As of June 30, 2007 Exhibit 99.1 |
2 • Multi-bank holding company with significant operating autonomy at the individual banks • Banking assets of $6.9 billion at June 30, 2007 • Listed on the NYSE (CHZ), market capitalization as of June 30, 2007 was $1.6 billion • 133 full service banking offices and 160 ATM locations in VT, NH, MA, ME and CT • Commercial loans represent over 72% of the total loan portfolio and core deposits comprise 95% of total funding • Strong wealth management operation with assets under management of over $2.5 billion • Excellent credit quality with year-to-date net charge-offs of .04% and an allowance for credit losses to loans (excluding municipal loans) of 1.37% Who We Are |
3 Recognized competency in an attractive business mix Deep relationships with worthwhile customers Conservative underwriting standards and disciplined lending Efficient generator of low cost stable deposits Proven leadership focus to achieve superior financial results Well-established and tangible shareholder orientation A Tradition of Success |
4 VT 39% MA 23% NH 20% CT 3% ME 15% VT 48% MA 19% NH 18% CT 0% ME 15% 6/30/07 Loans by State Deposits by State 6/30/07 Our Target Markets 6/30/07 % Assets (in millions) Chittenden Bank $3,103 45% Ocean National Bank $1,597 23% Bank of Western Mass $780 11% Flagship Bank $497 7% Maine Bank & Trust $376 6% Merrill Bank $525 8% Total $6,878 100% |
5 CUSTOMERS CUSTOMERS Chittenden Bank Ocean National Bank Bank of Western Massachusetts Flagship Bank & Trust Maine Bank & Trust CHITTENDEN SERVICES CHITTENDEN SERVICES GROUP GROUP CORPORATE CORPORATE Corporate Structure Merrill Bank |
6 Vermont Market • Population over 620,000 • Greater Burlington population 150,000 • 13% population growth in Chittenden County since 1990 • Greater Burlington median household income of $48,000 • Greater Burlington median age = 34 • Homeownership rate of over 70% exceeds national average • Median housing value increased by 24% from 2000-2003 • Nearly 9,000 new business startups in 2004 • 23% new job growth 1990-2000 (Greater Burlington area) • 30,000 businesses and 70,000 households • Small Business Culture - 50% of jobs are from companies with less than 100 employees • Over 20 colleges and universities in Vermont Our Target Markets Southern NH/Seacoast Market • Total regional population over 1 million • 17% population growth 1990 - 2003 • Median household income of $50,000 • Median age = 37 • Large pool of professionals, 42% of Portsmouth residents hold a bachelor’s degree or > • 75% of NH businesses employ <10 people • Over 50% of all employees are with firms <250 people • Over 5,000 new business startups in NH annually (1998-2002) • New Hampshire gross domestic product up 5.6% in 2003, 16th fastest growth in the United States • Over 40,000 businesses and 150,000 households • NH business friendly—no sales tax, inventory tax, use tax, income tax, or capital gains tax |
7 Greater Springfield Market Greater Worcester Market • Population nearly 850,000 in Pioneer Valley and North Central, CT • Median household income of $41,000 • Median age = 36 • Above national/regional employment averages in education, insurance, health services, manufacturing • 1993 - 2000 Pioneer Valley job growth over 15% • 23,000 businesses and 90,000 households • Telecommunications crossroads for New England • Hartford/Springfield “the knowledge corridor”—26 colleges and universities • 3rd largest city in New England • Population of 777,000 in Worcester Co. • 6 million people within a 50 mile radius • Median household income of $48,000 • Median age = 36 • 32,000 new jobs created in Worcester area between 1991 - 2003 • Over 18% job growth in region (1993 - 2000) • Value of Worcester’s total assessed property value up nearly 15% in FY2003 • Over 25,000 businesses and 110,000 households • 16 colleges in Worcester Co. • Known as “The Center of Excellence in Biotechnology” Our Target Markets |
