Newport Bancorp, Inc. Reports Results For Fourth Quarter And Year-End Of 2010
Newport Bancorp, Inc. (the “Company”) (Nasdaq: NFSB), the holding company for Newport Federal Savings Bank (the “Bank” or “NewportFed”), today announced earnings for the quarter and year ended December 31, 2010. For the quarter ended December 31, 2010, the Company reported net income of $787,000, or $.24 per share (basic and diluted), compared to net income of $399,000, or $.11 per share (basic and diluted), for the quarter ended December 31, 2009. For the year ended December 31, 2010, the Company reported net income of $1.8 million, or $.52 per share (basic and diluted), compared to net income of $708,000, or $.18 per share (basic and diluted) for the year ended December 31, 2009.
During the year ended December 31, 2010, the Company’s assets decreased by $9.2 million, or 2.0%, to $449.7 million. The decrease in assets was concentrated in cash and cash equivalents, which decreased by $10.0 million, or 51.6%, and securities, which decreased by $4.1 million, or 8.1%, offset in part by a $4.6 million, or 1.3%, increase in net loans. The decrease in securities was attributable to sales of securities available for sale and principal payments of mortgage-backed securities held to maturity, partially offset by purchases of mortgage-backed securities held to maturity. The $6.2 million, or 4.4%, decrease in Federal Home Loan Bank borrowings, the $896,000, or 0.3%, decrease in deposit balances and the increase in loans contributed to the decrease in cash and cash equivalents. The loan portfolio growth was primarily concentrated in residential mortgages (an increase of $12.7 million, or 6.0%), partially offset by decreases in construction loans (a decrease of $4.8 million, or 49.2%), home equity loans and lines (a decrease of $2.8 million, or 10.7%) and commercial real estate mortgages (a decrease of $436,000, or 0.4%).
The $896,000, or 0.3%, decrease in deposits was primarily focused in time deposit accounts (a decrease of $9.4 million, or 11.9%), offset by increases in money market accounts (an increase of $4.8 million, or 10.2%), savings accounts (an increase of $2.9 million, or 11.0%) and NOW/Demand accounts (an increase of $759,000, or 0.7%).
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