Exhibit 99.1
Chittenden Corporation 2 Burlington Square P.O. Box 820 Burlington, Vermont 05402-0820 802-658-4000 | Kirk W. Walters (802) 660-1561 |
For Immediate Release
January 20, 2005 | 18/05 |
CHITTENDEN REPORTS EARNINGS AND QUARTERLY DIVIDEND
Burlington, VT — Chittenden Corporation (NYSE:CHZ) Chairman, President and Chief Executive Officer, Paul A. Perrault, today announced earnings for the year ended December 31, 2004 of $75.1 million or $1.61 per diluted share, compared to $74.8 million or $1.66 per diluted share a year ago. For the fourth quarter of 2004, net income was $20.0 million or $0.43 per diluted share, compared to $19.7 million or $0.43 per diluted share earned in the fourth quarter of 2003. Chittenden also announced its quarterly dividend of $0.18 per share. The dividend will be paid on February 11, 2005, to shareholders of record on January 28, 2005.
In making the announcement, Perrault said, “We accomplished many important things internally in 2004, including the core data processing systems conversion and the merger of Granite Bank into Ocean National Bank. At the same time significant progress was made externally, as evidenced by double digit growth in both commercial and commercial real estate loans. I look forward to putting these developments to the advantage of our shareholders, customers, and employees in 2005.”
Total loans increased $97 million from September 30, 2004 and $352 million from December 31, 2003. Both the quarter to date (on an annualized basis) and the year over year increases were approximately 9.5%. The increase in both periods was primarily driven by growth in the Company’s commercial (22% increase year over year) and commercial real estate (11% increase year over year) loan portfolios. In addition, financings for commercial customers also influenced the Company’s construction loan portfolio growth, which increased $33 million from year-end 2003 and $30 million from September 30, 2004. Consumer loans declined from both the prior year-end and on a linked quarter basis. This decrease was primarily due to runoff in the Company’s discontinued indirect auto lease portfolio. Runoff from the prior year in the 1-4 family residential real estate portfolio was more than offset by growth in home equity lines of credit.
Total deposits increased $69 million from a year ago and declined $54 million from the third quarter. The decline from the prior quarter was due to the Company’s normal seasonal trends, driven primarily by municipal and commercial customers. The increase from the prior year-end was primarily attributable to higher levels of deposits from our commercial customers in our Vermont and New Hampshire franchises. Borrowings increased from both the third quarter as well as from the prior year-end due to higher levels of short-term borrowings, which resulted from the seasonal declines in deposits and the strong loan growth in the fourth quarter.
The Company’s net interest margin for the fourth quarter was 4.27%, compared with 4.20% for the third quarter of 2004 and 4.14% for the same period in 2003. For 2004 the net interest margin was 4.21% compared with 4.12% for 2003. The increase in net interest margin primarily related to higher yields on loans due to increases in the prime rate as well as continued improvement in the Company’s asset mix.
Net charge-offs as a percentage of average loans were 3 basis points in the fourth quarter and 7 basis points for the year ended December 31, 2004, compared to 8 basis points and 16 basis points for the respective periods in 2003. Net charge-offs on a year-to-date basis totaled $2.8 million compared with $5.8 million in 2003. Nonperforming assets were $20.0 million at December 31, 2004, down $1.5 million from September 30, 2004. As a percentage of total loans this represented 49 basis points, down 5 basis
Chittenden Corporation 2 Burlington Square P.O. Box 820 Burlington, Vermont 05402-0820 802-658-4000 | Kirk W. Walters (802) 660-1561 |
For Immediate Release
points from the third quarter and up from the unusually low level in the fourth quarter of 2003 of 39 basis points. The provision for loan losses was $4.4 million in 2004 compared to $7.2 million in 2003. Continued lower levels of net charge-offs, and strong asset quality drove the provision for 2004. As a percentage of total loans, the allowance for loan losses was 1.45%, down from 1.47% at September 30, 2004, primarily as a result of continued loan growth.
Noninterest income for the fourth quarter of 2004 declined $6.0 million from the same quarter of 2003. The primary drivers of the decline were lower securities gains, mortgage banking revenues and retail investment income. Gains on sales of securities were $107,000 in the fourth quarter of 2004, compared with $3.0 million in 2003. Securities gains in the fourth quarter of 2003 were substantially offset by $916,000 in losses on the prepayment of borrowings and $2.2 million in conversion and restructuring charges. Mortgage banking revenues declined $2.5 million from the fourth quarter of 2004 due to a 50% decline in loan sales volumes. Retail investment income declined $449,000 primarily due to lower annuity sales at Chittenden Securities, Inc.
