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Results for Banknorth
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Business New Haven
10/27/2003
By: BNH
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PORTLAND, Me. - Banknorth Group Inc. (NYSE: BNK) has reported record quarterly net income of $90.3 million for the third quarter ended September 30, up 17 percent from net income of $76.9 million for the same period a year ago. Per share, net income rose eight percent to 55 cents for the third quarter of 2003, from 51 cents a year ago.
"Strong commercial and consumer loan growth and fee income growth coupled with solid expense control resulted in a record quarter in challenging economic times," said William J. Ryan, Banknorth's chairman, president and CEO.
Consumer loans and leases and commercial real estate loans at September 30 increased by more than 20 percent over the levels at September 30, 2002. Exclusive of acquisitions, consumer loans and leases grew by eight percent and commercial real estate loans increased 12 percent. Commercial business loans and leases were up 14 percent at September 30 year over year, and increased eight percent exclusive of acquisitions. The loan growth helped offset a decline in net interest margin to 3.63 percent for the quarter, down from 4.03 percent 12 months earlier.
At September 30, the company's Tier 1 leverage capital ratio was 6.56 percent, its total risk-based capital ratio was 11.30 percent and its ratio of tangible equity to tangible assets was 5.46 percent. All three capital ratios were higher than the previous quarter.
Banknorth Group's banking subsidiary, Banknorth, N.A., operates in Connecticut as Banknorth Connecticut.
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