8 Greater Portland Market • Combined population of Cumberland and York Co. nearly 470,000 • 15% population growth 1990 - 2003 • Median household income of $44,000 • Median age = 35 • Median housing value up 36% for 2000-2003 • 30% of population with bachelor’s degree or higher • 25% increase in residential building permits from 2000-2003 • 20% of Maine workforce in businesses with 4 or < employees • Over 20,000 businesses and nearly 60,000 households • 3.6 million tourist visits annually to Portland area • Named #1 market in small business vitality (American City Business Journal, 2005) Our Target Markets Greater Bangor Market • Combined population of Penobscot County is 147,068 • 60,820 households • Median household income of $37,650 • Median age = 37 • 21% of population with bachelor’s degree or higher • Healthcare and Retail Trade employ over 50% of the area workforce • Bangor selected as “5-Star Quality of Life Metro” by Expansion Management Magazine in May 2006 • Bangor “Blue Ribbon” School System has the largest accredited high school in Maine • Bangor is the cultural center for Northern Main, offering The Main Discovery (Children’s) Museum, The University of Maine Art Museum, The Bangor Museum and Center for History and the oldest continuously operating community orchestra in the United States |
9 Our Target Customers Commercial Banking Businesses with Revenues of $1 to $100 Million; Loan Needs up to $20 Million; Multiple Product and Service Needs Community Banking Individuals and Families who are Financially Sophisticated with Multiple Product and Service Needs and Household Incomes building to > $50,000 Wealth Management Businesses and Individuals with Investment Management, Brokerage, Trust and/or Private and Professional Banking Needs |
10 Commercial & Community Banking * * * * * * * * * * * * |
11 A Diversified Loan Portfolio 12/31/03 6/30/07 Consumer 7% Municipal 2% Multi Family 5% Commercial RE 38% Home Equity 7% Residential 19% Construction 4% C&I 18% Total loans as of December 31, 2003 and June 30, 2007 were $3.7 billion and $5.1 billion respectively Consumer 5% Municipal 2% Multi Family 5% Commercial RE 41% Home Equity 7% Residential 17% Construction 5% C&I 18% Growth in C & I and Commercial Real Estate 14% 10% 7% 9% 25% 0% 10% 20% 30% 2003 2004 2005 2006 6/07 67% 72% 71% 71% 70% 33% 30% 29% 28% 29% 0% 20% 40% 60% 80% 2003 2004 2005 2006 6/07 Commercial Consumer |
12 Real Estate, Rental and Leasing 32.20% Finance and Insurance 1.59% Manufacturing 9.74% Information 1.20% Construction 7.20% Mining 0.48% Public Administration 2.32% Arts, Entertainment, and Recreation 2.28% Health Care and Social Assistance 5.29% Transportation and Warehousing 1.73% Utilities 0.03% Accommodation and Food Services 12.04% Admin/Support & Waste Mgt & Remediation Svcs 1.25% Retail Trade 8.66% Management of Companies and Enterprises 0.22% Professional, Scientific, and Technical Services 2.74% Educational Services 2.26% Other Services (except Public Administration) 2.75% Wholesale Trade 4.99% Agriculture, Forestry, Fishing and Hunting 1.04% Commercial Loan Diversification by Industry 1. This chart encompasses the total commercial loan portfolio at June 30, 2007, which includes C&I, municipal, commercial RE, construction, and multi family loans. 2. Industry classifications are based on NAICS sector codes and loan type |
