This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Newport Bancorp, Inc. Reports Results For Second Quarter Of 2010

Newport Bancorp, Inc. (the “Company”) (Nasdaq: NFSB), the holding company for Newport Federal Savings Bank (the “Bank” or “NewportFed”), today announced second quarter earnings for 2010. For the quarter ended June 30, 2010, the Company reported net income of $501,000, or $.14 per share (basic and diluted), compared to $91,000, or $.02 per share (basic and diluted), for the quarter ended June 30, 2009. For the six months ended June 30, 2010, the Company reported net income of $602,000, or $.17 per share (basic and diluted), compared to $84,000, or $.02 per share (basic and diluted), for the six months ended June 30, 2009.

During the first six months of 2010, the Company’s assets decreased by $8.5 million, or 1.8%, to $450.4 million. The decrease in assets was primarily concentrated in securities, which decreased by $4.7 million, or 9.2%, and net loans, which decreased by $3.5 million, or 1.0%. The decrease in securities was attributable to sales of available-for-sale securities, partially offset by purchases of mortgage-backed securities held to maturity. The loan portfolio decrease was attributable to a decrease in construction loans (a decrease of $2.8 million, or 29.0%) and commercial real estate mortgages (a decrease of $1.1 million, or 1.1%), partially offset by an increase in residential mortgages (an increase of $1.3 million or 0.6%).

Deposit balances decreased by $584,000, or 0.2%. The decrease in deposits occurred in time deposit accounts (a decrease of $3.8 million or 4.8%) and NOW/Demand accounts (a decrease of $471,000, or 0.4%), and was partially offset by an increase in money market accounts (an increase of $2.0 million or 4.2%) and savings accounts (an increase of $1.7 million, or 6.4%).

Total stockholders’ equity at June 30, 2010 was $50.4 million compared to $51.4 million at December 31, 2009. The decrease was primarily attributable to stock buybacks under the Company’s stock repurchase plan, partially offset by net income and stock-based compensation credits.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs