CHZ Chittenden Corp

WOLFEBORO, N.H., July 24 /PRNewswire-FirstCall/ -- Community Bank and Trust Company (OTC:CBNH.OB) (BULLETIN BOARD: CBNH.OB) reported net income for the quarter ended June 30, 2007 of $1.296 million or $.35 per diluted share, a decrease from the $1.843 million or $.50 per diluted share for the same quarter in 2006. Net income for the six months ended June 30, 2007 was $2.963 million or $.81 per diluted share, compared to $3.550 million or $.97 per diluted share the previous year. Assets of the Bank totaled $415 million at June 30, 2007, representing a 4% decrease over the June 30, 2006 total of $435 million. The gross loan portfolio was $386 million, compared to the year-ago total of $406 million. Deposits increased to $346 million, from the June 30, 2006 total of $336 million. FINANCIAL HIGHLIGHTS Three Months Ended June 30 2007 2006 Percent Unaudited Unaudited Change Interest Income $7,813,000 $7,585,000 3% Interest Expense 2,851,000 2,368,000 20% Net Interest Income 4,962,000 5,217,000 -5% Net Income 1,296,000 1,843,000 -30% Loans (gross) Assets Deposits Stockholders' Equity Earnings per Share $0.36 $0.51 -29% Earnings per Share, Assuming Dilution $0.35 $0.50 -30% Book Value per Share Avg. Shares Outstanding, Basic 3,625,097 3,582,134 Avg. Shares Outst., Assuming Dilution 3,679,390 3,659,976 Six Months Ended June 30 2007 2006 Percent Unaudited Unaudited Change Interest Income $15,654,000 $14,796,000 6% Interest Expense 5,631,000 4,440,000 27% Net Interest Income 10,023,000 10,356,000 -3% Net Income 2,963,000 3,550,000 -17% Loans (gross) 386,038,000 406,449,000 -5% Assets 415,325,000 434,687,000 -4% Deposits 346,095,000 336,298,000 3% Stockholders' Equity 42,845,000 42,731,000 0% Earnings per Share $0.82 $0.99 -17% Earnings per Share, Assuming Dilution $0.81 $0.97 -16% Book Value per Share 11.68 11.70 0% Avg. Shares Outstanding, Basic 3,624,954 3,571,762 Avg. Shares Outst., Assuming Dilution 3,669,779 3,652,001 The information shown above reflects unaudited financial results which are subject to possible adjustments. On June 4, 2007, Community Bank & Trust Company and Chittenden Corporation (NYSE:CHZ) announced that they had signed a Definitive Merger Agreement whereby Community Bank & Trust Company will merge with and into Ocean Bank, a Chittenden subsidiary, which is headquartered in Portsmouth, NH. Additional information about the proposed merger is contained in the Form 8-K dated June 4, 2007 filed by Community Bank & Trust Company, which can be accessed on the Company's website at http://www.communitybanknh.com/. Community Bank & Trust Company, headquartered in Wolfeboro, New Hampshire, is a state-chartered, FDIC insured, full service commercial bank with offices in Derry, Dover, Exeter, Hampstead, Hampton, Melvin Village, Nashua, Plaistow, and Wolfeboro, NH. DATASOURCE: Community Bank & Trust Company CONTACT: Gregory A. Roark of Community Bank and Trust Company, +1-603-569-8400 Web site: http://www.communitybanknh.com/

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