Exhibit 99.2
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
($ in thousands)
09/30/03 | 12/31/03 | 03/31/04 | 06/30/04 | 09/30/04 | 12/31/04 | 03/31/05 | 06/30/05 | 09/30/05 | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 209,695 | $ | 174,939 | $ | 154,178 | $ | 170,940 | $ | 165,191 | $ | 136,468 | $ | 146,861 | $ | 176,425 | $ | 150,409 | ||||||||||||||||||
Securities Available For Sale | 1,653,114 | 1,588,151 | 1,473,497 | 1,412,206 | 1,458,149 | 1,446,221 | 1,409,434 | 1,363,180 | 1,348,521 | |||||||||||||||||||||||||||
FRB and FHLB Stock | 24,352 | 20,753 | 20,753 | 12,240 | 19,243 | 19,243 | 19,352 | 19,352 | 19,352 | |||||||||||||||||||||||||||
Loans Held For Sale | 95,777 | 25,262 | 32,276 | 49,497 | 35,723 | 33,535 | 22,131 | 22,611 | 34,774 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Commercial & Industrial | 633,221 | 658,615 | 686,304 | 740,410 | 770,933 | 801,369 | 812,050 | 831,537 | 841,430 | |||||||||||||||||||||||||||
Municipal | 106,512 | 87,080 | 92,338 | 66,533 | 105,781 | 106,120 | 98,128 | 79,070 | 156,630 | |||||||||||||||||||||||||||
Multi-Family | 172,419 | 176,478 | 182,085 | 189,589 | 181,622 | 182,541 | 180,632 | 185,920 | 192,563 | |||||||||||||||||||||||||||
Commercial Real Estate | 1,375,027 | 1,430,945 | 1,485,031 | 1,505,880 | 1,558,221 | 1,590,457 | 1,651,247 | 1,736,665 | 1,760,621 | |||||||||||||||||||||||||||
Construction | 143,515 | 140,801 | 138,497 | 129,901 | 143,871 | 174,283 | 133,799 | 124,648 | 173,909 | |||||||||||||||||||||||||||
Residential Real Estate | 724,749 | 700,671 | 666,753 | 667,676 | 685,714 | 688,017 | 712,133 | 733,472 | 724,873 | |||||||||||||||||||||||||||
Home Equity Credit Lines | 258,664 | 270,959 | 277,062 | 276,640 | 287,479 | 294,656 | 297,649 | 307,866 | 316,733 | |||||||||||||||||||||||||||
Consumer | 267,615 | 259,135 | 252,097 | 249,208 | 246,889 | 239,750 | 242,239 | 255,239 | 259,865 | |||||||||||||||||||||||||||
Total Loans | 3,681,722 | 3,724,684 | 3,780,167 | 3,825,837 | 3,980,510 | 4,077,193 | 4,127,877 | 4,254,417 | 4,426,624 | |||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (59,171 | ) | (57,464 | ) | (57,500 | ) | (57,969 | ) | (58,598 | ) | (59,031 | ) | (59,811 | ) | (60,805 | ) | (61,468 | ) | ||||||||||||||||||
Net Loans | 3,622,551 | 3,667,220 | 3,722,667 | 3,767,868 | 3,921,912 | 4,018,162 | 4,068,066 | 4,193,612 | 4,365,156 | |||||||||||||||||||||||||||
Acrrued Interest Receivable | 29,277 | 29,124 | 25,582 | 27,376 | 26,607 | 28,956 | 28,443 | 29,689 | 29,202 | |||||||||||||||||||||||||||
Other Assets | 62,564 | 71,636 | 57,131 | 71,581 | 67,056 | 64,970 | 66,746 | 78,629 | 81,616 | |||||||||||||||||||||||||||
Premises and Equipment, net | 74,562 | 72,130 | 72,273 | 72,805 | 73,927 | 74,271 | 72,336 | 71,632 | 70,509 | |||||||||||||||||||||||||||
Mortgage Servicing Rights | 10,615 | 12,265 | 10,866 | 12,562 | 12,119 | 11,826 | 12,074 | 12,073 | 12,970 | |||||||||||||||||||||||||||
Identified Intangibles | 23,488 | 22,733 | 21,978 | 21,972 | 21,196 | 20,422 | 19,648 | 18,983 | 18,320 | |||||||||||||||||||||||||||
