Newport Bancorp, Inc. Reports Results For Second Quarter And Year To Date 2011
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 2011. For the quarter ended June 30, 2011, the Company reported net income of $439,000, or $0.13 per share (basic and diluted), compared to $501,000, or $0.14 per share (basic and diluted), for the quarter ended June 30, 2010. For the six months ended June 30, 2011, the Company reported net income of $740,000, or $0.22 per share (basic and diluted), compared to $602,000, or $0.17 per share (basic and diluted), for the six months ended June 30, 2010.
During the first six months of 2011, the Company’s assets increased by $4.2 million, or 0.9%, to $453.9 million. The increase in assets was primarily concentrated in cash and cash equivalents, which increased by $9.9 million, or 105.7%, partially offset by a $5.2 million, or 11.1%, decrease in securities and a $874,000, or 0.2%, decrease in net loans. The increase in cash and cash equivalents is due to principal payments received on mortgage-backed securities and an increase in deposits and borrowings. The decrease in securities was attributable to principal payments received on the mortgage-backed securities, partially offset by purchases of mortgage-backed securities held to maturity. The loan portfolio decrease was attributable to a decrease in home equity loans and lines (a decrease of $1.7 million, or 7.2%) and a decrease in commercial loans (a decrease of $343,000, or 20.9%), partially offset by an increase in construction loans (an increase of $785,000, or 15.9%), residential mortgages (an increase of $200,000 or 0.1%) and commercial real estate mortgages (an increase of $127,000, or 0.1%).
Deposit balances increased by $1.3 million, or 0.5%. The increase in deposits occurred in NOW/Demand accounts (an increase of $1.4 million, or 1.2%), savings accounts (an increase of $1.1 million, or 3.8%) and time deposit accounts (an increase of $561,000 or 0.8%), partially offset by a decrease in money market accounts (a decrease of $1.8 million, or 3.5%).
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