Exhibit 99.2
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
($ in thousands)
06/30/03 | 09/30/03 | 12/31/03 | 03/31/04 | 06/30/04 | 09/30/04 | 12/31/04 | 03/31/05 | 06/30/05 | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 212,674 | $ | 209,695 | $ | 174,939 | $ | 154,178 | $ | 170,940 | $ | 165,191 | $ | 136,468 | $ | 146,861 | $ | 176,425 | ||||||||||||||||||
Securities Available For Sale | 1,769,715 | 1,653,114 | 1,588,151 | 1,473,497 | 1,412,206 | 1,458,149 | 1,446,221 | 1,409,434 | 1,363,180 | |||||||||||||||||||||||||||
FRB and FHLB Stock | 24,356 | 24,352 | 20,753 | 20,753 | 12,240 | 19,243 | 19,243 | 19,352 | 19,352 | |||||||||||||||||||||||||||
Loans Held For Sale | 97,500 | 95,777 | 25,262 | 32,276 | 49,497 | 35,723 | 33,535 | 22,131 | 22,611 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Commercial | 632,816 | 633,221 | 658,615 | 686,304 | 740,410 | 770,933 | 801,369 | 812,050 | 831,537 | |||||||||||||||||||||||||||
Municipal | 54,917 | 106,512 | 87,080 | 92,338 | 66,533 | 105,781 | 106,120 | 98,128 | 79,070 | |||||||||||||||||||||||||||
Multi-Family | 167,363 | 172,419 | 176,478 | 182,085 | 189,589 | 181,622 | 182,541 | 180,632 | 185,920 | |||||||||||||||||||||||||||
Commercial Real Estate | 1,324,943 | 1,375,027 | 1,430,945 | 1,485,031 | 1,505,880 | 1,558,221 | 1,590,457 | 1,651,247 | 1,736,665 | |||||||||||||||||||||||||||
Construction | 113,044 | 143,515 | 140,801 | 138,497 | 129,901 | 143,871 | 174,283 | 133,799 | 124,648 | |||||||||||||||||||||||||||
Residential Real Estate | 781,715 | 724,749 | 700,671 | 666,753 | 667,676 | 685,714 | 688,017 | 712,133 | 733,472 | |||||||||||||||||||||||||||
Home Equity Credit Lines | 249,943 | 258,664 | 270,959 | 277,062 | 276,640 | 287,479 | 294,656 | 297,649 | 307,866 | |||||||||||||||||||||||||||
Consumer | 272,085 | 267,615 | 259,135 | 252,097 | 249,208 | 246,889 | 239,750 | 242,239 | 255,239 | |||||||||||||||||||||||||||
Total Loans | 3,596,826 | 3,681,722 | 3,724,684 | 3,780,167 | 3,825,837 | 3,980,510 | 4,077,193 | 4,127,877 | 4,254,417 | |||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (57,591 | ) | (59,171 | ) | (57,464 | ) | (57,500 | ) | (57,969 | ) | (58,598 | ) | (59,031 | ) | (59,811 | ) | (60,805 | ) | ||||||||||||||||||
Net Loans | 3,539,235 | 3,622,551 | 3,667,220 | 3,722,667 | 3,767,868 | 3,921,912 | 4,018,162 | 4,068,066 | 4,193,612 | |||||||||||||||||||||||||||
Acrrued Interest Receivable | 30,208 | 29,277 | 29,124 | 25,582 | 27,376 | 26,607 | 28,956 | 28,443 | 29,689 | |||||||||||||||||||||||||||
Other Real Estate Owned | 30 | 52 | 100 | 36 | 47 | 987 | 109 | 17 | 5 | |||||||||||||||||||||||||||
Other Assets | 46,571 | 62,512 | 71,536 | 57,095 | 71,534 | 66,069 | 64,861 | 66,729 | 78,624 | |||||||||||||||||||||||||||
Premises and Equipment, net | 73,742 | 74,562 | 72,130 | 72,273 | 72,805 | 73,927 | 74,271 | 72,336 | 71,632 | |||||||||||||||||||||||||||
Mortgage Servicing Rights | 8,686 | 10,615 | 12,265 | 10,866 | 12,562 | 12,119 | 11,826 | 12,074 | 12,073 | |||||||||||||||||||||||||||
Identified Intangibles | 24,243 | 23,488 | 22,733 | 21,978 | 21,972 | 21,196 | 20,422 | 19,648 | 18,983 | |||||||||||||||||||||||||||
