Business Excellence Awards
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By PBN Staff
NEWPORT – Newport Bancorp Inc., parent of Newport Federal Savings Bank, saw its bottom line increase 13.2 percent year over year during the fourth quarter and 7.7 percent over the year ended Dec. 31, 2012.
The company posted net income of $489,000, or 14 cents per diluted share, during the fourth quarter of 2012, a 13.2 percent increase over the $432,000, or 13 cents per diluted share, reported during the fourth quarter of 2011.
Even as net income rose, the company saw interest and non-interest revenue drop 5.7 percent during the quarter from $5.7 million during the fourth quarter of 2011 to $5.4 million during the fourth quarter of 2012.
For 2012, Newport Fed saw profit rise 7.7 percent to $1.6 million, or 46 cents per diluted share, compared with net income of $1.5 million, or 44 cents per diluted share, during 2011.
Though the bank saw an increase in earnings on the year, interest and non-interest revenue fell back 7.6 percent to $21.8 million, from $23.7 million during 2011.
During 2012 the bank’s assets decreased by $4.5 million to $449.4 million, largely concentrated in a $13.9 million drop in securities and a $1.2 million drop in the value of premises and equipment.
The bank attributed the decrease in securities to principal payments received on the mortgage-backed securities. The decrease in net premises and equipment is attributable to the sale of the former Westerly branch, as well as normal depreciation and amortization. Over the year, deposit balances increased by $24.9 million, or 9.4 percent.