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Naugatuck Valley Financial Corporation
Naugatuck Valley Financial Corporation Reports Third Quarter Results
NAUGATUCK, Conn., Oct. 31, 2008 (GLOBE NEWSWIRE) -- Naugatuck Valley Financial Corporation (the "Company") (Nasdaq:NVSL), the parent company of Naugatuck Valley Savings and Loan (the "Bank"), announced net income of $495,000, or $0.07 per share for the quarter ended September 30, 2008 prior to an Other Than Temporary Impairment (OTTI) charge on auction rate pass-through certificates with Fannie Mae preferred stock as underlying collateral. Excluding the OTTI charge, net income for the nine months ended September 30, 2008 was $1.5 million, or $0.22 per share. Following the OTTI charge of $3.2 million after the U.S. Government placed Fannie Mae in conservatorship, the Company reported a net loss of $2.7 million, or $0.40 per share for the quarter ended September 30, 2008 and a net loss of $1.7 million, or $0.24 per share for the nine months ended September 30, 2008, compared to net income of $354,000 for the quarter ended September 30, 2007 and net income of $941,000 for the nine months ended September 30, 2007. The Company will record a tax benefit of approximately $1.1 million related to the OTTI charge in the fourth quarter now that the Treasury Department will allow ordinary loss treatment on the auction rate pass-through certificates.