Exhibit 99.2
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
($ in thousands)
03/31/04 | 06/30/04 | 09/30/04 | 12/31/04 | 03/31/05 | 06/30/05 | 09/30/05 | 12/31/05 | 03/31/06 | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 154,178 | $ | 170,940 | $ | 165,191 | $ | 136,468 | $ | 146,861 | $ | 176,425 | $ | 150,409 | $ | 180,707 | $ | 142,887 | ||||||||||||||||||
Securities Available For Sale | 1,473,497 | 1,412,206 | 1,458,149 | 1,446,221 | 1,409,434 | 1,363,180 | 1,348,521 | 1,383,909 | 1,344,016 | |||||||||||||||||||||||||||
FRB and FHLB Stock | 20,753 | 12,240 | 19,243 | 19,243 | 19,352 | 19,352 | 19,352 | 19,352 | 19,352 | |||||||||||||||||||||||||||
Loans Held For Sale | 32,276 | 49,497 | 35,723 | 33,535 | 22,131 | 22,611 | 34,774 | 19,737 | 19,319 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Commercial & Industrial | 686,304 | 740,410 | 770,933 | 801,369 | 812,050 | 831,537 | 841,430 | 848,420 | 836,986 | |||||||||||||||||||||||||||
Municipal | 92,338 | 66,533 | 105,781 | 106,120 | 98,128 | 79,070 | 156,630 | 160,357 | 172,443 | |||||||||||||||||||||||||||
Multi-Family | 182,085 | 189,589 | 181,622 | 182,541 | 180,632 | 185,920 | 192,563 | 196,590 | 195,809 | |||||||||||||||||||||||||||
Commercial Real Estate | 1,485,031 | 1,505,880 | 1,558,221 | 1,590,457 | 1,651,247 | 1,736,665 | 1,760,621 | 1,778,202 | 1,827,096 | |||||||||||||||||||||||||||
Construction | 138,497 | 129,901 | 143,871 | 174,283 | 133,799 | 124,648 | 173,909 | 192,165 | 212,824 | |||||||||||||||||||||||||||
Residential Real Estate | 666,753 | 667,676 | 685,714 | 688,017 | 712,133 | 733,472 | 724,873 | 737,462 | 731,798 | |||||||||||||||||||||||||||
Home Equity Credit Lines | 277,062 | 276,640 | 287,479 | 294,656 | 297,649 | 307,866 | 316,733 | 316,465 | 316,355 | |||||||||||||||||||||||||||
Consumer | 252,097 | 249,208 | 246,889 | 239,750 | 242,239 | 255,239 | 259,865 | 257,829 | 254,719 | |||||||||||||||||||||||||||
Total Loans | 3,780,167 | 3,825,837 | 3,980,510 | 4,077,193 | 4,127,877 | 4,254,417 | 4,426,624 | 4,487,490 | 4,548,030 | |||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (57,500 | ) | (57,969 | ) | (58,598 | ) | (59,031 | ) | (59,811 | ) | (60,805 | ) | (61,468 | ) | (60,822 | ) | (61,464 | ) | ||||||||||||||||||
Net Loans | 3,722,667 | 3,767,868 | 3,921,912 | 4,018,162 | 4,068,066 | 4,193,612 | 4,365,156 | 4,426,668 | 4,486,566 | |||||||||||||||||||||||||||
Acrrued Interest Receivable | 25,582 | 27,376 | 26,607 | 28,956 | 28,443 | 29,689 | 29,202 | 32,621 | 32,772 | |||||||||||||||||||||||||||
Other Assets | 57,131 | 78,963 | 72,391 | 70,609 | 74,841 | 87,491 | 90,480 | 93,377 | 93,673 | |||||||||||||||||||||||||||