Noninterest income for the year ended December 31, 2004 was $73.4 million, a decline of $23.6 million from the prior year. Lower levels of gains on sales of securities and mortgage loans, net of lower losses on prepayments of borrowings, accounted for all of the variance. Excluding these items, noninterest income was $1.6 million higher in 2004 than in 2003, driven primarily by higher levels of investment management income, which offset lower levels of retail investment income. Also included in the 2004 other income amount was $1.3 million in gains on sales of two branches.
Noninterest expenses were $43.0 million for the fourth quarter of 2004 compared with $48.1 million for the same period in 2003. Conversion and restructuring charges in the fourth quarter of 2004 were $291,000, a decline of $1.9 million from the similar quarter a year ago. The 2003 restructuring charges primarily related to $1.8 million for the consolidation of 11 branches and the closure of 30 offsite ATMs. Data processing expense declined $1.5 million, as a result of the Company’s core data processing conversion in the second quarter of 2004. Salaries were approximately $1.0 million lower than the year ago level and other noninterest expenses declined $719,000.
In 2004 noninterest expenses were $15 million lower than in 2003, primarily driven by $6.7 million in reduced conversion and restructuring charges. An additional $4.8 million was due to reduced salary expenses, driven by lower staffing and reduced levels of incentive compensation. Lower levels of data processing expenses also accounted for $3.2 million of the decline. Increased employee benefits costs, driven by higher medical and dental benefits of $699,000, were offset by reduced levels of occupancy expenses of $587,000 and other noninterest expenses of $1.4 million.
The effective income tax rate for 2004 was 36.0% for the fourth quarter and 36.4% year to date compared with 34.8% and 35.8% for the respective periods in 2003. The higher effective income tax rate was primarily attributable to increased taxable income in New Hampshire, which has a higher statutory tax rate than other states in which the Company has operations.
The return on average equity was 12.70% for 2004, compared with 13.90% for a year ago. The decrease from 2003 primarily resulted from higher levels of average equity due to the Granite acquisition and retention of earnings. The return on average assets for year ended December 31, 2004 was 1.27%, a decrease of 2 basis points from 2003.
Chittenden Corporation 2 Burlington Square P.O. Box 820 Burlington, Vermont 05402-0820 802-658-4000 | Kirk W. Walters (802) 660-1561 |
For Immediate Release
Kirk W. Walters, Executive Vice President and Chief Financial Officer of Chittenden Corporation, will host a conference call on January 20, 2005 at 10:30 am eastern time to discuss these earnings results. Interested parties may access the conference call by calling 800-901-5217, passcode 56712003. International dial-in number is 617-786-2964. Participants are asked to call in a few minutes prior to the call to allow time for registration. Internet access to the call is also available (listen only) by clicking “webcasts” under the Investor Resources section of the Company’s website athttp://www.chittendencorp.com. A replay of the call will be available through January 27, 2005 by calling 888-286-8010 (International dial number is 617-801-6888), passcode 27736802. A replay of the call will also be available on the Company’s website at the address above for an extended period of time. The Company may answer one or more questions concerning business and financial developments and trends and other business. Some of the responses to these questions may contain information that has not been previously disclosed.
Chittenden is a bank holding company headquartered in Burlington, Vermont. Through its subsidiary banks1, the Company offers a broad range of financial products and services to customers throughout Northern New England and Massachusetts, including deposit accounts and services; commercial and consumer loans; insurance; and investment and trust services to individuals, businesses, and the public sector. Chittenden Corporation’s news releases, including earnings announcements, are available on the Company’s website.
This press release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Chittenden intends for these forward-looking statements to be covered by the safe harbor provisions for forward- looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of complying with these safe harbor provisions. These forward-looking statements are based on current plans and expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ from historical performance or future expectations.
These differences may be the result of various factors, including changes in general, national or regional economic conditions, changes in loan default and charge-off rates, reductions in deposit levels necessitating increased borrowing to fund loans and investments, changes in interest rates, changes in levels of income and expense in noninterest income and expense related activities and other risk factors.
For further information on these risk factors and uncertainties, please see Chittenden’s filings with the Securities and Exchange Commission, including Chittenden’s Annual Report on Form 10-K/A for the year ended December 31, 2003. Chittenden undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or other changes.
