Chittenden Corporation(NYSE: CHZ) Chairman, President and Chief Executive Officer, Paul A. Perrault,announced higher earnings for the year ended December 31, 2003, of $74.8million or $2.07 per diluted share, compared to $63.6 million or $1.96 a yearago. For the fourth quarter of 2003, net income was $0.53 per diluted share,compared to the $0.55 per diluted share earned in the fourth quarter of 2002.The prior quarter amount exceeded the current quarter primarily due to highergains on sales of securities in 2002. Chittenden also announced its quarterlydividend of $0.20 per share. The dividend will be paid on February 13, 2004,to shareholders of record on January 30, 2004.In making the announcement, Perrault said, “The past year has been a busyone at Chittenden. In addition to our primary focus of delivering top qualityservice to our customers, we completed the Granite acquisition in the firstquarter and there has been significant activity behind the scenes inpreparation for our IT conversion this coming spring. I am encouraged by ourprogress on this important project as well as with the financial results thatwe have achieved during 2003.”On February 28, 2003, Chittenden completed its acquisition of GraniteBank, a $1.1 billion commercial bank headquartered in Keene, NH for $123million in cash and approximately 4.4 million shares of Chittenden stockvalued at $116 million. Accordingly, Granite Bank’s operations are reflectedin Chittenden’s consolidated financial statements from the date ofacquisition.Total loans increased $43 million from September 30, 2003 and $751 millionfrom December 31, 2002. The increase from a year ago was primarilyattributable to the acquisition of Granite, which contributed approximately$626 million of total loans at the date of acquisition. The increase fromlast quarter was due to continued growth in the Company’s commercial andcommercial real estate loan portfolios. The Company experienced its normalseasonal decline in municipal loans and a continued reduction in residentialreal estate and consumer loans due to higher than normal prepayment speeds onthese portfolios.Total deposits increased $844 million from a year ago and declined $48million from last quarter. The increase from a year ago was primarily aresult of the Granite acquisition, which contributed $783 million in depositsat the date of acquisition. The decrease from last quarter is primarilyrelated to the seasonal drop in municipal and captive insurance deposits,which was partially offset by an increase in demand deposits. Borrowingsdeclined from last quarter due to the early redemption of $77 million of FHLBadvances, which had an effective rate of 3.50%.The Company’s net interest margin for the fourth quarter of 2003 was4.14%, compared with 3.98% for the third quarter of 2003 and 4.38% for thesame period of 2002. The increase on a linked quarter basis is primarilyrelated to the recognition of additional accelerated fair value adjustments of$1.7 million in the third quarter which were driven by heavy prepayments onGranite’s residential mortgages. Excluding the effect of the accelerated fairvalue adjustment, the net interest margin was 4.11% in the third quarter of2003. The net interest margin for the year ended December 31, 2003 was 4.12%as compared to 4.53% for 2002. The decrease from 2002 is a result of theGranite acquisition and the overall reduction in market interest rates. On apro forma basis the net interest margin without Granite for the fourth quarterof 2003 was 4.21% and for 2003 was 4.33%.Net charge-offs as a percentage of average loans were 8 basis points inthe fourth quarter and 16 basis points for the year ended December 31, 2003,compared to 7 basis points and 28 basis points for the respective periods in2002. Net charge-off activity on a year-to-date basis totaled $5.8 millioncompared with $8.4 million in 2002. Nonperforming assets decreased $3.6million from September 30, 2003 to $14.4 million at December 31, 2003 and as apercentage of total loans declined to 39 basis points compared to 49 basispoints in the third quarter and 50 basis points at year end 2002. As apercentage of loans, the allowance for loan losses was 1.54%, down from 1.61%at September 30, 2003 and 1.62% at December 31, 2002.The provision for loan losses was $7.2 million in 2003 compared to $8.3million in 2002. For the fourth quarter, the provision was $1.0 million in2003 compared to $2.1 million in the third quarter of 2003 and $2.3 millionfor the fourth quarter of 2002. The lower provision in the fourth quarter of2003 was primarily due to the reduction in the annual level of net charges-offs as well as continued improvement in the Company’s overall credit qualityand the general economic environment.Noninterest income was $23.0 million for the fourth quarter of 2003,compared with $25.0 million for the third quarter and $19.6 million for thesame period a year ago. The decline from the third quarter was primarilyattributable to lower gains on sales of mortgage loans and mortgage servicingincome. The increase in market interest rates during the second half of 2003significantly slowed mortgage originations and resulted in lower volumes ofmortgage loans sold. Mortgage-servicing income declined in the fourth quarterprimarily due to lower impairment recoveries of $1.8 million, which waspartially offset by lower MSR amortization. The increase in other noninterestincome of $757,000 on a linked quarter basis was attributable to gains onsales of real estate related to branch locations being consolidated. Inaddition, gains on the sales of securities of $3.0 million were offset byprepayment penalties on the redemption of FHLB borrowings of $916,000 and $2.2million in conversion and restructuring charges, which were reported as partof noninterest expense.Noninterest expenses were $48.1 million for the fourth quarter of 2003,compared to $46.9 million for the third quarter and $39.9 million for thefourth quarter of 2002. Conversion and restructuring charges of $2.2 millionwere recognized in the fourth quarter of 2003. These were comprised of$378,000 in additional technology expenses related to the Company’s secondquarter announcement that it would convert its core data processing systemsand $1.8 million of restructuring charges. The restructuring charges wereassociated with the Company’s plan to consolidate 11 branches and close 30offsite ATMs, as well as to recognize severance for related staff reductions.Salaries and employee benefits decreased $1.2 million from the third quarterof 2003 and increased $4.7 million from the fourth quarter of 2002. Graniterepresented $3.4 million of the increase from a year ago, while highercommissions and sales based incentive expenses accounted for $1.3 million.Other increases driven by the Granite acquisition were noted in occupancyexpense ($470,000) and amortization of intangibles ($407,000) related to theGranite core deposit and customer list intangibles.Effective income tax rates for 2003 were 34.8% for the fourth quarter and35.8% year to date compared to 35.4% and 34.9% for the respective periods in2002. The lower effective tax rate in the fourth quarter of 2003 was a resultof the recovery of prior year tax reserves that were no longer necessary. Theincrease year over year was primarily attributable to the Granite acquisition.The return on average equity was 13.90% for 2003, compared with 16.12% for2002. The decline from a year ago is primarily due to the issuance ofadditional equity of $116 million in the Granite acquisition. The return onaverage assets for 2003 was 1.29%, compared with 1.40% for 2002. The ROE andROA without Granite for 2003 would have been 15.32% and 1.38% respectively.
