Exhibit 99.2
CHITTENDEN CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
($ in thousands)
06/30/05 | 09/30/05 | 12/31/05 | 03/31/06 | 06/30/06 | 09/30/06 | 12/31/06 | 03/31/07 | 06/30/07 | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 176,425 | $ | 150,409 | $ | 180,707 | $ | 142,887 | $ | 172,567 | $ | 145,393 | $ | 199,358 | $ | 232,259 | $ | 361,240 | ||||||||||||||||||
Securities Available For Sale | 1,363,180 | 1,348,521 | 1,383,909 | 1,344,016 | 1,288,390 | 1,231,369 | 1,137,352 | 1,205,593 | 918,214 | |||||||||||||||||||||||||||
FRB and FHLB Stock | 19,352 | 19,352 | 19,352 | 19,352 | 18,577 | 16,124 | 13,403 | 15,027 | 9,136 | |||||||||||||||||||||||||||
Loans Held For Sale | 22,611 | 34,774 | 19,737 | 19,319 | 18,882 | 21,646 | 17,354 | 21,991 | 23,495 | |||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Commercial & Industrial (C&I) | 831,537 | 841,430 | 848,420 | 836,986 | 851,692 | 854,475 | 853,839 | 865,347 | 944,752 | |||||||||||||||||||||||||||
Municipal | 79,070 | 156,630 | 160,357 | 172,443 | 90,206 | 144,152 | 141,522 | 159,459 | 115,972 | |||||||||||||||||||||||||||
Multi-Family | 185,920 | 192,563 | 196,590 | 195,809 | 205,443 | 213,153 | 216,049 | 247,029 | 254,068 | |||||||||||||||||||||||||||
Commercial Real Estate | 1,736,665 | 1,760,621 | 1,778,202 | 1,827,096 | 1,884,716 | 1,933,279 | 1,942,685 | 1,977,258 | 2,103,461 | |||||||||||||||||||||||||||
Construction | 124,648 | 173,909 | 192,165 | 212,824 | 218,123 | 211,187 | 232,000 | 217,068 | 239,493 | |||||||||||||||||||||||||||
Residential Real Estate | 733,472 | 724,873 | 737,462 | 731,798 | 750,031 | 749,106 | 751,450 | 749,018 | 849,557 | |||||||||||||||||||||||||||
Home Equity Credit Lines | 307,866 | 316,733 | 316,465 | 316,355 | 319,606 | 325,814 | 322,124 | 319,235 | 344,210 | |||||||||||||||||||||||||||
Consumer | 255,239 | 259,865 | 257,829 | 254,719 | 254,839 | 246,394 | 237,541 | 231,221 | 258,168 | |||||||||||||||||||||||||||
Total Loans | 4,254,417 | 4,426,624 | 4,487,490 | 4,548,030 | 4,574,656 | 4,677,560 | 4,697,210 | 4,765,635 | 5,109,681 | |||||||||||||||||||||||||||
Less: Allowance for Loan Losses | (60,805 | ) | (61,468 | ) | (60,822 | ) | (61,464 | ) | (62,070 | ) | (62,153 | ) | (62,160 | ) | (62,768 | ) | (67,400 | ) | ||||||||||||||||||
Net Loans | 4,193,612 | 4,365,156 | 4,426,668 | 4,486,566 | 4,512,586 | 4,615,407 | 4,635,050 | 4,702,867 | 5,042,281 | |||||||||||||||||||||||||||
Accrued Interest Receivable | 29,689 | 29,202 | 32,621 | 32,772 | 31,138 | 32,393 | 33,123 | 32,802 | 32,377 | |||||||||||||||||||||||||||
Other Assets | 87,492 | 90,480 | 93,377 | 93,673 | 102,079 | 89,759 | 83,938 | 86,512 | 97,831 | |||||||||||||||||||||||||||
Premises and Equipment, net | 71,632 | 70,509 | 69,731 | 68,568 | 69,503 | 67,952 | 67,036 | 68,541 | 74,151 | |||||||||||||||||||||||||||
Mortgage Servicing Rights | 12,073 | 12,970 | 13,741 | 13,966 | 14,529 | 14,347 | 14,155 | 14,209 | 16,128 | |||||||||||||||||||||||||||