Premises and Equipment, net | 72,273 | 72,805 | 73,927 | 74,271 | 72,336 | 71,632 | 70,509 | 69,731 | 68,568 | |||||||||||||||||||||||||||
Mortgage Servicing Rights | 10,866 | 12,562 | 12,119 | 11,826 | 12,074 | 12,073 | 12,970 | 13,741 | 13,966 | |||||||||||||||||||||||||||
Identified Intangibles | 21,978 | 21,972 | 21,196 | 20,422 | 19,648 | 18,983 | 18,320 | 17,655 | 16,991 | |||||||||||||||||||||||||||
Goodwill | 216,431 | 216,697 | 216,697 | 216,136 | 216,136 | 216,136 | 216,136 | 216,038 | 216,038 | |||||||||||||||||||||||||||
Total Assets | $ | 5,807,632 | $ | 5,843,126 | $ | 6,023,155 | $ | 6,075,849 | $ | 6,089,322 | $ | 6,211,184 | $ | 6,355,829 | $ | 6,473,536 | $ | 6,454,148 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand | $ | 848,758 | $ | 891,244 | $ | 907,396 | $ | 890,561 | $ | 881,954 | $ | 934,234 | $ | 988,096 | $ | 973,752 | $ | 929,718 | ||||||||||||||||||
Savings | 526,625 | 541,138 | 534,286 | 519,623 | 514,215 | 502,525 | 499,119 | 489,734 | 489,944 | |||||||||||||||||||||||||||
NOW | 894,575 | 912,175 | 903,307 | 890,701 | 898,720 | 908,148 | 891,058 | 861,000 | 906,934 | |||||||||||||||||||||||||||
CMAs / Money Market | 1,472,377 | 1,491,522 | 1,603,059 | 1,577,474 | 1,527,753 | 1,418,634 | 1,592,743 | 1,749,878 | 1,584,777 | |||||||||||||||||||||||||||
Certificates of Deposit Less than $100,000 | 780,940 | 762,188 | 737,641 | 735,577 | 763,502 | 811,389 | 814,435 | 814,289 | 853,645 | |||||||||||||||||||||||||||
Certificates of Deposit $100,000 and Over | 311,067 | 316,025 | 406,788 | 424,794 | 477,019 | 569,505 | 607,897 | 625,682 | 618,319 | |||||||||||||||||||||||||||
Total Deposits | 4,834,342 | 4,914,292 | 5,092,477 | 5,038,730 | 5,063,163 | 5,144,435 | 5,393,348 | 5,514,335 | 5,383,337 | |||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 76,051 | 75,016 | 71,056 | 76,716 | 91,443 | 56,775 | 64,114 | 56,315 | 53,238 | |||||||||||||||||||||||||||
Other Borrowings | 236,446 | 204,122 | 182,450 | 279,755 | 254,418 | 296,903 | 179,552 | 171,008 | 288,482 | |||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 54,127 | 54,452 | 58,058 | 52,296 | 54,721 | 64,466 | 63,428 | 60,488 | 59,295 | |||||||||||||||||||||||||||
Total Liabilities | 5,200,966 | 5,247,882 | 5,404,041 | 5,447,497 | 5,463,745 | 5,562,579 | 5,700,442 | 5,802,146 | 5,784,352 | |||||||||||||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||
Common Stock | 50,196 | 50,202 | 50,202 | 50,204 | 50,207 | 50,210 | 50,220 | 50,220 | 50,235 | |||||||||||||||||||||||||||
Surplus | 267,248 | 268,579 | 270,996 | 271,338 | 271,166 | 273,532 | 274,429 | 276,278 | 272,696 | |||||||||||||||||||||||||||
