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Financial Review

Essay by   •  March 9, 2011  •  3,435 Words (14 Pages)  •  1,147 Views

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Balance Sheet ($ millions)

2005 % 2004 % 2003 % Banks in the Region 2005 %

Assets

Reserves 892 7.25% 648 5.78% 558 6.22% 12,184 5.61%

Cash items in process of collection 369 3.00% 236 2.10% 169 1.88% 6,513 3.00%

Deposits at other banks 246 2.00% 124 1.11% 179 2.00% 4,242 1.95%

Securities

U.S. Government and Agency 2062 16.75% 2,243 20.00% 1,694 18.89% 40,020 18.43%

State and Local Government 739 6.00% 673 6.00% 538 6.00% 13,026 6.00%

and other Securities

Loans

Commercial and Industrial 1970 16.00% 1,795 16.01% 1,436 16.01% 34,736 16.00%

Real Estate 2708 22.00% 2,467 22.00% 1,974 22.01% 47,762 22.00%

Consumer 1846 15.00% 1,682 15.00% 1,346 15.01% 32,565 15.00%

Inter-bank 348 2.83% 318 2.84% 254 2.83% 6,143 2.83%

Other 267 2.17% 243 2.17% 194 2.16% 4,712 2.17%

Other Assets 862 7.00% 785 7.00% 628 7.00% 15,197 7.00%

Total Assets 12309 100.00% 11,214 100.00% 8,970 100.00% 217,100 100%

Liabilities

Checkable Deposits 2,954 24.00% 2,691 24.00% 2,152 23.99% 52,104 24.00%

Nontransaction Deposits

Savings Deposits 2,585 21.00% 1,855 16.54% 1,884 21.00% 45,591 21.00%

Small-denomination time Deposits 1,723 14.00% 1,570 14.00% 1,256 14.00% 30,394 14.00%

Large-denomination time Deposits 1,354 11.00% 1,234 11.00% 987 11.00% 23,881 11.00%

Borrowings 2,954 24.00% 2,691 24.00% 2,153 24.00% 41,104 18.93%

Bank Capital 739 6.00% 1,173 10.46% 538 6.00% 24,026 11.07%

Total Liabilities 12,309 100.00% 11,214 100.00% 8,970 100.00% 217,100 100.00%

Income Statement ($ in millions)

2005 % 2004 % 2003 % Banks in the Region 2005 %

Operating Income

Interest on Loans 605 76.58% 601 75.22% 441 76.56% 12,671 79.54%

Interest on Securities 133 16.84% 151 18.90% 97 16.84% 2,347 14.73%

Other Interest 52 6.58% 47 5.88% 38 6.60% 913 5.73%

Interest Income 790 100.00% 799 100.00% 576 100.00% 15,931 100.00%

Service charges on Deposit

Accounts 399 62.05% 374 68.88% 291 70.98% 7,041 64.44%

Other Noninterest Income 244 37.95% 169 31.12% 119 29.02% 3,885 35.56%

Noninterest Income 643 100.00% 543 100.00% 410 100.00% 10,926 100.00%

Total Operating Income 1,433 100.00% 1,342 100.00% 986 100.00% 26,857 100.00%

Operating Expenses

Interest Expenses

Interest on Deposits 304 24.11% 402 33.42% 286 32.69% 9,264 38.31%

Interest on Fed Fund and Repos 104 8.25% 31 2.58% 25 2.86% 504 2.08%

Other 61 4.84% 56 4.66% 45 5.14% 872 3.61%

Noninterest Expenses

Salaries and Employee Benefits 307 24.35% 272 22.61% 306 34.97% 4,998 20.67%

Premises and Equipment 178 14.12% 162 13.47% 30 3.43% 3,139 12.98%

Other 173 13.72% 158 13.13% 96 10.97% 3,047 12.60%

Provisions for Loan Losses 134 10.63% 122 10.14% 87 9.94% 2,355 9.74%

Total Operating Expenses 1,261 100.00% 1,203 100.00% 875 100.00% 24,179 100.00%

Net Operating Income 172 139 111 2,678

Gains (losses) on Securities 7 7 16 128

Extraordinary Items, net 0 3 2 67

Income Taxes 28 26 21 498

Net Income 137 103 72 1,985

2003 2004 2005 Banks in our Regional Area, 2005

Net Interest Margin 2.47% 2.76% 2.61% 2.44%

Return on Assets 0.80% 0.918% 1.11% 0.914%

Return on Equity 13.38% 8.78% 18.54% 8.26%

Equity Multiplier 16.673 9.56 16.65 9.036

Historical Summary

Volaitis Banking is a family owned and run institution and has been operating in the New England area for 15 years and has been showing profits for all of them. Our president Jessica Volaitis has implemented many new programs to increase profits. We are a preferred banking institution for personal and business banking needs. We help young couples finance their first homes and others second and third vacation homes. This area is a hotspot for vacationers from Boston, New York City and the surrounding areas. We have 13 full branch locations and ten drive through

locations. We also have thousands of automatic teller machines. This generates great profits for us from tourists holding accounts from other banks. The tourist seasons are busiest for us when there are people traveling to the area for ski vacations and fall foliage. We have ski resorts that make large deposits during

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