Identified Intangibles | 18,983 | 18,320 | 17,655 | 16,991 | 16,326 | 15,661 | 14,996 | 14,332 | 20,986 | |||||||||||||||||||||||||||
Goodwill | 216,136 | 216,136 | 216,038 | 216,038 | 216,038 | 216,038 | 216,038 | 216,038 | 282,448 | |||||||||||||||||||||||||||
Total Assets | $ | 6,211,185 | $ | 6,355,829 | $ | 6,473,536 | $ | 6,454,148 | $ | 6,460,615 | $ | 6,466,089 | $ | 6,431,803 | $ | 6,610,171 | $ | 6,878,287 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Demand | $ | 934,234 | $ | 988,096 | $ | 973,752 | $ | 929,718 | $ | 965,794 | $ | 971,378 | $ | 966,758 | $ | 909,309 | $ | 997,538 | ||||||||||||||||||
Savings | 502,525 | 499,119 | 489,734 | 489,944 | 474,883 | 481,380 | 468,294 | 462,935 | 501,248 | |||||||||||||||||||||||||||
NOW | 908,148 | 891,058 | 861,000 | 906,934 | 895,817 | 866,134 | 861,435 | 864,364 | 913,155 | |||||||||||||||||||||||||||
CMAs / Money Market | 1,418,634 | 1,592,743 | 1,749,878 | 1,584,777 | 1,441,573 | 1,658,319 | 1,655,349 | 1,663,107 | 1,547,971 | |||||||||||||||||||||||||||
Certificates of Deposit Less than $ 100,000 | 811,389 | 814,435 | 814,289 | 853,645 | 878,181 | 858,834 | 848,814 | 880,993 | 971,505 | |||||||||||||||||||||||||||
Certificates of Deposit $100,000 and Over | 569,505 | 607,897 | 625,682 | 618,319 | 661,322 | 663,086 | 678,243 | 749,061 | 743,720 | |||||||||||||||||||||||||||
Total Deposits | 5,144,435 | 5,393,348 | 5,514,335 | 5,383,337 | 5,317,570 | 5,499,131 | 5,478,893 | 5,529,769 | 5,675,137 | |||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | 56,775 | 64,114 | 56,315 | 53,238 | 138,773 | 87,112 | 73,611 | 87,017 | 114,798 | |||||||||||||||||||||||||||
Other Borrowings | 296,903 | 179,552 | 171,008 | 288,482 | 285,497 | 135,975 | 136,409 | 261,656 | 290,067 | |||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 64,466 | 63,428 | 60,488 | 59,295 | 63,299 | 63,162 | 71,804 | 67,569 | 75,007 | |||||||||||||||||||||||||||
Total Liabilities | 5,562,579 | 5,700,442 | 5,802,146 | 5,784,352 | 5,805,139 | 5,785,380 | 5,760,717 | 5,946,011 | 6,155,009 | |||||||||||||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||
Common Stock | 50,210 | 50,220 | 50,220 | 50,235 | 50,235 | 50,235 | 50,235 | 50,261 | 52,425 | |||||||||||||||||||||||||||
Surplus | 273,533 | 274,429 | 276,278 | 272,696 | 273,723 | 274,834 | 276,034 | 276,843 | 342,392 | |||||||||||||||||||||||||||
Retained earnings | 392,312 | 405,624 | 419,057 | 430,811 | 442,456 | 454,985 | 468,331 | 479,271 | 478,499 | |||||||||||||||||||||||||||
Treasury, at cost | (67,657 | ) | (65,684 | ) | (60,801 | ) | (64,189 | ) | (85,678 | ) | (85,613 | ) | (105,666 | ) | (126,987 | ) | (139,535 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Income | (4,978 | ) | (14,595 | ) | (18,968 | ) | (25,216 | ) | (30,924 | ) | (19,470 | ) | (24,008 | ) | (21,263 | ) | (14,369 | ) | ||||||||||||||||||
