CHITTENDEN CORPORATION | Exhibit 99.2 | |
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||
($ in thousands) |
03/31/03 | 06/30/03 | 09/30/03 | 12/31/03 | 03/31/04 | 06/30/04 | 09/30/04 | 12/31/04 | 03/31/05 | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 190,537 | $ | 212,674 | $ | 209,695 | $ | 174,939 | $ | 154,178 | $ | 170,940 | $ | 165,191 | $ | 136,468 | $ | 146,861 | ||||||||||||||||||
Securities Available For Sale | 1,714,494 | 1,769,715 | 1,653,114 | 1,588,151 | 1,473,497 | 1,412,206 | 1,458,149 | 1,446,221 | 1,409,434 | |||||||||||||||||||||||||||
FRB and FHLB Stock | 24,356 | 24,356 | 24,352 | 20,753 | 20,753 | 12,240 | 19,243 | 19,243 | 19,352 | |||||||||||||||||||||||||||
Loans Held For Sale | 98,578 | 97,500 | 95,777 | 25,262 | 32,276 | 49,497 | 35,723 | 33,535 | 22,131 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Commercial | 625,177 | 632,816 | 633,221 | 658,615 | 686,304 | 740,410 | 770,933 | 801,369 | 812,050 | |||||||||||||||||||||||||||
Municipal | 82,005 | 54,917 | 106,512 | 87,080 | 92,338 | 66,533 | 105,781 | 106,120 | 98,128 | |||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||
1-4 Family | 832,284 | 781,715 | 724,749 | 700,671 | 666,753 | 667,676 | 685,714 | 688,017 | 712,133 | |||||||||||||||||||||||||||
Multi-Family | 167,010 | 167,363 | 172,419 | 176,478 | 182,085 | 189,589 | 181,622 | 182,541 | 180,632 | |||||||||||||||||||||||||||
Home Equity | 239,021 | 249,943 | 258,664 | 270,959 | 277,062 | 276,640 | 287,479 | 294,656 | 297,649 | |||||||||||||||||||||||||||
Commercial | 1,314,095 | 1,324,943 | 1,375,027 | 1,430,945 | 1,485,031 | 1,505,880 | 1,558,221 | 1,590,457 | 1,651,247 | |||||||||||||||||||||||||||
Construction | 96,859 | 113,044 | 143,515 | 140,801 | 138,497 | 129,901 | 143,871 | 174,283 | 133,799 | |||||||||||||||||||||||||||
Total Real Estate | 2,649,269 | 2,637,008 | 2,674,374 | 2,719,854 | 2,749,428 | 2,769,686 | 2,856,907 | 2,929,954 | 2,975,460 | |||||||||||||||||||||||||||
Consumer | 272,159 | 272,085 | 267,615 | 259,135 | 252,097 | 249,208 | 246,889 | 239,750 | 242,239 | |||||||||||||||||||||||||||
Total Loans | 3,628,610 | 3,596,826 | 3,681,722 | 3,724,684 | 3,780,167 | 3,825,837 | 3,980,510 | 4,077,193 | 4,127,877 | |||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (56,708 | ) | (57,591 | ) | (59,171 | ) | (57,464 | ) | (57,500 | ) | (57,969 | ) | (58,598 | ) | (59,031 | ) | (59,811 | ) | ||||||||||||||||||
Net Loans | 3,571,902 | 3,539,235 | 3,622,551 | 3,667,220 | 3,722,667 | 3,767,868 | 3,921,912 | 4,018,162 | 4,068,066 | |||||||||||||||||||||||||||
Accrued Interest Receivable | 32,255 | 30,208 | 29,277 | 29,124 | 25,582 | 27,376 | 26,607 | 28,956 | 28,443 | |||||||||||||||||||||||||||
Other Real Estate Owned | 37 | 30 | 52 | 100 | 36 | 47 | 987 | 109 | 17 | |||||||||||||||||||||||||||
Other Assets | 48,737 | 46,571 | 62,512 | 71,536 | 57,095 | 71,534 | 66,069 | 64,861 | 66,729 | |||||||||||||||||||||||||||
Premises and Equipment, net | 72,524 | 73,742 | 74,562 | 72,130 | 72,273 | 72,805 | 73,927 | 74,271 | 72,336 | |||||||||||||||||||||||||||
Mortgage Servicing Rights | 9,306 | 8,686 | 10,615 | 12,265 | 10,866 | 12,562 | 12,119 | 11,826 | 12,074 | |||||||||||||||||||||||||||
