HISTORICAL SELECTED FINANCIAL DATA
CHITTENDEN CORPORATION
Nine Months Years Ended
Ended Sept. 30, December 31,
1994 1993 1992
---- ---- ----
(In thousands, except share amounts)
Statements of Operations
Interest Income $ 61,801 $ 79,803 $ 86,984
Interest Expense 22,027 29,574 41,300
---------- ---------- ----------
Net Interest Income 39,774 50,229 45,684
Provision for possible loan losses 3,400 6,600 7,513
---------- ---------- ----------
Net interest income after provision
for possible loan losses 36,374 43,629 38,171
Noninterest income 17,035 24,308 21,073
Noninterest expense 36,543 51,097 49,582
---------- ---------- ----------
Income (loss) before provision
(benefit) for income taxes 16,866 16,840 9,662
Provision (benefit) for income
taxes 5,615 5,243 2,444
---------- ---------- ----------
Income (loss) before cumulative effect
of change in accounting principle 11,251 11,597 7,218
Cumulative effect of change in
accounting principle 0 (575) 0
---------- ---------- ----------
Net Income (loss) 11,251 11,022 7,218
Preferred stock dividends 0 0 0
---------- ---------- ----------
Net income (loss) applicable to
common stock $ 11,251 $ 11,022 $ 7,218
========== ========== ==========
Total assets at period-end $1,223,593 $1,231,003 $1,192,068
Long-term debt at period-end 0 0 59
Balance sheets-average daily balances:
Total assets $1,192,163 $1,172,809 $1,171,060
Loans, net of allowance 824,956 852,958 844,126
Investment securities and interest-
bearing cash equivalents 269,858 220,927 222,428
Total deposits 1,044,580 1,030,839 1,021,827
Long-term debt 0 7 2,034
Total stockholders' equity 100,618 92,813 83,520
Per common share:
Net income (loss) $ 1.77 $ 1.78 $ 1.17
Cash dividends declared 0.33 0.20 0.13
Book value 16.53 15.73 14.04
Weighted average common shares
outstanding 6,366,107 6,206,848 6,193,944
HISTORICAL SELECTED FINANCIAL DATA
CHITTENDEN CORPORATION
Years Ended December 31,
1991 1990 1989
---- ---- ----
(In thousands, except share amounts)
Statements of Operations
Interest Income $ 100,061 $ 106,182 $ 109,971
Interest Expense 57,972 63,410 64,004
---------- ---------- ----------
Net Interest Income 42,089 42,772 45,967
Provision for possible loan losses 8,843 12,189 10,830
Net interest income after provision
for possible loan losses 33,246 30,583 35,137
Noninterest income 18,442 16,529 17,424
Noninterest expense 45,847 50,378 46,601
---------- ---------- ----------
Income (loss) before provision
(benefit) for income taxes 5,841 (3,266) 5,960
Provision (benefit) for income
taxes 1,234 (2,219) 1,006
---------- ---------- ----------
Income (loss) before cumulative effect
of change in accounting principle 4,607 (1,047) 4,954
Cumulative effect of change in
accounting principle - - -
---------- ---------- ----------
Net income (loss) 4,607 (1,047) 4,954
Preferred stock dividends 0 0 15
---------- ---------- ----------
Net income (loss) applicable to
common stock $ 4,607 $ (1,047) $ 4,939
========== ========== ==========
Total assets at period-end $1,204,949 $1,136,988 $1,098,734
Long-term debt at period-end 2,473 2,473 7,732
Balance sheets-average daily balances:
Total assets $1,115,744 $1,094,984 $1,096,016
Loans, net of allowance 828,433 847,440 851,059
Investment securities and interest-
bearing cash equivalents 191,244 147,353 148,142
Total deposits 992,017 959,297 952,431
Long-term debt 2,473 6,368 9,992
Total stockholders' equity 74,476 74,338 78,621
Per common share:
Net income (loss) $ 0.74 $ (0.17) $ 0.79
Cash dividends declared 0.00 0.29 0.54
Book value 12.79 11.59 12.24
Weighted average common shares
outstanding 6,186,600 6,192,416 6,258,399
HISTORICAL SELECTED FINANCIAL DATA
CHITTENDEN CORPORATION (Cont'd.)