Goodwill | 216,431 | 216,431 | 216,431 | 216,697 | 216,697 | 216,136 | 216,136 | 216,136 | 216,136 | |||||||||||||||||||||||||||
Total Assets | $ | 6,022,426 | $ | 5,900,644 | $ | 5,807,632 | $ | 5,835,744 | $ | 6,017,820 | $ | 6,070,210 | $ | 6,081,227 | $ | 6,202,322 | $ | 6,346,965 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand | $ | 880,354 | $ | 898,920 | $ | 848,758 | $ | 891,244 | $ | 907,396 | $ | 890,561 | $ | 881,954 | $ | 934,234 | $ | 988,096 | ||||||||||||||||||
Savings | 523,497 | 517,789 | 526,625 | 541,138 | 534,286 | 519,623 | 514,215 | 502,525 | 499,119 | |||||||||||||||||||||||||||
NOW | 912,563 | 899,018 | 894,575 | 912,175 | 903,307 | 890,701 | 898,720 | 908,148 | 891,058 | |||||||||||||||||||||||||||
CMAs / Money Market | 1,617,176 | 1,604,138 | 1,472,377 | 1,491,522 | 1,603,059 | 1,577,474 | 1,527,753 | 1,418,634 | 1,592,743 | |||||||||||||||||||||||||||
Certificates of Deposit Less than $100,000 | 822,634 | 789,066 | 780,940 | 762,188 | 737,641 | 735,577 | 763,502 | 811,389 | 814,435 | |||||||||||||||||||||||||||
Certificates of Deposit $100,000 and Over | 262,137 | 260,960 | 311,067 | 316,025 | 406,788 | 424,794 | 477,019 | 569,505 | 607,897 | |||||||||||||||||||||||||||
Total Deposits | 5,018,361 | 4,969,891 | 4,834,342 | 4,914,292 | 5,092,477 | 5,038,730 | 5,063,163 | 5,144,435 | 5,393,348 | |||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 79,510 | 78,980 | 76,051 | 75,016 | 71,056 | 76,716 | 91,443 | 56,775 | 64,114 | |||||||||||||||||||||||||||
Other Borrowings | 285,857 | 208,454 | 236,446 | 204,122 | 182,450 | 279,755 | 254,418 | 296,903 | 179,552 | |||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 64,427 | 63,368 | 61,308 | 54,452 | 60,769 | 54,752 | 54,721 | 64,466 | 63,428 | |||||||||||||||||||||||||||
Total Liabilities | 5,448,155 | 5,320,693 | 5,208,147 | 5,247,882 | 5,406,752 | 5,449,953 | 5,463,745 | 5,562,579 | 5,700,442 | |||||||||||||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||
Common Stock | 50,168 | 50,178 | 50,196 | 50,202 | 50,202 | 50,204 | 50,207 | 50,210 | 50,220 | |||||||||||||||||||||||||||
Surplus | 246,181 | 246,938 | 247,464 | 248,241 | 248,828 | 249,036 | 248,864 | 249,117 | 250,009 | |||||||||||||||||||||||||||
Retained earnings | 329,035 | 341,441 | 351,569 | 361,623 | 372,980 | 384,679 | 395,410 | 407,865 | 421,180 | |||||||||||||||||||||||||||
Treasury, at cost | (80,951 | ) | (78,579 | ) | (76,058 | ) | (72,967 | ) | (71,017 | ) | (69,246 | ) | (68,233 | ) | (67,657 | ) | (65,684 | ) | ||||||||||||||||||
Other Comprehensive Income | 25,610 | 15,595 | 21,964 | (3,772 | ) | 5,377 | 672 | (13,747 | ) | (4,978 | ) | (14,595 | ) | |||||||||||||||||||||||
Director’s Deferred Compensation to be Settled in Stock | 4,266 | 4,413 | 4,381 | 4,562 | 4,720 | 4,930 | 4,996 | 5,197 | 5,400 | |||||||||||||||||||||||||||
Unearned Portion of Employee Restricted Stock | (38 | ) | (35 | ) | (31 | ) | (27 | ) | (22 | ) | (18 | ) | (15 | ) | (11 | ) | (7 | ) | ||||||||||||||||||
