NewAlliance Bancshares posted record quarterly profits in the fourth quarter, as the banking company prepares to complete its merger with First Niagara Bank.
The parent company to New Haven-based NewAlliance Bank said its operating earnings  for the quarter ended Dec. 31, which excludes merger-related expenses  was $19.7 million, or 20 cents per diluted share, compared to $12.1 million, or 12 cents per diluted share, a year earlier.
The company generated $75.8 million in the quarter, helped in part by an increase in the spread on interest it collects from borrowers as well as non-interest income.
“The strong results in the fourth quarter reflect the completion of a banner year with record earnings,” said Peyton R. Patterson, the CEO of the bank. “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.”
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Including merer-related expenses NewAlliance posted a net income of $11.3 million, a slight decline compared to the $12.1 million profit the bank made in the prior year period.
The banking company’s $1.5 billion merger with Buffalo-based First Niagara Bank is schuedled to be completed in the spring.
