New Haven-based NewAlliance Bancshares late today posted a 15.4 percent increase in profits over the prior year, thanks largely to improved credit quality and revenue growth.
The holding company for NewAlliance Bank said its net income for the quarter was $12.6 million or $0.13 per diluted share, compared to $10.9 million or $0.11 per diluted share for the third quarter of 2008.
“Our strong earnings performance in the third quarter was the result of excellent business momentum, sustained revenue growth and improved credit quality,” said Peyton Patterson, chairman, president and CEO of the bank. “This reaffirms the soundness of our operating strategy and the value we offer in the marketplace.”
Total revenue at the banking company grew in the quarter 4.6 percent to $68.2 million.
Provision for loan losses, or the amount of money the bank set aside to cover bad loans, rose 29 percent to $5.4 million during the quarter. Additionally, non-performing assets were $51.8 million as of Sept. 30, up 43 percent from the year-ago quarter.