Goodwill | 215,721 | 216,431 | 216,431 | 216,431 | 216,697 | 216,697 | 216,136 | 216,136 | 216,136 | |||||||||||||||||||||||||||
Total Assets | $ | 6,042,681 | $ | 6,022,426 | $ | 5,900,644 | $ | 5,807,632 | $ | 5,835,744 | $ | 6,017,820 | $ | 6,070,210 | $ | 6,081,227 | $ | 6,202,322 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand | $ | 864,526 | $ | 880,354 | $ | 898,920 | $ | 848,758 | $ | 891,244 | $ | 907,396 | $ | 890,561 | $ | 881,954 | $ | 934,234 | ||||||||||||||||||
Savings | 512,775 | 523,497 | 517,789 | 526,625 | 541,138 | 534,286 | 519,623 | 514,215 | 502,525 | |||||||||||||||||||||||||||
NOW | 923,572 | 912,563 | 899,018 | 894,575 | 912,175 | 903,307 | 890,701 | 898,720 | 908,148 | |||||||||||||||||||||||||||
CMAs / Money Market | 1,468,731 | 1,617,176 | 1,604,138 | 1,472,377 | 1,491,522 | 1,603,059 | 1,577,474 | 1,527,753 | 1,418,634 | |||||||||||||||||||||||||||
Certificates of Deposit Less than $100,000 | 848,320 | 822,634 | 789,066 | 780,940 | 779,492 | 755,494 | 752,828 | 781,111 | 829,117 | |||||||||||||||||||||||||||
Certificates of Deposit $100,000 and Over | 249,250 | 262,137 | 260,960 | 311,067 | 298,721 | 388,935 | 407,543 | 459,410 | 551,777 | |||||||||||||||||||||||||||
Total Deposits | 4,867,174 | 5,018,361 | 4,969,891 | 4,834,342 | 4,914,292 | 5,092,477 | 5,038,730 | 5,063,163 | 5,144,435 | |||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 104,543 | 79,510 | 78,980 | 76,051 | 75,016 | 71,056 | 76,716 | 91,443 | 56,775 | |||||||||||||||||||||||||||
Other Borrowings | 419,484 | 285,857 | 208,454 | 236,446 | 204,122 | 182,450 | 279,755 | 254,418 | 296,903 | |||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 83,829 | 64,427 | 63,368 | 61,308 | 54,452 | 60,769 | 54,752 | 54,721 | 64,466 | |||||||||||||||||||||||||||
Total Liabilities | 5,475,030 | 5,448,155 | 5,320,693 | 5,208,147 | 5,247,882 | 5,406,752 | 5,449,953 | 5,463,745 | 5,562,579 | |||||||||||||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||
Common Stock | 50,168 | 50,168 | 50,178 | 50,196 | 50,202 | 50,202 | 50,204 | 50,207 | 50,210 | |||||||||||||||||||||||||||
Surplus | 245,940 | 246,181 | 246,938 | 247,464 | 248,241 | 248,828 | 249,036 | 248,864 | 249,117 | |||||||||||||||||||||||||||
Retained earnings | 316,472 | 329,035 | 341,441 | 351,569 | 361,623 | 372,980 | 384,679 | 395,410 | 407,865 | |||||||||||||||||||||||||||
Treasury, at cost | (81,543 | ) | (80,951 | ) | (78,579 | ) | (76,058 | ) | (72,967 | ) | (71,017 | ) | (69,246 | ) | (68,233 | ) | (67,657 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||
Unrealized gains on securities available for sale | 36,375 | 25,610 | 15,595 | 21,964 | (3,772 | ) | 5,377 | 672 | (13,747 | ) | (4,978 | ) | ||||||||||||||||||||||||
Accrued minimum pension liability, net of tax | (3,829 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Director’s Deferred Compensation to be Settled in Stock | 4,111 | 4,266 | 4,413 | 4,381 | 4,562 | 4,720 | 4,930 | 4,996 | 5,197 | |||||||||||||||||||||||||||
Unearned Portion of Employee Restricted Stock | (43 | ) | (38 | ) | (35 | ) | (31 | ) | (27 | ) | (22 | ) | (18 | ) | (15 | ) | (11 | ) | ||||||||||||||||||