Retained earnings | 338,966 | 348,667 | 358,858 | 370,472 | 381,203 | 392,312 | 405,624 | 419,057 | 430,811 | |||||||||||||||||||||||||||
Treasury, at cost | (76,058 | ) | (72,967 | ) | (71,017 | ) | (69,246 | ) | (68,233 | ) | (67,657 | ) | (65,684 | ) | (60,801 | ) | (64,189 | ) | ||||||||||||||||||
Other Comprehensive Income | 21,964 | (3,772 | ) | 5,377 | 672 | (13,747 | ) | (4,978 | ) | (14,595 | ) | (18,968 | ) | (25,216 | ) | |||||||||||||||||||||
Director’s Deferred Compensation to be Settled in Stock | 4,381 | 4,562 | 4,720 | 4,930 | 4,996 | 5,197 | 5,400 | 5,604 | 5,459 | |||||||||||||||||||||||||||
Unearned Portion of Employee Restricted Stock | (31 | ) | (27 | ) | (22 | ) | (18 | ) | (15 | ) | (11 | ) | (7 | ) | — | — | ||||||||||||||||||||
Total Stockholders’ Equity | 606,666 | 595,244 | 619,114 | 628,352 | 625,577 | 648,605 | 655,387 | 671,390 | 669,796 | |||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 5,807,632 | $ | 5,843,126 | $ | 6,023,155 | $ | 6,075,849 | $ | 6,089,322 | $ | 6,211,184 | $ | 6,355,829 | $ | 6,473,536 | $ | 6,454,148 | ||||||||||||||||||
Prior year amounts reflect the modified retrospective application of SFAS 123R
CHITTENDEN CORPORATION
Consolidated Quarterly Statements of Income (Unaudited)
($ in thousands)
QTR | QTR | QTR | QTR | QTR | QTR | QTR | QTR | QTR | |||||||||||||||||||||||
03/31/04 | 06/30/04 | 09/30/04 | 12/31/04 | 03/31/05 | 06/30/05 | 09/30/05 | 12/31/05 | 03/31/06 | |||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||||
Loans | $ | 49,254 | $ | 50,461 | $ | 53,090 | $ | 56,302 | $ | 58,151 | $ | 62,786 | $ | 68,588 | $ | 71,834 | $ | 73,265 | |||||||||||||
Investments | 15,600 | 14,822 | 14,879 | 15,359 | 15,061 | 14,829 | 14,033 | 14,960 | 14,694 | ||||||||||||||||||||||
Total Interest Income | 64,854 | 65,283 | 67,969 | 71,661 | 73,212 | 77,615 | 82,621 | 86,794 | 87,959 | ||||||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||||||||||
Deposits | 8,189 | 8,539 | 9,411 | 10,300 | 11,268 | 14,193 | 17,561 | 20,904 | 23,065 | ||||||||||||||||||||||
Borrowings | 1,954 | 1,820 | 1,889 | 2,167 | 2,959 | 3,342 | 2,845 | 2,857 | 3,898 | ||||||||||||||||||||||
Total Interest Expense | 10,143 | 10,359 | 11,300 | 12,467 | 14,227 | 17,535 | 20,406 | 23,761 | 26,963 | ||||||||||||||||||||||
Net Interest Income | 54,711 | 54,924 | 56,669 | 59,194 | 58,985 | 60,080 | 62,215 | 63,033 | 60,996 | ||||||||||||||||||||||
Provision for Credit Losses | 427 | 1,100 | 1,025 | 1,825 | 1,075 | 1,400 | 1,325 | 1,354 | 1,533 | ||||||||||||||||||||||
Net Interest Income after Provision for Credit Losses | 54,284 | 53,824 | 55,644 | 57,369 | 57,910 | 58,680 | 60,890 | 61,679 | 59,463 | ||||||||||||||||||||||
Noninterest Income: | |||||||||||||||||||||||||||||||
