First Niagara Financial Group Inc. — operator of Connecticut’s former NewAlliance Bank network — said Thursday that its fourth quarter earnings jumped 27 percent thanks to strong loan and deposit growth.
The parent of Buffalo’s First Niagara Bank said its profits for the quarter ending Dec. 31 totaled $58.5 million, or 19 cents per share, compared to $45.9 million, or 22 cents per share in the fourth quarter of 2010.
For the full year, the banking company recorded profits of  $173.9 million, or 64 cents per share, compared to $140.4 million, or 70 cents per share for the full year 2010.
During the quarter the bank completed a stock and debt offering that brought in more than $1 billion in new capital that will be used to fund First Niagara’s HSBC-branch acquisition. That deal is expected to close in the second quarter of 2012.
First Niagara also announced plans to eliminate two-thirds of its assistant branch manager jobs, including in Connecticut, where the bank has 78 branches.
