Exhibit 99.2
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
($ in thousands)
12/31/04 | 03/31/05 | 06/30/05 | 09/30/05 | 12/31/05 | 03/31/06 | 06/30/06 | 09/30/06 | 12/31/06 | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 136,468 | $ | 146,861 | $ | 176,425 | $ | 150,409 | $ | 180,707 | $ | 142,887 | $ | 172,567 | $ | 145,393 | $ | 199,358 | ||||||||||||||||||
Securities Available For Sale | 1,446,221 | 1,409,434 | 1,363,180 | 1,348,521 | 1,383,909 | 1,344,016 | 1,288,390 | 1,231,369 | 1,137,352 | |||||||||||||||||||||||||||
FRB and FHLB Stock | 19,243 | 19,352 | 19,352 | 19,352 | 19,352 | 19,352 | 18,577 | 16,124 | 13,403 | |||||||||||||||||||||||||||
Loans Held For Sale | 33,535 | 22,131 | 22,611 | 34,774 | 19,737 | 19,319 | 18,882 | 21,646 | 17,354 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Commercial & Industrial (C&I) | 801,369 | 812,050 | 831,537 | 841,430 | 848,420 | 836,986 | 851,692 | 854,475 | 853,839 | |||||||||||||||||||||||||||
Municipal | 106,120 | 98,128 | 79,070 | 156,630 | 160,357 | 172,443 | 90,206 | 144,152 | 141,522 | |||||||||||||||||||||||||||
Multi-Family | 182,541 | 180,632 | 185,920 | 192,563 | 196,590 | 195,809 | 205,443 | 213,153 | 216,049 | |||||||||||||||||||||||||||
Commercial Real Estate | 1,590,457 | 1,651,247 | 1,736,665 | 1,760,621 | 1,778,202 | 1,827,096 | 1,884,716 | 1,933,279 | 1,942,685 | |||||||||||||||||||||||||||
Construction | 174,283 | 133,799 | 124,648 | 173,909 | 192,165 | 212,824 | 218,123 | 211,187 | 232,000 | |||||||||||||||||||||||||||
Residential Real Estate | 688,017 | 712,133 | 733,472 | 724,873 | 737,462 | 731,798 | 750,031 | 749,106 | 751,450 | |||||||||||||||||||||||||||
Home Equity Credit Lines | 294,656 | 297,649 | 307,866 | 316,733 | 316,465 | 316,355 | 319,606 | 325,814 | 322,124 | |||||||||||||||||||||||||||
Consumer | 239,750 | 242,239 | 255,239 | 259,865 | 257,829 | 254,719 | 254,839 | 246,394 | 237,541 | |||||||||||||||||||||||||||
Total Loans | 4,077,193 | 4,127,877 | 4,254,417 | 4,426,624 | 4,487,490 | 4,548,030 | 4,574,656 | 4,677,560 | 4,697,210 | |||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (59,031 | ) | (59,811 | ) | (60,805 | ) | (61,468 | ) | (60,822 | ) | (61,464 | ) | (62,070 | ) | (62,153 | ) | (62,160 | ) | ||||||||||||||||||
Net Loans | 4,018,162 | 4,068,066 | 4,193,612 | 4,365,156 | 4,426,668 | 4,486,566 | 4,512,586 | 4,615,407 | 4,635,050 | |||||||||||||||||||||||||||
Accrued Interest Receivable | 28,956 | 28,443 | 29,689 | 29,202 | 32,621 | 32,772 | 31,138 | 32,393 | 33,123 | |||||||||||||||||||||||||||
Other Assets | 70,609 | 74,841 | 87,492 | 90,480 | 93,377 | 93,673 | 102,079 | 89,759 | 83,938 | |||||||||||||||||||||||||||
Premises and Equipment, net | 74,271 | 72,336 | 71,632 | 70,509 | 69,731 | 68,568 | 69,503 | 67,952 | 67,036 | |||||||||||||||||||||||||||
Mortgage Servicing Rights | 11,826 | 12,074 | 12,073 | 12,970 | 13,741 | 13,966 | 14,529 | 14,347 | 14,155 | |||||||||||||||||||||||||||
Identified Intangibles | 20,422 | 19,648 | 18,983 | 18,320 | 17,655 | 16,991 | 16,326 | 15,661 | 14,996 | |||||||||||||||||||||||||||