Nine Months Years Ended
Ended Sept. 30, December 31,
1994 1993 1992
---- ---- ----
Selected financial percentages:
Return on average total assets (1) 1.26% 0.94% 0.62%
Return on average common
stockholders' equity (1) 14.95 11.88 8.64
Interest rate spread 4.32 4.20 3.78
Net yield on earning assets 4.87 4.68 4.35
Net charge-offs as a percent
of average loans 0.38 0.47 0.64
Nonperforming asset ratio (2) 1.06 1.84 2.79
Allowance for possible loan losses as
a percent of period-end loans 2.20 2.22 1.87
Period-end leverage capital ratio 8.83 8.13 7.30
Period-end primary capital ratio NA NA NA
Risk-based capital ratios:
Tier I 11.95 11.05 9.64
Total 13.32 12.41 10.95
Average stockholders' equity to
average assets 8.44 7.91 7.13
Common stock dividend payout
ratio (3) 18.64 11.28 11.44
- ----------------------------------------
(1) Income used in the calculation is net income (loss) applicable to
common stock.
(2) The sum of nonperforming assets (nonaccrual loans, restructured
loans,and other real estate owned) divided by the sum of total loans
and other real estate owned.
(3) Common stock cash dividends declared divided by net income applicable
to common stock.
HISTORICAL SELECTED FINANCIAL DATA
CHITTENDEN CORPORATION (Cont'd.)
Years Ended December 31,
1991 1990 1989
---- ---- ----
Selected financial percentages:
Return on average total assets (1) 0.41% (0.10%) 0.45%
Return on average common
stockholders' equity (1) 6.19 (1.41) 6.28
Interest rate spread 3.41 3.53 3.72
Net yield on earning assets 4.22 4.44 4.74
Net charge-offs as a percent
of average loans 0.89 1.44 0.53
Nonperforming asset ratio (2) 3.75 3.42 3.70
Allowance for possible loan losses as
a percent of period-end loans 1.73 1.56 1.52
Period-end leverage capital ratio 6.86 NA NA
Period-end primary capital ratio NA 7.36 8.03
Risk-based capital ratios:
Tier I 8.53 7.88 NA
Total 10.04 9.36 NA
Average stockholders' equity to
average assets 6.68 6.79 7.17
Common stock dividend payout
ratio (3) 0.00 NA 68.98
- ----------------------------------------
(1) Income used in the calculation is net income (loss) applicable to
common stock.
(2) The sum of nonperforming assets (nonaccrual loans, restructured
loans,and other real estate owned) divided by the sum of total loans
and other real estate owned.
(3) Common stock cash dividends declared divided by net income applicable
to common stock.
HISTORICAL SELECTED FINANCIAL DATA
THE BANK OF WESTERN MASSACHUSETTS
Nine Months Years Ended
Ended Sept. 30, December 31,
1994 1993 1992
---- ---- ----
(In thousands, except share amounts)
Statements of Operations
Interest income $ 11,100 $ 12,361 $ 13,292
Interest expense 4,342 5,513 6,812
---------- ---------- ----------
Net Interest income 6,758 6,848 6,480
Provision for possible loan losses 1,050 960 1,330
---------- ---------- ----------
Net interest income after provision
for possible loan losses 5,708 5,888 5,150
Noninterest income 402 932 776
Noninterest expense 4,366 4,860 4,346
---------- ---------- ----------
Income (loss) before provision
(benefit) for income taxes 1,744 1,960 1,580
Provision (benefit) for income
taxes 689 758 645
---------- ---------- ----------
Income (loss) before cumulative effect
of change in accounting principle 1,055 1,202 935
Cumulative effect of change in
accounting principle 0 0 35
---------- ---------- ----------
Net income (loss) $ 1,055 $ 1,202 $ 970