Total Stockholders’ Equity | 567,651 | 574,271 | 579,951 | 599,485 | 587,862 | 611,068 | 620,257 | 617,482 | 639,743 | |||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,042,681 | $ | 6,022,426 | $ | 5,900,644 | $ | 5,807,632 | $ | 5,835,744 | $ | 6,017,820 | $ | 6,070,210 | $ | 6,081,227 | $ | 6,202,322 | ||||||||||||||||||
CHITTENDEN CORPORATION
Consolidated Quarterly Statements of Income (Unaudited)
($ in thousands)
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 | QTR 06/30/05 | ||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||
Loans | $ | 52,543 | $ | 49,434 | $ | 49,878 | $ | 49,254 | $ | 50,461 | $ | 53,090 | $ | 56,302 | $ | 58,151 | $ | 62,786 | ||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||
Taxable | 18,511 | 17,648 | 17,176 | 15,580 | 14,757 | 14,807 | 15,269 | 15,043 | 14,809 | |||||||||||||||||||||||||
Tax-favored | 42 | 61 | 13 | 13 | 13 | 13 | 14 | 13 | 14 | |||||||||||||||||||||||||
Short-term investments | 123 | 88 | 71 | 7 | 52 | 59 | 76 | 5 | 6 | |||||||||||||||||||||||||
Total Interest Income | 71,219 | 67,231 | 67,138 | 64,854 | 65,283 | 67,969 | 71,661 | 73,212 | 77,615 | |||||||||||||||||||||||||
Interest Expense: | ||||||||||||||||||||||||||||||||||
Deposits | 11,264 | 9,605 | 8,507 | 8,189 | 8,539 | 9,411 | 10,300 | 11,268 | 14,193 | |||||||||||||||||||||||||
Borrowings | 3,855 | 2,965 | 2,277 | 1,954 | 1,820 | 1,889 | 2,167 | 2,959 | 3,342 | |||||||||||||||||||||||||
Total Interest Expense | 15,119 | 12,570 | 10,784 | 10,143 | 10,359 | 11,300 | 12,467 | 14,227 | 17,535 | |||||||||||||||||||||||||
Net Interest Income | 56,100 | 54,661 | 56,354 | 54,711 | 54,924 | 56,669 | 59,194 | 58,985 | 60,080 | |||||||||||||||||||||||||
Provision for Loan Losses | 2,050 | 2,050 | 1,025 | 427 | 1,100 | 1,025 | 1,825 | 1,075 | 1,400 | |||||||||||||||||||||||||
Net Interest Income after Provision for Loan Losses | 54,050 | 52,611 | 55,329 | 54,284 | 53,824 | 55,644 | 57,369 | 57,910 | 58,680 | |||||||||||||||||||||||||
Noninterest Income: | ||||||||||||||||||||||||||||||||||
Investment Management and Trust | 5,155 | 5,270 | 5,444 | 5,296 | 5,476 | 5,528 | 5,322 | 4,971 | 5,003 | |||||||||||||||||||||||||
Service Charges on Deposits | 4,735 | 4,583 | 4,686 | 4,691 | 4,775 | 4,241 | 4,179 | 4,041 | 4,093 | |||||||||||||||||||||||||
Mortgage Servicing | (829 | ) | 1,275 | 592 | (767 | ) | 1,348 | (162 | ) | (260 | ) | 355 | 209 | |||||||||||||||||||||
Gains on Sales of Loans, Net | 6,099 | 6,959 | 4,272 | 1,901 | 2,895 | 2,261 | 2,604 | 2,131 | 2,003 | |||||||||||||||||||||||||
Gains (Losses) on Sales of Securities | 9,054 | 3,305 | 3,031 | 1,802 | 240 | 186 | 107 | 0 | (1 | ) | ||||||||||||||||||||||||
Loss on Prepayments of Borrowings | 0 | (2,154 | ) | (916 | ) | (1,194 | ) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Credit Card, Net | 970 | 1,149 | 1,057 | 908 | 1,022 | 1,146 | 1,074 | 975 | 1,131 | |||||||||||||||||||||||||
Insurance Commissions, Net | 1,531 | 2,041 | 1,501 | 2,626 | 1,728 | 1,389 | 1,223 | 2,364 | 1,526 | |||||||||||||||||||||||||
Other | 3,069 | 2,570 | 3,327 | 2,740 | 3,154 | 3,252 | 2,674 | 2,722 | 3,212 | |||||||||||||||||||||||||
Total Noninterest Income | 29,784 | 24,998 | 22,994 | 18,003 | 20,638 | 17,841 | 16,923 | 17,559 | 17,176 | |||||||||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||||||||||||