Goodwill | 216,136 | 216,136 | 216,136 | 216,136 | 216,038 | 216,038 | 216,038 | 216,038 | 216,038 | |||||||||||||||||||||||||||
Total Assets | $ | 6,075,849 | $ | 6,089,322 | $ | 6,211,185 | $ | 6,355,829 | $ | 6,473,536 | $ | 6,454,148 | $ | 6,460,615 | $ | 6,466,089 | $ | 6,431,803 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand | $ | 890,561 | $ | 881,954 | $ | 934,234 | $ | 988,096 | $ | 973,752 | $ | 929,718 | $ | 965,794 | $ | 971,378 | $ | 966,758 | ||||||||||||||||||
Savings | 519,623 | 514,215 | 502,525 | 499,119 | 489,734 | 489,944 | 474,883 | 481,380 | 468,294 | |||||||||||||||||||||||||||
NOW | 890,701 | 898,720 | 908,148 | 891,058 | 861,000 | 906,934 | 895,817 | 866,134 | 861,435 | |||||||||||||||||||||||||||
CMAs / Money Market | 1,577,474 | 1,527,753 | 1,418,634 | 1,592,743 | 1,749,878 | 1,584,777 | 1,441,573 | 1,658,319 | 1,655,349 | |||||||||||||||||||||||||||
Certificates of Deposit Less than $100,000 | 735,577 | 763,502 | 811,389 | 814,435 | 814,289 | 853,645 | 878,181 | 858,834 | 848,814 | |||||||||||||||||||||||||||
Certificates of Deposit $100,000 and Over | 424,794 | 477,019 | 569,505 | 607,897 | 625,682 | 618,319 | 661,322 | 663,086 | 678,243 | |||||||||||||||||||||||||||
Total Deposits | 5,038,730 | 5,063,163 | 5,144,435 | 5,393,348 | 5,514,335 | 5,383,337 | 5,317,570 | 5,499,131 | 5,478,893 | |||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 76,716 | 91,443 | 56,775 | 64,114 | 56,315 | 53,238 | 138,773 | 87,112 | 73,611 | |||||||||||||||||||||||||||
Other Borrowings | 279,755 | 254,418 | 296,903 | 179,552 | 171,008 | 288,482 | 285,497 | 135,975 | 136,409 | |||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 52,296 | 54,721 | 64,466 | 63,428 | 60,488 | 59,295 | 63,299 | 63,162 | 71,804 | |||||||||||||||||||||||||||
Total Liabilities | 5,447,497 | 5,463,745 | 5,562,579 | 5,700,442 | 5,802,146 | 5,784,352 | 5,805,139 | 5,785,380 | 5,760,717 | |||||||||||||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||
Common Stock | 50,204 | 50,207 | 50,210 | 50,220 | 50,220 | 50,235 | 50,235 | 50,235 | 50,235 | |||||||||||||||||||||||||||
Surplus | 271,338 | 271,166 | 273,533 | 274,429 | 276,278 | 272,696 | 273,723 | 274,834 | 276,034 | |||||||||||||||||||||||||||
Retained earnings | 370,472 | 381,203 | 392,312 | 405,624 | 419,057 | 430,811 | 442,456 | 454,985 | 468,331 | |||||||||||||||||||||||||||
Treasury, at cost | (69,246 | ) | (68,233 | ) | (67,657 | ) | (65,684 | ) | (60,801 | ) | (64,189 | ) | (85,678 | ) | (85,613 | ) | (105,666 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Income | 672 | (13,747 | ) | (4,978 | ) | (14,595 | ) | (18,968 | ) | (25,216 | ) | (30,924 | ) | (19,470 | ) | (24,008 | ) | |||||||||||||||||||
Director’s Deferred Compensation to be Settled in Stock | 4,930 | 4,996 | 5,197 | 5,400 | 5,604 | 5,459 | 5,664 | 5,738 | 6,160 | |||||||||||||||||||||||||||
Unearned Portion of Employee Restricted Stock | (18 | ) | (15 | ) | (11 | ) | (7 | ) | — | — | — | — | — | |||||||||||||||||||||||
