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The earnings equate to 13 cents per diluted share last quarter, compared with 11 cents per diluted share in the third quarter of 2008.
The company released its financial results after the stock market closed Tuesday and held a conference call with investors Wednesday.
"Our strong performance in the third quarter was the result of excellent business momentum, sustained revenue growth and improved credit quality," said Peyton R. Patterson, chairwoman, president and chief executive office of the company.
"This reaffirms the soundness of our operating strategy and the value we offer in the marketplace," she said.
Revenues totaled $68.2 million for the quarter, up 11 percent from $61.5 million during the same period in 2008.
In an economy in which lending has tightened at some institutions, NewAlliance made more loans last quarter than it did a year ago.
Loan originations totaled $358.7 million, up significantly from $82.5 million in the third quarter of 2008.
Total deposits also grew, by $567.4 million from a year ago, which bank officials attributed mainly to growth in core deposits.
The company's nonperforming assets, however, also grew from a year ago, from $36.3 million in the third quarter of last year to $51.8 million last quarter. But this year's third-quarter total marked improvement over the second quarter, when nonperforming assets totaled $55.9 million.
A nonperforming asset is one on which the borrower has not paid any previously agreed upon interestandprincipalrepayments to the lender over an extended period of time. That asset, therefore, does not yield any income to the lender.
Company officials said they continue to put an emphasis on managing the credit quality of the bank's loan portfolio, particularly in this economy.
At the end of the third quarter, NewAlliance Bancshares had $8.5 billion in assets and operated 87 offices in Connecticut and Massachusetts.
The company will pay a quarterly dividend of 7 cents a share Nov. 17 to shareholders of record as of Nov. 6.
NewAlliance shares closed Wednesday at $11.21, up 36 cents, on the New York Stock Exchange.
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