Investment Management and Trust | 5,296 | 5,476 | 5,528 | 5,322 | 4,971 | 5,003 | 4,996 | 5,047 | 5,153 | ||||||||||||||||||||||
Service Charges on Deposits | 4,691 | 4,775 | 4,241 | 4,179 | 4,041 | 4,093 | 4,053 | 3,926 | 3,929 | ||||||||||||||||||||||
Mortgage Servicing | (767 | ) | 1,348 | (162 | ) | (260 | ) | 355 | 209 | 658 | 607 | 663 | |||||||||||||||||||
Gains on Sales of Loans, Net | 1,901 | 2,895 | 2,261 | 2,604 | 2,131 | 2,003 | 2,586 | 2,301 | 1,370 | ||||||||||||||||||||||
Gains (Losses) on Sales of Securities | 1,802 | 240 | 186 | 107 | 0 | (1 | ) | 7 | 0 | 0 | |||||||||||||||||||||
Loss on Prepayments of Borrowings | (1,194 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Credit Card, Net | 908 | 1,022 | 1,146 | 1,074 | 975 | 1,131 | 1,237 | 1,193 | 1,192 | ||||||||||||||||||||||
Insurance Commissions, Net | 2,626 | 1,728 | 1,389 | 1,223 | 2,364 | �� | 1,526 | 1,341 | 1,134 | 2,046 | |||||||||||||||||||||
Other | 2,740 | 3,154 | 3,252 | 2,674 | 2,722 | 3,212 | 2,900 | 3,243 | 3,234 | ||||||||||||||||||||||
Total Noninterest Income | 18,003 | 20,638 | 17,841 | 16,923 | 17,559 | 17,176 | 17,778 | 17,451 | 17,587 | ||||||||||||||||||||||
Noninterest Expense: | |||||||||||||||||||||||||||||||
Salaries | 22,202 | 22,340 | 22,482 | 21,436 | 21,676 | 23,911 | 22,250 | 21,659 | 22,917 | ||||||||||||||||||||||
Employee Benefits | 5,971 | 5,679 | 5,027 | 5,281 | 6,479 | 4,238 | 5,784 | 5,717 | 5,752 | ||||||||||||||||||||||
Net Occupancy | 6,026 | 5,752 | 5,481 | 5,410 | 6,326 | 6,024 | 5,844 | 5,900 | 6,150 | ||||||||||||||||||||||
Data Processing | 2,293 | 1,985 | 994 | 916 | 775 | 810 | 921 | 951 | 971 | ||||||||||||||||||||||
Amortization of Intangibles | 755 | 772 | 776 | 774 | 774 | 664 | 665 | 665 | 665 | ||||||||||||||||||||||
Conversion and Restructuring Charges | 152 | 1,318 | 505 | 291 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Other | 9,256 | 9,410 | 10,124 | 9,782 | 10,182 | 10,582 | 9,948 | 11,097 | 9,945 | ||||||||||||||||||||||
Total Noninterest Expense | 46,655 | 47,256 | 45,389 | 43,890 | 46,212 | 46,229 | 45,412 | 45,989 | 46,400 | ||||||||||||||||||||||
Income Before Income Taxes | 25,632 | 27,206 | 28,096 | 30,402 | 29,257 | 29,627 | 33,256 | 33,141 | 30,650 | ||||||||||||||||||||||
Income Tax Expense | 9,008 | 9,405 | 9,784 | 10,459 | 10,175 | 10,167 | 11,572 | 11,328 | 10,452 | ||||||||||||||||||||||
Net Income | $ | 16,624 | $ | 17,801 | $ | 18,312 | $ | 19,943 | $ | 19,082 | $ | 19,460 | $ | 21,684 | $ | 21,813 | $ | 20,198 | |||||||||||||
Prior year amounts reflect the modified retrospective application of SFAS 123R and the reclassification of franchise tax from income tax expense to other noninterest expense.