Total Stockholders’ Equity | 628,352 | 625,577 | 648,606 | 655,387 | 671,390 | 669,796 | 655,476 | 680,709 | 671,086 | |||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,075,849 | $ | 6,089,322 | $ | 6,211,185 | $ | 6,355,829 | $ | 6,473,536 | $ | 6,454,148 | $ | 6,460,615 | $ | 6,466,089 | $ | 6,431,803 | ||||||||||||||||||
CHITTENDEN CORPORATION
Consolidated Quarterly Statements of Income (Unaudited)
($ in thousands)
QTD 12/31/04 | QTD 03/31/05 | QTD 06/30/05 | QTD 09/30/05 | QTD 12/31/05 | QTD 03/31/06 | QTD 06/30/06 | QTD 09/30/06 | QTD 12/31/06 | YTD 12/31/06 | YTD 12/31/05 | ||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||
Loans | $ | 56,302 | $ | 58,151 | $ | 62,786 | $ | 68,588 | $ | 71,834 | $ | 73,265 | $ | 78,547 | $ | 82,743 | $ | 84,752 | $ | 319,307 | $ | 261,359 | ||||||||||||
Investments | 15,359 | 15,061 | 14,829 | 14,033 | 14,960 | 14,694 | 14,120 | 13,539 | 13,052 | 55,405 | 58,883 | |||||||||||||||||||||||
Total Interest Income | 71,661 | 73,212 | 77,615 | 82,621 | 86,794 | 87,959 | 92,667 | 96,282 | 97,804 | 374,712 | 320,242 | |||||||||||||||||||||||
Interest Expense: | ||||||||||||||||||||||||||||||||||
Deposits | 10,300 | 11,268 | 14,193 | 17,561 | 20,904 | 23,065 | 25,715 | 28,868 | 30,905 | 108,553 | 63,926 | |||||||||||||||||||||||
Borrowings | 2,167 | 2,959 | 3,342 | 2,845 | 2,857 | 3,898 | 4,900 | 4,689 | 3,670 | 17,157 | 12,003 | |||||||||||||||||||||||
Total Interest Expense | 12,467 | 14,227 | 17,535 | 20,406 | 23,761 | 26,963 | 30,615 | 33,557 | 34,575 | 125,710 | 75,929 | |||||||||||||||||||||||
Net Interest Income | 59,194 | 58,985 | 60,080 | 62,215 | 63,033 | 60,996 | 62,052 | 62,725 | 63,229 | 249,002 | 244,313 | |||||||||||||||||||||||
Provision for Credit Losses | 1,825 | 1,075 | 1,400 | 1,325 | 1,354 | 1,533 | 1,750 | 1,670 | 1,967 | 6,920 | 5,154 | |||||||||||||||||||||||
Net Interest Income after Provision for Credit Losses | 57,369 | 57,910 | 58,680 | 60,890 | 61,679 | 59,463 | 60,302 | 61,055 | 61,262 | 242,082 | 239,159 | |||||||||||||||||||||||
Noninterest Income: | ||||||||||||||||||||||||||||||||||
Investment Management and Trust | 5,322 | 4,971 | 5,003 | 4,996 | 5,047 | 5,153 | 5,322 | 5,233 | 5,585 | 21,293 | 20,017 | |||||||||||||||||||||||
Service Charges on Deposits | 4,179 | 4,041 | 4,093 | 4,053 | 3,926 | 3,929 | 4,358 | 4,277 | 4,164 | 16,728 | 16,113 | |||||||||||||||||||||||
Mortgage Servicing | (260 | ) | 355 | 209 | 658 | 607 | 663 | 657 | 382 | 404 | 2,106 | 1,829 | ||||||||||||||||||||||
Gains on Sales of Loans, Net | 2,604 | 2,131 | 2,003 | 2,586 | 2,301 | 1,370 | 1,903 | 1,624 | 1,397 | 6,294 | 9,021 | |||||||||||||||||||||||
Gains on Sales of Securities | 107 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Credit Card, Net | 1,074 | 975 | 1,131 | 1,237 | 1,193 | 1,192 | 1,269 | 1,376 | 1,270 | 5,107 | 4,536 | |||||||||||||||||||||||
Insurance Commissions, Net | 1,223 | 2,364 | 1,526 | 1,341 | 1,134 | 2,046 | 1,429 | 1,275 | 1,055 | 5,805 | 6,365 | |||||||||||||||||||||||
Other | 2,674 | 2,722 | 3,211 | 2,907 | 3,243 | 3,234 | 3,590 | 1,970 | 4,062 | 12,856 | 12,083 | |||||||||||||||||||||||