1 | Chittenden’s subsidiaries are Chittenden Bank, The Bank of Western Massachusetts, Flagship Bank and Trust Company, Maine Bank & Trust Company, and Ocean National Bank. Chittenden Bank also operates under the name Mortgage Service Center, and it owns Chittenden Insurance Group, and Chittenden Securities, Inc. |
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In Thousands)
12/31/04 | 9/30/04 | 6/30/04 | 3/31/04 | 12/31/03 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 136,468 | $ | 165,191 | $ | 170,940 | $ | 154,178 | $ | 174,939 | ||||||||||
Securities Available For Sale | 1,446,221 | 1,458,149 | 1,412,206 | 1,473,497 | 1,588,151 | |||||||||||||||
FRB and FHLB Stock | 19,243 | 19,243 | 12,240 | 20,753 | 20,753 | |||||||||||||||
Loans Held For Sale | 33,535 | 35,723 | 49,497 | 32,276 | 25,262 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial | 801,369 | 770,933 | 740,410 | 686,304 | 658,615 | |||||||||||||||
Municipal | 106,120 | 105,781 | 66,533 | 92,338 | 87,080 | |||||||||||||||
Real Estate: | ||||||||||||||||||||
Residential: | ||||||||||||||||||||
1-4 family | 688,017 | 685,714 | 667,676 | 666,753 | 700,671 | |||||||||||||||
Multi-family | 182,541 | 181,622 | 189,589 | 182,085 | 176,478 | |||||||||||||||
Home equity | 294,656 | 287,479 | 276,640 | 277,062 | 270,959 | |||||||||||||||
Commercial | 1,590,457 | 1,558,221 | 1,505,880 | 1,485,031 | 1,430,945 | |||||||||||||||
Construction | 174,283 | 143,871 | 129,901 | 138,497 | 140,801 | |||||||||||||||
Total Real Estate | 2,929,954 | 2,856,907 | 2,769,686 | 2,749,428 | 2,719,854 | |||||||||||||||
Consumer | 239,750 | 246,889 | 249,208 | 252,097 | 259,135 | |||||||||||||||
Total Loans | 4,077,193 | 3,980,510 | 3,825,837 | 3,780,167 | 3,724,684 | |||||||||||||||
Less: Allowance for Loan Losses | (59,031 | ) | (58,598 | ) | (57,969 | ) | (57,500 | ) | (57,464 | ) | ||||||||||
Net Loans | 4,018,162 | 3,921,912 | 3,767,868 | 3,722,667 | 3,667,220 | |||||||||||||||
Accrued Interest Receivable | 28,956 | 26,607 | 27,376 | 25,582 | 29,124 | |||||||||||||||
Other Real Estate Owned | 109 | 987 | 47 | 36 | 100 | |||||||||||||||
Other Assets | 64,861 | 66,069 | 71,534 | 57,095 | 71,536 | |||||||||||||||
Premises and Equipment, net | 74,271 | 73,927 | 72,805 | 72,273 | 72,130 | |||||||||||||||
Mortgage Servicing Rights | 11,826 | 12,119 | 12,562 | 10,866 | 12,265 | |||||||||||||||
Identified Intangibles | 20,422 | 21,196 | 21,972 | 21,978 | 22,733 | |||||||||||||||
Goodwill | 216,136 | 216,697 | 216,697 | 216,431 | 216,431 | |||||||||||||||
Total Assets | $ | 6,070,210 | $ | 6,017,820 | $ | 5,835,744 | $ | 5,807,632 | $ | 5,900,644 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand | $ | 890,561 | $ | 907,396 | $ | 891,244 | $ | 848,758 | $ | 898,920 | ||||||||||
Savings | 519,623 | 534,286 | 541,138 | 526,625 | 517,789 | |||||||||||||||
NOW | 890,701 | 903,307 | 912,175 | 894,575 | 899,018 | |||||||||||||||
CMAs/ Money Market | 1,577,474 | 1,603,059 | 1,491,522 | 1,472,377 | 1,604,138 | |||||||||||||||
Certificates of Deposit less than $100,000 | 752,828 | 755,494 | 779,492 | 780,940 | 789,066 | |||||||||||||||
Certificates of Deposit $100,000 and Over | 407,543 | 388,935 | 298,721 | 311,067 | 260,960 | |||||||||||||||
