This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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%).

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs