Chittenden Corp., the Vermont-based parent of Worcester’s Flagship Bank, reported first-quarter 2007 net income of $20 million, or $0.44 per diluted share.
During the same quarter the previous year, the company reported net income of $20.2 million, or $0.43 per diluted share.
Chittenden reported a 7 percent increase in loans compared to the first quarter of 2006. And income from investment management, and trust income, increased by 10 percent over the first quarter of 2006.
The company repurchased 778,000 shares of its common stock during the first quarter, and plans to repurchase another 1 million shares.
As of March 31, the company’s total assets were $6.6 billion. Total loans were $4.8 billion.
