[DESCRIPTION]
<COVER>
December 2, 1994
Securities and Exchange Commission
450 5th Street
Washington, D.C. 20549
RE: CHITTENDEN CORPORATION - REGISTRATION NO. 0-7974
QUARTERLY REPORT AMENDMENT (ON FORM 10-Q/A)
Gentlemen:
Pursuant to the requirements of Rule 13a-13 under the Securities Exchange Act
of 1934, there is appended to this transmittal, an electronic file of the
amended Cash Flow dated 09-30-94 (on Form 10-Q/A) previously filed on
November 14, 1994 (on Form 10-Q) of Chittenden Corporation, Two Burlington
Square, Burlington, Vermont 05401 for the nine months ended September 30, 1994.
If you have questions concerning this amendment, please telephone the
undersigned at (802) 660-1410.
Kindly acknowledge receipt of this letter by Compuserve E-Mail.
Thank you.
Very truly yours,
S/F. SHELDON PRENTICE
SECRETARY
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Chittenden Corporation
Consolidated Statements of Cash Flows
(Unaudited)
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Nine Months Ended
September 30,
1994 1993
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net income $11,251 $7,687
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for possible loan losses 3,400 4,950
Depreciation and amortization 1,468 1,577
Amortization of excess of cost over fair value of 636
net assets acquired
Prepaid Income taxes (10) (204)
Amortization of premiums, fees, and discounts,
net 1,038 919
Investment (gains) losses 324 (130)
Net (Increase) decrease in loans held for sale 9,751 (10,452)
(Increase) decrease in accrued interest receivable (2,977) (108)
(Increase) decrease in other assets (893) 5,621
Increase (decrease) in accrued expenses
and other liabilities 201 (4,654)
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Net cash provided by operating activities 23,553 5,842
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CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of investment securities
(Available for sale) 32,992 20,308
Proceeds from maturing investment securities and
principal payments on mortgage-backed securities
(Available for sale) 124,328 0
Proceeds from maturing investment securities
and principal payments on mortgage-backed
securities (Held For Investment) 775 139,824
Purchase of investment securities (Available For Sale) (231,331) 0
Purchase of investment securities (Held For Investment) (9,332) (166,060)
Loans originated, net of principal repayments (21,286) 18,198
Purchases of premises and equipment (1,568) (2,185)
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Net cash provided by (used in) investing activities (105,422) 10,085
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CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits 4,964 23,107
Net increase (decrease) in short-term borrowings (17,945) 45,829
Proceeds from issuance of common stock 169 138
Dividends paid-common stock (2,056) (871)
Proceeds from issuance of treasury stock 66 35
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Net cash provided by (used in) financing activities (14,802) 68,238
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Net increase(decrease) in cash and cash equivalents (96,671) 84,165
Cash and cash equivalents at beginning of period 195,163 129,511
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Cash and cash equivalents at September 30, $98,492 $213,676
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Supplemental disclosure of cash flow information:
Cash paid for the year for:
Interest $22,004 $22,649
Income taxes 4,400 4,637
Noncash transactions:
Loans transferred to other real estate owned 1,187 3,283
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