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 | ||||
July 21, 2005 | 97/05 |
Chittenden Corporation Reports Increased Earnings Per Share of 13%
Burlington, VT – Chittenden Corporation (NYSE:CHZ) Chairman, President and Chief Executive Officer, Paul A. Perrault, today announced earnings for the quarter ended June 30, 2005, of $20.8 million or $0.44 per diluted share, an increase in earnings per share of 13% from the $18.2 million or $0.39 per diluted share a year ago. For the first six months of 2005, earnings were $39.9 million or $0.85 per diluted share, an increase of 12% on a per share basis from the $35.6 million or $0.76 per diluted share a year ago. Chittenden also announced its quarterly dividend of $0.18 per share, which will be paid on August 12, 2005, to shareholders of record on July 29, 2005.
SECOND QUARTER 2005 FINANCIAL HIGHLIGHTS
• | Total loans increased $429 million or 11% from June 30, 2004. Strong growth was noted on a year over year basis in several categories with commercial and commercial real estate loans up 14% and residential real estate loans up 10%. |
• | The Company’s deposits also experienced solid growth of 4.7% and increased by $230 million from June 30, 2004. |
• | In April Flagship Bank and Trust opened a new branch in Westborough, Massachusetts to further support its customers in the Metro West market. Flagship has approximately $28 million in loans and $21 million in deposits in this market. |
• | Second quarter net interest income increased over 9% from the same period in 2004 and the net interest margin expanded by 11 basis points. |
• | The Company continued to experience low net charge-offs in the second quarter of 2005. The current quarter was the 6th consecutive quarterly period that net charge-offs were 3 basis points or less. |
In making the announcement, Perrault said, “I am extremely pleased with the quarter’s results, not only in the bottom line but the solid increases seen in loans and deposits. We expect this growth, coupled with continued outstanding performance on the credit front, to position us well for the future. In today’s environment of rapid change, it is essential that we continue to know our markets and business lines and make good decisions focused on serving our customers exceptionally well.”
ASSETS
Total loans increased $429 million from June 30, 2004 and $177 million from year-end. The increases were driven by strong growth in commercial, commercial real estate and residential real estate loans. The Company’s commercial and commercial real estate loan portfolios have continued to achieve stellar growth of over 14% from a year ago. This growth has been achieved consistently over the last few quarters and momentum in these product lines remains strong. The residential real estate loan portfolio continued its steady growth and increased $66 million from June 30, 2004 as a result of higher originations of adjustable-rate mortgages and private banking loans. Municipal loans experienced their historical seasonal trend, declining 25% from December 31, 2004, as June 30th coincides with the end of the fiscal year for most municipalities. Consumer loans increased $15 million from year-end due primarily to higher originations of indirect loans.
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 |
LIABILITIES
Total deposits increased 2.1% from December 31, 2004 and 4.7% from June 30, 2004. The Company experienced its normal seasonal declines in municipal deposits that primarily affected CMA/money market accounts, which was offset by higher demand and CD deposits. The growth in demand deposits at June 30, 2005 was from the Company’s commercial customers and generally reflects the normal seasonality in their business cycles. The CD growth was a result of customers desiring higher yielding products as well as a willingness to invest for longer periods of time. The increase in repurchase agreements and borrowings of $75 million from the second quarter of last year was primarily utilized to fund loan growth.
NET INTEREST INCOME
Net interest income on a tax equivalent basis for the quarter ended June 30, 2005 was $60.5 million, an increase of 9.5% from the same period a year ago. The increase in net interest income was primarily due to continued growth in average earning assets and a higher net interest margin. The Company’s net interest margin for the second quarter was 4.29%, effectively flat with the prior quarter and up 11 basis points from the second quarter of 2004. The increase in the net interest margin from a year ago was primarily related to higher yields on loans driven by increases in the prime rate, as well as continued improvement in the Company’s asset mix which was partially offset by higher funding costs. On a linked quarter basis, the increase in loan yield of 23 basis points was offset by higher funding costs. The increased funding costs were primarily driven by a change in the deposit mix with increased levels of higher rate CDs and lower balances in CMA/money market accounts.
NONINTEREST INCOME
Noninterest income for the second quarter of 2005 declined $3.5 million or 16.8% from the same period a year ago and was flat with the first quarter of 2005. Lower mortgage banking revenues, service charges on deposits and investment management and trust income were the primary factors in the decline from a year ago. Investment management and trust income declined $473,000 primarily due to lower annuity sales at Chittenden Securities, Inc. Mortgage banking revenues were $2.2 million for the second quarter of 2005, a decline of $2.0 million from the same period in 2004. This decline was primarily attributable to lower impairment recoveries on the Company’s MSRs and lower volumes of loans sold. The decline of $682,000 in service charges on deposits reflects the Company’s expansion of its relationship accounts that minimize service charges and lower overdraft fee income from customers. Noninterest income for the first six months of 2005 was $34.7 million, a decline of $3.9 million from the same period in 2004.
