Chittenden Corp. of Burlington, Vt., reported a 10% increase in third-quarter net income, to $21.7 million, as well as an increased net interest margin, continued low chargeoffs, and its lowest efficiency ratio in five years.
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For the first nine months of the year, profits rose 12 from the same period last year, to $61.6 million, the $6.3 billion-asset Chittenden said Thursday.
Strong loan growth helped the net interest margin widen 6 basis points from the second quarter and 15 basis points from a year earlier, to 4.35%.