CHITTENDEN CORPORATION
Selected Quarterly Financial Data (Unaudited)
($ in thousands, except share and per share data)
QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | ||||||||||||||||||||||||||||
03/31/04 | 06/30/04 | 09/30/04 | 12/31/04 | 03/31/05 | 06/30/05 | 09/30/05 | 12/31/05 | 03/31/06 | ||||||||||||||||||||||||||||
Per Common Share | ||||||||||||||||||||||||||||||||||||
Earnings, Basic | $ | 0.36 | $ | 0.39 | $ | 0.40 | $ | 0.43 | $ | 0.41 | $ | 0.42 | $ | 0.47 | $ | 0.46 | $ | 0.43 | ||||||||||||||||||
Earnings, Diluted | 0.36 | 0.38 | 0.39 | 0.43 | 0.41 | 0.41 | 0.46 | 0.46 | 0.43 | |||||||||||||||||||||||||||
Dividends | 0.16 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | |||||||||||||||||||||||||||
Book Value | 13.20 | 12.90 | 13.39 | 13.56 | 13.48 | 13.97 | 14.08 | 14.34 | 14.33 | |||||||||||||||||||||||||||
Tangible Book Value | 8.01 | 7.73 | 8.24 | 8.45 | 8.40 | 8.90 | 9.04 | 9.35 | 9.34 | |||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||
Nonperforming Assets (including OREO) | $ | 20,657 | $ | 20,624 | $ | 21,565 | $ | 20,024 | $ | 20,692 | $ | 23,150 | $ | 18,299 | $ | 16,194 | $ | 24,844 | ||||||||||||||||||
90 Days past due and still accruing | 3,201 | 3,777 | 3,140 | 2,604 | 4,543 | 1,981 | 2,720 | 3,038 | 3,323 | |||||||||||||||||||||||||||
Total | $ | 23,858 | $ | 24,401 | $ | 24,705 | $ | 22,628 | $ | 25,235 | $ | 25,131 | $ | 21,019 | $ | 19,232 | $ | 28,167 | ||||||||||||||||||
Nonperforming Assets to Loans Plus OREO | 0.55 | % | 0.54 | % | 0.54 | % | 0.49 | % | 0.50 | % | 0.54 | % | 0.41 | % | 0.36 | % | 0.55 | % | ||||||||||||||||||
Allowance for loan losses | $ | 57,500 | $ | 57,969 | $ | 58,598 | $ | 59,031 | $ | 59,811 | $ | 60,805 | $ | 61,468 | $ | 60,822 | $ | 61,464 | ||||||||||||||||||
Reserve for unfunded commitments | — | — | — | — | — | — | — | 1,200 | 1,200 | |||||||||||||||||||||||||||
Allowance for credit losses | $ | 57,500 | $ | 57,969 | $ | 58,598 | $ | 59,031 | $ | 59,811 | $ | 60,805 | $ | 61,468 | $ | 62,022 | $ | 62,664 | ||||||||||||||||||
Allowance for credit losses to Loans | 1.52 | % | 1.52 | % | 1.47 | % | 1.45 | % | 1.45 | % | 1.43 | % | 1.39 | % | 1.38 | % | 1.38 | % | ||||||||||||||||||
Allowance for credit losses to Loans (excluding munis) | 1.56 | % | 1.54 | % | 1.51 | % | 1.49 | % | 1.48 | % | 1.46 | % | 1.44 | % | 1.43 | % | 1.43 | % | ||||||||||||||||||
Allowance for credit losses to NPLs (excluding OREO) | 278.85 | % | 281.70 | % | 284.76 | % | 296.41 | % | 289.29 | % | 262.71 | % | 335.92 | % | 392.06 | % | 257.81 | % | ||||||||||||||||||
Gross Charge-offs | $ | 1,251 | $ | 1,433 | $ | 1,654 | $ | 2,821 | $ | 1,154 | $ | 1,313 | $ | 1,668 | $ | 1,840 | $ | 1,753 | ||||||||||||||||||
Gross Recoveries | 860 | 802 | 1,258 | 1,428 | 859 | 907 | 1,006 | 1,040 | 862 | |||||||||||||||||||||||||||
Net Charge-offs | $ | 391 | $ | 631 | $ | 396 | $ | 1,393 | $ | 295 | $ | 406 | $ | 662 | $ | 800 | $ | 891 | ||||||||||||||||||
Net Charge-off Ratio | 0.01 | % | 0.02 | % | 0.01 | % | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.02 | % | ||||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||||||||||||||||||