Total Stockholders’ Equity | 574,271 | 579,951 | 599,485 | 587,862 | 611,068 | 620,257 | 617,482 | 639,743 | 646,523 | |||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,022,426 | $ | 5,900,644 | $ | 5,807,632 | $ | 5,835,744 | $ | 6,017,820 | $ | 6,070,210 | $ | 6,081,227 | $ | 6,202,322 | $ | 6,346,965 | ||||||||||||||||||
CHITTENDEN CORPORATION
Consolidated Quarterly Statements of Income (Unaudited)
($ in thousands)
09/30/03 | 12/31/03 | 03/31/04 | 06/30/04 | 09/30/04 | 12/31/04 | 03/31/05 | 06/30/05 | 09/30/05 | |||||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||||||
Loans | $ | 49,434 | $ | 49,878 | $ | 49,254 | $ | 50,461 | $ | 53,090 | $ | 56,302 | $ | 58,151 | $ | 62,786 | $ | 68,588 | |||||||||||||||
Investments | 17,797 | 17,260 | 15,600 | 14,822 | 14,879 | 15,359 | 15,061 | 14,829 | 14,033 | ||||||||||||||||||||||||
Total Interest Income | 67,231 | 67,138 | 64,854 | 65,283 | 67,969 | 71,661 | 73,212 | 77,615 | 82,621 | ||||||||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||||||||||||
Deposits | 9,605 | 8,507 | 8,189 | 8,539 | 9,411 | 10,300 | 11,268 | 14,193 | 17,561 | ||||||||||||||||||||||||
Borrowings | 2,965 | 2,277 | 1,954 | 1,820 | 1,889 | 2,167 | 2,959 | 3,342 | 2,845 | ||||||||||||||||||||||||
Total Interest Expense | 12,570 | 10,784 | 10,143 | 10,359 | 11,300 | 12,467 | 14,227 | 17,535 | 20,406 | ||||||||||||||||||||||||
Net Interest Income | 54,661 | 56,354 | 54,711 | 54,924 | 56,669 | 59,194 | 58,985 | 60,080 | 62,215 | ||||||||||||||||||||||||
Provision for Loan Losses | 2,050 | 1,025 | 427 | 1,100 | 1,025 | 1,825 | 1,075 | 1,400 | 1,325 | ||||||||||||||||||||||||
Net Interest Income after Provision for Loan Losses | 52,611 | 55,329 | 54,284 | 53,824 | 55,644 | 57,369 | 57,910 | 58,680 | 60,890 | ||||||||||||||||||||||||
Noninterest Income: | |||||||||||||||||||||||||||||||||
Investment Management and Trust | 5,270 | 5,444 | 5,296 | 5,476 | 5,528 | 5,322 | 4,971 | 5,003 | 4,996 | ||||||||||||||||||||||||
Service Charges on Deposits | 4,583 | 4,686 | 4,691 | 4,775 | 4,241 | 4,179 | 4,041 | 4,093 | 4,053 | ||||||||||||||||||||||||
Mortgage Servicing | 1,275 | 592 | (767 | ) | 1,348 | (162 | ) | (260 | ) | 355 | 209 | 658 | |||||||||||||||||||||
Gains on Sales of Loans, Net | 6,959 | 4,272 | 1,901 | 2,895 | 2,261 | 2,604 | 2,131 | 2,003 | 2,586 | ||||||||||||||||||||||||
Gains (Losses) on Sales of Securities | 3,305 | 3,031 | 1,802 | 240 | 186 | 107 | 0 | (1 | ) | 7 | |||||||||||||||||||||||
Loss on Prepayments of Borrowings | (2,154 | ) | (916 | ) | (1,194 | ) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Credit Card, Net | 1,149 | 1,057 | 908 | 1,022 | 1,146 | 1,074 | 975 | 1,131 | 1,237 | ||||||||||||||||||||||||
Insurance Commissions, Net | 2,041 | 1,501 | 2,626 | 1,728 | 1,389 | 1,223 | 2,364 | 1,526 | 1,341 | ||||||||||||||||||||||||
Other | 2,570 | 3,327 | 2,740 | 3,154 | 3,252 | 2,674 | 2,722 | 3,212 | 2,900 | ||||||||||||||||||||||||
Total Noninterest Income | 24,998 | 22,994 | 18,003 | 20,638 | 17,841 | 16,923 | 17,559 | 17,176 | 17,778 | ||||||||||||||||||||||||
Noninterest Expense: | |||||||||||||||||||||||||||||||||
Salaries | 23,234 | 22,248 | 20,879 | 21,786 | 20,652 | 21,302 | 21,676 | 21,798 | 22,245 | ||||||||||||||||||||||||
