Third-quarter profits fall for TD Banknorth

PORTLAND – TD Banknorth Inc. said Monday that its third-quarter profit fell 9 percent, hurt by acquisition-related charges and a loss on derivatives.

Quarterly income dropped to $88.7 million, or 51 cents per share, from $97.8 million, or 55 cents, the year before. Setting aside unusual items, earnings would have been $109.5 million, or 63 cents per share.

However, the company’s adjusted profit still would have just missed the average estimate of 64 cents per share from analysts polled by Thomson Financial.

Net interest income totaled $249 million, up 5 percent from $238 million a year earlier, while noninterest income increased 11 percent to $103.6 million.

TD Banknorth said its average loans and leases were up 10 percent last quarter, lifted by greater commercial real estate mortgages and commercial and consumer loans. Average deposits rose 4 percent, the company added.

TD Banknorth is based in Portland and has assets of $31.8 billion and more than 350 branches in Maine, New Hampshire, Vermont, Massachusetts, Connecticut and upstate New York.