NONINTEREST EXPENSE
Noninterest expenses for the second quarter of 2005 were $43.4 million, a decline of $2.6 million from 2004. The decline from 2004 was related to lower employee benefits, data processing and conversion and restructuring charges. These declines were partially offset by higher net occupancy and other expenses. The lower employee benefits expense was largely due to the Company’s second quarter decision to change the delivery mechanism, effective January 1, 2006, for its employees’ pension benefit by redirecting it through the Company’s 401(k) plan. This decision resulted in the immediate recognition of $1.5 million in deferred credits relating to previous pension plan changes made in the mid-1990s. Lower data processing expense (a decrease of $1.2 million) and conversion and restructuring charges (a decrease of $1.3 million) related to the conversion of the Company’s IT platform in the second quarter of 2004. For the first six months of 2005, noninterest expenses were $88.8 million a decline of $1.7 million from 2004. The decline was primarily attributable to lower employee benefits expense and conversion and restructuring charges, which were partially offset by increases in other noninterest expense.
INCOME TAXES
The effective income tax rate for the second quarter was 35.9% in 2005, compared with 36.3% in 2004. For the first six months of 2005 the effective income tax rate was 36.2%, compared with 36.6% in 2004. The lower effective income tax rate for both periods was primarily attributable to higher tax credits from qualified low-income housing projects.
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 |
CREDIT QUALITY
Net charge-offs as a percentage of average loans was only 1 basis point for the second quarter of 2005, flat with the prior quarter and down from the same quarter a year ago. Nonperforming assets as a percentage of total loans at the end of the second quarter of 2005 were 54 basis points, which was up slightly from the prior quarter and flat with the similar quarter in 2004. The provision for loan losses was $1.4 million for the second quarter of 2005, an increase of $300,000 compared to the second quarter of 2004. As a percentage of total loans, the allowance for loan losses was 1.43%, down from 1.45% at March 31, 2005, and 1.52% at June 30, 2004.
EARNINGS CONFERENCE CALL
Kirk W. Walters, Executive Vice President and Chief Financial Officer of Chittenden Corporation, will host a conference call on July 21, 2005 at 10:30 am eastern time to discuss these earnings results. Interested parties may access the conference call by calling 800-798-2864, passcode 60253309. International dial-in number is 617-614-6206. 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 July 28, 2005 by calling 888-286-8010 (International dial number is 617-801-6888), passcode 21857070. 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 businesses, individuals, 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 materially 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 for the year ended December 31, 2004. 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 Trust Company, The Bank of Western Massachusetts, Flagship Bank and Trust Company, Maine Bank & Trust Company, and Ocean National Bank. Chittenden Trust Company also operates under the name Chittenden Bank, CHZ Services Group, Mortgage Service Center, and it owns Chittenden Insurance Group, and Chittenden Securities, Inc. |
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In Thousands)
6/30/05 | 3/31/05 | 12/31/04 | 6/30/04 | |||||||||||||