Employee Benefits | 5,419 | 5,157 | 5,971 | 5,679 | 5,027 | 5,281 | 6,479 | 4,238 | 5,784 | ||||||||||||||||||||||||
Net Occupancy | 5,977 | 5,603 | 6,026 | 5,752 | 5,481 | 5,410 | 6,326 | 6,024 | 5,844 | ||||||||||||||||||||||||
Data Processing | 2,319 | 2,404 | 2,293 | 1,985 | 994 | 916 | 775 | 810 | 921 | ||||||||||||||||||||||||
Amortization of Intangibles | 755 | 755 | 755 | 772 | 776 | 774 | 774 | 664 | 665 | ||||||||||||||||||||||||
Conversion and Restructuring Charges | 0 | 2,169 | 152 | 1,318 | 505 | 291 | 0 | 0 | 0 | ||||||||||||||||||||||||
Other | 9,154 | 9,741 | 8,526 | 8,671 | 9,376 | 9,022 | 9,410 | 9,846 | 9,201 | ||||||||||||||||||||||||
Total Noninterest Expense | 46,858 | 48,077 | 44,602 | 45,963 | 42,811 | 42,996 | 45,440 | 43,380 | 44,660 | ||||||||||||||||||||||||
Income Before Income Taxes | 30,751 | 30,246 | 27,685 | 28,499 | 30,674 | 31,296 | 30,029 | 32,476 | 34,008 | ||||||||||||||||||||||||
Income Tax Expense | 10,887 | 10,528 | 10,218 | 10,345 | 11,196 | 11,268 | 10,947 | 11,670 | 12,321 | ||||||||||||||||||||||||
Net Income | $ | 19,864 | $ | 19,718 | $ | 17,467 | $ | 18,154 | $ | 19,478 | $ | 20,028 | $ | 19,082 | $ | 20,806 | $ | 21,687 | |||||||||||||||
CHITTENDEN CORPORATION
Selected Quarterly Financial Data (Unaudited)
($ in thousands, except share and per share data)
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 | QTD 9/30/2005 | ||||||||||||||||||||||||||||
Per Common Share | ||||||||||||||||||||||||||||||||||||
Earnings, Basic | $ | 0.43 | $ | 0.43 | $ | 0.38 | $ | 0.40 | $ | 0.42 | $ | 0.43 | $ | 0.41 | $ | 0.45 | $ | 0.47 | ||||||||||||||||||
Earnings, Diluted | 0.43 | 0.43 | 0.37 | 0.39 | 0.42 | 0.43 | 0.41 | 0.44 | 0.46 | |||||||||||||||||||||||||||
Dividends | 0.16 | 0.16 | 0.16 | 0.18 | �� | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | ||||||||||||||||||||||||||
Book Value | 12.58 | 12.66 | 13.05 | 12.74 | 13.21 | 13.38 | 13.31 | 13.78 | 13.89 | |||||||||||||||||||||||||||
Tangible Book Value | 7.32 | 7.44 | 7.86 | 7.57 | 8.07 | 8.28 | 8.23 | 8.71 | 8.85 | |||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||
Nonperforming Assets (including OREO) | $ | 18,011 | $ | 14,431 | $ | 20,657 | $ | 20,624 | $ | 21,565 | $ | 20,024 | $ | 20,692 | $ | 23,150 | $ | 18,299 | ||||||||||||||||||
90 Days past due and still accruing | 3,021 | 4,029 | 3,201 | 3,777 | 3,140 | 2,604 | 4,543 | 1,981 | 2,720 | |||||||||||||||||||||||||||
Total | 21,032 | 18,460 | 23,858 | 24,401 | 24,705 | 22,628 | 25,235 | 25,131 | 21,019 | |||||||||||||||||||||||||||
Nonperforming Assets to Loans Plus OREO | 0.49 | % | 0.39 | % | 0.55 | % | 0.54 | % | 0.54 | % | 0.49 | % | 0.50 | % | 0.54 | % | 0.41 | % | ||||||||||||||||||
Allowance to Loans | 1.61 | % | 1.54 | % | 1.52 | % | 1.52 | % | 1.47 | % | 1.45 | % | 1.45 | % | 1.43 | % | 1.39 | % | ||||||||||||||||||
Allowance to Nonperforming Loans | 329.48 | % | 400.99 | % | 278.85 | % | 281.70 | % | 284.76 | % | 296.41 | % | 289.29 | % | 262.71 | % | 335.92 | % | ||||||||||||||||||
