Chittenden 1Q profit dips |
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Thu, 19 Apr 2007 15:36
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BURLINGTON, Vt. (AP) - Bank holding company Chittenden Corp. on Thursday said slower economic activity in its markets and a more competitive business environment led to a slight net earnings decline in the first quarter.Earnings slipped to $20 million from $20.2 million. Per-share profit rose a penny to 44 cents per share at the same time, as the bank reduced the number of its shares outstanding by 2 million to 44.7 million.Analysts in a Thomson Financial survey expected earnings of 45 cents per share.Chairman, President and Chief Executive Paul A. Perrault said a slowdown in economic activity in the company's markets and 'intense competition' hurt results in the recent quarter.Net interest income from loans and deposits fell to $58.8 million from $61 million a year ago. Total loans grew 5 percent to $4.8 billion, while total deposits were up 3 percent to $5.5 billion. However, Chittenden said stock repurchases and the termination of interest rate swaps reduced net interest income.Total noninterest income, which comes from charges and fees, rose 3 percent to $18.1 million from $17.6 million.The company's provision for credit losses was steady at $1.5 million in the first quarter.Chittenden's banking subsidiaries include The Bank of Western Massachusetts, Flagship Bank and Trust Co. and Maine Bank & Trust Co., among others.Shares of Chittenden were flat at $30.42 in morning trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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