Identified Intangibles | 28,282 | 24,243 | 23,488 | 22,733 | 21,978 | 21,972 | 21,196 | 20,422 | 19,648 | |||||||||||||||||||||||||||
Goodwill | 205,579 | 215,721 | 216,431 | 216,431 | 216,431 | 216,697 | 216,697 | 216,136 | 216,136 | |||||||||||||||||||||||||||
Total Assets | $ | 5,996,587 | $ | 6,042,681 | $ | 6,022,426 | $ | 5,900,644 | $ | 5,807,632 | $ | 5,835,744 | $ | 6,017,820 | $ | 6,070,210 | $ | 6,081,227 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand | $ | 799,506 | $ | 864,526 | $ | 880,354 | $ | 898,920 | $ | 848,758 | $ | 891,244 | $ | 907,396 | $ | 890,561 | $ | 881,954 | ||||||||||||||||||
Savings | 503,415 | 512,775 | 523,497 | 517,789 | 526,625 | 541,138 | 534,286 | 519,623 | 514,215 | |||||||||||||||||||||||||||
NOW | 874,439 | 923,572 | 912,563 | 899,018 | 894,575 | 912,175 | 903,307 | 890,701 | 898,720 | |||||||||||||||||||||||||||
CMAs / Money Market | 1,491,329 | 1,468,731 | 1,617,176 | 1,604,138 | 1,472,377 | 1,491,522 | 1,603,059 | 1,577,474 | 1,527,753 | |||||||||||||||||||||||||||
Certificates of Deposit Less than $100,000 | 874,722 | 848,320 | 822,634 | 789,066 | 780,940 | 779,492 | 755,494 | 752,828 | 781,111 | |||||||||||||||||||||||||||
Certificates of Deposit $100,000 and Over | 270,627 | 249,250 | 262,137 | 260,960 | 311,067 | 298,721 | 388,935 | 407,543 | 459,410 | |||||||||||||||||||||||||||
Total Deposits | 4,814,038 | 4,867,174 | 5,018,361 | 4,969,891 | 4,834,342 | 4,914,292 | 5,092,477 | 5,038,730 | 5,063,163 | |||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 120,050 | 104,543 | 79,510 | 78,980 | 76,051 | 75,016 | 71,056 | 76,716 | 91,443 | |||||||||||||||||||||||||||
Other Borrowings | 433,547 | 419,484 | 285,857 | 208,454 | 236,446 | 204,122 | 182,450 | 279,755 | 254,418 | |||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 77,627 | 83,829 | 64,427 | 63,368 | 61,308 | 54,452 | 60,769 | 54,752 | 54,721 | |||||||||||||||||||||||||||
Total Liabilities | 5,445,262 | 5,475,030 | 5,448,155 | 5,320,693 | 5,208,147 | 5,247,882 | 5,406,752 | 5,449,953 | 5,463,745 | |||||||||||||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||
Common Stock | 50,168 | 50,168 | 50,168 | 50,178 | 50,196 | 50,202 | 50,202 | 50,204 | 50,207 | |||||||||||||||||||||||||||
Surplus | 246,024 | 245,940 | 246,181 | 246,938 | 247,464 | 248,241 | 248,828 | 249,036 | 248,864 | |||||||||||||||||||||||||||
Retained earnings | 305,140 | 316,472 | 329,035 | 341,441 | 351,569 | 361,623 | 372,980 | 384,679 | 395,410 | |||||||||||||||||||||||||||
Treasury, at cost | (83,254 | ) | (81,543 | ) | (80,951 | ) | (78,579 | ) | (76,058 | ) | (72,967 | ) | (71,017 | ) | (69,246 | ) | (68,233 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on securities available for sale | 33,388 | 36,375 | 25,610 | 15,595 | 21,964 | (3,772 | ) | 5,377 | 672 | (13,747 | ) | |||||||||||||||||||||||||
Accrued minimum pension liability, net of tax | (4,058 | ) | (3,829 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Director’s Deferred Compensation to be Settled in Stock | 3,963 | 4,111 | 4,266 | 4,413 | 4,381 | 4,562 | 4,720 | 4,930 | 4,996 | |||||||||||||||||||||||||||
Unearned Portion of Employee Restricted Stock | (46 | ) | (43 | ) | (38 | ) | (35 | ) | (31 | ) | (27 | ) | (22 | ) | (18 | ) | (15 | ) | ||||||||||||||||||
