TD Banknorth Q4 2006 Earnings

RBC Capital Markets, 24 January 2007Investment Opinion� Earnings Summary: 4Q06 operating cash earnings declined by 18% year-over-year, but were flat sequentially.� Modest Margin Pressure: BNK's margin decreased 6 basis points sequentially to 3.95% due to higher deposit and borrowing costs. Modest margin pressure is expected to persist over the next couple of quarters.� Mixed Loan Growth Trends: