Chittenden reports earnings

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