PORTLAND – Banknorth Group Inc. reported Monday that its net income rose 8 percent for the third quarter of the year over 2003.
The banking company reported income of $97.8 million for the three months that ended Sept. 30, up from $90.3 million a year earlier.
The company had earnings of 55 cents per share, and 58 cents per share excluding one-time costs. Analysts surveyed by Thomson First Call had expected earnings of 59 cents per share.
Banknorth Chairman and President William J. Ryan said earnings were helped by a 16 percent increase in loans and leases, while deposits went up by 9 percent to $19.4 billion. Consumer loans rose 14 percent, commercial business loans went up 18 percent, commercial real estate mortgages increased 16 percent and residential real estate mortgages rose 15 percent.
“It was a good quarter with solid loan and deposit growth despite only a slight increase in our net interest margin,” Ryan said.
For the first nine months of the year, Banknorth reported income of $283.9 million, a 10 percent increase over 2003. The company reported total assets of $29.0 billion.
Banknorth, which has more than 350 branches in New England and upstate New York, is the largest bank with headquarters in New England following Bank of America’s acquisition of FleetBoston Financial Corp.
Its banking subsidiaries include Peoples Heritage in Maine, Bank of New Hampshire, Banknorth Massachusetts, Banknorth Vermont, Banknorth Connecticut and Evergreen Bank in upstate New York.
Canada’s TD Bank Financial Group is now in the process of buying a 51 percent stake in Banknorth. The $3.8 billion deal still needs shareholder and regulatory approval, and is expected to be completed in February.
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