========== ========== ==========
Total assets at period-end $ 214,184 $ 205,451 $ 187,516
Long-term debt at period-end 0 0 0
Balance sheets-average daily balances:
Total assets $ 205,004 $ 180,863 $ 179,217
Loans, net of allowance 150,092 137,950 135,393
Investment securities and interest-
bearing cash equivalents 41,462 31,442 32,458
Total deposits 183,956 162,081 162,473
Total stockholders' equity 16,989 15,405 14,333
Per common share:
Net income (loss) $ 57.21 $ 65.19 $ 52.63
Cash dividends declared 0.00 0.00 0.00
Book value 878.73 864.17 798.98
Weighted average common shares
outstanding 18,440 18,440 18,432
HISTORICAL SELECTED FINANCIAL DATA
THE BANK OF WESTERN MASSACHUSETTS
Years Ended December 31,
1991 1990 1989
---- ---- ----
(In thousands, except share amounts)
Statements of Operations
Interest income $ 14,842 $ 14,219 $ 9,823
Interest expense 9,045 9,345 6,205
---------- ---------- ----------
Net Interest income 5,797 4,874 3,618
Provision for possible loan losses 3,500 1,267 411
---------- ---------- ----------
Net interest income after provision
for possible loan losses 2,297 3,607 3,207
Noninterest income 497 157 57
Noninterest expense 3,995 3,465 2,223
---------- ---------- ----------
Income (loss) before provision
(benefit) for income taxes (1,201) 299 1,041
Provision (benefit) for income
taxes (409) 93 431
---------- ---------- ----------
Income (loss) before cumulative effect
of change in accounting principle (792) 206 610
Cumulative effect of change in
accounting principle 0 0 0
---------- ---------- ----------
Net income (loss) $ (792) $ 206 $ 610
========== ========== ==========
Total assets at period-end $ 182,799 $ 149,964 $ 118,418
Long-term debt at period-end 0 0 0
Balance sheets-average daily balances:
Total assets $ 164,104 $ 137,038 $ 89,823
Loans, net of allowance 133,181 115,450 71,151
Investment securities and interest-
bearing cash equivalents 21,020 10,049 6,617
Total deposits 147,839 120,513 75,369
Total stockholders' equity 14,179 14,436 12,146
Per common share:
Net income (loss) $ (43.14) $ 11.20 $ 35.56
Cash dividends declared 0.00 0.00 0.00
Book value 745.35 788.49 777.00
Weighted average common shares
outstanding 18,365 18,364 17,169
HISTORICAL SELECTED FINANCIAL DATA
THE BANK OF WESTERN MASSACHUSETTS (Cont'd.)
Nine Months Years Ended
Ended Sept. 30, December 31,
1994 1993 1992
---- ---- ----
Selected financial percentages:
Return on average total assets (1) 0.69% 0.66% 0.54%
Return on average common
stockholders' equity (1) 8.52 7.80 6.77
Interest rate spread 4.26 3.44 3.24
Net yield on earning assets 4.72 3.96 3.79
Net charge-offs as a percent
of average loans 0.50 0.70 0.80
Nonperforming asset ratio (2) 2.26 2.85 3.40
Allowance for possible loan losses as
a percent of period-end loans 2.17 2.30 2.37
Period-end leverage capital ratio 7.93 7.76 7.86
Period-end primary capital ratio NA NA NA
Risk-based capital ratios:
Tier I 10.18 9.72 10.59
Total 11.44 11.36 11.85
Average stockholders' equity to
average assets 8.08 8.52 8.00
- ----------------------------------------
(1) Income used in the calculation is net income (loss) applicable to
common stock.
(2) The sum of nonperforming assets (nonaccrual loans, restructured
loans,and other real estate owned) divided by the sum of total loans
and other real estate owned.
HISTORICAL SELECTED FINANCIAL DATA
THE BANK OF WESTERN MASSACHUSETTS (Cont'd.)