ASSETS | ||||||||||||||||
Cash and Cash Equivalents | $ | 176,425 | $ | 146,861 | $ | 136,468 | $ | 170,940 | ||||||||
Securities Available For Sale | 1,363,180 | 1,409,434 | 1,446,221 | 1,412,206 | ||||||||||||
FRB / FHLB Stock | 19,352 | 19,352 | 19,243 | 12,240 | ||||||||||||
Loans Held For Sale | 22,611 | 22,131 | 33,535 | 49,497 | ||||||||||||
Loans: | ||||||||||||||||
Commercial | 831,537 | 812,050 | 801,369 | 740,410 | ||||||||||||
Municipal | 79,070 | 98,128 | 106,120 | 66,533 | ||||||||||||
Multi-Family | 185,920 | 180,632 | 182,541 | 189,589 | ||||||||||||
Commercial Real Estate | 1,736,665 | 1,651,247 | 1,590,457 | 1,505,880 | ||||||||||||
Construction | 124,648 | 133,799 | 174,283 | 129,901 | ||||||||||||
Residential Real Estate | 733,472 | 712,133 | 688,017 | 667,676 | ||||||||||||
Home Equity Credit Lines | 307,866 | 297,649 | 294,656 | 276,640 | ||||||||||||
Consumer | 255,239 | 242,239 | 239,750 | 249,208 | ||||||||||||
Total Loans | 4,254,417 | 4,127,877 | 4,077,193 | 3,825,837 | ||||||||||||
Less: Allowance for Loan Losses | (60,805 | ) | (59,811 | ) | (59,031 | ) | (57,969 | ) | ||||||||
Net Loans | 4,193,612 | 4,068,066 | 4,018,162 | 3,767,868 | ||||||||||||
Accrued Interest Receivable | 29,689 | 28,443 | 28,956 | 27,376 | ||||||||||||
Other Assets | 78,629 | 66,746 | 64,970 | 71,581 | ||||||||||||
Premises and Equipment, net | 71,632 | 72,336 | 74,271 | 72,805 | ||||||||||||
Mortgage Servicing Rights | 12,073 | 12,074 | 11,826 | 12,562 | ||||||||||||
Identified Intangibles | 18,983 | 19,648 | 20,422 | 21,972 | ||||||||||||
Goodwill | 216,136 | 216,136 | 216,136 | 216,697 | ||||||||||||
Total Assets | $ | 6,202,322 | $ | 6,081,227 | $ | 6,070,210 | $ | 5,835,744 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Demand | $ | 934,234 | $ | 881,954 | $ | 890,561 | $ | 891,244 | ||||||||
Savings | 502,525 | 514,215 | 519,623 | 541,138 | ||||||||||||
NOW | 908,148 | 898,720 | 890,701 | 912,175 | ||||||||||||
CMAs/ Money Market | 1,418,634 | 1,527,753 | 1,577,474 | 1,491,522 | ||||||||||||
Certificates of Deposit less than $100,000 | 829,117 | 781,111 | 752,828 | 779,492 | ||||||||||||
Certificates of Deposit $100,000 and Over | 551,777 | 459,410 | 407,543 | 298,721 | ||||||||||||
Total Deposits | 5,144,435 | 5,063,163 | 5,038,730 | 4,914,292 | ||||||||||||
Securities Sold Under Agreements to Repurchase | 56,775 | 91,443 | 76,716 | 75,016 | ||||||||||||
Other Borrowings | 296,903 | 254,418 | 279,755 | 204,122 | ||||||||||||
Accrued Expenses and Other Liabilities | 64,466 | 54,721 | 54,752 | 54,452 | ||||||||||||
Total Liabilities | 5,562,579 | 5,463,745 | 5,449,953 | 5,247,882 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||||
Common Stock | 50,210 | 50,207 | 50,204 | 50,202 | ||||||||||||
Surplus | 249,117 | 248,864 | 249,036 | 248,241 | ||||||||||||
Retained Earnings | 407,865 | 395,410 | 384,679 | 361,623 | ||||||||||||
Treasury Stock, at cost | (67,657 | ) | (68,233 | ) | (69,246 | ) | (72,967 | ) | ||||||||
Unrealized Gains (Losses) on Securities Available for Sale | (4,978 | ) | (13,747 | ) | 672 | (3,772 | ) | |||||||||
Directors Deferred Compensation to be Settled in Stock | 5,197 | 4,996 | 4,930 | 4,562 | ||||||||||||
Unearned Portion of Employee Restricted Stock | (11 | ) | (15 | ) | (18 | ) | (27 | ) | ||||||||
Total Stockholders’ Equity | 639,743 | 617,482 | 620,257 | 587,862 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,202,322 | $ | 6,081,227 | $ | 6,070,210 | $ | 5,835,744 | ||||||||
CHITTENDEN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In Thousands, except for per share amounts)
