CBT earnings drop

Wolfeboro-based Community Bank and Trust Company reported that second-quarter earnings fell by a third compared to the previous year.

The bank, which is about to be merged into Chittenden Corp.’s Ocean National Bank, reported net income of $1.296 million, or 35 cents a diluted share, for the second quarter of 2007, the bank announced Tuesday. During the second quarter of 2006, the bank earned $1.843 million.

To date, net income this year was $2.963 million (81 cents a diluted share), down from $3.5 million at the same time last year.

The bank’s assets ($415 million) fell by 4 percent, and its loan portfolio of $386 million was down 5 percent. Deposits ($346 million) rose by 3 percent.

The merger with Ocean National, announced in June is expected to be concluded by the end of the year. Word of that merger was followed by the announcement of Chittenden’s pending acquisition by People’s United Financial Inc, of Connecticut. – BOB SANDERS

Categories: News