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.
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