13 Cash Secured 0.62% Development 0.55% Educational 0.10% Land 1.84% Auto Sales/Svc Station 1.42% Elderly Housing 0.58% Hotel/Motel 0.79% Office 24.05% Multifamily 14.28% Recreational 0.38% Restaurant/Bar 1.39% Other 8.51% Mixed 13.97% Industrial 7.22% Mercantile 1.00% Manufacturing 1.42% Mobile Home Park 0.72% Other Business Assets 1.84% Shopping Centers/Stores 9.41% Warehouse 4.77% 1-4 Family 5.15% Real Estate, Rental and Leasing 1. This chart is a subset of the Commercial Loan Diversification by Industry chart on page 12 2. Industry classifications are based on NAICS sector codes |
14 Continuing Core Deposit Growth 12/31/03 6/30/07 Total Core Deposits as of December 31, 2003 and June 30, 2007 were $5.0 billion and $5.7 billion respectively CDs < $100,000 15% CDs > $100,000 5% CMA/MMA 30% Demand Deposits 17% NOW 17% Savings 10% Borrowings 6% CDs < $100,000 16% CDs > $100,000 12% CMA/MMA 26% Demand Deposits 16% NOW 15% Savings 8% Borrowings 7% 35% 34% 32% 32% 31% 28% 30% 32% 34% 36% 2003 2004 2005 2006 6/07 Transaction Deposits % of Total Funding 56% 44% 57% 43% 53% 47% 51% 49% 51% 49% 0% 15% 30% 45% 60% 75% 2003 2004 2005 2006 6/07 Consumer Commercial |
15 Business Services Cash Management (6%) • High level of service to business clients • Seasoned delivery team with national level expertise • Full menu of products Merchant Services ACH Lock box Sweep accounts Payroll Services (4%) • Over 1,800 customers • Full menu of products • Annualized three year growth rate of 20% Business Credit Cards (2%) • Only available to commercial customers • Credit review performed as part of the normal commercial lending process • Outstanding loans were $12.6 million and interchange fee income for the first six months of 2007 was $762,000 Retirement Plan Services (1%) • Primary focus is on defined benefit and contribution plans • 521 customers advised • Full array of services Design Administration/recordkeeping Custodial/trustee Investment management Insurance (10%) • Specializes in commercial property and casualty insurance • Gross premiums for the first six months of 2007 were $31 million * Numbers in ( ) are a percentage of total noninterest income |
16 Captive Insurance • Vermont is the U.S. domicile of choice for captive insurance companies – 27% of the active captive insurers bank with Chittenden* • Vermont has more captive insurance companies than all other states combined • Over $203 million in bank deposits and $1 billion in Institutional Trust Assets under administration • Over $38 million in stand-by letters of credit that are fully collateralized by cash or government securities held in trust at Chittenden Bank *Some Chittenden customers have more than one captive 674 717 754 788 806 2003 2004 2005 2006 6/07 Captives in Vermont |
17 Government Banking • Leader in government banking for Vermont • Expanding our presence within the Massachusetts, New Hampshire and Maine franchises • Customers use a wide array of transaction, loan and deposit products • $116 million in municipal loans and $454 million in deposits and repos Loans VT 64% ME 4% NH 7% MA 25% Deposits & Repurchase Agreements VT 45% MA 22% NH 29% ME 4% |
18 MMB 2% FBT 4% Chittenden 53% BWM 14% MBT 7% ONB 20% Mortgage Banking • Originations for the first six months of 2006 and 2007 were $204 million and $211 million, of which $145 million and $157 million, respectively, were sold in the secondary markets • Underlying coupons in the mortgage servicing portfolio remain very low Mortgage servicing portfolio of $2.2 billion at June 30, 2007 with a conservative valuation of $14.6 million or 65 basis points* • Continued expansion through our affiliate banks into other states 2001 2004 2005 2006 6/07 Under 5% 0% 11% 10% 8% 8% 5%<6% 2% 52% 55% 49% 47% 6%<7% 38% 30% 30% 37% 40% 7%<8% 50% 6% 4% 5% 4% Over 8% 10% 1% 1% 1% 1% *The mortgage servicing portfolio is carried at the lower of cost or market and the fair market value at June 30, 2007 was $23.4 million, or 110 basis points Originations by Bank |
