Banknorth earnings rise 25 percent; Maine company continues growth.

PositionBUSINESS - Financial report

PORTLAND, Maine -- Banknorth Group Inc. reported yesterday that its fourth-quarter earnings grew 25 percent for a record finish to 2002, marking the ninth consecutive year of record earnings for the bank holding company. Banknorth, parent of Worcester-based Banknorth Massachusetts, reported net income of $77.1 million, or 52 cents per diluted share, for the quarter ended Dec. 31, compared to $61.6 million, or 42 cents per diluted share, during the same period in 2001. William J. Ryan, chairman, president and chief executive officer, said its depth of products helped Banknorth overcome declining interest rates and a weak stock market that hurt trust and investment services income. Banknorth reported strong loan growth and fee income gains in insurance commissions, mortgages, deposits and electronic banking income. The company finished the year with record net income of $298.6 million, which is up 25 percent from the...

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