The $8.2 million, or 3.2%, increase in deposits was primarily focused in money market accounts (an increase of $5.8 million, or 12.4%), NOW/Demand accounts (an increase of $3.5 million, or 3.2%) and savings accounts (an increase of $2.6 million, or 9.8%), offset by a decrease in time deposit accounts (a decrease of $3.7 million, or 4.6%). The customer’s hesitancy to place funds into longer term maturity deposits is the primary reason for the decrease in the time deposit category.Total stockholders’ equity at September 30, 2010 was $48.9 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.
Newport Bancorp, Inc. Reports Results For Third Quarter And First Nine Months Of 2010
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