Chittenden reports earnings growth in 2Q 2006

Chittenden Corp. made more than $21 million for the quarter ending June 30, or 45 cents a diluted share, announced the Vermont-based parent company of Ocean National Bank on Thursday. That’s 4 cents per share higher than the same period last year and a penny over expectations.

The company will be paying a quarterly dividend of 20 cents per share on August 11 to stockholders of record on July 28.

On Wednesday, the company approved two-year, one million-share buyback program, after just completing another million share buyback program that was announced last in October of 2005.

The bank assets increased $320 million to $4.6 billion, with particularly strong growth in commercial real estate in New Hampshire and Vermont. Total deposits, however, decreased to $66 million, though that was still a $173 million increase from the same quarter last year. — BOB SANDERS

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