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||||
Interest Income: | |||||||||||||||
Loans | $ | 62,786 | $ | 50,461 | $ | 120,937 | $ | 99,715 | |||||||
Investment Securities: | |||||||||||||||
Taxable | 14,809 | 14,757 | 29,852 | 30,337 | |||||||||||
Tax-favored | 14 | 13 | 27 | 26 | |||||||||||
Short-term Investments | 6 | 52 | 11 | 59 | |||||||||||
Total Interest Income | 77,615 | 65,283 | 150,827 | 130,137 | |||||||||||
Interest Expense: | |||||||||||||||
Deposits | 14,193 | 8,539 | 25,461 | 16,728 | |||||||||||
Borrowings | 3,342 | 1,820 | 6,301 | 3,774 | |||||||||||
Total Interest Expense | 17,535 | 10,359 | 31,762 | 20,502 | |||||||||||
Net Interest Income | 60,080 | 54,924 | 119,065 | 109,635 | |||||||||||
Provision for Loan Losses | 1,400 | 1,100 | 2,475 | 1,527 | |||||||||||
Net Interest Income after Provision for Loan Losses | 58,680 | 53,824 | 116,590 | 108,108 | |||||||||||
Noninterest Income: | |||||||||||||||
Investment Management and Trust | 5,003 | 5,476 | 9,974 | 10,772 | |||||||||||
Service Charges on Deposits | 4,093 | 4,775 | 8,134 | 9,466 | |||||||||||
Mortgage Servicing | 209 | 1,348 | 564 | 581 | |||||||||||
Gains on Sales of Loans, Net | 2,003 | 2,895 | 4,134 | 4,796 | |||||||||||
Gains (Losses) on Sales of Securities | (1 | ) | 240 | (1 | ) | 2,042 | |||||||||
Loss on Prepayments of Borrowings | — | — | — | (1,194 | ) | ||||||||||
Credit Card, Net | 1,131 | 1,022 | 2,106 | 1,930 | |||||||||||
Insurance Commissions, Net | 1,526 | 1,728 | 3,890 | 4,354 | |||||||||||
Other | 3,212 | 3,154 | 5,934 | 5,894 | |||||||||||
Total Noninterest Income | 17,176 | 20,638 | 34,735 | 38,641 | |||||||||||
Noninterest Expense: | |||||||||||||||
Salaries | 21,798 | 21,786 | 43,474 | 42,665 | |||||||||||
Employee Benefits | 4,238 | 5,679 | 10,717 | 11,650 | |||||||||||
Net Occupancy | 6,024 | 5,752 | 12,350 | 11,778 | |||||||||||
Data Processing | 810 | 1,985 | 1,585 | 4,278 | |||||||||||
Amortization of Intangibles | 664 | 772 | 1,438 | 1,527 | |||||||||||
Conversion and Restructuring Charges | — | 1,318 | — | 1,470 | |||||||||||
Other | 9,846 | 8,671 | 19,256 | 17,197 | |||||||||||
Total Noninterest Expense | 43,380 | 45,963 | 88,820 | 90,565 | |||||||||||
Income Before Income Taxes | 32,476 | 28,499 | 62,505 | 56,184 | |||||||||||
Income Tax Expense | 11,670 | 10,345 | 22,617 | 20,563 | |||||||||||
Net Income | $ | 20,806 | $ | 18,154 | $ | 39,888 | $ | 35,621 | |||||||
Basic Earnings Per Share | $ | 0.45 | $ | 0.40 | $ | 0.86 | $ | 0.78 | |||||||
Diluted Earnings Per Share | 0.44 | 0.39 | 0.85 | 0.76 | |||||||||||
Dividends Per Share | 0.18 | 0.18 | 0.36 | 0.34 |
CHITTENDEN CORPORATION
SELECTED QUARTERLY FINANCIAL DATA
(Unaudited)
(In thousands, except ratios and per share amounts)
6/30/05 | 3/31/05 | 12/31/04 | 6/30/04 | |||||||||||||
Selected Financial Ratios | ||||||||||||||||
Return on Average Tangible Equity1 | 21.37 | % | 20.35 | % | 21.25 | % | 21.01 | % | ||||||||
Return on Average Equity | 13.27 | % | 12.46 | % | 12.95 | % | 12.40 | % | ||||||||
Return on Average Tangible Assets1 | 1.44 | % | 1.36 | % | 1.39 | % | 1.35 | % | ||||||||
Return on Average Assets | 1.36 | % | 1.28 | % | 1.31 | % | 1.26 | % | ||||||||
Net Yield on Earning Assets | 4.29 | % | 4.30 | % | 4.27 | % | 4.18 | % | ||||||||
Efficiency Ratio2 | 57.14 | % | 58.07 | % | 55.64 | % | 58.05 | % | ||||||||
Tangible Capital Ratio | 6.78 | % | 6.53 | % | 6.58 | % | 6.24 | % | ||||||||
Leverage Ratio | 8.78 | % | 8.66 | % | 8.42 | % | 8.22 | % | ||||||||
Tier 1 Capital Ratio | 10.56 | % | 10.46 | % | 10.44 | % | 10.46 | % | ||||||||