Total Deposits | 5,038,730 | 5,092,477 | 4,914,292 | 4,834,342 | 4,969,891 | |||||||||||||||
Securities Sold Under Agreements to Repurchase | 76,716 | 71,056 | 75,016 | 76,051 | 78,980 | |||||||||||||||
Other Borrowings | 279,755 | 182,450 | 204,122 | 236,446 | 208,454 | |||||||||||||||
Accrued Expenses and Other Liabilities | 54,752 | 60,769 | 54,452 | 61,308 | 63,368 | |||||||||||||||
Total Liabilities | 5,449,953 | 5,406,752 | 5,247,882 | 5,208,147 | 5,320,693 | |||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Common Stock | 50,204 | 50,202 | 50,202 | 50,196 | 50,178 | |||||||||||||||
Surplus | 249,036 | 248,828 | 248,241 | 247,464 | 246,938 | |||||||||||||||
Retained Earnings | 384,679 | 372,980 | 361,623 | 351,569 | 341,441 | |||||||||||||||
Treasury Stock, at cost | (69,246 | ) | (71,017 | ) | (72,967 | ) | (76,058 | ) | (78,579 | ) | ||||||||||
Accumulated Other Comprehensive Income: | ||||||||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale | 672 | 5,377 | (3,772 | ) | 21,964 | 15,595 | ||||||||||||||
Directors Deferred Compensation to be Settled in Stock | 4,930 | 4,720 | 4,562 | 4,381 | 4,413 | |||||||||||||||
Unearned Portion of Employee Restricted Stock | (18 | ) | (22 | ) | (27 | ) | (31 | ) | (35 | ) | ||||||||||
Total Stockholders’ Equity | 620,257 | 611,068 | 587,862 | 599,485 | 579,951 | |||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,070,210 | $ | 6,017,820 | $ | 5,835,744 | $ | 5,807,632 | $ | 5,900,644 | ||||||||||
CHITTENDEN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands, except for per share amounts)
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
Interest Income: | ||||||||||||||||
Loans | $ | 56,302 | $ | 49,878 | $ | 209,107 | $ | 199,436 | ||||||||
Investment Securities: | ||||||||||||||||
Taxable | 15,269 | 17,176 | 60,413 | 71,551 | ||||||||||||
Tax-favored | 14 | 13 | 53 | 162 | ||||||||||||
Short-term Investments | 76 | 71 | 194 | 293 | ||||||||||||
Total Interest Income | 71,661 | 67,138 | 269,767 | 271,442 | ||||||||||||
Interest Expense: | ||||||||||||||||
Deposits | 10,300 | 8,507 | 36,439 | 41,172 | ||||||||||||
Borrowings | 2,167 | 2,277 | 7,830 | 12,207 | ||||||||||||
Total Interest Expense | 12,467 | 10,784 | 44,269 | 53,379 | ||||||||||||
Net Interest Income | 59,194 | 56,354 | 225,498 | 218,063 | ||||||||||||
Provision for Loan Losses | 1,825 | 1,025 | 4,377 | 7,175 | ||||||||||||
Net Interest Income after Provision for Loan Losses | 57,369 | 55,329 | 221,121 | 210,888 | ||||||||||||
Noninterest Income: | ||||||||||||||||
Investment Management and Trust | 4,648 | 4,321 | 18,383 | 15,956 | ||||||||||||
Service Charges on Deposits | 4,179 | 4,686 | 17,886 | 18,396 | ||||||||||||
Mortgage Servicing | (260 | ) | 592 | 159 | 281 | |||||||||||
Gains on Sales of Loans, Net | 2,604 | 4,272 | 9,661 | 21,765 | ||||||||||||
Gains on Sales of Securities, Net | 107 | 3,031 | 2,335 | 17,380 | ||||||||||||
Loss on Prepayments of Borrowings | — | (916 | ) | (1,194 | ) | (3,070 | ) | |||||||||
Credit Card Income, Net | 1,074 | 1,057 | 4,150 | 4,079 | ||||||||||||
Insurance Commissions, Net | 1,223 | 1,501 | 6,966 | 6,686 | ||||||||||||