Salaries | 23,668 | 23,234 | 22,248 | 20,879 | 21,786 | 20,652 | 21,302 | 21,676 | 21,798 | |||||||||||||||||||||||||
Employee Benefits | 5,145 | 5,419 | 5,157 | 5,971 | 5,679 | 5,027 | 5,281 | 6,479 | 4,238 | |||||||||||||||||||||||||
Net Occupancy | 6,198 | 5,977 | 5,603 | 6,026 | 5,752 | 5,481 | 5,410 | 6,326 | 6,024 | |||||||||||||||||||||||||
Data Processing | 2,161 | 2,319 | 2,404 | 2,293 | 1,985 | 994 | 916 | 775 | 810 | |||||||||||||||||||||||||
Amortization of Intangibles | 727 | 755 | 755 | 755 | 772 | 776 | 774 | 774 | 664 | |||||||||||||||||||||||||
Conversion and Restructuring Charges | 6,800 | 0 | 2,169 | 152 | 1,318 | 505 | 291 | 0 | 0 | |||||||||||||||||||||||||
Other | 9,561 | 9,154 | 9,741 | 8,526 | 8,671 | 9,376 | 9,022 | 9,410 | 9,846 | |||||||||||||||||||||||||
Total Noninterest Expense | 54,260 | 46,858 | 48,077 | 44,602 | 45,963 | 42,811 | 42,996 | 45,440 | 43,380 | |||||||||||||||||||||||||
Income Before Income Taxes | 29,574 | 30,751 | 30,246 | 27,685 | 28,499 | 30,674 | 31,296 | 30,029 | 32,476 | |||||||||||||||||||||||||
Income Tax Expense | 10,947 | 10,887 | 10,528 | 10,218 | 10,345 | 11,196 | 11,268 | 10,947 | 11,670 | |||||||||||||||||||||||||
Net Income | $ | 18,627 | $ | 19,864 | $ | 19,718 | $ | 17,467 | $ | 18,154 | $ | 19,478 | $ | 20,028 | $ | 19,082 | $ | 20,806 | ||||||||||||||||
CHITTENDEN CORPORATION
Selected Quarterly Financial Data (Unaudited)
($ in thousands, except share and per share data)
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 | QTD 6/30/2005 | ||||||||||||||||||||||||||||
Per Common Share | ||||||||||||||||||||||||||||||||||||
Earnings, Basic | $ | 0.41 | $ | 0.43 | $ | 0.43 | $ | 0.38 | $ | 0.40 | $ | 0.42 | $ | 0.43 | $ | 0.41 | $ | 0.45 | ||||||||||||||||||
Earnings, Diluted | 0.41 | 0.43 | 0.43 | 0.37 | 0.39 | 0.42 | 0.43 | 0.41 | 0.44 | |||||||||||||||||||||||||||
Dividends | 0.16 | 0.16 | 0.16 | 0.16 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | |||||||||||||||||||||||||||
Book Value | 12.44 | 12.58 | 12.66 | 13.05 | 12.74 | 13.21 | 13.38 | 13.31 | 13.78 | |||||||||||||||||||||||||||
Tangible Book Value | 7.18 | 7.32 | 7.44 | 7.86 | 7.57 | 8.07 | 8.28 | 8.23 | 8.71 | |||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||
Nonperforming Assets (including OREO) | $ | 17,970 | $ | 18,011 | $ | 14,431 | $ | 20,657 | $ | 20,624 | $ | 21,565 | $ | 20,024 | $ | 20,692 | $ | 23,150 | ||||||||||||||||||
90 Days past due and still accruing | 1,921 | 3,021 | 4,029 | 3,201 | 3,777 | 3,140 | 2,604 | 4,543 | 1,981 | |||||||||||||||||||||||||||
Total | 19,891 | 21,032 | 18,460 | 23,858 | 24,401 | 24,705 | 22,628 | 25,235 | 25,131 | |||||||||||||||||||||||||||
Nonperforming Assets to Loans Plus OREO | 0.50 | % | 0.49 | % | 0.39 | % | 0.55 | % | 0.54 | % | 0.54 | % | 0.49 | % | 0.50 | % | 0.54 | % | ||||||||||||||||||
Allowance to Loans | 1.60 | % | 1.61 | % | 1.54 | % | 1.52 | % | 1.52 | % | 1.47 | % | 1.45 | % | 1.45 | % | 1.43 | % | ||||||||||||||||||
Allowance to Nonperforming Loans (excluding OREO) | 321.01 | % | 329.48 | % | 400.99 | % | 278.85 | % | 281.70 | % | 284.76 | % | 296.41 | % | 289.29 | % | 262.71 | % | ||||||||||||||||||