Gross Charge-offs | $ | 1,239 | $ | 4,176 | $ | 1,251 | $ | 1,433 | $ | 1,654 | $ | 2,821 | $ | 1,154 | $ | 1,313 | $ | 1,668 | ||||||||||||||||||
Gross Recoveries | 769 | 1,444 | 860 | 802 | 1,258 | 1,428 | 859 | 907 | 1,006 | |||||||||||||||||||||||||||
Net Charge-offs | $ | 470 | $ | 2,732 | $ | 391 | $ | 631 | $ | 396 | $ | 1,393 | $ | 295 | $ | 406 | $ | 662 | ||||||||||||||||||
Net Charge-off Ratio | 0.01 | % | 0.08 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||||||||||||||||||
Securities | $ | 1,708,629 | $ | 1,647,313 | $ | 1,530,534 | $ | 1,449,419 | $ | 1,440,938 | $ | 1,495,302 | $ | 1,450,210 | $ | 1,409,045 | $ | 1,341,648 | ||||||||||||||||||
Loans, Net | 3,693,594 | 3,697,490 | 3,701,494 | 3,777,039 | 3,892,431 | 4,000,917 | 4,057,647 | 4,174,491 | 4,316,317 | |||||||||||||||||||||||||||
Earning Assets | 5,496,829 | 5,446,055 | 5,292,868 | 5,294,057 | 5,414,750 | 5,572,226 | 5,568,124 | 5,644,833 | 5,738,499 | |||||||||||||||||||||||||||
Total Assets | 5,974,552 | 5,960,054 | 5,792,012 | 5,799,583 | 5,930,272 | 6,089,616 | 6,060,179 | 6,143,001 | 6,248,866 | |||||||||||||||||||||||||||
Deposits | 4,941,066 | 5,033,498 | 4,808,334 | 4,868,682 | 5,017,991 | 5,128,344 | 5,000,949 | 5,085,064 | 5,270,406 | |||||||||||||||||||||||||||
Borrowings | 409,621 | 298,478 | 339,983 | 290,730 | 267,323 | 291,919 | 386,613 | 367,617 | 272,257 | |||||||||||||||||||||||||||
Stockholders’ Equity | 555,567 | 572,512 | 586,788 | 589,067 | 591,137 | 615,420 | 621,276 | 629,042 | 642,803 | |||||||||||||||||||||||||||
Common Shares Outstanding | 45,653,675 | 45,795,688 | 45,954,210 | 46,134,686 | 46,241,091 | 46,341,819 | 46,401,555 | 46,437,041 | 46,556,737 | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 45,636,813 | 45,728,818 | 45,898,854 | 46,045,415 | 46,188,260 | 46,293,418 | 46,384,816 | 46,414,471 | 46,519,124 | |||||||||||||||||||||||||||
Weighted Average Common and Common Equivalent Shares Outstanding | 46,070,698 | 46,390,625 | 46,522,363 | 46,557,193 | 46,863,102 | 46,959,927 | 46,918,134 | 46,900,608 | 47,108,614 | |||||||||||||||||||||||||||
Return on Average Tangible Equity | 25.07 | % | 23.63 | % | 20.38 | % | 21.01 | % | 22.13 | % | 21.25 | % | 20.35 | % | 21.37 | % | 21.25 | % | ||||||||||||||||||
Return on Average Equity | 14.19 | % | 13.66 | % | 11.97 | % | 12.40 | % | 13.11 | % | 12.95 | % | 12.46 | % | 13.27 | % | 13.39 | % | ||||||||||||||||||
Return on Average Tangible Assets | 1.41 | % | 1.40 | % | 1.30 | % | 1.35 | % | 1.40 | % | 1.39 | % | 1.36 | % | 1.44 | % | 1.46 | % | ||||||||||||||||||
Return on Average Assets | 1.32 | % | 1.31 | % | 1.21 | % | 1.26 | % | 1.31 | % | 1.31 | % | 1.28 | % | 1.36 | % | 1.38 | % | ||||||||||||||||||
Net Yield on Earning Assets | 3.98 | % | 4.14 | % | 4.17 | % | 4.18 | % | 4.20 | % | 4.27 | % | 4.30 | % | 4.29 | % | 4.35 | % | ||||||||||||||||||
Efficiency Ratio | 59.87 | % | 59.58 | % | 60.34 | % | 58.05 | % | 56.87 | % | 55.64 | % | 58.07 | % | 57.14 | % | 54.56 | % | ||||||||||||||||||
Tangible Capital Ratio | 5.78 | % | 6.02 | % | 6.48 | % | 6.24 | % | 6.46 | % | 6.58 | % | 6.53 | % | 6.78 | % | 6.74 | % | ||||||||||||||||||