Director’s Deferred Compensation to be Settled in Stock | 5,197 | 5,400 | 5,604 | 5,459 | 5,664 | 5,738 | 6,160 | 6,035 | 6,164 | |||||||||||||||||||||||||||
Unearned Portion of Employee Restricted Stock | (11 | ) | (7 | ) | — | — | — | — | — | — | (2,298 | ) | ||||||||||||||||||||||||
Total Stockholders’ Equity | 648,606 | 655,387 | 671,390 | 669,796 | 655,476 | 680,709 | 671,086 | 664,160 | 723,278 | |||||||||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,211,185 | $ | 6,355,829 | $ | 6,473,536 | $ | 6,454,148 | $ | 6,460,615 | $ | 6,466,089 | $ | 6,431,803 | $ | 6,610,171 | $ | 6,878,287 | ||||||||||||||||||
CHITTENDEN CORPORATION
Consolidated Quarterly Statements of Income (Unaudited)
($ in thousands)
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 | QTD 03/31/07 | QTD 06/30/07 | ||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||
Loans | $ | 62,786 | $ | 68,588 | $ | 71,834 | $ | 73,265 | $ | 78,547 | $ | 82,743 | $ | 84,752 | $ | 82,809 | $ | 87,780 | ||||||||||
Investments | 14,829 | 14,033 | 14,960 | 14,694 | 14,120 | 13,539 | 13,052 | 12,515 | 13,637 | |||||||||||||||||||
Total Interest Income | 77,615 | 82,621 | 86,794 | 87,959 | 92,667 | 96,282 | 97,804 | 95,324 | 101,417 | |||||||||||||||||||
Interest Expense: | ||||||||||||||||||||||||||||
Deposits | 14,193 | 17,561 | 20,904 | 23,065 | 25,715 | 28,868 | 30,905 | 31,351 | 33,536 | |||||||||||||||||||
Borrowings | 3,342 | 2,845 | 2,857 | 3,898 | 4,900 | 4,689 | 3,670 | 5,192 | 5,927 | |||||||||||||||||||
Total Interest Expense | 17,535 | 20,406 | 23,761 | 26,963 | 30,615 | 33,557 | 34,575 | 36,543 | 39,463 | |||||||||||||||||||
Net Interest Income | 60,080 | 62,215 | 63,033 | 60,996 | 62,052 | 62,725 | 63,229 | 58,781 | 61,954 | |||||||||||||||||||
Provision for Credit Losses | 1,400 | 1,325 | 1,354 | 1,533 | 1,750 | 1,670 | 1,967 | 1,500 | 1,500 | |||||||||||||||||||
Net Interest Income after Provision for Credit Losses | 58,680 | 60,890 | 61,679 | 59,463 | 60,302 | 61,055 | 61,262 | 57,281 | 60,454 | |||||||||||||||||||
Noninterest Income: | ||||||||||||||||||||||||||||
Investment Management and Trust | 5,003 | 4,996 | 5,047 | 5,153 | 5,322 | 5,233 | 5,585 | 5,667 | 6,183 | |||||||||||||||||||
Service Charges on Deposits | 4,093 | 4,053 | 3,926 | 3,929 | 4,358 | 4,277 | 4,164 | 4,144 | 4,420 | |||||||||||||||||||
Mortgage Servicing | 209 | 658 | 607 | 663 | 657 | 382 | 404 | 792 | 910 | |||||||||||||||||||
Gains on Sales of Loans, Net | 2,003 | 2,586 | 2,301 | 1,370 | 1,903 | 1,624 | 1,397 | 1,172 | 1,535 | |||||||||||||||||||
Losses on Sales of Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (14,137 | ) | ||||||||||||||||||
Credit Card, Net | 1,131 | 1,237 | 1,193 | 1,192 | 1,269 | 1,376 | 1,270 | 1,125 | 1,292 | |||||||||||||||||||
Insurance Commissions, Net | 1,526 | 1,341 | 1,134 | 2,046 | 1,429 | 1,275 | 1,055 | 2,156 | 1,393 | |||||||||||||||||||
Other | 3,211 | 2,907 | 3,243 | 3,234 | 3,590 | 1,970 | 4,062 | 3,027 | 3,176 | |||||||||||||||||||
