аЯрЁБс>ўџ FHўџџџGџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅС5@ јПТ'bjbjЯ2Я2 ":­X­XТџџџџџџˆjjjjjjj~bbbb4–~ЂЖЖL!######$XRЊˆGj555Gjj\ccc5 jj!c5!ccjjЊ €ў2'EeЦb? !r0Ђ2I2~~jjjj2j df ўcd Ь0 GG~~фbY ~~bFinal Draft NewAlliance Earnings Bolstered by Strong Loan Growth New Haven, Connecticut, April 24, 2006 -- NewAlliance Bancshares, Inc. (NYSE:NAL) today announced net income of $11.0 million for the first quarter ended March 31, 2006, or 11 cents per diluted share. Exclusive of merger and acquisition costs, earnings were $12.4 million, or 12 cents per diluted share. Loan balances increased by 8% and deposits increased by 3.4% at the end of the first quarter over year-end 2005, helped by the acquisition of Cornerstone Bank that closed in early 2006. Total loan balances at the end of the first quarter ended March 31, 2006 were $3.55 billion as compared to $3.28 billion at year-end 2005. Total deposits at the end of the first quarter were $3.93 billion as compared to $3.80 billion at year-end 2005. Loan originations and purchases in the first quarter climbed 38% over the prior quarter, including increases in commercial real estate and consumer loans. Another strength of the quarter was an 11% increase in demand deposit account average balances over the same quarter a year ago. “In the face of industry headwinds, we are focused on the right things: profitable loan and deposit growth coupled with higher levels of fee income,” said Peyton R. Patterson, NewAlliance Chairman, President and Chief Executive Officer. “Actively managing interest rate and credit risk are essential to weathering the interest rate cycle and flat yield curve and producing strong earnings over the long haul.” Compared to the same quarter a year ago, interest and dividend income increased from $64.7 million to $77.8 million for the quarter ended March 31, 2006, but net interest income grew by less than a half million dollars as compared to the same quarter a year ago because interest expense increased substantially as a result of steady rate increases by the Federal Reserve. Noninterest income also increased substantially from $9.9 million for the same quarter a year ago to $12.2 million for the first quarter this year. However, the increase in noninterest income was more than offset by a nearly $7 million increase in non-interest expense including merger and acquisition costs, salary and employee benefits increases from two acquisitions, charges related to an executive severance, and $1 million in expenses related to the Company’s options grants as required by new accounting rules. The Company’s net interest margin declined by 2 basis points from the prior quarter to 2.96% for the quarter ended March 31, 2006. NewAlliance continued to experience excellent credit quality. There were net recoveries of $377,000 in the first quarter as opposed to net charge-offs of $115,000 the prior quarter. The ratio of nonperforming loans to total loans and nonperforming assets to total assets for the first quarter increased very slightly from 0.23% to 0.26% and from 0.11% to 0.13%, respectively, from the prior quarter. Both ratios improved over the same quarter a year ago. NewAlliance previously announced at its Annual Meeting on April 11 that it will be increasing its quarterly dividend to 6 cents per share, payable on May 15, 2006 to shareholders of record on May 5, 2006. “A competitive dividend is one of the ways we will continue to deploy our excess capital along with sensible acquisitions and opportunistic share repurchases,” said Ms. Patterson. The Company continued to repurchase shares in the quarter ended March 31, 2006, but at a slower pace than in late 2005. A total of 1.2 million shares were repurchased during the quarter, completing a 2005 Board authorization of 10.8 million shares. The NewAlliance Board of Directors has authorized the repurchase of up to another 10 million shares depending upon market conditions. NewAlliance regularly reviews its repurchase strategy based on market conditions and capital deployment opportunities. The Company’s book value per share at March 31, 2006 was $12.07 and tangible book value per share was $7.44. Stockholders’ equity increased to $1.33 billion at March 31, 2006, up from $1.31 billion at December 31, 2005. At March 31, 2006, NewAlliance Bancshares, the parent company of NewAlliance Bank, had $6.88 billion in assets and operated 71 banking offices. On January 2, 2006, the Company completed the acquisition of Cornerstone Bank and began operating branches for the first time in Connecticut’s Fairfield County. The acquisition added six branches and approximately $212 million in assets to NewAlliance. In addition to offering a full range of consumer and commercial banking products and services, NewAlliance Bank also provides trust services and investment and insurance products and services. The Bank’s website is at  HYPERLINK "http://www.newalliancebank.com" www.newalliancebank.com. Shareholders are particularly urged to monitor the Investor Relations section of the Company’s website. A webcast and conference call to discuss the results will be held on Tuesday, April 25, 2006, at 2:00 p.m. Eastern Standard Time. This call is being webcast by CCBN and can be accessed in the Investor Relations area of the Company’s website at  HYPERLINK "http://www.newalliancebank.com" www.newalliancebank.com. Individuals can dial in to the call at 1-800-901-5248, passcode 60663304. The international dial-in number is 1-617-786-4512. The webcast is also being distributed over CCBN’s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN’s individual investor center at  HYPERLINK "http://www.fulldisclosure.com" www.fulldisclosure.com or by visiting any of the investor sites in CCBN’s Individual Investor Network. Institutional investors can access the call via CCBN’s password-protected event management site, StreetEvents ( HYPERLINK "http://www.streetevents.com" www.streetevents.com). NewAlliance will also have a podcast available from its website 24 hours after the call for those interested in downloading the conference call onto individual listening devices or laptops. Note: In discussing financial results, management may refer to certain non-GAAP (Generally Accepted Accounting Principles) measures. The Company’s management believes these non-GAAP measurements, which generally exclude the effects of charges and expenses related to the consummation of mergers and acquisitions and costs related to the integration of merged entities are essential to a proper understanding of the operating results of the Company’s core business largely because the merger and acquisition related items and their impact on the Company’s performance are difficult to predict. These non-GAAP measurements are not a substitute for operating results determined in accordance with GAAP nor do they necessarily conform to non-GAAP performance measures that may be presented by other companies. A reconciliation of GAAP and non-GAAP information is included in this report. Statements in this news release, if any, concerning future results, performance, expectations or intentions are forward-looking statements. Actual results, performance or developments may differ materially from forward-looking statements as a result of know or unknown risks, uncertainties and other factors, including those identified from time to time in the Company’s filings with the Securities and Exchange Commission, press releases and other communications. Actual results also may differ based on the Company’s ability to successfully maintain and integrate customers from acquisitions. The Company intends any forward-looking statements to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made.   ;ACEoьэю№ё  7 A B F H M Z [ t u v w „ ­ А Б Г в и х / 0 + , ? M ќјьуьјлаШлНлНЕаН­НлН­НЅНЕ•Š•ŠЕŠ•ŠЕ‚Еz•rjhr ŠCJaJhxuBCJaJh€fъCJaJh?CJaJh? {h 8[CJaJhd tCJaJh}j0CJaJh4ZДCJaJhНoоCJaJh 8[CJaJh? {h? {CJaJhq{CJaJh? {h}j0CJaJhc7ъCJaJh 8[5CJaJh? {h? {5CJaJh? {hr Š)  BCDEu v - . 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