Newly public Naugatuck Valley Financial Corp. announced Monday that its second quarter profits grew 12 percent, driven largely by higher fee-related income.
The parent of Naugatuck Valley Savings and Loan said its net income for the quarter ended June 30 totaled $762,000, or 11 cents per share, compared to $680,000, or 10 cents per share, in the year-ago period.
The improved earnings were driven by a more than 50 percent increase in noninterest income, which rose to $1.1 million during the quarter, compared to $659,000 a year earlier.
The bank, with $596 million in assets, said the boost in noninterest income was related increased activity in the secondary mortgage market, combined with increases in fees for other services.
During the quarter the company also converted to a fully public banking institution raising $33.4 million from investors.
The bank’s board of directors also declared 3 cents per share dividend payable to stockholders of record on Aug. 15. Payment of the cash dividend will be made on or about Sept. 1.