Total Noninterest Income | 17,176 | 17,778 | 17,451 | 17,587 | 18,528 | 16,137 | 17,937 | 18,083 | 4,772 | |||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||||||
Salaries | 23,911 | 22,250 | 21,659 | 22,917 | 23,789 | 23,200 | 23,311 | 23,432 | �� | 23,811 | ||||||||||||||||||
Employee Benefits | 4,238 | 5,784 | 5,717 | 5,752 | 5,598 | 5,637 | 5,168 | 5,867 | 5,518 | |||||||||||||||||||
Net Occupancy | 6,024 | 5,844 | 5,900 | 6,150 | 5,780 | 5,705 | 5,789 | 6,127 | 6,207 | |||||||||||||||||||
Data Processing | 810 | 921 | 951 | 971 | 982 | 1,034 | 1,092 | 1,043 | 1,163 | |||||||||||||||||||
Amortization of Intangibles | 664 | 665 | 665 | 665 | 664 | 665 | 665 | 665 | 726 | |||||||||||||||||||
Merger Costs | — | — | — | — | — | 0 | 0 | — | 4,130 | |||||||||||||||||||
Other | 10,583 | 9,948 | 11,097 | 9,945 | 10,823 | 9,777 | 10,288 | 10,153 | 10,996 | |||||||||||||||||||
Total Noninterest Expense | 46,230 | 45,412 | 45,989 | 46,400 | 47,636 | 46,018 | 46,313 | 47,287 | 52,551 | |||||||||||||||||||
Income Before Income Taxes | 29,626 | 33,256 | 33,141 | 30,650 | 31,194 | 31,174 | 32,886 | 28,077 | 12,675 | |||||||||||||||||||
Income Tax Expense | 10,166 | 11,572 | 11,328 | 10,452 | 10,185 | 9,449 | 10,350 | 8,052 | 3,636 | |||||||||||||||||||
Net Income | $ | 19,460 | $ | 21,684 | $ | 21,813 | $ | 20,198 | $ | 21,009 | $ | 21,725 | $ | 22,536 | $ | 20,025 | $ | 9,039 | ||||||||||
Effective tax rate | 0.343 | 0.348 | 0.342 | 0.341 | 0.327 | 0.303 | 0.315 | 0.287 | 0.287 |
CHITTENDEN CORPORATION
Selected Quarterly Financial Data (Unaudited)
($ in thousands, except share and per share data)
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 | QTD 03/31/07 | QTD 06/30/07 | ||||||||||||||||||||||||||||
Per Common Share | ||||||||||||||||||||||||||||||||||||
Earnings, Basic | $ | 0.42 | $ | 0.47 | $ | 0.46 | $ | 0.43 | $ | 0.45 | $ | 0.47 | $ | 0.50 | $ | 0.44 | $ | 0.20 | ||||||||||||||||||
Earnings, Diluted | 0.41 | 0.46 | 0.46 | 0.43 | 0.45 | 0.47 | 0.48 | 0.44 | 0.20 | |||||||||||||||||||||||||||
Dividends | 0.18 | 0.18 | 0.18 | 0.18 | 0.20 | 0.20 | 0.20 | 0.20 | 0.22 | |||||||||||||||||||||||||||
Book Value | $ | 13.97 | $ | 14.08 | $ | 14.34 | $ | 14.33 | $ | 14.26 | $ | 14.80 | $ | 14.79 | $ | 14.85 | $ | 15.57 | ||||||||||||||||||
Tangible Book Value | $ | 8.90 | $ | 9.04 | $ | 9.35 | $ | 9.34 | $ | 9.20 | $ | 9.76 | $ | 9.70 | $ | 9.70 | $ | 9.04 | ||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||||||||||
Nonperforming Assets (NPAs) | $ | 23,150 | $ | 18,299 | $ | 16,194 | $ | 24,844 | $ | 24,727 | $ | 26,089 | $ | 20,358 | $ | 23,312 | $ | 29,539 | ||||||||||||||||||
90 Days past due and still accruing | 1,981 | 2,720 | 3,038 | 3,323 | 2,283 | 3,196 | 3,352 | 3,930 | 4,141 | |||||||||||||||||||||||||||
Total | $ | 25,131 | $ | 21,019 | $ | 19,232 | $ | 28,167 | $ | 27,010 | $ | 29,285 | $ | 23,710 | $ | 27,242 | $ | 33,680 | ||||||||||||||||||