Gross Charge-offs | $ | 2,373 | $ | 1,239 | $ | 4,176 | $ | 1,251 | $ | 1,433 | $ | 1,654 | $ | 2,821 | $ | 1,154 | $ | 1,313 | ||||||||||||||||||
Gross Recoveries | 1,206 | 769 | 1,444 | 860 | 802 | 1,258 | 1,428 | 859 | 907 | |||||||||||||||||||||||||||
Net Charge-offs | $ | 1,167 | $ | 470 | $ | 2,732 | $ | 391 | $ | 631 | $ | 396 | $ | 1,393 | $ | 295 | $ | 406 | ||||||||||||||||||
Net Charge-off Ratio | 0.03 | % | 0.01 | % | 0.08 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.03 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||||||||||||||||||
Securities | $ | 1,760,773 | $ | 1,708,629 | $ | 1,647,313 | $ | 1,530,534 | $ | 1,449,419 | $ | 1,440,938 | $ | 1,495,302 | $ | 1,450,210 | $ | 1,409,045 | ||||||||||||||||||
Loans, Net | 3,638,769 | 3,693,594 | 3,697,490 | 3,701,494 | 3,777,039 | 3,892,431 | 4,000,917 | 4,057,647 | 4,174,491 | |||||||||||||||||||||||||||
Earning Assets | 5,456,572 | 5,496,829 | 5,446,055 | 5,292,868 | 5,294,057 | 5,414,750 | 5,572,226 | 5,568,124 | 5,644,833 | |||||||||||||||||||||||||||
Total Assets | 5,943,041 | 5,974,552 | 5,960,054 | 5,792,012 | 5,799,583 | 5,930,272 | 6,089,616 | 6,060,179 | 6,143,001 | |||||||||||||||||||||||||||
Deposits | 4,797,953 | 4,941,066 | 5,033,498 | 4,808,334 | 4,868,682 | 5,017,991 | 5,128,344 | 5,000,949 | 5,085,064 | |||||||||||||||||||||||||||
Borrowings | 512,230 | 409,621 | 298,478 | 339,983 | 290,730 | 267,323 | 291,919 | 386,613 | 367,617 | |||||||||||||||||||||||||||
Stockholders’ Equity | 560,209 | 555,567 | 572,512 | 586,788 | 589,067 | 591,137 | 615,420 | 621,276 | 629,042 | |||||||||||||||||||||||||||
Common Shares Outstanding | 45,621,163 | 45,653,675 | 45,795,688 | 45,954,210 | 46,134,686 | 46,241,091 | 46,341,819 | 46,401,555 | 46,437,041 | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 45,594,304 | 45,636,813 | 45,728,818 | 45,898,854 | 46,045,415 | 46,188,260 | 46,293,418 | 46,384,816 | 46,414,471 | |||||||||||||||||||||||||||
Weighted Average Common and Common Equivalent Shares Outstanding | 45,955,948 | 46,070,698 | 46,390,625 | 46,522,363 | 46,557,193 | 46,863,102 | 46,959,927 | 46,918,134 | 46,900,608 | |||||||||||||||||||||||||||
Return on Average Tangible Equity | 23.13 | % | 25.07 | % | 23.63 | % | 20.38 | % | 21.01 | % | 22.13 | % | 21.25 | % | 20.35 | % | 21.37 | % | ||||||||||||||||||
Return on Average Equity | 13.34 | % | 14.19 | % | 13.66 | % | 11.97 | % | 12.40 | % | 13.11 | % | 12.95 | % | 12.46 | % | 13.27 | % | ||||||||||||||||||
Return on Average Tangible Assets | 1.34 | % | 1.41 | % | 1.40 | % | 1.30 | % | 1.35 | % | 1.40 | % | 1.39 | % | 1.36 | % | 1.44 | % | ||||||||||||||||||
Return on Average Assets | 1.26 | % | 1.32 | % | 1.31 | % | 1.21 | % | 1.26 | % | 1.31 | % | 1.31 | % | 1.28 | % | 1.36 | % | ||||||||||||||||||
Net Yield on Earning Assets | 4.14 | % | 3.98 | % | 4.14 | % | 4.17 | % | 4.18 | % | 4.20 | % | 4.27 | % | 4.30 | % | 4.29 | % | ||||||||||||||||||
Efficiency Ratio | 60.70 | % | 59.87 | % | 59.58 | % | 60.34 | % | 58.05 | % | 56.87 | % | 55.64 | % | 58.07 | % | 57.14 | % | ||||||||||||||||||
Tangible Capital Ratio | 5.65 | % | 5.78 | % | 6.02 | % | 6.48 | % | 6.24 | % | 6.46 | % | 6.58 | % | 6.53 | % | 6.78 | % | ||||||||||||||||||