19 Wealth Management * * * * * * * * * * * * |
20 Asset Management Services As of 6/30/07 Assets Under Management 55% 33% 12% Equity Bonds Cash • Over $2.5 billion in assets under management • Over $1.3 billion in assets under administration • Asset management and personal trust services • Average managed account fee of 72 bps |
21 Wealth Management Retail Investments – Broker/Dealer • $432 million in assets under administration • 2007 Revenue: – 17% Annuity and Life Insurance – 80% Brokerage – 3% Other • Serving 8,300 customers in four states Bond Administration Services • Operates throughout New England • Over $3.2 billion in assets under administration • Revenue for the first six months of 2007 was $1.3 million Retail Investment Revenue by State VT 74% MA 9% NH/ME 17% Bond Administration Revenue by State 9% 31% 59% 1% 0% 20% 40% 60% 80% VT MA NH ME |
22 Financial Performance * * * * * * * * * * * * * * * |
23 Consistent Superior Financial Performance Strong net interest margin Low cost stable sources of funding and excellent liquidity position Strong fee based revenues in targeted businesses Conservative reserves and excellent credit quality Strong capital base *SNL Securities $5-$10 Billion index. Net Interest Margin 4.21% 4.31% 4.24% 4.10% 3.82% 3.89% 3.87% 3.80% 3.71% 4.12% 3.00% 4.00% 5.00% 2003 2004 2005 2006 6/07 CHZ SNL* |
24 Average Cost of Funds Average Cost of Deposits Average Yield on Securities Average Yield on Loans 5.4% 6.1% 5.7% 6.6% 7.6% 7.7% 5.5% 7.0% 7.2% 6.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 2003 2004 2005 2006 6/07 CHZ SNL* 4.4% 4.3% 4.5% 4.8% 5.0% 4.3% 4.1% 4.4% 4.2% 4.2% 3.0% 5.0% 7.0% 9.0% 2003 2004 2005 2006 6/07 CHZ SNL* 2.9% 2.4% 2.0% 1.2% 0.7% 0.9% 2.4% 1.8% 1.1% 1.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2003 2004 2005 2006 6/07 CHZ SNL* 2.6% 2.2% 1.4% 0.8% 1.0% 3.2% 2.9% 2.1% 1.4% 1.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2003 2004 2005 2006 6/07 CHZ SNL* *SNL Securities $5-$10 Billion index. |
25 Noninterest Income Business Services 17% Mortgage Banking 23% Deposit Services 19% Other 20% Wealth Management 21% 6/30/07 12/31/03 Business Services 28% Mortgage Banking 12% Deposit Services 25% Other 5% Wealth Management 30% Noninterest Income/Operating Revenue 31.75% 24.56% 23.45% 21.99% 22.26% 29.98% 26.84% 26.65% 24.84% 30.79% 15.00% 25.00% 35.00% 2003 2004 2005 2006 6/07 CHZ SNL* *SNL Securities $5-$10 Billion index. ** Excludes the non-recurring loss on the repositioning of the securities portfolio ** ** |
26 Noninterest Expense 12/31/03 6/30/07 Benefits 12% Occupancy 13% DP Exp 2% Other 24% Compensation 49% *SNL Securities $5-$10 Billion index. ** Excludes the one time charge related to the merger of Merrill Merchants Bancshare, Inc. Benefits 10% Occupancy 12% DP Exp 5% Other 26% Compensation 47% Efficiency Ratio 61.82% 58.87% 58.67% 58.96% 57.92% 56.67% 55.98% 58.42% 58.49% 57.81% 52% 56% 60% 64% 2003 2004 2005 2006 6/07 CHZ SNL* ** |