Total Noninterest Income | 16,923 | 17,559 | 17,176 | 17,778 | 17,451 | 17,587 | 18,528 | 16,137 | 17,937 | 70,189 | 69,964 | |||||||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||||||||||||
Salaries | 21,436 | 21,676 | 23,911 | 22,250 | 21,659 | 22,917 | 23,789 | 23,200 | 23,311 | 93,217 | 89,496 | |||||||||||||||||||||||
Employee Benefits | 5,281 | 6,479 | 4,238 | 5,784 | 5,717 | 5,752 | 5,598 | 5,637 | 5,168 | 22,155 | 22,218 | |||||||||||||||||||||||
Net Occupancy | 5,410 | 6,326 | 6,024 | 5,844 | 5,900 | 6,150 | 5,780 | 5,705 | 5,789 | 23,424 | 24,094 | |||||||||||||||||||||||
Data Processing | 916 | 775 | 810 | 921 | 951 | 971 | 982 | 1,034 | 1,092 | 4,079 | 3,457 | |||||||||||||||||||||||
Amortization of Intangibles | 774 | 774 | 664 | 665 | 665 | 665 | 664 | 665 | 665 | 2,659 | 2,768 | |||||||||||||||||||||||
Conversion and Restructuring Charges | 291 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Other | 9,782 | 10,182 | 10,583 | 9,948 | 11,097 | 9,945 | 10,823 | 9,777 | 10,288 | 40,833 | 41,808 | |||||||||||||||||||||||
Total Noninterest Expense | 43,890 | 46,212 | 46,230 | 45,412 | 45,989 | 46,400 | 47,636 | 46,018 | 46,313 | 186,367 | 183,841 | |||||||||||||||||||||||
Income Before Income Taxes | 30,402 | 29,257 | 29,626 | 33,256 | 33,141 | 30,650 | 31,194 | 31,174 | 32,886 | 125,904 | 125,282 | |||||||||||||||||||||||
Income Tax Expense | 10,459 | 10,175 | 10,166 | 11,572 | 11,328 | 10,452 | 10,185 | 9,449 | 10,350 | 40,436 | 43,243 | |||||||||||||||||||||||
Net Income | $ | 19,943 | $ | 19,082 | $ | 19,460 | $ | 21,684 | $ | 21,813 | $ | 20,198 | $ | 21,009 | $ | 21,725 | $ | 22,536 | 85,468 | 82,039 | ||||||||||||||
Effective tax rate | 0.344 | 0.348 | 0.343 | 0.348 | 0.342 | 0.341 | 0.327 | 0.303 | 0.315 | 0.321 | 0.345 |
CHITTENDEN CORPORATION
Selected Quarterly Financial Data (Unaudited)
($ in thousands, except share and per share data)
QTD 12/31/04 | QTD 03/31/05 | QTD 06/30/05 | QTD 09/30/05 | QTD 12/31/05 | QTD 03/31/06 | QTD 06/30/06 | QTD 09/30/06 | QTD 12/31/06 | YTD 12/31/06 | YTD 12/31/05 | ||||||||||||||||||||||||||||||||||
Per Common Share | ||||||||||||||||||||||||||||||||||||||||||||
Earnings, Basic | $ | 0.43 | $ | 0.41 | $ | 0.42 | $ | 0.47 | $ | 0.46 | $ | 0.43 | $ | 0.45 | $ | 0.47 | $ | 0.50 | $ | 1.85 | $ | 1.76 | ||||||||||||||||||||||
Earnings, Diluted | 0.43 | 0.41 | 0.41 | 0.46 | 0.46 | 0.43 | 0.45 | 0.47 | 0.48 | 1.83 | 1.74 | |||||||||||||||||||||||||||||||||
Dividends | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.20 | 0.20 | 0.20 | 0.78 | 0.72 | |||||||||||||||||||||||||||||||||
Book Value | $ | 13.56 | $ | 13.48 | $ | 13.97 | $ | 14.08 | $ | 14.34 | $ | 14.33 | $ | 14.26 | $ | 14.80 | $ | 14.79 | $ | 14.79 | $ | 14.34 | ||||||||||||||||||||||
Tangible Book Value | $ | 8.45 | $ | 8.40 | $ | 8.90 | $ | 9.04 | $ | 9.35 | $ | 9.34 | $ | 9.20 | $ | 9.76 | $ | 9.70 | $ | 9.70 | $ | 9.35 | ||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||||||||||