Years Ended December 31,
1991 1990 1989
---- ---- ----
Selected financial percentages:
Return on average total assets (1) (0.48%) 0.15% 0.68%
Return on average common
stockholders' equity (1) (5.59) 1.43 5.02
Interest rate spread 2.82 2.66 2.66
Net yield on earning assets 3.68 3.74 4.23
Net charge-offs as a percent
of average loans 1.50 0.50 0.00
Nonperforming asset ratio (2) 3.21 1.10 0.23
Allowance for possible loan losses as
a percent of period-end loans 2.20 1.20 0.92
Period-end leverage capital ratio 7.49 NA NA
Period-end primary capital ratio NA 10.59 12.84
Risk-based capital ratios:
Tier I 9.66 NA NA
Total 10.92 NA NA
Average stockholders' equity to
average assets 8.64 10.53 13.52
- ----------------------------------------
(1) Income used in the calculation is net income (loss) applicable to
common stock.
(2) The sum of nonperforming assets (nonaccrual loans, restructured
loans,and other real estate owned) divided by the sum of total loans
and other real estate owned.
UNAUDITED PRO FORMA SELECTED FINANCIAL DATA
CC AND BWM
Nine Months Ended September 30, 1994
Historical
CC BWM Pro Forma
---- ---- ------------
(In thousands, except share amounts)
Consolidated Statements of Operations
Interest income $ 61,801 $ 11,100 $ 73,077
Interest expense 22,027 4,342 26,466
---------- ---------- ----------
Net Interest income $ 39,774 $ 6,758 $ 46,611
Provision for possible loan losses 3,400 1,050 4,450
---------- ---------- ----------
Net interest income after provision
for possible loan losses 36,374 5,708 42,161
Noninterest income 17,035 402 17,437
Noninterest expense 36,543 4,366 41,633
---------- ---------- ----------
Income before income taxes 16,866 1,744 17,965
Income tax expense 5,615 689 6,121
---------- ---------- ----------
Income before cumulative effect
of change in accounting principle 11,251 1,055 11,844
Cumulative effect of change in
accounting principle 0 0 0
---------- ---------- ----------
Net income $ 11,251 $ 1,055 $ 11,844
========== ========== ==========
Per common share:
Net income $ 1.77 $ 1.69
Book value 16.53 16.99
Weighted average common and
common equivalent shares
outstanding 6,366,107 6,993,632
Consolidated Balance Sheet
(at September 30, 1994)
Total assets $1,223,593 $ 214,184 $1,437,108
Investment securities available for sale 217,995 36,029 254,024
Investment securities held for
investment 10,223 0 10,223
Loans (net of unearned income and
allowance for possible loan losses) 849,175 160,427 1,008,542
Deposits 1,039,728 185,755 1,225,127
Stockholders' Equity 103,081 16,204 116,669
UNAUDITED PRO FORMA SELECTED FINANCIAL DATA
CC AND BWM
Year Ended December 31, 1993
Historical
CC BWM Pro Forma
---- ---- ------------
(In thousands, except share amounts)
Consolidated Statements of Operations
Interest income $ 79,803 $ 12,361 $ 92,456
Interest expense 29,574 5,513 35,265
---------- ---------- ----------
Net Interest income $ 50,229 $ 6,848 $ 57,191
Provision for possible loan losses 6,600 960 7,560
---------- ---------- ----------
Net interest income after provision
for possible loan losses 43,629 5,888 49,631
Noninterest income 24,308 932 25,240
Noninterest expense 51,097 4,860 56,924
---------- ---------- ----------
Income before income taxes 16,840 1,960 17,947
Income tax expense 5,243 758 5,760
---------- ---------- ----------
Income before cumulative effect
of change in accounting principle 11,597 1,202 12,187
Cumulative effect of change in
accounting principle (575) 0 0
---------- ---------- ----------
Net income $ 11,022 $ 1,202 $ 12,187
========== ========== ==========
Per common share:
Net income $ 1.78 $ 1.78
Book value 15.73
Weighted average common and
common equivalent shares
outstanding 6,206,848 6,834,373
Consolidated Balance Sheet
(at September 30, 1994)
Total assets
Investment securities available for sale
Investment securities held for
investment
Loans (net of unearned income and
allowance for possible loan losses)
Deposits
Stockholders' Equity