Retail Investment Services | 674 | 1,123 | 3,239 | 4,621 | ||||||||||||
Other | 2,674 | 3,327 | 11,820 | 10,937 | ||||||||||||
Total Noninterest Income | 16,923 | 22,994 | 73,405 | 97,031 | ||||||||||||
Noninterest Expense: | ||||||||||||||||
Salaries | 21,302 | 22,248 | 84,619 | 89,431 | ||||||||||||
Employee Benefits | 5,281 | 5,157 | 21,958 | 20,578 | ||||||||||||
Net Occupancy Expense | 5,410 | 5,603 | 22,669 | 23,256 | ||||||||||||
Data Processing | 916 | 2,404 | 6,188 | 9,384 | ||||||||||||
Amortization of Intangibles | 774 | 755 | 3,077 | 2,748 | ||||||||||||
Conversion and Restructuring Charges | 291 | 2,169 | 2,266 | 8,969 | ||||||||||||
Other | 9,022 | 9,741 | 35,595 | 37,005 | ||||||||||||
Total Noninterest Expense | 42,996 | 48,077 | 176,372 | 191,371 | ||||||||||||
Income Before Income Taxes | 31,296 | 30,246 | 118,154 | 116,548 | ||||||||||||
Income Tax Expense | 11,268 | 10,528 | 43,027 | 41,749 | ||||||||||||
Net Income | $ | 20,028 | $ | 19,718 | $ | 75,127 | $ | 74,799 | ||||||||
Earnings Per Share, Basic | $ | 0.43 | $ | 0.43 | $ | 1.63 | $ | 1.67 | ||||||||
Earnings Per Share, Diluted | 0.43 | 0.43 | 1.61 | 1.66 | ||||||||||||
Dividends Per Share | 0.18 | 0.16 | 0.70 | 0.64 | ||||||||||||
Return on Average Equity | 12.95 | % | 13.66 | % | 12.70 | % | 13.90 | % | ||||||||
Return on Average Assets | 1.31 | % | 1.31 | % | 1.27 | % | 1.29 | % |
CHITTENDEN CORPORATION
SELECTED QUARTERLY FINANCIAL DATA
(Unaudited)
(In thousands, except ratios and per share amounts)
Selected Financial Ratios | 12/31/04 | 9/30/04 | 6/30/04 | 3/31/04 | 12/31/03 | |||||||||||||||
Return on Average Equity | 12.95 | % | 13.11 | % | 12.40 | % | 11.97 | % | 13.66 | % | ||||||||||
Return on Average Assets | 1.31 | % | 1.31 | % | 1.26 | % | 1.21 | % | 1.31 | % | ||||||||||
Return on Average Tangible Equity1 | 21.25 | % | 22.13 | % | 21.01 | % | 20.38 | % | 23.63 | % | ||||||||||
Return on Average Tangible Assets1 | 1.39 | % | 1.40 | % | 1.35 | % | 1.30 | % | 1.40 | % | ||||||||||
Net Yield on Earning Assets | 4.27 | % | 4.20 | % | 4.18 | % | 4.17 | % | 4.14 | % | ||||||||||
Efficiency Ratio | 55.64 | % | 56.87 | % | 58.05 | % | 60.34 | % | 59.58 | % | ||||||||||
Tangible Capital Ratio | 6.58 | % | 6.46 | % | 6.24 | % | 6.48 | % | 6.02 | % | ||||||||||
Leverage Ratio | 8.42 | % | 8.39 | % | 8.22 | % | 8.28 | % | 7.79 | % | ||||||||||
Tier 1 Capital Ratio | 10.44 | % | 10.51 | % | 10.46 | % | 10.36 | % | 10.07 | % | ||||||||||
Total Capital Ratio | 11.64 | % | 11.76 | % | 11.73 | % | 11.61 | % | 11.32 | % | ||||||||||
Common Share Data | ||||||||||||||||||||
Common Shares Outstanding | 46,342 | 46,241 | 46,135 | 45,954 | 45,796 | |||||||||||||||
Weighted Avg Common Shares Outstanding | 46,293 | 46,188 | 46,045 | 45,899 | 45,729 | |||||||||||||||
Weighted Avg Common and Common Equivalent Shares Outstanding | 46,960 | 46,863 | 46,556 | 46,522 | 46,390 | |||||||||||||||
Book Value per Share | $ | 13.38 | $ | 13.21 | $ | 12.74 | $ | 13.05 | $ | 12.66 | ||||||||||
Tangible Book Value per Share | $ | 8.28 | $ | 8.07 | $ | 7.57 | $ | 7.86 | $ | 7.44 | ||||||||||
Credit Quality Data | ||||||||||||||||||||