Leverage Ratio | 7.22 | % | 7.49 | % | 7.79 | % | 8.28 | % | 8.22 | % | 8.39 | % | 8.42 | % | 8.66 | % | 8.78 | % | ||||||||||||||||||
Tier 1 Capital Ratio | 9.28 | % | 9.72 | % | 10.07 | % | 10.36 | % | 10.46 | % | 10.51 | % | 10.44 | % | 10.46 | % | 10.56 | % | ||||||||||||||||||
Total Capital Ratio | 10.53 | % | 10.97 | % | 11.32 | % | 11.61 | % | 11.73 | % | 11.76 | % | 11.64 | % | 11.65 | % | 11.75 | % |
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Quarter Ended June 30, 2005
2005 | 2004 | |||||||||||||||||||
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 | $ | 824,571 | $ | 13,177 | 6.41 | % | $ | 715,030 | $ | 9,561 | 5.38 | % | ||||||||
Municipal | 104,333 | 904 | 3.46 | % | 88,460 | 676 | 3.06 | % | ||||||||||||
Real Estate: | ||||||||||||||||||||
Residential | 1,232,497 | 17,736 | 5.76 | % | 1,163,196 | 15,197 | 5.24 | % | ||||||||||||
Commercial | 1,682,311 | 25,586 | 6.10 | % | 1,497,110 | 19,965 | 5.36 | % | ||||||||||||
Construction | 143,347 | 2,287 | 6.40 | % | 124,017 | 1,565 | 5.08 | % | ||||||||||||
Total Real Estate | 3,058,155 | 45,609 | 5.98 | % | 278,323 | 36,727 | 5.30 | % | ||||||||||||
Consumer | 247,824 | 3,487 | 5.64 | % | 247,169 | 3,778 | 6.15 | % | ||||||||||||
Total Loans | 4,234,883 | 63,177 | 5.98 | % | 3,834,982 | 50,742 | 5.32 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,407,753 | 14,808 | 4.21 | % | 1,448,125 | 14,757 | 4.08 | % | ||||||||||||
Tax-Favored Securities | 1,292 | 20 | 6.28 | % | 1,294 | 20 | 6.34 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 193 | 1 | 2.33 | % | 150 | — | 1.04 | % | ||||||||||||
Federal Funds Sold | 712 | 5 | 2.73 | % | 9,506 | 50 | 2.12 | % | ||||||||||||
Total Interest-Earning Assets | 5,644,833 | 78,011 | 5.54 | % | 5,294,057 | 65,569 | 4.97 | % | ||||||||||||
NonInterest-Earning Assets | 558,560 | 563,468 | ||||||||||||||||||
Allowance for Loan Losses | (60,392 | ) | (57,942 | ) | ||||||||||||||||
Total Assets | $ | 6,143,001 | $ | 5,799,583 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | 507,280 | 517 | 0.41 | % | 527,304 | 399 | 0.30 | % | ||||||||||||
Now | 876,506 | 970 | 0.44 | % | 894,578 | 593 | 0.27 | % | ||||||||||||
CMA/Money Market | 1,483,042 | 4,566 | 1.23 | % | 1,506,059 | 2,637 | 0.70 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 805,106 | 4,553 | 2.27 | % | 777,550 | 3,604 | 1.86 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 524,038 | 3,587 | 2.75 | % | 301,141 | 1,306 | 1.74 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,195,972 | 14,193 | 1.36 | % | 4,006,632 | 8,539 | 0.86 | % | ||||||||||||
Borrowings | 266,041 | 2,834 | 4.27 | % | 222,299 | 1,682 | 3.04 | % | ||||||||||||
Repos | 101,576 | 508 | 2.01 | % | 68,431 | 138 | 0.81 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,563,589 | 17,535 | 1.54 | % | 4,297,362 | 10,359 | 0.97 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 889,092 | 862,052 | ||||||||||||||||||
Other Liabilities | 61,278 | 51,102 | ||||||||||||||||||
Total Liabilities | 5,513,959 | 5,210,516 | ||||||||||||||||||
Stockholders’ Equity | 629,042 | 589,067 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,143,001 | $ | 5,799,583 | ||||||||||||||||
