||||||||||||||||
Stockholders’ Equity | 587,149 | 526,653 | ||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 5,838,625 | $ | 5,726,820 | ||||||||||||||||||
Net Interest Income | $ | 167,241 | $ | 162,576 | ||||||||||||||||||
Interest Rate Spread (2) | 4.00 | % | 3.88 | % | ||||||||||||||||||
Net Yield on Earning Assets (3) | 4.19 | % | ties to Sendero | 4.10 | % |
(1) | On a fully taxable equivalent basis. Calculated using a Federal Income Tax Rate of 35%. Loan income includes fees. |
(2) | Interest rate spread is the average rate earned on total interest-earning assets less the average rate paid on interest-bearing liabilities. |
(3) | Net yield on earning assets is net interest income divided by total interest-earning assets. |