Nonperforming Assets (NPAs) | $ | 20,024 | $ | 20,692 | $ | 23,150 | $ | 18,299 | $ | 16,194 | $ | 24,844 | $ | 24,727 | $ | 26,089 | $ | 20,358 | $ | 20,358 | $ | 16,194 | ||||||||||||||||||||||
90 Days past due and still accruing | 2,604 | 4,543 | 1,981 | 2,720 | 3,038 | 3,323 | 2,283 | 3,196 | 3,352 | 3,352 | 3,038 | |||||||||||||||||||||||||||||||||
Total | $ | 22,628 | $ | 25,235 | $ | 25,131 | $ | 21,019 | $ | 19,232 | $ | 28,167 | $ | 27,010 | $ | 29,285 | $ | 23,710 | $ | 23,710 | $ | 19,232 | ||||||||||||||||||||||
NPAs to Loans Plus OREO | 0.49 | % | 0.50 | % | 0.54 | % | 0.41 | % | 0.36 | % | 0.55 | % | 0.54 | % | 0.56 | % | 0.43 | % | 0.43 | % | 0.36 | % | ||||||||||||||||||||||
Allowance for loan losses | $ | 59,031 | $ | 59,811 | $ | 60,805 | $ | 61,468 | $ | 60,822 | $ | 61,464 | $ | 62,070 | $ | 62,153 | $ | 62,160 | $ | 62,160 | $ | 60,822 | ||||||||||||||||||||||
Reserve for unfunded commitments | — | — | — | — | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | |||||||||||||||||||||||||||||||||
Allowance for credit losses (ACL) | $ | 59,031 | $ | 59,811 | $ | 60,805 | $ | 61,468 | $ | 62,022 | $ | 62,664 | $ | 63,270 | $ | 63,353 | $ | 63,360 | $ | 63,360 | $ | 62,022 | ||||||||||||||||||||||
ACL to Loans | 1.45 | % | 1.45 | % | 1.43 | % | 1.39 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.35 | % | 1.35 | % | 1.35 | % | 1.38 | % | ||||||||||||||||||||||
ACL to Loans (excluding municipals) | 1.49 | % | 1.48 | % | 1.46 | % | 1.44 | % | 1.43 | % | 1.43 | % | 1.41 | % | 1.40 | % | 1.39 | % | 1.39 | % | 1.43 | % | ||||||||||||||||||||||
ACL to Non-performing loans | 296.41 | % | 289.29 | % | 262.71 | % | 335.92 | % | 392.06 | % | 257.81 | % | 260.13 | % | 248.90 | % | 315.32 | % | 315.32 | % | 392.06 | % | ||||||||||||||||||||||
Charge-offs | $ | 2,821 | $ | 1,154 | $ | 1,313 | $ | 1,668 | $ | 1,840 | $ | 1,753 | $ | 1,871 | $ | 2,093 | $ | 3,070 | $ | 8,787 | $ | 5,975 | ||||||||||||||||||||||
Recoveries | 1,428 | 859 | 907 | 1,006 | 1,040 | 862 | 728 | 506 | 1,110 | 3,206 | 3,812 | |||||||||||||||||||||||||||||||||
Net Charge-offs | $ | 1,393 | $ | 295 | $ | 406 | $ | 662 | $ | 800 | $ | 891 | $ | 1,143 | $ | 1,587 | $ | 1,960 | $ | 5,581 | $ | 2,163 | ||||||||||||||||||||||
Net Charge-off Ratio | 0.03 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.03 | % | 0.03 | % | 0.04 | % | 0.12 | % | 0.05 | % | ||||||||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||||||||||||||||||||||||||
Securities | $ | 1,495,302 | $ | 1,450,210 | $ | 1,409,045 | $ | 1,341,648 | $ | 1,378,688 | $ | 1,391,413 | $ | 1,333,444 | $ | 1,269,907 | $ | 1,201,734 | $ | 1,298,515 | $ | 1,394,556 | ||||||||||||||||||||||
Loans, Net | 4,000,917 | 4,057,647 | 4,174,491 | 4,316,317 | 4,408,205 | 4,455,403 | 4,552,727 | 4,626,194 | 4,632,538 | 4,567,228 | 4,240,206 | |||||||||||||||||||||||||||||||||
Earning Assets | 5,572,226 | 5,568,124 | 5,644,833 | 5,738,499 | 5,895,121 | 5,915,366 | 5,948,463 | 5,959,599 | 5,926,319 | 5,937,072 | 5,712,483 | |||||||||||||||||||||||||||||||||
Total Assets | 6,097,711 | 6,068,272 | 6,151,863 | 6,257,730 | 6,418,971 | 6,430,410 | 6,462,457 | 6,482,127 | 6,426,533 | 6,449,556 | 6,225,167 | |||||||||||||||||||||||||||||||||