Total Stockholders’ Equity | 551,325 | 567,651 | 574,271 | 579,951 | 599,485 | 587,862 | 611,068 | 620,257 | 617,482 | |||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 5,996,587 | $ | 6,042,681 | $ | 6,022,426 | $ | 5,900,644 | $ | 5,807,632 | $ | 5,835,744 | $ | 6,017,820 | $ | 6,070,210 | $ | 6,081,227 | ||||||||||||||||||
CHITTENDEN CORPORATION Consolidated Quarterly Statements of Income (Unaudited) ($ in thousands) |
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 | QTR 12/31/04 | QTR 03/31/05 | ||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||
Loans | $ | 47,580 | $ | 52,543 | $ | 49,434 | $ | 49,878 | $ | 49,254 | $ | 50,461 | $ | 53,090 | $ | 56,302 | $ | 58,151 | ||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||
Taxable | 18,216 | 18,511 | 17,648 | 17,176 | 15,580 | 14,757 | 14,807 | 15,269 | 15,043 | |||||||||||||||||||||||||
Tax-favored | 46 | 42 | 61 | 13 | 13 | 13 | 13 | 14 | 13 | |||||||||||||||||||||||||
Short-term investments | 12 | 123 | 88 | 71 | 7 | 52 | 59 | 76 | 5 | |||||||||||||||||||||||||
Total Interest Income | 65,854 | 71,219 | 67,231 | 67,138 | 64,854 | 65,283 | 67,969 | 71,661 | 73,212 | |||||||||||||||||||||||||
Interest Expense: | ||||||||||||||||||||||||||||||||||
Deposits | 11,796 | 11,264 | 9,605 | 8,507 | 8,189 | 8,539 | 9,411 | 10,300 | 11,268 | |||||||||||||||||||||||||
Borrowings | 3,110 | 3,855 | 2,965 | 2,277 | 1,954 | 1,820 | 1,889 | 2,167 | 2,959 | |||||||||||||||||||||||||
Total Interest Expense | 14,906 | 15,119 | 12,570 | 10,784 | 10,143 | 10,359 | 11,300 | 12,467 | 14,227 | |||||||||||||||||||||||||
Net Interest Income | 50,948 | 56,100 | 54,661 | 56,354 | 54,711 | 54,924 | 56,669 | 59,194 | 58,985 | |||||||||||||||||||||||||
Provision for Loan Losses | 2,050 | 2,050 | 2,050 | 1,025 | 427 | 1,100 | 1,025 | 1,825 | 1,075 | |||||||||||||||||||||||||
Net Interest Income after Provision for Loan Losses | 48,898 | 54,050 | 52,611 | 55,329 | 54,284 | 53,824 | 55,644 | 57,369 | 57,910 | |||||||||||||||||||||||||
Noninterest Income: | ||||||||||||||||||||||||||||||||||
Investment Management and Trust | 4,706 | 5,155 | 5,270 | 5,444 | 5,296 | 5,476 | 5,528 | 5,322 | 4,971 | |||||||||||||||||||||||||
Service Charges on Deposits | 4,393 | 4,735 | 4,583 | 4,686 | 4,691 | 4,775 | 4,241 | 4,179 | 4,041 | |||||||||||||||||||||||||
Mortgage Servicing | (757 | ) | (829 | ) | 1,275 | 592 | (767 | ) | 1,348 | (162 | ) | (260 | ) | 355 | ||||||||||||||||||||
Gains on Sales of Loans, Net | 4,436 | 6,099 | 6,959 | 4,272 | 1,901 | 2,895 | 2,261 | 2,604 | 2,131 | |||||||||||||||||||||||||
Gains on Sales of Securities | 1,391 | 9,054 | 3,305 | 3,031 | 1,802 | 240 | 186 | 107 | 0 | |||||||||||||||||||||||||
Loss on Prepayments of Borrowings | 0 | 0 | (2,154 | ) | (916 | ) | (1,194 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Credit Card Income, Net | 903 | 970 | 1,149 | 1,057 | 908 | 1,022 | 1,146 | 1,074 | 975 | |||||||||||||||||||||||||
Insurance Commissions, Net | 1,613 | 1,531 | 2,041 | 1,501 | 2,626 | 1,728 | 1,389 | 1,223 | 2,364 | |||||||||||||||||||||||||
Other | 2,571 | 3,069 | 2,570 | 3,327 | 2,740 | 3,154 | 3,252 | 2,674 | 2,722 | |||||||||||||||||||||||||
