Banknorth Group income rises 7 percent

PORTLAND – Banknorth Group Inc. said Monday its income for the third quarter rose 7 percent over that of a year ago in part because of a strong loan portfolio.

Banknorth, the parent company of People’s Heritage Bank, reported income of $62.2 million, or 45 cents per share, for the three months ending Sept. 30. That is up from $60.6 million, or 42 cents per share, during the same period in 2000.

William J. Ryan, Banknorth chairman, president and chief executive officer, said he was gratified with the bank’s earnings amid the slowing economy. He said the bank has benefited from a loan portfolio in which nonperforming loans for the third quarter decreased from those of the second quarter.

Banknorth is the parent of Peoples Heritage Bank in Maine, Bank of New Hampshire and First Massachusetts Bank, which operates GBT subsidiary in Connecticut. Other subsidiary banks include Evergreen Bank in upstate New York, and Franklin Lamoille Bank, The Howard Bank and First Vermont Bank, all in Vermont.

Banknorth’s earnings were in line with the consensus estimate of analysts surveyed by Thomson Financial/First Call.