Newport Bancorp, Inc. Reports Results For Third Quarter And First Nine Months Of 2011
Newport Bancorp, Inc. (the “Company”) (Nasdaq: NFSB), the holding company for Newport Federal Savings Bank (the “Bank”), today announced third quarter earnings for 2011. For the quarter ended September 30, 2011, the Company reported net income of $278,000, or $0.08 per diluted share, compared to net income of $411,000, or $0.12 per diluted share for the quarter ended September 30, 2010. For the nine months ended September 30, 2011, the Company reported net income of $1.0 million, or $0.31 per basic share and $0.30 per diluted share, compared to net income of $1.0 million, or $0.29 per diluted share for the nine months ended September 30, 2010.
During the first nine months of 2011, the Company’s assets increased by $8.9 million, or 2.0%, to $458.6 million. The increase in assets was primarily concentrated in cash and cash equivalents, which increased by $20.2 million, or 215.4%, partially offset by a $7.4 million, or 15.8%, decrease in securities and a $4.2 million, or 1.2%, 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 loan portfolio decrease was attributable to a decrease in multi-family mortgages (a decrease of $4.7 million, or 20.7%), home equity loans and lines (a decrease of $3.1 million, or 13.3%), commercial mortgages (a decrease of $2.5 million, or 2.4%) and a decrease in commercial loans (a decrease of $483,000, or 29.5%), partially offset by an increase in residential mortgages (an increase of $5.2 million or 2.6%) and construction loans (an increase of $1.3 million, or 26.1%).
Deposit balances increased by $5.9 million, or 2.3%. The increase in deposits occurred in NOW/Demand accounts (an increase of $3.0 million, or 2.7%), savings accounts (an increase of $2.6 million, or 8.7%) and time deposit accounts (an increase of $2.0 million or 2.8%), partially offset by a decrease in money market accounts (a decrease of $1.6 million, or 3.2%).
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