Total Noninterest Income | 19,256 | 29,784 | 24,998 | 22,994 | 18,003 | 20,638 | 17,841 | 16,923 | 17,559 | |||||||||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||||||||||||
Salaries | 20,282 | 23,668 | 23,234 | 22,248 | 20,879 | 21,786 | 20,652 | 21,302 | 21,676 | |||||||||||||||||||||||||
Employee Benefits | 4,857 | 5,145 | 5,419 | 5,157 | 5,971 | 5,679 | 5,027 | 5,281 | 6,479 | |||||||||||||||||||||||||
Net Occupancy Expense | 5,479 | 6,198 | 5,977 | 5,603 | 6,026 | 5,752 | 5,481 | 5,410 | 6,326 | |||||||||||||||||||||||||
Data Processing | 2,501 | 2,161 | 2,319 | 2,404 | 2,293 | 1,985 | 994 | 916 | 775 | |||||||||||||||||||||||||
Amortization of Intangibles | 511 | 727 | 755 | 755 | 755 | 772 | 776 | 774 | 774 | |||||||||||||||||||||||||
Conversion and Restructuring Charges | 0 | 6,800 | 0 | 2,169 | 152 | 1,318 | 505 | 291 | 0 | |||||||||||||||||||||||||
Other | 8,546 | 9,561 | 9,154 | 9,741 | 8,526 | 8,671 | 9,376 | 9,022 | 9,410 | |||||||||||||||||||||||||
Total Noninterest Expense | 42,176 | 54,260 | 46,858 | 48,077 | 44,602 | 45,963 | 42,811 | 42,996 | 45,440 | |||||||||||||||||||||||||
Income Before Income Taxes | 25,978 | 29,574 | 30,751 | 30,246 | 27,685 | 28,499 | 30,674 | 31,296 | 30,029 | |||||||||||||||||||||||||
Income Tax Expense | 9,387 | 10,947 | 10,887 | 10,528 | 10,218 | 10,345 | 11,196 | 11,268 | 10,947 | |||||||||||||||||||||||||
Net Income | $ | 16,591 | $ | 18,627 | $ | 19,864 | $ | 19,718 | $ | 17,467 | $ | 18,154 | $ | 19,478 | $ | 20,028 | $ | 19,082 | ||||||||||||||||
CHITTENDEN CORPORATION Selected Quarterly Financial Data (Unaudited) ($ in thousands, except share and per share data) |
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 | QTD 12/31/2004 | QTD 3/31/2005 | ||||||||||||||||||||||||||||
Per Common Share | ||||||||||||||||||||||||||||||||||||
Earnings, Basic | $ | 0.40 | $ | 0.41 | $ | 0.43 | $ | 0.43 | $ | 0.38 | $ | 0.40 | $ | 0.42 | $ | 0.43 | $ | 0.41 | ||||||||||||||||||
Earnings, Diluted | 0.39 | 0.41 | 0.43 | 0.43 | 0.37 | 0.39 | 0.42 | 0.43 | 0.41 | |||||||||||||||||||||||||||
Dividends | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.18 | 0.18 | 0.18 | 0.18 | |||||||||||||||||||||||||||
Book Value | 12.11 | 12.44 | 12.58 | 12.66 | 13.05 | 12.74 | 13.21 | 13.38 | 13.31 | |||||||||||||||||||||||||||
Tangible Book Value | 6.97 | 7.18 | 7.32 | 7.44 | 7.86 | 7.57 | 8.07 | 8.28 | 8.23 | |||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||
Nonperforming Assets (including OREO) | $ | 14,981 | $ | 17,970 | $ | 18,011 | $ | 14,431 | $ | 20,657 | $ | 20,624 | $ | 21,565 | $ | 20,024 | $ | 20,692 | ||||||||||||||||||
90 Days past due and still accruing | 3,106 | 1,921 | 3,021 | 4,029 | 3,201 | 3,777 | 3,140 | 2,604 | 4,543 | |||||||||||||||||||||||||||
Total | 18,087 | 19,891 | 21,032 | 18,460 | 23,858 | 24,401 | 24,705 | 22,628 | 25,235 | |||||||||||||||||||||||||||
Nonperforming Assets to Loans Plus OREO | 0.41 | % | 0.50 | % | 0.49 | % | 0.39 | % | 0.55 | % | 0.54 | % | 0.54 | % | 0.49 | % | 0.50 | % | ||||||||||||||||||
Allowance to Loans | 1.56 | % | 1.60 | % | 1.61 | % | 1.54 | % | 1.52 | % | 1.52 | % | 1.47 | % | 1.45 | % | 1.45 | % | ||||||||||||||||||
Allowance to Nonperforming Loans (excluding OREO) | 379.48 | % | 321.01 | % | 329.48 | % | 400.99 | % | 278.85 | % | 281.70 | % | 284.76 | % | 296.41 | % | 289.29 | % | ||||||||||||||||||