Securities | $ | 1,530,534 | $ | 1,449,419 | $ | 1,440,938 | $ | 1,495,302 | $ | 1,450,210 | $ | 1,409,045 | $ | 1,341,648 | $ | 1,378,688 | $ | 1,391,413 | ||||||||||||||||||
Loans, Net | 3,701,494 | 3,777,039 | 3,892,431 | 4,000,917 | 4,057,647 | 4,174,491 | 4,316,317 | 4,408,205 | 4,455,403 | |||||||||||||||||||||||||||
Earning Assets | 5,292,868 | 5,294,057 | 5,414,750 | 5,572,226 | 5,568,124 | 5,644,833 | 5,738,499 | 5,895,121 | 5,915,366 | |||||||||||||||||||||||||||
Total Assets | 5,792,012 | 5,806,965 | 5,938,318 | 6,097,711 | 6,068,272 | 6,151,863 | 6,257,730 | 6,418,971 | 6,430,410 | |||||||||||||||||||||||||||
Deposits | 4,808,334 | 4,868,682 | 5,017,991 | 5,128,344 | 5,000,949 | 5,085,064 | 5,270,406 | 5,454,388 | 5,377,674 | |||||||||||||||||||||||||||
Borrowings | 339,983 | 290,730 | 267,323 | 291,919 | 386,613 | 367,617 | 272,257 | 246,660 | 321,073 | |||||||||||||||||||||||||||
Stockholders’ Equity | 593,969 | 596,449 | 599,183 | 623,515 | 629,371 | 637,904 | 651,667 | 660,353 | 671,058 | |||||||||||||||||||||||||||
Common Shares Outstanding | 45,954,210 | 46,134,686 | 46,241,091 | 46,341,819 | 46,401,555 | 46,437,041 | 46,556,737 | 46,829,048 | 46,748,381 | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 45,898,854 | 46,045,415 | 46,188,260 | 46,293,418 | 46,384,816 | 46,414,471 | 46,519,124 | 46,689,991 | 46,804,242 | |||||||||||||||||||||||||||
Weighted Average Common and Common Equivalent Shares Outstanding | 46,522,363 | 46,557,193 | 46,863,102 | 46,959,927 | 46,918,134 | 46,900,608 | 47,108,614 | 47,291,129 | 47,401,157 | |||||||||||||||||||||||||||
Return on Average Tangible Equity | 19.04 | % | 20.20 | % | 20.39 | % | 20.72 | % | 19.94 | % | 19.58 | % | 20.80 | % | 20.47 | % | 18.92 | % | ||||||||||||||||||
Return on Average Equity | 11.26 | % | 12.00 | % | 12.16 | % | 12.72 | % | 12.30 | % | 12.24 | % | 13.20 | % | 13.11 | % | 12.21 | % | ||||||||||||||||||
Return on Average Tangible Assets | 1.24 | % | 1.32 | % | 1.31 | % | 1.39 | % | 1.36 | % | 1.35 | % | 1.46 | % | 1.43 | % | 1.35 | % | ||||||||||||||||||
Return on Average Assets | 1.15 | % | 1.23 | % | 1.23 | % | 1.30 | % | 1.28 | % | 1.27 | % | 1.37 | % | 1.35 | % | 1.27 | % | ||||||||||||||||||
Net Yield on Earning Assets | 4.17 | % | 4.18 | % | 4.20 | % | 4.27 | % | 4.30 | % | 4.29 | % | 4.35 | % | 4.30 | % | 4.20 | % | ||||||||||||||||||
Efficiency Ratio | 62.16 | % | 58.78 | % | 59.36 | % | 55.81 | % | 58.07 | % | 59.87 | % | 54.57 | % | 54.37 | % | 56.61 | % | ||||||||||||||||||
Tangible Capital Ratio (TCR) | 6.61 | % | 6.36 | % | 6.59 | % | 6.71 | % | 6.66 | % | 6.92 | % | 6.88 | % | 7.01 | % | 7.02 | % | ||||||||||||||||||
TCR without Other Comprehensive Income | 6.26 | % | 6.42 | % | 6.51 | % | 6.70 | % | 6.87 | % | 6.99 | % | 7.09 | % | 7.28 | % | 7.38 | % | ||||||||||||||||||
Leverage Ratio | 8.41 | % | 8.45 | % | 8.52 | % | 8.54 | % | 8.79 | % | 9.10 | % | 9.13 | % | 9.21 | % | 9.38 | % | ||||||||||||||||||
Tier 1 Capital Ratio | 10.52 | % | 10.61 | % | 10.31 | % | 10.61 | % | 10.62 | % | 10.73 | % | 10.90 | % | 11.23 | % | 11.61 | % | ||||||||||||||||||
Total Capital Ratio | 11.77 | % | 11.86 | % | 11.50 | % | 11.82 | % | 11.81 | % | 11.92 | % | 12.07 | % | 12.40 | % | 12.82 | % |
