TD Banknorth 3Q profit falls 9 percent


TD Banknorth, owner of the former Bank of New Hampshire, reported on Monday that its quarterly profit fell 9 percent, in part reflecting costs related to a majority stake in the New England banking company by Canada's Toronto-Dominion Bank. Net income for the Portland, Maine-based TD Banknorth fell to $88.7 million, or 51 cents per share, in the third quarter from $97.8 million, or 55 cents per share, a year earlier. Excluding items related to mergers and the bank's accounting for derivatives, earnings rose 6 percent to $109.5 million, or 63 cents per share, from $103.7 million, or 59 cents per share, TD Banknorth said. Toronto-Dominion paid $4 billion for a 51 percent stake in TD Banknorth earlier this year. - NHBR STAFF REPORT
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