NewAlliance Bank, New Haven
New Haven-based NewAlliance Bancshares, the holding company for NewAlliance Bank, has reported net income of $10.9 million for the fourth quarter of 2007, which is level with the company’s fourth-quarter 2006 income.
Core earnings, which are exclusive of merger-and-acquisition charges and a tax-reserve adjustment, were $12 million, up 6 percent from the prior year.
“We are very pleased that our prudent credit practices, strong capital and expense management have positioned us well in this turbulent environment,” said Peyton R. Patterson, the bank’s chairman, president and chief executive officer.
Net income for the year $23.8 million, compared to $48.8 million for 2006. Results for 2007 were adversely impacted by the previously reported loss on a restructuring of the securities portfolio and tax-reserve adjustments relating back to the establishment of the NewAlliance Foundation in 2004.
Core earnings for 2007, which exclude merger-and-acquisition charges, a loss on the restructuring of the securities portfolio and tax reserve adjustments, were $47.4 million. Comparative core earnings for 2006 were $49.8 million.
The company’s board of directors voted to pay a quarterly dividend of $0.065 per share for the quarter ended Dec. 31, 2007, which is level with the dividend paid following the third quarter. The dividend will be paid on Feb. 19 to shareholders of record on Feb. 8.
Total loans were $4.73 billion as of Dec. 31, compared to $4.67 billion as of Sept. 30, an increase of $54.5 million. Total deposits were $4.37 billion at year-end compared to $4.29 billion as of Sept. 30.
PSB Reports Income
Putnam-based PSB Holdings, the holding company for Putnam Bank, reported net income of $685,000 for the quarter ending Dec. 31, compared to net income of $468,000 for the same period last year.
As of Dec. 31, total assets were $486.3 million, a decrease of $4.9 million from June 30. Total loans increased $5.6 million to $239.8 million as of Dec. 31, from $234.2 million as of June 30. Total deposits decreased by $7 million, to $286.5 million, as of Dec. 31, from $293.5 million as of June 30.
Putnam Bank also has made some promotions and personnel changes in its branch offices. Donna M. Glaude has been promoted to assistant vice president and operations officer. Carrie Szymanski has been promoted to branch manager of the Plainfield office. Janet D. Richmond is now the branch manager of the main office in Putnam. Phillis D. Jaeger is now the assistant vice president and branch manager of the Pomfret branch, having most recently held the position of assistant vice president and branch manager of the Danielson branch office. Rockie A. Alix has become assistant vice president, business development officer and branch manager of the Danielson branch. Deborah A. Tavernier is now the assistant branch manager of the Griswold branch. Nicholas L. Mainville was promoted to assistant branch manager of the Plainfield office, having most recently served as customer service representative in the main office.
Separately, the Putnam Bank Foundation has made a $25,000 pledge to the Scholarship Endowment Fund of Three Rivers Community College in Norwich.
The fund is tagged to help the college with scholarship opportunities for students. In return for the pledge, Three Rivers Community College will name its new Information Technology Conference Room in Putnam Bank’s honor.
Putnam Bank, originally chartered in 1862, is a $491 million, federally chartered and insured stock bank. Putnam Bank has branch offices in Putnam, Pomfret Center, Danielson, Plainfield, Griswold and Gales Ferry. It also operates a full-service loan center in Putnam.
