Naugatuck Valley Financial Q2 profit rises 93% on increased interest income - Update

(RTTNews) - Monday, Naugatuck Valley Financial Corp. (NVSL), the holding company for Naugatuck Valley Savings, reported second quarter earnings that surged from the year-ago period driven by an increase in the loan portfolio.

The Naugatuck, Connecticut-based company's net income rose 93% to $602 thousand, or $0.09 per share, in the quarter from $312 thousand, or $0.04 per share, in the corresponding period last year.

Net interest income increased 24.4% to $3.5 million for the quarter from $2.8 million in the prior-year quarter, while non-interest income grew 9.1% to $661 thousand from $606 thousand.

The company recorded a provision for loan losses of $113 thousand for the quarter compared to no provision in the year-ago quarter.

Deposits as on June 30, 2008 were $336.9 million, an increase of $15.5 million or 4.8% over December 31, 2007.

For the first six months, the company reported net income of $1.1 million, or $0.15 per share, up 79.7% from $587 thousand, or $0.08 per share, in the same period last year.

Year-to-date, net interest income totaled $6.8 million, up 19.3% from $5.7 million in the corresponding period last year. Non-interest income increased 13.9% to $1.3 million from $1.1 million in the previous year.

NVSL is trading at $8.00 unchanged from the previous close.

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