27 Financial Summary 2003 2004 2005 2006 6/06 6/07 Per Common Share Earnings Diluted Earnings $1.60 $1.56 $1.74 $1.83 $0.87 $0.64 Diluted Core Earnings* $1.60 $1.56 $1.74 $1.83 $0.87 $0.91 Cash Earnings* $1.64 $1.60 $1.78 $1.86 $0.89 $0.66 Core Cash Earnings* $1.64 $1.60 $1.78 $1.86 $0.89 $0.93 Dividends $0.64 $0.70 $0.72 $0.78 $0.38 $0.42 Book Value $12.81 $13.56 $14.34 $14.79 $14.26 $15.57 Tangible Book Value* $7.59 $8.45 $9.35 $9.70 $9.20 $9.04 Ratios Dividend Payout Ratio 39.17% 43.88% 40.78% 42.35% 43.19% 45.43% Return on Average Equity 13.27% 12.13% 12.72% 12.80% 12.48% 8.73% Return on Average Tangible Equity* 21.75% 20.32% 20.22% 19.83% 19.40% 13.96% Core Return on Average Tangible Equity* 21.75% 20.32% 20.22% 19.83% 19.40% 19.73% Return on Average Assets 1.25% 1.23% 1.32% 1.33% 1.29% 0.90% Return on Average Tangible Assets* 1.33% 1.32% 1.40% 1.40% 1.36% 0.96% Core Return on Average Tangible Assets* 1.33% 1.32% 1.40% 1.40% 1.36% 1.36% Net Interest Margin 4.12% 4.21% 4.31% 4.24% 4.21% 4.10% Efficiency Ratio 61.82% 58.67% 56.67% 55.98% 56.74% 57.92% * see Appendix |
28 Financial Summary 2003 2004 2005 2006 6/06 6/07 Credit NPAs to Loans & OREO 0.39% 0.49% 0.36% 0.43% 0.54% 0.58% Credit Loss Reserve to Loans 1.54% 1.45% 1.38% 1.35% 1.38% 1.34% Net Charge-Offs to Average Loans 0.16% 0.07% 0.05% 0.12% 0.08%** 0.08%** Capital Tangible* 6.14% 6.71% 7.01% 7.10% 6.79% 6.39% Leverage 7.91% 8.54% 9.21% 9.24% 9.04% 8.73% Tier 1 10.22% 10.61% 11.23% 11.56% 11.29% 10.26% Risk-Based 11.47% 11.82% 12.40% 12.78% 12.49% 13.83% * see Appendix ** Annualized |
29 Risk Management * * * * * * * * * * * * * * * * * * |
30 Credit Quality Net Charge-offs to Average Loans NPAs to Loans & OREO 0.58% 0.43% 0.36% 0.49% 0.39% 0.44% 0.40% 0.38% 0.60% 0.65% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 2003 2004 2005 2006 6/07 CHZ SNL* Credit Reserves/Loans 0.16% 0.07% 0.20% 0.13% 0.08% 0.05% 0.12% 0.10% 0.27% 0.20% 0.00% 0.15% 0.30% 0.45% 2003 2004 2005 2006 6/07 CHZ SNL* 1.54% 1.45% 1.44% 1.34% 1.38% 1.35% 1.29% 1.18% 1.18% 1.20% 1.00% 1.20% 1.40% 1.60% 1.80% 2003 2004 2005 2006 6/07 CHZ SNL* *SNL Securities $5-$10 Billion index. ** Annualized ** |
31 Granularity of Non-Accrual Loans As of 6/30/07 Book Size of Total Relationship Balance % $3.0 MM to $5.0 MM $7,808 27% $1.0 MM to $3.0 MM 5,880 20% $500 M to $1.0 MM 1,685 6% $100 M to $500 M 11,312 39% <$100 M 2,428 8% Total $29,113 100% |
32 Interest Rate Risk • Naturally Hedged • Static Gap 6 month -6.53% 12 month –2.63% • Net Interest Income Sensitivity * +50 bps -0.21% +25 bps -0.10% -25 bps +0.08% -50 bps +0.02% • Net Income Sensitivity * +50 bps -.43% +25 bps -0.21% -25 bps +0.16% -50 bps -0.01% *12 month forward ramped estimates as of 3/31/07 Rate Ramp-Net Interest Income -0.21% -0.04% 0.36% 0.42% 0.28% 0.01% 0.16% -0.55% -0.72% -0.39% -1.00% -0.50% 0.00% 0.50% 2003 2004 2005 2006 6/07 UP 25 BP Qtr DOWN 25 BP Qtr |
33 In Summary * * * * * * * * * * * * * * * * * * |
34 A Compelling Story • Strong market share and a proven acquisition acumen • Low risk balance sheet with a prudent growth strategy • Diversified banking services with a solid balance of revenues • Low exposure to volatile sectors with a fortress balance sheet Annual Equivalent Total Shareholder Return Annual Equivalent 11.53% 10.69% 10.17% 0% 5% 10% 15% CHZ S&P 500 Dow Jones Ind Avg 5-Year Period 10.36% 7.12% 7.85% 0.00% 10.00% 20.00% 30.00% CHZ S&P 500 Dow Jones Ind Avg 10-Year Period |
35 Visit our website for a wide range of products, latest financial reports and many other interactive services: www.chittendencorp.com This presentation contains “forward-looking statements” which may describe future plans and strategic initiatives. These forward- looking statements are based on current plans and expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ from historical performance or future expectations. |
36 Appendix * * * * * * * * * * * * * * * * * * |