Deposits | 5,128,344 | 5,000,949 | 5,085,064 | 5,270,406 | 5,454,388 | 5,377,674 | 5,372,367 | 5,442,894 | 5,434,889 | 5,406,784 | 5,204,051 | |||||||||||||||||||||||||||||||||
Borrowings | 291,919 | 386,613 | 367,617 | 272,257 | 246,660 | 321,073 | 367,521 | 312,430 | 249,344 | 312,255 | 317,777 | |||||||||||||||||||||||||||||||||
Stockholders’ Equity | 623,515 | 629,371 | 637,904 | 651,667 | 660,353 | 671,058 | 661,020 | 662,964 | 677,244 | 667,753 | 644,929 | |||||||||||||||||||||||||||||||||
Common Shares Outstanding | 46,341,819 | 46,401,555 | 46,437,041 | 46,556,737 | 46,829,048 | 46,748,381 | 45,978,122 | 45,994,341 | 45,360,125 | 45,360,125 | 46,829,048 | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 46,293,418 | 46,384,816 | 46,414,471 | 46,519,124 | 46,689,991 | 46,804,242 | 46,423,288 | 45,982,152 | 45,745,340 | 46,235,151 | 46,502,983 | |||||||||||||||||||||||||||||||||
Weighted Average Common and Common Equivalent Shares Outstanding | 46,959,927 | 46,918,134 | 46,900,608 | 47,108,614 | 47,291,129 | 47,401,157 | 46,903,363 | 46,503,862 | 46,388,348 | 46,802,265 | 47,051,394 | |||||||||||||||||||||||||||||||||
Return on Average Tangible Equity | 20.72 | % | 19.94 | % | 19.58 | % | 20.80 | % | 20.47 | % | 18.92 | % | 19.87 | % | 20.20 | % | 20.25 | % | 19.83 | % | 20.22 | % | ||||||||||||||||||||||
Return on Average Equity | 12.72 | % | 12.30 | % | 12.24 | % | 13.20 | % | 13.11 | % | 12.21 | % | 12.75 | % | 13.00 | % | 13.20 | % | 12.80 | % | 12.72 | % | ||||||||||||||||||||||
Return on Average Tangible Assets | 1.39 | % | 1.36 | % | 1.35 | % | 1.46 | % | 1.43 | % | 1.35 | % | 1.38 | % | 1.41 | % | 1.47 | % | 1.40 | % | 1.40 | % | ||||||||||||||||||||||
Return on Average Assets | 1.30 | % | 1.28 | % | 1.27 | % | 1.37 | % | 1.35 | % | 1.27 | % | 1.30 | % | 1.33 | % | 1.39 | % | 1.33 | % | 1.32 | % | ||||||||||||||||||||||
Net Yield on Earning Assets | 4.27 | % | 4.30 | % | 4.29 | % | 4.35 | % | 4.30 | % | 4.20 | % | 4.22 | % | 4.23 | % | 4.29 | % | 4.24 | % | 4.31 | % | ||||||||||||||||||||||
Efficiency Ratio | 55.81 | % | 58.07 | % | 59.87 | % | 54.57 | % | 54.37 | % | 56.61 | % | 56.87 | % | 55.91 | % | 54.56 | % | 55.98 | % | 56.67 | % | ||||||||||||||||||||||
Tangible Capital Ratio (TCR) | 6.71 | % | 6.66 | % | 6.92 | % | 6.88 | % | 7.01 | % | 7.02 | % | 6.79 | % | 7.20 | % | 7.10 | % | 7.10 | % | 7.01 | % | ||||||||||||||||||||||
TCR without Other Comprehensive Income | 6.70 | % | 6.87 | % | 6.99 | % | 7.09 | % | 7.28 | % | 7.38 | % | 7.24 | % | 7.48 | % | 7.45 | % | 7.45 | % | 7.28 | % | ||||||||||||||||||||||
Leverage Ratio | 8.54 | % | 8.79 | % | 9.10 | % | 9.13 | % | 9.21 | % | 9.38 | % | 9.04 | % | 9.24 | % | 9.24 | % | 9.24 | % | 9.21 | % | ||||||||||||||||||||||
Tier 1 Capital Ratio | 10.61 | % | 10.62 | % | 10.73 | % | 10.90 | % | 11.23 | % | 11.61 | % | 11.29 | % | 11.59 | % | 11.56 | % | 11.56 | % | 11.23 | % | ||||||||||||||||||||||
Total Capital Ratio | 11.82 | % | 11.81 | % | 11.92 | % | 12.07 | % | 12.40 | % | 12.82 | % | 12.49 | % | 12.80 | % | 12.78 | % | 12.78 | % | 12.40 | % |
