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