NPAs to Loans Plus OREO | 0.54 | % | 0.41 | % | 0.36 | % | 0.55 | % | 0.54 | % | 0.56 | % | 0.43 | % | 0.49 | % | 0.58 | % | ||||||||||||||||||
Allowance for loan losses | $ | 60,805 | $ | 61,468 | $ | 60,822 | $ | 61,464 | $ | 62,070 | $ | 62,153 | $ | 62,160 | $ | 62,768 | $ | 67,400 | ||||||||||||||||||
Reserve for unfunded commitments | — | — | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | 1,226 | |||||||||||||||||||||||||||
Allowance for credit losses (ACL) | $ | 60,805 | $ | 61,468 | $ | 62,022 | $ | 62,664 | $ | 63,270 | $ | 63,353 | $ | 63,360 | $ | 63,968 | $ | 68,626 | ||||||||||||||||||
ACL to Loans | 1.43 | % | 1.39 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.35 | % | 1.35 | % | 1.34 | % | 1.34 | % | ||||||||||||||||||
ACL to Loans (excluding municipals) | 1.46 | % | 1.44 | % | 1.43 | % | 1.43 | % | 1.41 | % | 1.40 | % | 1.39 | % | 1.39 | % | 1.37 | % | ||||||||||||||||||
ACL to Non-performing loans | 262.71 | % | 335.92 | % | 392.06 | % | 257.81 | % | 260.13 | % | 248.90 | % | 315.32 | % | 274.75 | % | 235.72 | % | ||||||||||||||||||
Charge-offs | $ | 1,313 | $ | 1,668 | $ | 1,840 | $ | 1,753 | $ | 1,871 | $ | 2,093 | $ | 3,070 | $ | 1,617 | $ | 1,663 | ||||||||||||||||||
Recoveries | 907 | 1,006 | 1,040 | 862 | 728 | 506 | 1,110 | 725 | 741 | |||||||||||||||||||||||||||
Net Charge-offs | $ | 406 | $ | 662 | $ | 800 | $ | 891 | $ | 1,143 | $ | 1,587 | $ | 1,960 | $ | 892 | $ | 922 | ||||||||||||||||||
Net Charge-off Ratio | 0.01 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.03 | % | 0.03 | % | 0.04 | % | 0.02 | % | 0.02 | % | ||||||||||||||||||
Average Balance Sheet Data | ||||||||||||||||||||||||||||||||||||
Securities | $ | 1,409,045 | $ | 1,341,648 | $ | 1,378,688 | $ | 1,391,413 | $ | 1,333,444 | $ | 1,269,907 | $ | 1,201,734 | $ | 1,191,388 | $ | 1,056,954 | ||||||||||||||||||
Loans, Net | 4,174,491 | 4,316,317 | 4,408,205 | 4,455,403 | 4,552,727 | 4,626,194 | 4,632,538 | 4,663,406 | 4,855,054 | |||||||||||||||||||||||||||
Earning Assets | 5,644,833 | 5,738,499 | 5,895,121 | 5,915,366 | 5,948,463 | 5,959,599 | 5,926,319 | 5,927,704 | 6,107,388 | |||||||||||||||||||||||||||
Total Assets | 6,151,863 | 6,257,730 | 6,418,971 | 6,430,410 | 6,462,457 | 6,482,127 | 6,426,533 | 6,427,488 | 6,637,111 | |||||||||||||||||||||||||||
Deposits | 5,085,064 | 5,270,406 | 5,454,388 | 5,377,674 | 5,372,367 | 5,442,894 | 5,459,681 | 5,365,049 | 5,509,524 | |||||||||||||||||||||||||||
Borrowings | 367,617 | 272,257 | 246,660 | 321,073 | 367,521 | 312,430 | 224,552 | 328,039 | 383,029 | |||||||||||||||||||||||||||
Stockholders’ Equity | 637,904 | 651,667 | 660,353 | 671,058 | 661,020 | 662,964 | 677,244 | 664,993 | 677,370 | |||||||||||||||||||||||||||
Common Shares Outstanding | 46,437,041 | 46,556,737 | 46,829,048 | 46,748,381 | 45,978,122 | 45,994,341 | 45,360,125 | 44,722,223 | 46,464,305 | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 46,414,471 | 46,519,124 | 46,689,991 | 46,804,242 | 46,423,288 | 45,982,152 | 45,745,340 | 45,104,605 | 45,186,587 | |||||||||||||||||||||||||||
