NAUGATUCK, Conn., April 1, 2013 (GLOBE NEWSWIRE) -- Naugatuck Valley Financial Corporation (the "Company") (Nasdaq:NVSL), the parent company of Naugatuck Valley Savings and Loan (the "Bank"), announced a net loss of $5.7 million for the quarter ended December 31, 2012, compared to a net loss of $6 thousand for the quarter ended December 31, 2011. In addition, the Company announced a net loss of $15.2 million for the year ended December 31, 2012, compared to net income of $1.6 million for the year ended December 31, 2011. Earnings (loss) per common share – basic and diluted – for the quarter and year ended December 31, 2012 were ($0.86) and ($2.31) respectively, compared to ($0.01) and $0.24 for the quarter and year ended December 31, 2011, respectively. The $15.2 million loss in 2012 resulted from the $17.7 million provision for loan losses. The provision was driven by the higher charge offs of $11.3 million in 2012, as well as the higher allowance for loan losses that was indicated by the credit quality indicators of the Company's loan portfolio.
Due primarily to the magnitude of the operating loss incurred in 2012, the deferred tax asset (DTA) of $5.4 million that had previously been recognized was offset by a DTA reserve of $5.4 million in the fourth quarter, increasing the operating loss for the quarter. Under the Internal Revenue Code, the Company has twenty years to utilize its net operating losses.
William C. Calderara, President and CEO, commented:"2012 was the beginning of a rebuilding period for Naugatuck Valley Financial Corporation. We have a strong capital base and during the year we bolstered loan loss reserves. Although nonperforming assets increased year over year, we remain focused on our efforts to improve asset quality and to reduce nonperforming assets as experienced in the fourth quarter of 2012."Final financial results for the year ended December 31, 2012 are included in the Company's Form 10-K which the Company intends to file on April 1, 2013 with the Securities and Exchange Commission ("SEC"). Please refer to the Company's Form 10-K for a detailed discussion of the Company's financial results for the year ended December 31, 2012. The Company's Form 10-K will be available via the "Filings" section of the SEC's website at www.sec.gov. About Naugatuck Valley Savings and Loan Naugatuck Valley Savings and Loan is headquartered in Naugatuck, Connecticut with nine other branches in Southwest Connecticut. The Bank is a community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area.
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