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Quarter Ended December 31, 2006
2006 | 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 | $ | 855,297 | $ | 17,566 | 8.15 | % | $ | 847,452 | $ | 15,110 | 7.07 | % | ||||||||
Municipal | 137,602 | 2,036 | 5.92 | % | 158,044 | 1,860 | 4.71 | % | ||||||||||||
Multifamily | 212,893 | 3,817 | 7.02 | % | 193,077 | 3,248 | 6.58 | % | ||||||||||||
Commercial Real Estate | 1,931,228 | 35,025 | 7.20 | % | 1,756,346 | 29,108 | 6.58 | % | ||||||||||||
Construction | 225,372 | 4,364 | 7.58 | % | 188,726 | 3,250 | 6.74 | % | ||||||||||||
Residential Real Estate | 768,051 | 12,477 | 6.50 | % | 751,154 | 10,795 | 5.75 | % | ||||||||||||
Home Equity | 323,679 | 6,568 | 8.05 | % | 316,647 | 5,483 | 6.87 | % | ||||||||||||
Consumer | 240,866 | 3,669 | 6.04 | % | 258,902 | 3,656 | 5.60 | % | ||||||||||||
Total Loans | 4,694,988 | 85,522 | 7.23 | % | 4,470,348 | 72,510 | 6.44 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,201,295 | 12,674 | 4.22 | % | 1,377,835 | 14,467 | 4.20 | % | ||||||||||||
Tax-Favored Securities | 439 | 7 | 6.43 | % | 853 | 13 | 6.19 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 280 | 3 | 4.54 | % | 250 | 2 | 2.68 | % | ||||||||||||
Federal Funds Sold | 29,317 | 370 | 5.00 | % | 45,835 | 472 | 4.08 | % | ||||||||||||
Total Interest-Earning Assets | 5,926,319 | 98,576 | 6.61 | % | 5,895,121 | 87,464 | 5.89 | % | ||||||||||||
NonInterest-Earning Assets | 562,664 | 585,993 | ||||||||||||||||||
Allowance for Loan Losses | (62,450 | ) | (62,143 | ) | ||||||||||||||||
Total Assets | $ | 6,426,533 | $ | 6,418,971 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | $ | 467,484 | $ | 966 | 0.82 | % | $ | 492,538 | $ | 634 | 0.51 | % | ||||||||
Now | 830,728 | 1,665 | 0.80 | % | 853,946 | 1,154 | 0.54 | % | ||||||||||||
CMA/Money Market | 1,671,029 | 12,759 | 3.03 | % | 1,685,040 | 8,255 | 1.94 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 854,078 | 7,698 | 3.58 | % | 816,388 | 5,459 | 2.65 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 683,004 | 7,817 | 4.54 | % | 635,402 | 5,402 | 3.37 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,506,323 | 30,905 | 2.72 | % | 4,483,314 | 20,904 | 1.85 | % | ||||||||||||
Repos | 103,130 | 658 | 2.53 | % | 62,735 | 296 | 1.87 | % | ||||||||||||
Other Borrowings | 146,214 | 3,012 | 8.17 | % | 183,925 | 2,561 | 5.52 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,755,667 | 34,575 | 2.88 | % | 4,729,974 | 23,761 | 1.99 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 928,566 | 971,074 | ||||||||||||||||||
Other Liabilities | 65,056 | 57,570 | ||||||||||||||||||
Total Liabilities | 5,749,289 | 5,758,618 | ||||||||||||||||||
Stockholders’ Equity | 677,244 | 660,353 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,426,533 | $ | 6,418,971 | ||||||||||||||||
Net Interest Income | $ | 64,001 | $ | 63,703 | ||||||||||||||||
Interest Rate Spread (2) | 3.73 | % | 3.90 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.29 | % | 4.30 | % |
