Chittenden reports earnings

October 20, 2006

NH Business Review Staff,

Chittenden Corporation, the Vermont-based parent company of Ocean National Bank, released its third-quarter report Wednesday.

The bank’s net income of $21.7 million, or 47 cents a diluted share, was slightly higher than in the third quarter of 2005. That brings the bank’s income thus far to $63 million for the first three quarters of this year, almost $3 million morethan last year at this time.

The company said it will pay a dividend 20 cents a share on Nov. 10 to shareholders of record on Oct. 27.

Chittenden also reported that the gain on sales of loans declined 37 percent from the same quarter a year ago, due to lower originations of mortgage loans. And there was an increase in the provisions for credit loses due to higher net charge off and nonperforming loans.

The company’s assets increased slightly, from $6.36 to $6.47 billion. – BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW

Categories: News

More news from NHBR:

Littleton company aims for a big bite of the outdoor business

Adventure Ready Brands makes health and safety products at North Country industrial park

Take 5: WalletHub study, employment rate and housing preference

NH Business Review's biweekly snapshot of business and industry statistics

Wooden Judicial Hammer On Table Close Up. Law And Justice. The Courtroom

AG says federal judge exceeded her authority in inspection ruling

A federal judge exceeded her authority by ordering the state to continue its mandatory vehicle inspection program after it was repealed, NH Attorney General John Formella argued in a legal filing Thursday, March 19, with the 1st U.S. Circuit Court of Appeals.

Former Ocean Spray CEO to serve as UNH commencement speaker

Tom Hayes, ‘87, former CEO of Ocean Spray, will deliver the commencement address at the University of New Hampshire undergraduate ceremonies on May 16. A respected leader in the food industry, with more than three decades of experience guiding major consumer brands, Hayes will offer words of inspiration to the class of ‘26.

Manchester’s Exacom acquired by Motorola Solutions

Exacom, which provides voice and multimedia recording and logging solutions for 911 emergency communications, has been acquired by Motorola Solutions (NYSE: MSI). Terms of the transaction were not disclosed.

Keene State College convenes national leaders to address future of occupational safety and construction workforce

Keene State College’s (KSC) Safety and Construction Sciences programs recently hosted a three-day summit that brought students, faculty, alumni and industry leaders from across the country to address the future of the occupational safety profession and the growing demand for qualified safety professionals.

Federal funding cuts prompts closure of Education Alliance for NH

The board of directors of the Education Alliance for New Hampshire (EANH) has voted unanimously to close the organization’s operations following the loss of significant federal funding that has historically supported its core college access programs, the organization said in a press release.