Chittenden Corp. in Burlington, Vt., said its first-quarter earnings slipped 1% from a year earlier, to $20 million, because of a slowdown in economic activity and intense competition.
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Earnings per share rose a penny, to 44 cents. The $6.6 billion-asset Chittenden said Thursday that it had reduced the number of outstanding shares by 5%, to 44.7 million.
Net interest income dipped about 3%, to $59.9 million, because of stock repurchases and the termination of interest rate swaps.
The net interest margin fell 14 basis points from a year earlier and 23 basis points from the fourth quarter, to 4.06%. Chittenden attributed the bulk of the decline to higher deposit costs.