Prior year amounts reflect the modified retrospective application of SFAS 123R
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Quarter Ended March 31, 2006
2006 | 2005 | |||||||||||||||||||
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 | $ | 819,350 | $ | 14,829 | 7.34 | % | $ | 797,135 | $ | 11,897 | 6.05 | % | ||||||||
Municipal | 167,123 | $ | 1,972 | 4.72 | % | 99,817 | 829 | 3.32 | % | |||||||||||
Multi family | 196,272 | $ | 3,305 | 6.73 | % | 181,487 | 2,767 | 6.10 | % | |||||||||||
Commercial Real Estate | 1,812,236 | 30,031 | 6.72 | % | 1,620,541 | 23,406 | 5.86 | % | ||||||||||||
Construction | 205,858 | 3,606 | 7.01 | % | 160,528 | 2,331 | 5.89 | % | ||||||||||||
Residential Real Estate | 749,140 | 11,016 | 5.88 | % | 719,294 | 9,850 | 5.48 | % | ||||||||||||
Home Equity | 313,045 | 5,678 | 7.36 | % | 295,371 | 4,027 | 5.53 | % | ||||||||||||
Consumer | 254,068 | 3,554 | 5.67 | % | 242,967 | 3,416 | 5.70 | % | ||||||||||||
Total Loans | 4,517,092 | 73,991 | 6.63 | % | 4,117,140 | 58,523 | 5.75 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,390,914 | 14,617 | 4.20 | % | 1,448,917 | 15,043 | 4.15 | % | ||||||||||||
Tax-Favored Securities | 499 | 8 | 6.73 | % | 1,293 | 21 | 6.67 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 250 | 2 | 2.79 | % | 150 | 1 | 1.51 | % | ||||||||||||
Federal Funds Sold | 6,611 | 69 | 4.22 | % | 624 | 5 | 3.13 | % | ||||||||||||
Total Interest-Earning Assets | 5,915,366 | 88,687 | 6.05 | % | 5,568,124 | 73,593 | 5.33 | % | ||||||||||||
NonInterest-Earning Assets | 576,733 | 559,641 | ||||||||||||||||||
Allowance for Loan Losses | (61,689 | ) | (59,493 | ) | ||||||||||||||||
Total Assets | $ | 6,430,410 | $ | 6,068,272 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | 491,024 | 712 | 0.59 | % | 519,094 | 454 | 0.35 | % | ||||||||||||
Now | 869,710 | 1,431 | 0.67 | % | 862,986 | 719 | 0.34 | % | ||||||||||||
CMA/Money Market | 1,641,966 | 9,253 | 2.29 | % | 1,556,726 | 3,901 | 1.02 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 832,148 | 6,018 | 2.93 | % | 760,923 | 3,781 | 2.02 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 621,674 | 5,651 | 3.69 | % | 420,139 | 2,413 | 2.33 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,456,522 | 23,065 | 2.10 | % | 4,119,868 | 11,268 | 1.11 | % | ||||||||||||
Borrowings | 256,497 | 3,533 | 5.59 | % | 269,496 | 2,540 | 3.82 | % | ||||||||||||
Repos | 64,576 | 365 | 2.29 | % | 117,117 | 419 | 1.45 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,777,595 | 26,963 | 2.29 | % | 4,506,481 | 14,227 | 1.28 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 921,152 | 881,080 | ||||||||||||||||||
Other Liabilities | 60,605 | 51,340 | ||||||||||||||||||
Total Liabilities | 5,759,352 | 5,438,901 | ||||||||||||||||||
Stockholders’ Equity | 671,058 | 629,371 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,430,410 | 6,068,272 | |||||||||||||||||
Net Interest Income | $ | 61,724 | $ | 59,366 | ||||||||||||||||
Interest Rate Spread (2) | 3.76 | % | 4.05 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.20 | % | 4.30 | % |