Weighted Average Common and Common Equivalent Shares Outstanding | 46,900,608 | 47,108,614 | 47,291,129 | 47,401,157 | 46,903,363 | 46,503,862 | 46,388,348 | 45,749,656 | 45,745,870 | |||||||||||||||||||||||||||
Return on Average Tangible Equity | 19.58 | % | 20.80 | % | 20.47 | % | 18.92 | % | 19.87 | % | 20.20 | % | 20.25 | % | 18.93 | % | 8.92 | % | ||||||||||||||||||
Return on Average Equity | 12.24 | % | 13.20 | % | 13.11 | % | 12.21 | % | 12.75 | % | 13.00 | % | 13.20 | % | 12.21 | % | 5.35 | % | ||||||||||||||||||
Core Return on Average Tangible Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 20.61 | % | ||||||||||||||||||
Core Return on Average Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 12.75 | % | ||||||||||||||||||
Return on Average Tangible Assets | 1.35 | % | 1.46 | % | 1.43 | % | 1.35 | % | 1.38 | % | 1.41 | % | 1.47 | % | 1.34 | % | 0.60 | % | ||||||||||||||||||
Return on Average Assets | 1.27 | % | 1.37 | % | 1.35 | % | 1.27 | % | 1.30 | % | 1.33 | % | 1.39 | % | 1.26 | % | 0.55 | % | ||||||||||||||||||
Core Return on Average Tangible Assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 1.38 | % | ||||||||||||||||||
Core Return on Average Assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 1.30 | % | ||||||||||||||||||
Net Yield on Earning Assets | 4.29 | % | 4.35 | % | 4.30 | % | 4.20 | % | 4.22 | % | 4.23 | % | 4.29 | % | 4.06 | % | 4.14 | % | ||||||||||||||||||
Efficiency Ratio | 59.87 | % | 54.57 | % | 54.37 | % | 56.61 | % | 56.87 | % | 55.91 | % | 54.56 | % | 58.72 | % | 57.16 | % | ||||||||||||||||||
Tangible Capital Ratio (TCR) | 6.92 | % | 6.88 | % | 7.01 | % | 7.02 | % | 6.79 | % | 7.20 | % | 7.10 | % | 6.80 | % | 6.39 | % | ||||||||||||||||||
TCR without Other Comprehensive Income | 6.99 | % | 7.09 | % | 7.28 | % | 7.38 | % | 7.24 | % | 7.48 | % | 7.45 | % | 7.11 | % | 6.59 | % | ||||||||||||||||||
Leverage Ratio | 9.10 | % | 9.13 | % | 9.21 | % | 9.38 | % | 9.04 | % | 9.24 | % | 9.24 | % | 9.11 | % | 8.73 | % | ||||||||||||||||||
Tier 1 Capital Ratio | 10.73 | % | 10.90 | % | 11.23 | % | 11.61 | % | 11.29 | % | 11.59 | % | 11.56 | % | 10.93 | % | 10.26 | % | ||||||||||||||||||
Total Capital Ratio | 11.92 | % | 12.07 | % | 12.40 | % | 12.82 | % | 12.49 | % | 12.80 | % | 12.78 | % | 14.52 | % | 13.83 | % |
Chittenden Corporation
Average Balances, Interest Income and Expense, and Average Rates (Unaudited)
For the Quarter Ended June 30, 2007
2007 | 2006 | |||||||||||||||||||
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 | $ | 902,204 | $ | 18,253 | 8.11 | % | $ | 852,140 | $ | 16,604 | 7.82 | % | ||||||||
Municipal | 152,404 | 2,228 | 5.85 | % | 167,621 | 2,034 | 4.85 | % | ||||||||||||
Multifamily | 255,054 | 4,527 | 7.02 | % | 198,799 | 3,475 | 6.91 | % | ||||||||||||
