Naugatuck Valley Financial Corp. more than doubled its fourth-quarter earnings owing to a reduction in interest expenses.
The parent of Naugatuck Valley Savings and Loan said Thursday its earnings for the quarter ended Dec. 31 totaled $556,000, or 8 cents per common share, compared to $254,000, or 3 cents per common share, in the year ago period.
For all of 2011, the Naugatuck lender posted a $2.2 million profit, compared to a net income of $1.5 million in 2010, boosting its bottom line by more than 50 percent.
Naugatuck Valley’s board also declared a 3-cents-a-share dividend to be paid March 1 to stockholders of record by Feb. 10.
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The $572 million-asset bank has 10 branches in southwest Connecticut.