Net Charge-off Ratio | 0.04 | % | 0.03 | % | 0.01 | % | 0.08 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.03 | % | 0.01 | % | ||||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||||||||||||||||||
Securities | $ | 1,591,751 | $ | 1,760,773 | $ | 1,708,629 | $ | 1,647,313 | $ | 1,530,534 | $ | 1,447,419 | $ | 1,440,938 | $ | 1,495,302 | $ | 1,450,210 | ||||||||||||||||||
Loans, Net | 3,236,735 | 3,638,769 | 3,693,594 | 3,697,490 | 3,701,494 | 3,777,039 | 3,892,431 | 4,000,917 | 4,057,647 | |||||||||||||||||||||||||||
Earning Assets | 4,879,771 | 5,456,572 | 5,496,829 | 5,446,055 | 5,292,868 | 5,294,057 | 5,414,750 | 5,572,226 | 5,568,124 | |||||||||||||||||||||||||||
Total Assets | 5,224,669 | 5,943,041 | 5,974,552 | 5,960,054 | 5,792,012 | 5,799,583 | 5,930,272 | 6,089,616 | 6,060,179 | |||||||||||||||||||||||||||
Deposits | 4,278,877 | 4,797,953 | 4,941,066 | 5,033,498 | 4,808,334 | 4,868,682 | 5,017,991 | 5,128,344 | 5,000,949 | |||||||||||||||||||||||||||
Borrowings | 406,182 | 512,230 | 409,621 | 298,478 | 339,983 | 290,730 | 267,323 | 291,919 | 386,613 | |||||||||||||||||||||||||||
Stockholders’ Equity | 463,149 | 560,209 | 555,567 | 572,512 | 586,788 | 589,067 | 591,137 | 615,420 | 621,276 | |||||||||||||||||||||||||||
Common Shares Outstanding | 45,525,459 | 45,621,163 | 45,653,675 | 45,795,688 | 45,954,210 | 46,134,686 | 46,241,091 | 46,341,819 | 46,401,555 | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 41,866,383 | 45,594,304 | 45,636,813 | 45,728,818 | 45,898,854 | 46,045,415 | 46,188,260 | 46,293,418 | 46,384,816 | |||||||||||||||||||||||||||
Weighted Average Common and Common Equivalent Shares Outstanding | 42,249,258 | 45,955,948 | 46,070,698 | 46,390,625 | 46,522,363 | 46,557,193 | 46,863,102 | 46,959,927 | 46,918,134 | |||||||||||||||||||||||||||
Return on Average Tangible Equity | 19.95 | % | 23.13 | % | 25.07 | % | 23.63 | % | 20.38 | % | 21.01 | % | 22.13 | % | 21.25 | % | 20.35 | % | ||||||||||||||||||
Return on Average Equity | 14.53 | % | 13.34 | % | 14.19 | % | 13.66 | % | 11.97 | % | 12.40 | % | 13.11 | % | 12.95 | % | 12.46 | % | ||||||||||||||||||
Return on Average Tangible Assets | 1.34 | % | 1.34 | % | 1.41 | % | 1.40 | % | 1.30 | % | 1.35 | % | 1.40 | % | 1.39 | % | 1.36 | % | ||||||||||||||||||
Return on Average Assets | 1.29 | % | 1.26 | % | 1.32 | % | 1.31 | % | 1.21 | % | 1.26 | % | 1.31 | % | 1.31 | % | 1.28 | % | ||||||||||||||||||
Net Yield on Earning Assets | 4.22 | % | 4.14 | % | 3.98 | % | 4.14 | % | 4.17 | % | 4.18 | % | 4.20 | % | 4.27 | % | 4.30 | % | ||||||||||||||||||
Efficiency Ratio | 60.36 | % | 60.70 | % | 59.87 | % | 59.58 | % | 60.34 | % | 58.05 | % | 56.87 | % | 55.64 | % | 58.07 | % | ||||||||||||||||||
Tangible Capital Ratio | 5.51 | % | 5.65 | % | 5.78 | % | 6.02 | % | 6.48 | % | 6.24 | % | 6.46 | % | 6.58 | % | 6.53 | % | ||||||||||||||||||
Leverage Ratio | 8.10 | % | 7.22 | % | 7.49 | % | 7.79 | % | 8.28 | % | 8.22 | % | 8.39 | % | 8.42 | % | 8.66 | % | ||||||||||||||||||
Tier 1 Capital Ratio | 9.22 | % | 9.28 | % | 9.72 | % | 10.07 | % | 10.36 | % | 10.46 | % | 10.51 | % | 10.44 | % | 10.46 | % | ||||||||||||||||||
Total Capital Ratio | 10.47 | % | 10.53 | % | 10.97 | % | 11.32 | % | 11.61 | % | 11.73 | % | 11.76 | % | 11.64 | % | 11.65 | % |