Leverage Ratio | 7.49 | % | 7.79 | % | 8.28 | % | 8.22 | % | 8.39 | % | 8.42 | % | 8.66 | % | 8.78 | % | 9.08 | % | ||||||||||||||||||
Tier 1 Capital Ratio | 9.72 | % | 10.07 | % | 10.36 | % | 10.46 | % | 10.51 | % | 10.44 | % | 10.46 | % | 10.56 | % | 10.72 | % | ||||||||||||||||||
Total Capital Ratio | 10.97 | % | 11.32 | % | 11.61 | % | 11.73 | % | 11.76 | % | 11.64 | % | 11.65 | % | 11.75 | % | 11.89 | % |
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Quarter Ended September 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 & Industrial | $ | 834,727 | $ | 14,460 | 6.87 | % | $ | 753,618 | $ | 10,237 | 5.40 | % | ||||||||
Municipal | 146,877 | 1,622 | 4.42 | % | 102,206 | 799 | 3.13 | % | ||||||||||||
Commercial Real Estate | 1,739,088 | 27,847 | 6.35 | % | 1,527,187 | 21,080 | 5.49 | % | ||||||||||||
Construction | 146,735 | 2,429 | 6.48 | % | 135,682 | 1,844 | 5.41 | % | ||||||||||||
Residential Real Estate | 1,249,334 | 19,119 | 6.09 | % | 1,181,885 | 15,859 | 5.36 | % | ||||||||||||
Consumer | 261,000 | 3,739 | 5.68 | % | 250,197 | 3,636 | 5.78 | % | ||||||||||||
Total Loans | 4,377,761 | 69,216 | 6.27 | % | 3,950,775 | 53,455 | 5.39 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,340,640 | 13,858 | 4.13 | % | 1,439,643 | 14,807 | 4.11 | % | ||||||||||||
Tax-Favored Securities | 1,008 | 15 | 6.04 | % | 1,295 | 20 | 6.27 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 250 | 2 | 2.46 | % | 150 | — | 1.09 | % | ||||||||||||
Federal Funds Sold | 18,840 | 164 | 3.46 | % | 22,887 | 50 | 0.86 | % | ||||||||||||
Total Interest-Earning Assets | 5,738,499 | 83,255 | 5.76 | % | 5,414,750 | 68,332 | 5.03 | % | ||||||||||||
NonInterest-Earning Assets | 571,811 | 573,866 | ||||||||||||||||||
Allowance for Loan Losses | (61,444 | ) | (58,344 | ) | ||||||||||||||||
Total Assets | $ | 6,248,866 | $ | 5,930,272 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | 502,122 | 597 | 0.47 | % | 538,913 | 411 | 0.30 | % | ||||||||||||
Now | 890,033 | 1,237 | 0.55 | % | 892,358 | 628 | 0.28 | % | ||||||||||||
CMA/Money Market | 1,518,362 | 6,005 | 1.57 | % | 1,570,431 | 3,019 | 0.76 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 814,942 | 5,118 | 2.49 | % | 765,759 | 3,637 | 1.89 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 599,388 | 4,604 | 3.05 | % | 353,403 | 1,716 | 1.93 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,324,847 | 17,561 | 1.61 | % | 4,120,864 | 9,411 | 0.91 | % | ||||||||||||
Borrowings | 206,070 | 2,570 | 4.95 | % | 192,738 | 1,739 | 3.59 | % | ||||||||||||
Repos | 66,187 | 275 | 1.65 | % | 74,585 | 150 | 0.80 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,597,104 | 20,406 | 1.76 | % | 4,388,187 | 11,300 | 1.02 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 945,559 | 897,127 | ||||||||||||||||||
Other Liabilities | 63,400 | 53,821 | ||||||||||||||||||
Total Liabilities | 5,606,063 | 5,339,135 | ||||||||||||||||||
Stockholders’ Equity | 642,803 | 591,137 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,248,866 | $ | 5,930,272 | ||||||||||||||||
