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Newport Bancorp, Inc. Reports Results For Third Quarter And First Nine Months Of 2010

This news release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows and changes in the quality or composition of the Company's loan or investment portfolios. Additionally, other risks and uncertainties may be described in the Company's annual report on Form 10-K, its quarterly reports on Form 10-Q or its other reports filed with the Securities and Exchange Commission which are available through the SEC's website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

     

NEWPORT BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

 

ASSETS

 

 

September 30,

2010

December 31,

2009

 

(Unaudited)

(Dollars in thousands, except per share data)

 
Cash and due from banks $ 22,579 $ 7,618
Short-term investments   1,135     11,750  
Cash and cash equivalents 23,714 19,368
 
Securities available for sale, at fair value 1,023 6,249
Securities held to maturity, at amortized cost 41,907 44,898
Federal Home Loan Bank stock, at cost 5,730 5,730

Loans

353,011 354,966
Allowance for loan losses   (3,501 )   (3,467 )

Loans, net

  349,510     351,499  

Premises and equipment

13,472 13,393
Accrued interest receivable 1,471 1,478
Net deferred tax asset 2,816 2,538
Bank-owned life insurance 10,621 10,318
Foreclosed real estate 100 -
Prepaid FDIC insurance 1,167 1,472
Other assets   1,340     1,936  
Total assets $ 452,871   $ 458,879  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits $ 270,161 $ 261,946
Long-term borrowings 129,795 141,468
Accrued expenses and other liabilities   4,047     4,074  
Total liabilities   404,003     407,488  

 

Preferred stock, $.01 par value; 1,000,000 shares authorized; none issued

- -

Common stock, $.01 par value; 19,000,000 shares authorized; 4,878,349 shares issued

49 49
Additional paid-in capital 50,831 50,504
Retained earnings 18,045 17,032

Unearned compensation (383,462 and 402,975 shares at September 30, 2010 and December 31, 2009, respectively)

(2,984 ) (3,465 )

Treasury stock, at cost (1,421,613 and 1,048,172 shares at September 30, 2010 and December 31, 2009, respectively)

(17,137 ) (12,590 )
Accumulated other comprehensive income (loss)   64     (139 )
Total stockholders’ equity   48,868     51,391  
Total liabilities and stockholders’ equity $ 452,871   $ 458,879  
       

NEWPORT BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

 
Three Months Ended

September 30,

Nine Months Ended

September 30,

  2010       2009   2010         2009  
(Unaudited)

(Dollars in thousands, except per share data)

 
Interest and dividend income:
Loans $ 5,032 $ 5,084 $ 15,057 $ 15,217
Securities 583 649 1,844 2,064
Other interest-earning assets   10   3   16     9  
Total interest and dividend income   5,625   5,736   16,917     17,290  
 
Interest expense:
Deposits 624 1,057 1,978 3,469
Short-term borrowings - - - 8
Long-term borrowings   1,187   1,265   3,686     3,964  
Total interest expense   1,811   2,322   5,664     7,441  
 
Net interest income 3,814 3,414 11,253 9,849
Provision for loan losses   387   160   781     447  
 
Net interest income, after provision for loan losses   3,427   3,254   10,472     9,402  
 
Non-interest income (loss):
Customer service fees 476 437 1,397 1,261
Impairment loss on securities available for sale - - - (76 )
Net gain (loss) on sales of securities available for sale 16 10 (188 ) 10
Bank-owned life insurance 101 100 303 302
Miscellaneous   13   14   37     44  
Total non-interest income   606   561   1,549     1,541  
 
Non-interest expenses:
Salaries and employee benefits 1,925 2,017 5,791 5,835
Occupancy and equipment 474 457 1,423 1,321
Data processing 371 342 1,120 1,034
Professional fees 118 163 352 418
Marketing 227 183 755 721
Foreclosed real estate 18 - 59 -
FDIC insurance 102 186 346 586
Other general and administrative   191   125   563     502  
Total non-interest expenses   3,426   3,473   10,409     10,417  
 
Income before income taxes 607 342 1,612 526
 
Provision for income taxes   196   117   599     217  
 
Net income $ 411 $ 225 $ 1,013   $ 309  
 

 

Weighted-average shares outstanding:

Basic

3,387,850

3,812,157

3,510,245

3,877,694

Diluted

3,387,850

3,812,157

3,510,245

3,877,694

 

Earnings per share:

Basic

$

0.12

$

0.06

$

0.29

$

0.08

Diluted

$

0.12

$

0.06

$

0.29

$

0.08





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