(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 First Quarter Ended March 31, 2006 v.s. Fourth Quarter Ended December 31, 2005
3/31/2006 | 12/31/2005 | |||||||||||||||||||
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 | $ | 819,350 | $ | 14,829 | 7.34 | % | $ | 847,452 | $ | 15,110 | 7.07 | % | ||||||||
Municipal | 167,123 | $ | 1,972 | 4.72 | % | 158,044 | 1,860 | 4.71 | % | |||||||||||
Multi family | 196,272 | $ | 3,305 | 6.73 | % | 193,077 | 3,248 | 6.73 | % | |||||||||||
Commercial Real Estate | 1,812,236 | 30,031 | 6.72 | % | 1,756,346 | 29,108 | 6.58 | % | ||||||||||||
Construction | 205,858 | 3,606 | 7.01 | % | 188,726 | 3,250 | 6.74 | % | ||||||||||||
Residential Real Estate | 749,140 | 11,016 | 5.88 | % | 751,154 | 10,795 | 5.75 | % | ||||||||||||
Home Equity | 313,045 | 5,678 | 7.36 | % | 316,647 | 5,483 | 6.87 | % | ||||||||||||
Consumer | 254,068 | 3,554 | 5.67 | % | 258,902 | 3,656 | 5.60 | % | ||||||||||||
Total Loans | 4,517,092 | 73,991 | 6.63 | % | 4,470,348 | 72,510 | 6.44 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,390,914 | 14,617 | 4.20 | % | 1,377,835 | 14,467 | 4.20 | % | ||||||||||||
Tax-Favored Securities | 499 | 8 | 6.73 | % | 853 | 13 | 6.19 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 250 | 2 | 2.79 | % | 250 | 2 | 2.68 | % | ||||||||||||
Federal Funds Sold | 6,611 | 69 | 4.22 | % | 45,835 | 472 | 4.08 | % | ||||||||||||
Total Interest-Earning Assets | 5,915,366 | 88,687 | 6.05 | % | 5,895,121 | 87,464 | 5.89 | % | ||||||||||||
NonInterest-Earning Assets | 576,733 | 585,993 | ||||||||||||||||||
Allowance for Loan Losses | (61,689 | ) | (62,143 | ) | ||||||||||||||||
Total Assets | $ | 6,430,410 | $ | 6,418,971 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | 491,024 | 712 | 0.59 | % | 492,538 | 634 | 0.51 | % | ||||||||||||
Now | 869,710 | 1,431 | 0.67 | % | 853,946 | 1,154 | 0.54 | % | ||||||||||||
CMA/Money Market | 1,641,966 | 9,253 | 2.29 | % | 1,685,040 | 8,255 | 1.94 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 832,148 | 6,018 | 2.93 | % | 816,388 | 5,459 | 2.65 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 621,674 | 5,651 | 3.69 | % | 635,402 | 5,402 | 3.37 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,456,522 | 23,065 | 2.10 | % | 4,483,314 | 20,904 | 1.85 | % | ||||||||||||
Repos | 64,576 | 365 | 2.29 | % | 62,735 | 296 | 1.87 | % | ||||||||||||
Other Borrowings | 256,497 | 3,533 | 5.59 | % | 183,925 | 2,561 | 5.52 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,777,595 | 26,963 | 2.29 | % | 4,729,974 | 23,761 | 1.99 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 921,152 | 971,074 | ||||||||||||||||||
Other Liabilities | 60,605 | 57,570 | ||||||||||||||||||
Total Liabilities | 5,759,352 | 5,758,618 | ||||||||||||||||||
Stockholders' Equity | 671,058 | 660,353 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,430,410 | $ | 6,418,971 | ||||||||||||||||
Net Interest Income | $ | 61,724 | $ | 63,703 | ||||||||||||||||
Interest Rate Spread (2) | 3.76 | % | 3.90 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.20 | % | 4.30 | % |
(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. |