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.
Naugatuck Valley Financial Corporation Reports Financial Results For The Quarter And Year Ended December 31, 2012
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