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Recognized by audiences and performing artists as one of the most comfortable, friendly, and acoustically-inviting theatres in the greater New York metro area, the NYCB Theatre at Westbury presents a broad range of acclaimed performers geared to virtually every entertainment taste and interest. The venue has a rich and storied history that begins in 1956 when three partners, Frank Ford, Lee Guber and Shelly Gross, stepped out of car to inspect the underdeveloped industrial site that was to become the Westbury Music Fair.The brilliant multi-colored striped tent was constructed in Chicago and the 1700 individual chairs sent from New England were chosen especially for comfort. The Westbury Music Fair became a reality on June 18, 1956 when the three entrepreneurs opened their first Westbury production. The show was ‘The King and I’ staring Charles Korvin and Constance Carpenter.“Not a bad seat in the place!”– Everyone[toggles][toggle title=”What are your box office hours?”]Monday thru Friday 12:30 to 5:30 Saturday 12:00 to 5:00 On show day, box office will be open half hour after start of show.[/toggle][toggle title=”Can I buy tickets to upcoming shows at the box office?”]Yes[/toggle][toggle title=”Can I buy tickets to upcoming shows at other venues at the Westbury box office?”]No[/toggle][toggle title=”If I leave the building during the show, can I return?”]All exits are final.[/toggle][toggle title=”Where should I park?”]Parking is onsite and is included in the price of the ticket. For an additional fee, VIP Parking is available.[/toggle][toggle title=”Does my child need a ticket to come with me to a show?”]All patrons need a ticket, regardless of age.[/toggle][toggle title=”How can I rent the theatre for a private event?”]Please contact Latasha Thomas-Jacobs at 516-247-5213 or email: [email protected][/toggle][toggle title=”Can I bring a camera to the show?”]Subject to artist wishes, video or recording devices, film or digital cameras are not allowed into the theatre unless prior clearance is obtained by the performer or their management.[/toggle][toggle title=”How do I get a photo pass or schedule an interview with the band?”]Please contact the publicist of the band.[/toggle][toggle title=”Can I bring food or drinks from home to the show?”]No outside food or beverage is allowed in the theatre.[/toggle][toggle title=”Can I smoke inside the theatre?”]Smoking is not allowed anywhere in the building.[/toggle][toggle title=”Is the theatre handicap/ADA accessible?”]Yes, the theatre is ADA accessible.[/toggle][toggle title=”What methods of payment are accepted for purchasing tickets at the box office?”]Amex, Mastercard, Visa, Discover[/toggle][toggle title=”What do I need to bring to pick up my Will Call tickets?”]The original charge card used to purchase the tickets and your photo ID.[/toggle][toggle title=”Can I purchase alcohol at the theatre?”]Yes. Please remember to bring your photo ID as you must be of legal age.[/toggle][toggle title=”What items are not allowed in the theatre?”]Do not bring: pets, alcohol, drugs, laser pointers, skates, wallet chains, spiked jewelry or belts, banners, backpacks, flyers, beach balls, Frisbees, fireworks of any kind or any outside food and beverage to any show. If you have any of the above items you will be refused entry into the building. To ensure the safety of all of our guests, all bags may be subject to search before entry.[/toggle][toggle title=”Can I bring a bag with me to the theatre?”]Small bags such as a ladies purse are allowed but are subject to inspection.[/toggle][toggle title=”Can I check my coat or bag at the theatre?”]The Lost & Found is located in the main office at the theatre or please call 516-334-0800 and press the Lost & Found extension on the automated directory.[/toggle][toggle title=”How can I get a job at the theatre?”]You may fill out an application for employment during regular box office hours: Monday – Friday 12:30-5:30.[/toggle][toggle title=”Is there an ATM at the Westbury?”]Yes.[/toggle][toggle title=”I have tickets to a show that was cancelled/postponed. What do I do?”]For cancelled shows refunds are available at your original point of purchase. If you bought your tickets through Live Nation or Ticketmaster you will receive an automatic refund. If your tickets were purchased at the Box Office you must return them during normal business hours. You will be refunded in the same manner you purchased your tickets.If a show is listed as postponed, we encourage you to hold onto your tickets to use on the rescheduled date. If you are unable to attend a refund will be available at your original point of purchase.[/toggle][/toggles]