Commercial Real Estate | 2,010,441 | 36,003 | 7.18 | % | 1,847,041 | 31,682 | 6.88 | % | ||||||||||||
Construction | 224,423 | 4,230 | 7.46 | % | 220,701 | 4,061 | 7.28 | % | ||||||||||||
Residential Real Estate | 805,079 | 12,946 | 6.43 | % | 756,450 | 11,636 | 6.15 | % | ||||||||||||
Home Equity | 328,717 | 6,544 | 7.98 | % | 318,705 | 6,135 | 7.72 | % | ||||||||||||
Consumer | 241,421 | 3,904 | 6.49 | % | 253,296 | 3,664 | 5.79 | % | ||||||||||||
Total Loans | 4,919,743 | 88,635 | 7.21 | % | 4,614,753 | 79,291 | 6.88 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 961,203 | 10,861 | 4.52 | % | 1,332,946 | 14,113 | 4.24 | % | ||||||||||||
Tax-Favored Securities | 95,751 | 1,452 | 6.08 | % | 498 | 8 | 6.52 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 3,080 | 39 | 5.10 | % | 280 | 2 | 3.08 | % | ||||||||||||
Federal Funds Sold | 127,611 | 1,683 | 5.29 | % | 16 | 0 | 5.12 | % | ||||||||||||
Total Interest-Earning Assets | 6,107,388 | 102,670 | 6.73 | % | 5,948,493 | 93,414 | 6.29 | % | ||||||||||||
NonInterest-Earning Assets | 594,412 | 575,990 | ||||||||||||||||||
Allowance for Loan Losses | (64,689 | ) | (62,026 | ) | ||||||||||||||||
Total Assets | $ | 6,637,111 | $ | 6,462,457 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | $ | 475,400 | $ | 1,072 | 0.90 | % | $ | 480,161 | $ | 768 | 0.64 | % | ||||||||
Now | 857,561 | 2,055 | 0.96 | % | 881,753 | 1,566 | 0.71 | % | ||||||||||||
CMA/Money Market | 1,590,711 | 12,509 | 3.15 | % | 1,564,648 | 9,773 | 2.51 | % | ||||||||||||
Certificates of Deposit less than $ 100,000 | 914,064 | 9,117 | 4.00 | % | 861,429 | 6,939 | 3.23 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 745,627 | 8,782 | 4.72 | % | 661,091 | 6,669 | 4.05 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,583,363 | 33,535 | 2.93 | % | 4,449,082 | 25,715 | 2.32 | % | ||||||||||||
Repos | 96,062 | 854 | 3.56 | % | 96,846 | 886 | 3.67 | % | ||||||||||||
Other Borrowings | 286,967 | 5,074 | 7.09 | % | 270,675 | 4,014 | 5.95 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,966,392 | 39,463 | 3.19 | % | 4,816,603 | 30,615 | 2.55 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 926,161 | 923,285 | ||||||||||||||||||
Other Liabilities | 67,188 | 61,549 | ||||||||||||||||||
Total Liabilities | 5,959,741 | 5,801,437 | ||||||||||||||||||
Stockholders’ Equity | 677,370 | 661,020 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,637,111 | $ | 6,462,457 | ||||||||||||||||
Net Interest Income | $ | 63,207 | $ | 62,799 | ||||||||||||||||
Interest Rate Spread (2) | 3.54 | % | 3.74 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.14 | % | 4.22 | % |
(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 Year Ended June 30, 2007
2007 | 2006 | |||||||||||||||||||
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 | $ | 880,840 | $ | 35,121 | 8.04 | % | $ | 835,763 | $ | 31,432 | 7.58 | % | ||||||||
