Newport Bancorp, Inc. Reports Results For Third Quarter And First Nine Months Of 2010
Newport Bancorp, Inc. (the “Company”) (Nasdaq: NFSB), the holding company for Newport Federal Savings Bank (the “Bank” or “NewportFed”), today announced third quarter earnings for 2010. For the quarter ended September 30, 2010, the Company reported net income of $411,000, or $0.12 per share (basic and diluted), compared to net income of $225,000, or $0.06 per share (basic and diluted) for the quarter ended September 30, 2009. For the nine months ended September 30, 2010, the Company reported net income of $1.0 million, or $0.29 per share (basic and diluted), compared to net income of $309,000, or $0.08 per share (basic and diluted) for the nine months ended September 30, 2009.
During the first nine months of 2010, the Company’s assets decreased by $6.0 million, or 1.3%, to $452.9 million. The decrease in assets was concentrated in securities, which decreased by $8.2 million, or 16.1%, and net loans, which decreased by $2.0 million, or 0.6%, offset in part by an increase in cash and cash equivalents, which increased by $4.3 million, or 22.4%. The decrease in securities was attributable to sales of securities available for sale and principal payments of mortgage-backed securities held to maturity. Other significant changes to the Balance Sheet were an $8.2 million, or 3.1%, increase in deposit balances, along with the $5.2 million in proceeds received from sales of securities available for sale and the $2.0 million decrease in loans, partially offset by an $11.7 million, or 8.3%, decrease in Federal Home Loan Bank borrowings, contributed towards the growth in cash and cash equivalents. The loan portfolio decrease was attributable to a decrease in commercial real estate mortgages (a decrease of $4.2 million, or 3.9%), construction loans (a decrease of $2.7 million, or 27.7%) and home equity loans and lines (a decrease of $1.8 million, or 7.0%), partially offset by an increase in residential mortgages (an increase of $6.6 million, or 3.1%).
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