PORTLAND (Dow Jones/AP) – TD Banknorth Inc., the former Banknorth Group, Monday posted a 62 percent drop in first-quarter profit, citing merger costs and other charges.

The Portland-based bank said net income fell to $34.1 million, or 18 cents a share, for the latest quarter, from $90.3 million, or 54 cents a share, a year ago.

The latest results included a charge of $41.6 million, or 22 cents a share, from a restructuring and an amortization charge of $7.5 million, or 4 cents a share.

The first quarter also included two charges totaling 16 cents a share, consisting of $23.4 million from Banknorth’s acquisition by Toronto Dominion, which closed March 1, and $5.3 million from an accounting change related to the merger.

Excluding items, earnings rose to $111.8 million, or 60 cents a share, from $92.6 million, or 56 cents a share, TD Banknorth said.

The average estimate of analysts polled by Thomson Financial was for earnings, excluding items, of 61 cents a share.

TD Banknorth’s first-quarter interest income rose 17 percent to $255.1 million from $217.6 million a year ago.

The bank reduced its provision loan and lease losses to $2.07 million in the latest period from $9.5 million a year ago.

Shares of TD Banknorth rose 42 cents, or 1.4 percent, to close at $30.98 on the New York Stock Exchange.

Banknorth’s subsidiaries include Peoples Heritage in Maine, Bank of New Hampshire, Banknorth Massachusetts, Banknorth Vermont, Banknorth Connecticut and Evergreen Bank in upstate New York.