Municipal | 150,292 | 4,401 | 5.86 | % | 167,373 | 4,012 | 4.79 | % | ||||||||||||
Multifamily | 237,124 | 8,375 | 7.02 | % | 197,544 | 6,779 | 6.83 | % | ||||||||||||
Commercial Real Estate | 1,979,645 | 70,048 | 7.14 | % | 1,829,732 | 61,713 | 6.80 | % | ||||||||||||
Construction | 228,067 | 8,600 | 7.50 | % | 213,326 | 7,668 | 7.15 | % | ||||||||||||
Residential Real Estate | 785,641 | 25,328 | 6.51 | % | 752,950 | 22,652 | 6.02 | % | ||||||||||||
Home Equity | 324,723 | 12,937 | 8.03 | % | 315,891 | 11,814 | 7.54 | % | ||||||||||||
Consumer | 237,575 | 7,466 | 6.34 | % | 253,680 | 7,218 | 5.72 | % | ||||||||||||
Total Loans | 4,823,907 | 172,276 | 7.18 | % | 4,566,259 | 153,288 | 6.75 | % | ||||||||||||
Investments: | ||||||||||||||||||||
Taxable | 1,041,323 | 22,534 | 4.33 | % | 1,361,749 | 28,730 | 4.22 | % | ||||||||||||
Tax-Favored Securities | 82,476 | 2,433 | 5.95 | % | 499 | 16 | 6.52 | % | ||||||||||||
Interest-Bearing Deposits in Banks | 2,035 | 50 | 4.98 | % | 280 | 4 | 3.02 | % | ||||||||||||
Federal Funds Sold | 68,676 | 1,801 | 5.29 | % | 3,295 | 69 | 4.23 | % | ||||||||||||
Total Interest-Earning Assets | 6,018,417 | 199,094 | 6.65 | % | 5,932,082 | 182,107 | 6.17 | % | ||||||||||||
NonInterest-Earning Assets | 577,505 | 576,363 | ||||||||||||||||||
Allowance for Loan Losses | (63,772 | ) | (61,858 | ) | ||||||||||||||||
Total Assets | $ | 6,532,150 | $ | 6,446,587 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||
Savings | $ | 469,847 | $ | 2,077 | 0.89 | % | $ | 485,563 | $ | 1,480 | 0.61 | % | ||||||||
Now | 841,799 | 3,907 | 0.94 | % | 875,765 | 2,997 | 0.69 | % | ||||||||||||
CMA/Money Market | 1,598,637 | 24,739 | 3.12 | % | 1,603,093 | 19,026 | 2.39 | % | ||||||||||||
Certificates of Deposit less than $ 100,000 | 888,822 | 17,264 | 3.92 | % | 846,869 | 12,957 | 3.09 | % | ||||||||||||
Certificates of Deposit $100,000 and over | 723,125 | 16,900 | 4.71 | % | 641,491 | 12,320 | 3.87 | % | ||||||||||||
Total Interest-Bearing Deposits | 4,522,230 | 64,887 | 2.89 | % | 4,452,781 | 48,780 | 2.21 | % | ||||||||||||
Repos | 92,269 | 1,658 | 3.62 | % | 80,801 | 1,251 | 3.12 | % | ||||||||||||
Other Borrowings | 263,886 | 9,461 | 7.23 | % | 263,695 | 7,547 | 5.77 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,878,385 | 76,006 | 3.14 | % | 4,797,277 | 57,578 | 2.42 | % | ||||||||||||
NonInterest-Bearing Liabilities: | ||||||||||||||||||||
Demand Deposits | 914,720 | 922,234 | ||||||||||||||||||
Other Liabilities | 67,833 | 61,068 | ||||||||||||||||||
Total Liabilities | 5,860,938 | 5,780,579 | ||||||||||||||||||
Stockholders’ Equity | 671,212 | 666,008 | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,532,150 | $ | 6,446,587 | ||||||||||||||||
Net Interest Income | $ | 123,088 | $ | 124,529 | ||||||||||||||||
Interest Rate Spread (2) | 3.51 | % | 3.75 | % | ||||||||||||||||
Net Yield on Earning Assets (3) | 4.10 | % | 4.21 | % |
(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. |