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Year Ended December 31, 2006
2006 | 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 | $ | 847,360 | $ | 66,297 | 7.82 | % | $ | 826,073 | $ | 54,591 | 6.61 | % | ||||||||
Municipal | 153,309 | 8,087 | 5.27 | % | 127,476 | 5,219 | 4.09 | % | ||||||||||||
Multifamily | 203,978 | 14,303 | 6.92 | % | 187,117 | 12,040 | 6.35 | % | ||||||||||||
Commercial Real Esate | 1,876,989 | 130,442 | 6.95 | % | 1,700,160 | 105,991 | 6.23 | % | ||||||||||||
Construction | 217,025 | 16,196 | 7.36 | % | 159,838 | 10,296 | 6.35 | % | ||||||||||||
Residential Real Estate | 761,502 | 47,463 | 6.29 | % | 741,055 | 42,010 | 5.73 | % | ||||||||||||
Home Equity | 319,539 | 24,905 | 7.79 | % | 306,750 | 18,974 | 6.19 | % | ||||||||||||
Consumer | 249,769 | 14,607 | 5.84 | % | 252,614 | 14,297 | 5.66 | % | ||||||||||||
Total Loans | 4,629,471 | 322,300 | 6.95 | % | 4,301,083 | 263,418 | 6.12 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,298,031 | 54,930 | 4.23 | % | 1,393,446 | 58,177 | 4.18 | % | ||||||||||||
Tax-Favored Securities | 484 | 31 | 6.49 | % | 1,110 | 69 | 6.22 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 280 | 9 | 3.07 | % | 211 | 5 | 2.33 | % | ||||||||||||
Federal Funds Sold | 8,806 | 445 | 5.06 | % | 16,633 | 644 | 3.87 | % | ||||||||||||
Total Interest-Earning Assets | 5,937,072 | 377,715 | 6.35 | % | 5,712,483 | 322,313 | 5.64 | % | ||||||||||||
NonInterest-Earning Assets | 574,727 | 573,561 | ||||||||||||||||||
Allowance for Loan Losses | (62,243 | ) | (60,877 | ) | ||||||||||||||||
Total Assets | $ | 6,449,556 | $ | 6,225,167 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | $ | 482,100 | $ | 3,496 | 0.73 | % | $ | 505,177 | $ | 2,203 | 0.44 | % | ||||||||
Now | 858,264 | 6,293 | 0.73 | % | 870,896 | 4,081 | 0.47 | % | ||||||||||||
CMA/Money Market | 1,620,005 | 43,218 | 2.67 | % | 1,561,028 | 22,728 | 1.46 | % | ||||||||||||
Certificates of Deposit less than $100,000 | 855,167 | 28,187 | 3.30 | % | 790,968 | 18,636 | 2.36 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 657,041 | 27,359 | 4.16 | % | 554,048 | 16,278 | 2.94 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,472,577 | 108,553 | 2.43 | % | 4,282,117 | 63,926 | 1.49 | % | ||||||||||||
Repos | 92,294 | 2,917 | 3.16 | % | 86,701 | 1,498 | 1.73 | % | ||||||||||||
Other Borrowings | 219,961 | 14,240 | 6.47 | % | 231,076 | 10,505 | 4.55 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,784,832 | 125,710 | 2.63 | % | 4,599,894 | 75,929 | 1.65 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 934,207 | 921,934 | ||||||||||||||||||
Other Liabilities | 62,764 | 58,410 | ||||||||||||||||||
Total Liabilities | 5,781,803 | 5,580,238 | ||||||||||||||||||
Stockholders’ Equity | 667,753 | 644,929 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,449,556 | $ | 6,225,167 | ||||||||||||||||
Net Interest Income | $ | 252,005 | $ | 246,384 | ||||||||||||||||
Interest Rate Spread (2) | 3.72 | % | 3.99 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.24 | % | 4.31 | % |