37 Reconciliation of non-GAAP measurements to GAAP Core Diluted Earnings YTD YTD YTD YTD YTD YTD Dec-03 Dec-04 Dec-05 Dec-06 Jun-06 Jun-07 Net Income (GAAP) $61,602 $72,253 $72,680 $82,039 $41,207 $29,064 Losses on Sales of Securities (after tax) 0 0 0 0 0 9,676 Non Recurring Charge for Merrill Merchants (after tax) 0 0 0 0 0 2,859 Core Net Income (non-GAAP) (D) $61,602 $72,253 $72,680 $82,039 $41,207 $41,599 Fully Diluted Earnings $1.60 $1.56 $1.74 $1.83 $0.87 $0.64 Fully Diluted Core Earnings $1.60 $1.56 $1.74 $1.83 $0.87 $0.91 Tangible Ratios YTD YTD YTD YTD YTD YTD Dec-03 Dec-04 Dec-05 Dec-06 Jun-06 Jun-07 Net Income (GAAP) $72,253 $72,680 $82,039 $85,468 $41,207 $29,064 Amortization of identified intangibles, net of tax 1,786 2,000 1,799 1,728 864 904 Tangible Net Income (A) 74,039 74,680 83,838 87,196 42,071 29,968 Core Tangible Net Income (E) 74,039 74,680 83,838 87,196 42,071 42,503 Average Equity (GAAP) $544,522 $599,218 $644,929 $667,753 $666,008 $671,212 Average Identified Intangibles 22,493 21,741 19,056 16,320 16,990 15,551 Average Deferred Tax on Identified Intangibles (5,763) (6,392) (4,785) (4,430) (4,435) (4,333) Average Goodwill 187,369 216,519 216,127 216,038 216,038 227,045 Average Tangible Equity (B) $340,423 $367,350 $414,531 $439,825 $437,415 $432,949 Average Core Tangible Equity (F) $340,423 $367,350 $414,531 $439,825 $437,415 $434,310 Return on Average Tangible Equity (A) / (B) 21.75% 20.32% 20.22% 19.83% 19.40% 13.96% Core Return on Average Tangible Equity (E) / (F) 21.75% 20.32% 20.22% 19.83% 19.40% 19.73% Average Assets (GAAP) $5,777,538 $5,903,245 $6,225,167 $6,449,556 $6,446,587 $6,532,150 Average Identified Intangibles 22,493 21,741 19,056 16,320 16,990 15,551 Average Deferred Tax on Identified Intangibles (5,763) (6,392) (4,785) (4,430) (4,435) (4,333) Average Goodwill 187,369 216,519 216,127 216,038 216,038 227,045 Average Tangible Assets (C) $5,573,439 $5,671,377 $5,994,769 $6,221,628 $6,217,994 $6,293,887 Return on Average Tangible Assets (A) / (C) 1.33% 1.32% 1.40% 1.40% 1.36% 0.96% Core Return on Average Tangible Assets (E) / (C) 1.33% 1.32% 1.40% 1.40% 1.36% 1.36% |
38 Reconciliation of non-GAAP measurements to GAAP Cash Earnings YTD YTD YTD YTD YTD YTD Dec-03 Dec-04 Dec-05 Dec-06 Jun-06 Jun-07 Net Income (GAAP) $72,253 $72,680 $82,039 $85,468 $41,207 $29,064 Amortization of identified intangibles, net of tax 1,786 2,000 1,799 1,728 864 904 Tangible Net Income (A) 74,039 74,680 83,838 87,196 42,071 29,968 Net Income (Operating) (A) $74,039 $74,680 $83,838 $87,196 $42,071 $29,968 Average Common and Common Equivalents (B) 45,150 46,731 47,051 46,802 47,151 45,747 Cash Earnings (A) / (B) $1.64 $1.60 $1.78 $1.86 $0.89 $0.66 Core Cash Earnings (E) / (B) $1.64 $1.60 $1.78 $1.86 $0.89 $0.93 Tangible Capital/Book Value YTD YTD YTD YTD YTD YTD Dec-03 Dec-04 Dec-05 Dec-06 Jun-06 Jun-07 Total Equity 586,652 628,352 671,390 671,086 655,476 723,278 Goodwill 216,431 216,136 216,038 216,038 216,038 282,448 Identified Intangible 22,733 20,422 17,655 14,996 16,326 20,986 Tangible Equity (A) 347,488 391,794 437,697 440,052 423,112 419,844 Total Assets 5,900,644 6,078,305 6,473,536 6,431,803 6,460,615 6,878,287 Goodwill 216,431 216,136 216,038 216,038 216,038 282,448 Identified Intangible 22,733 20,422 17,655 14,996 16,326 20,986 Tangible Assets (B) 5,661,480 5,841,747 6,239,843 6,200,769 6,228,251 6,574,853 Tangible Capital (A)/(B) 6.14% 6.71% 7.01% 7.10% 6.79% 6.39% Common Shares Outstanding at Year End (C) 45,795,688 46,341,819 46,829,048 45,360,125 45,978,122 46,464,305 Tangible Book Value (A)/© $7.59 $8.45 $9.35 $9.70 $9.20 $9.04 |