Nonperforming Assets (including OREO) | $ | 20,024 | $ | 21,565 | $ | 20,624 | $ | 20,657 | $ | 14,431 | ||||||||||
90 days past due and still accruing | 2,604 | 3,140 | 3,777 | 3,201 | 4,029 | |||||||||||||||
Total | $ | 22,628 | $ | 24,705 | $ | 24,401 | $ | 23,858 | $ | 18,460 | ||||||||||
Nonperforming Assets to Loans Plus OREO | 0.49 | % | 0.54 | % | 0.54 | % | 0.55 | % | 0.39 | % | ||||||||||
Allowance to Loans | 1.45 | % | 1.47 | % | 1.52 | % | 1.52 | % | 1.54 | % | ||||||||||
Allowance to Nonperforming Loans (excluding OREO) | 296.41 | % | 284.76 | % | 281.70 | % | 278.85 | % | 400.99 | % | ||||||||||
Gross Charge-offs | $ | 2,821 | $ | 1,654 | $ | 1,433 | $ | 1,251 | $ | 4,176 | ||||||||||
Gross Recoveries | 1,428 | 1,258 | 802 | 860 | 1,444 | |||||||||||||||
Net Charge-offs | $ | 1,393 | $ | 396 | $ | 631 | $ | 391 | $ | 2,732 | ||||||||||
Net Charge-offs to Average Loans | 0.03 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.08 | % | ||||||||||
QTD Average Balance Sheet Data | ||||||||||||||||||||
Securities | $ | 1,495,302 | $ | 1,440,938 | $ | 1,447,419 | $ | 1,530,534 | $ | 1,647,313 | ||||||||||
Loans, Net | 4,000,917 | 3,892,431 | 3,777,039 | 3,701,494 | 3,697,490 | |||||||||||||||
Earning Assets | 5,572,226 | 5,414,750 | 5,294,057 | 5,292,868 | 5,446,055 | |||||||||||||||
Total Assets | 6,089,616 | 5,930,272 | 5,799,583 | 5,792,012 | 5,960,054 | |||||||||||||||
Deposits | 5,128,344 | 5,017,991 | 4,868,682 | 4,808,334 | 5,033,498 | |||||||||||||||
Borrowings | 291,919 | 267,323 | 290,730 | 339,983 | 298,478 | |||||||||||||||
Stockholders’ Equity | 615,420 | 591,137 | 589,067 | 586,788 | 572,512 | |||||||||||||||
1. Reconciliation of non-GAAP measurements to GAAP | ||||||||||||||||||||
Net Income (GAAP) | $ | 20,028 | $ | 19,478 | $ | 18,154 | $ | 17,467 | $ | 19,718 | ||||||||||
Amortization of identified intangibles, net of tax | 503 | 504 | 502 | 491 | 491 | |||||||||||||||
Tangible Net Income (A) | $ | 20,531 | $ | 19,982 | $ | 18,656 | $ | 17,958 | $ | 20,209 | ||||||||||
Average Equity (GAAP) | 615,420 | 591,137 | 589,067 | 586,788 | 572,512 | |||||||||||||||
Average Identified Intangibles | 20,919 | 21,695 | 21,960 | 22,405 | 23,148 | |||||||||||||||
Average Deferred Tax on Identified Intangibles | (6,392 | ) | (6,392 | ) | (6,392 | ) | (6,392 | ) | (6,392 | ) | ||||||||||
Average Goodwill | 216,502 | 216,697 | 216,439 | 216,431 | 216,431 | |||||||||||||||
Average Tangible Equity (B) | 384,391 | 359,137 | 357,060 | 354,344 | 339,325 | |||||||||||||||
Return on Average Tangible Equity (A) / (B) | 21.25 | % | 22.13 | % | 21.01 | % | 20.38 | % | 23.63 | % | ||||||||||
Average Assets (GAAP) | 6,089,616 | 5,930,272 | 5,799,583 | 5,792,012 | 5,960,054 | |||||||||||||||
Average Identified Intangibles | 20,919 | 21,695 | 21,960 | 22,405 | 23,148 | |||||||||||||||
Average Deferred Tax on Identified Intangibles | (6,392 | ) | (6,392 | ) | (6,392 | ) | (6,392 | ) | (6,392 | ) | ||||||||||
Average Goodwill | 216,502 | 216,697 | 216,439 | 216,431 | 216,431 | |||||||||||||||
Average Tangible Assets (C) | 5,858,587 | 5,698,272 | 5,567,576 | 5,559,568 | 5,726,867 | |||||||||||||||
Return on Average Tangible Assets (A) / (C) | 1.39 | % | 1.40 | % | 1.35 | % | 1.30 | % | 1.40 | % |