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April 28, 2008

Newport Bancorp reports lower profits

Newport Bancorp, Inc. reported first quarter earnings of $74,000, or two cents per share, compared to $259,000, or six cents per share for last year’s first quarter.

The company’s assets increased by $22.4 million, or 6.2%, to $383.6 million. The asset growth was concentrated in net loans, which increased by $10.3 million, or 3.5%, and short-term investments, which increased by $9.9 million.

Non-performing assets as a percentage of total assets was 0.24% at March 31 and 0.25% at December 31, 2007. The loan loss provision for the three months ended March 31, 2008 was $111,000 compared to $113,000 for the three months ended March 31, 2007.

Newport Bancorp (NFSB:Nasdaq) is the holding company for Newport Federal Savings Bank.

Posted by John Kostrzewa  at 7:45 AM | Permalink

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