NEWPORT – Newport Bancorp Inc., parent of Newport Federal Savings Bank, saw its bottom line fall 64.9 percent year over year during the first quarter of 2013.
The company posted net income of $141,000, or 4 cents per diluted share, during the three months ended March 31, a 64.9 percent decline from the profit of $402,000, or 12 cents per diluted share, reported during the first quarter of 2012.
The company recognized $530,000 in pre-tax merger expenses for its upcoming purchase by SI Financial Group Inc. of Willimantic, Conn., announced March 5, which helped depress the bank holding company’s net non-interest income to $388,000 from $589,000.
The company saw total interest and non-interest revenue drop during the quarter by 11.7 percent to $4.4 million, and 4 percent to $521,000, respectively.
Newport Fed also reported that it took no provision for loan losses in the quarter, compared with a provision of $281,000 in the first quarter of 2012, explaining in a release that the bank made “changes in the loan portfolio mix, a decrease in non-performing loans as a result of loan payoffs and a decrease in charge-offs, offset by loan growth and an increase in allocated reserves for loans that have been restructured.”
In addition, the bank reported that total assets fell 4.2 percent to $430.6 million during the course of the quarter, driven by declines of cash and cash equivalents of 43.7 percent and of securities held to maturity of 12.9 percent.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
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