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Quarter Ended March 31, 2005
2005 | 2004 | |||||||||||||||||||
Interest | Average | Interest | Average | |||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||
Balance | Expense(1) | Rate(1) | Balance | Expense(1) | Rate(1) | |||||||||||||||
ASSETS | ||||||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
Commercial | $ | 797,135 | $ | 11,897 | 6.05 | % | $ | 658,979 | $ | 8,573 | 5.23 | % | ||||||||
Municipals | 99,817 | 829 | 3.32 | % | 91,168 | 687 | 3.01 | % | ||||||||||||
Real Estate: | ||||||||||||||||||||
Residential | 1,196,152 | 16,644 | 5.58 | % | 1,163,711 | 15,052 | 5.19 | % | ||||||||||||
Commercial | 1,620,541 | 23,406 | 5.86 | % | 1,449,413 | 19,414 | 5.39 | % | ||||||||||||
Construction | 160,528 | 2,331 | 5.89 | % | 141,110 | 1,771 | 5.05 | % | ||||||||||||
Total Real Estate | 2,977,221 | 42,381 | 5.75 | % | 2,754,234 | 36,237 | 5.29 | % | ||||||||||||
Consumer | 242,967 | 3,416 | 5.70 | % | 255,007 | 4,035 | 6.36 | % | ||||||||||||
Total Loans | 4,117,140 | 58,523 | 5.75 | % | 3,759,388 | 49,532 | 5.29 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,448,917 | 15,043 | 4.15 | % | 1,529,237 | 15,580 | 4.08 | % | ||||||||||||
Tax-Favored Securities | 1,293 | 21 | 6.67 | % | 1,297 | 20 | 6.33 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 150 | 1 | 1.51 | % | 150 | 1 | 1.49 | % | ||||||||||||
Federal Funds Sold | 624 | 5 | 3.13 | % | 2,796 | 7 | 0.95 | % | ||||||||||||
Total Interest-Earning Assets | 5,568,124 | 73,593 | 5.33 | % | 5,292,868 | 65,140 | 4.94 | % | ||||||||||||
NonInterest-Earning Assets | 551,548 | 557,038 | ||||||||||||||||||
Allowance for Loan Losses | (59,493 | ) | (57,894 | ) | ||||||||||||||||
Total Assets | $ | 6,060,179 | $ | 5,792,012 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | 519,094 | 454 | 0.35 | % | 519,064 | 412 | 0.32 | % | ||||||||||||
Now | 862,986 | 719 | 0.34 | % | 865,650 | 550 | 0.26 | % | ||||||||||||
CMA/Money Market | 1,556,727 | 3,901 | 1.02 | % | 1,514,764 | 2,414 | 0.64 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 760,923 | 3,781 | 2.02 | % | 782,154 | 3,678 | 1.89 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 420,139 | 2,413 | 2.33 | % | 280,533 | 1,135 | 1.63 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,119,869 | 11,268 | 1.11 | % | 3,962,165 | 8,189 | 0.83 | % | ||||||||||||
Borrowings | 269,496 | 2,540 | 3.82 | % | 263,045 | 1,777 | 2.72 | % | ||||||||||||
Repos | 117,117 | 419 | 1.45 | % | 76,938 | 177 | 0.93 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,506,482 | 14,227 | 1.28 | % | 4,302,148 | 10,143 | 0.95 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 881,080 | 846,169 | ||||||||||||||||||
Other Liabilities | 51,341 | 56,907 | ||||||||||||||||||
Total Liabilities | 5,438,903 | 5,205,224 | ||||||||||||||||||
Stockholders' Equity | 621,276 | 586,788 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,060,179 | $ | 5,792,012 | ||||||||||||||||
Net Interest Income | $ | 59,366 | $ | 54,997 | ||||||||||||||||
Interest Rate Spread (2) | 4.05 | % | 3.99 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.30 | % | 4.17 | % |
(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. |