Total Capital Ratio | 11.75 | % | 11.65 | % | 11.64 | % | 11.73 | % | ||||||||
Common Share Data | ||||||||||||||||
Common Shares Outstanding | 46,437 | 46,402 | 46,342 | 46,135 | ||||||||||||
Weighted Average Common Shares Outstanding | 46,414 | 46,385 | 46,293 | 46,045 | ||||||||||||
Weighted Average Common and Common Equivalent Shares Outstanding | 46,901 | 46,918 | 46,960 | 46,557 | ||||||||||||
Book Value per Share | $ | 13.78 | $ | 13.31 | $ | 13.38 | $ | 12.74 | ||||||||
Tangible Book Value per Share | $ | 8.71 | $ | 8.23 | $ | 8.28 | $ | 7.57 | ||||||||
Credit Quality Data | ||||||||||||||||
Nonperforming Assets (including OREO) | $ | 23,150 | $ | 20,692 | $ | 20,024 | $ | 20,625 | ||||||||
90 days past due and still accruing | 1,981 | 4,543 | 2,604 | 3,777 | ||||||||||||
Total | $ | 25,131 | $ | 25,235 | $ | 22,628 | $ | 24,402 | ||||||||
Nonperforming Assets to Loans Plus OREO | 0.54 | % | 0.50 | % | 0.49 | % | 0.54 | % | ||||||||
Allowance to Loans | 1.43 | % | 1.45 | % | 1.45 | % | 1.52 | % | ||||||||
Allowance to Nonperforming Loans (excluding OREO) | 262.71 | % | 289.29 | % | 296.41 | % | 281.70 | % | ||||||||
Gross Charge-offs | $ | 1,313 | $ | 1,154 | $ | 2,821 | $ | 1,433 | ||||||||
Gross Recoveries | 907 | 859 | 1,428 | 802 | ||||||||||||
Net Charge-offs | $ | 406 | $ | 295 | $ | 1,393 | $ | 631 | ||||||||
Net Charge-offs to Average Loans | 0.01 | % | 0.01 | % | 0.03 | % | 0.02 | % | ||||||||
QTD Average Balance Sheet Data | ||||||||||||||||
Securities | $ | 1,409,045 | $ | 1,450,210 | $ | 1,495,302 | $ | 1,449,419 | ||||||||
Loans, Net | 4,174,491 | 4,057,647 | 4,000,917 | 3,777,039 | ||||||||||||
Earning Assets | 5,644,833 | 5,568,124 | 5,572,226 | 5,294,057 | ||||||||||||
Total Assets | 6,143,001 | 6,060,179 | 6,089,616 | 5,799,583 | ||||||||||||
Deposits | 5,085,064 | 5,000,949 | 5,128,344 | 4,868,682 | ||||||||||||
Borrowings | 367,617 | 386,613 | 291,919 | 290,730 | ||||||||||||
Stockholders’ Equity | 629,042 | 621,276 | 615,420 | 589,067 | ||||||||||||
1. Reconciliation of non-GAAP measurements to GAAP | ||||||||||||||||
Net Income (GAAP) | $ | 20,806 | $ | 19,082 | $ | 20,028 | $ | 18,154 | ||||||||
Amortization of core deposit intangible, net of tax | 431 | 503 | 503 | 502 | ||||||||||||
Tangible Net Income (A) | $ | 21,237 | $ | 19,585 | $ | 20,531 | $ | 18,656 | ||||||||
Average Equity (GAAP) | 629,042 | 621,276 | 615,420 | 589,067 | ||||||||||||
Average Core Deposit Intangible | 19,417 | 20,155 | 20,919 | 21,960 | ||||||||||||
Average Deferred Tax on CDI | (5,136 | ) | (5,311 | ) | (6,392 | ) | (6,392 | ) | ||||||||
Average Goodwill | 216,136 | 216,136 | 216,502 | 216,439 | ||||||||||||
Average Tangible Equity (B) | 398,625 | 390,296 | 384,391 | 357,060 | ||||||||||||
Return on Average Tangible Equity (A) / (B) | 21.37 | % | 20.35 | % | 21.25 | % | 21.01 | % | ||||||||
Average Assets (GAAP) | $ | 6,143,001 | $ | 6,060,179 | $ | 6,089,616 | $ | 5,799,583 | ||||||||
Average Core Deposit Intangible | 19,417 | 20,155 | 20,919 | 21,960 | ||||||||||||
Average Deferred Tax on CDI | (5,136 | ) | (5,311 | ) | (6,392 | ) | (6,392 | ) | ||||||||
Average Goodwill | 216,136 | 216,136 | 216,502 | 216,439 | ||||||||||||
Average Tangible Assets (C) | 5,912,764 | 5,829,199 | 5,858,587 | 5,567,576 | ||||||||||||
Return on Average Tangible Assets (A) / (C) | 1.44 | % | 1.36 | % | 1.39 | % | 1.35 | % |
2. | The June 30, 2005 efficiency ratio excludes the $1.5 million in deferred pension credits. If this benefit had not been excluded the efficiency ratio would have been 55.16%. |