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NewAlliance Nets $58M In 2010

January 26, 2011 | Reprints | Unlock Link | Print

New Haven-based NewAlliance Bancshares Inc., the holding company for NewAlliance Bank, has reported net income of $58 million in 2010, a 25 percent increase from 2009’s $46.4 million.

Net income for the fourth quarter of 2010 was $11.3 million, a decrease compared to the $12.1 million reported for the same time last year, according to a statement.

"The strong results in the fourth quarter reflect the completion of a banner year with record earnings," said Peyton R. Patterson, chairman, president and CEO. "By focusing on our strong banking fundamentals to meet our customers’ needs, we have increased both deposits and lending relationships to grow our assets to a milestone of over $9 billion – up 7 percent from a year ago."

NewAlliance also reported a quarterly dividend of 7-cents per share to shareholders of record on Feb. 4 and payable on Feb. 15.