Net Interest Income | $ | 60,476 | $ | 55,210 | ||||||||||||||||
Interest Rate Spread (2) | 4.00 | % | 4.00 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.29 | % | 4.18 | % |
(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 Six Months Ended June 30, 2005
2005 | 2004 | |||||||||||||||||||
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 | $ | 810,922 | $ | 25,074 | 6.24 | % | $ | 685,621 | $ | 18,134 | 5.32 | % | ||||||||
Municipal | 102,082 | 1,732 | 3.39 | % | 89,814 | 1,363 | 3.03 | % | ||||||||||||
Real Estate: | ||||||||||||||||||||
Residential | 1,214,412 | 34,380 | 5.67 | % | 1,163,492 | 30,250 | 5.21 | % | ||||||||||||
Commercial | 1,651,609 | 48,993 | 5.98 | % | 1,473,235 | 39,380 | 5.38 | % | ||||||||||||
Construction | 151,899 | 4,618 | 6.13 | % | 132,567 | 3,336 | 5.06 | % | ||||||||||||
Total Real Estate | 3,017,920 | 87,991 | 5.87 | % | 2,769,294 | 72,966 | 5.29 | % | ||||||||||||
Consumer | 245,413 | 6,903 | 5.67 | % | 250,892 | 7,813 | 6.26 | % | ||||||||||||
Total Loans | 4,176,337 | 121,700 | 5.87 | % | 3,795,621 | 100,275 | 5.31 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,428,222 | 29,851 | 4.18 | % | 1,488,681 | 30,337 | 4.08 | % | ||||||||||||
Tax-Favored Securities | 1,293 | 41 | 6.47 | % | 1,296 | 41 | 6.34 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 172 | 2 | 1.97 | % | 150 | 1 | 1.26 | % | ||||||||||||
Federal Funds Sold | 669 | 9 | 2.61 | % | 6,123 | 57 | 1.86 | % | ||||||||||||
Total Interest-Earning Assets | 5,606,693 | 151,603 | 5.44 | % | 5,291,871 | 130,711 | 4.96 | % | ||||||||||||
NonInterest-Earning Assets | 555,161 | 561,661 | ||||||||||||||||||
Allowance for Loan Losses | (59,945 | ) | (57,918 | ) | ||||||||||||||||
Total Assets | $ | 6,101,909 | $ | 5,795,614 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | 513,154 | 971 | 0.38 | % | 522,361 | 812 | 0.31 | % | ||||||||||||
Now | 869,783 | 1,690 | 0.39 | % | 880,114 | 1,143 | 0.26 | % | ||||||||||||
CMA/Money Market | 1,519,680 | 8,467 | 1.12 | % | 1,510,412 | 5,051 | 0.67 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 783,136 | 8,334 | 2.15 | % | 779,769 | 7,281 | 1.88 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 472,376 | 5,999 | 2.56 | % | 290,933 | 2,441 | 1.69 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,158,129 | 25,461 | 1.23 | % | 3,983,589 | 16,728 | 0.84 | % | ||||||||||||
Borrowings | 267,759 | 5,374 | 4.05 | % | 242,583 | 3,459 | 2.87 | % | ||||||||||||
Repos | 109,304 | 927 | 1.71 | % | 72,752 | 315 | 0.87 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,535,192 | 31,762 | 1.41 | % | 4,298,924 | 20,502 | 0.96 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 885,206 | 854,911 | ||||||||||||||||||
Other Liabilities | 56,330 | 53,916 | ||||||||||||||||||
Total Liabilities | 5,476,728 | 5,207,751 | ||||||||||||||||||
Stockholders’ Equity | 625,181 | 587,863 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,101,909 | $ | 5,795,614 | ||||||||||||||||
Net Interest Income | $ | 119,841 | $ | 110,209 | ||||||||||||||||
Interest Rate Spread (2) | 4.03 | % | 4.00 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.29 | % | 4.18 | % |
(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. |