The $6.5 billion-asset Chittenden Corp. in Burlington, Vt., reported fourth-quarter earnings of $21.8 million, 9% more than in the 2004 quarter.
Peter J. Winter, an analyst with Bank of Montreal's Harris Nesbitt Corp., wrote in a research report that credit quality was a particular bright spot. Chittenden said Thursday that nonperforming assets totaled $19.2 million at yearend, just 0.36% of all loan s - the lowest percentage since 2000.
Full-year net income rose 11%, at $83.4 million.
Chittenden's loans totaled $4.4 billion at yearend, 10% more than a year earlier. Its efficiency ratio fell to 54.37% from 55.64%; Mr. Winter credited that improvement mostly to success in controlling costs. Noninterest expenses rose less than 2% last year, to $179 million, the company said.