Net Interest Income | $ | 62,849 | $ | 57,032 | ||||||||||||||||
Interest Rate Spread (2) | 4.00 | % | 4.01 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.35 | % | 4.20 | % |
(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 Nine Months Ended September 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 & Industrial | $ | 818,953 | $ | 39,533 | 6.45 | % | $ | 705,931 | $ | 28,371 | 5.37 | % | ||||||||
Municipal | 117,175 | 3,356 | 3.82 | % | 93,975 | 2,162 | 3.07 | % | ||||||||||||
Commercial Real Estate | 1,681,183 | 76,840 | 6.11 | % | 1,491,623 | 60,460 | 5.41 | % | ||||||||||||
Construction | 148,337 | 7,047 | 6.26 | % | 136,280 | 5,180 | 5.08 | % | ||||||||||||
Residential Real Estate | 1,227,900 | 53,498 | 5.80 | % | 1,170,668 | 46,109 | 5.25 | % | ||||||||||||
Consumer | 250,493 | 10,641 | 5.68 | % | 249,591 | 11,449 | 6.13 | % | ||||||||||||
Total Loans | 4,244,041 | 190,915 | 6.00 | % | 3,848,068 | 153,731 | 5.33 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,398,707 | 43,710 | 4.17 | % | 1,472,216 | 45,145 | 4.09 | % | ||||||||||||
Tax-Favored Securities | 1,197 | 56 | 6.23 | % | 1,295 | 61 | 6.31 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 198 | 3 | 2.18 | % | 150 | 1 | 1.20 | % | ||||||||||||
Federal Funds Sold | 6,792 | 173 | 3.40 | % | 11,642 | 106 | 1.22 | % | ||||||||||||
Total Interest-Earning Assets | 5,650,935 | 234,857 | 5.55 | % | 5,333,371 | 199,044 | 4.98 | % | ||||||||||||
NonInterest-Earning Assets | 560,766 | 563,315 | ||||||||||||||||||
Allowance for Loan Losses | (60,450 | ) | (58,061 | ) | ||||||||||||||||
Total Assets | $ | 6,151,251 | $ | 5,838,625 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | 509,436 | 1,567 | 0.41 | % | 527,918 | 1,223 | 0.31 | % | ||||||||||||
Now | 876,608 | 2,927 | 0.45 | % | 884,226 | 1,771 | 0.27 | % | ||||||||||||
CMA/Money Market | 1,519,236 | 14,474 | 1.27 | % | 1,530,564 | 8,070 | 0.70 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 782,401 | 13,177 | 2.25 | % | 775,005 | 10,918 | 1.88 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 526,632 | 10,877 | 2.76 | % | 311,979 | 4,157 | 1.78 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,214,313 | 43,022 | 1.36 | % | 4,029,692 | 26,139 | 0.87 | % | ||||||||||||
Borrowings | 246,970 | 7,944 | 4.30 | % | 225,738 | 5,199 | 3.08 | % | ||||||||||||
Repos | 94,774 | 1,202 | 1.70 | % | 73,264 | 465 | 0.85 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,556,057 | 52,168 | 1.53 | % | 4,328,694 | 31,803 | 0.98 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 905,381 | 868,889 | ||||||||||||||||||
Other Liabilities | 58,694 | 53,893 | ||||||||||||||||||
Total Liabilities | 5,520,132 | 5,251,476 | ||||||||||||||||||
Stockholders’ Equity | 631,119 | 587,149 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,151,251 | $ | 5,838,625 | ||||||||||||||||
Net Interest Income | $ | 182,689 | $ | 167,241 | ||||||||||||||||
Interest Rate Spread (2) | 4.02 | % | 4.00 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.31 | % | 4.19 | % |
(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. |