Newport Bancorp buys 5% of outstanding stock

NEWPORT – Newport Bancorp Inc., the holding company for Newport Federal Savings Bank, announced last week that it has completed its second stock repurchase program.
Under the repurchase program, the company acquired 231,721 shares, or 5 percent, of its outstanding common stock, at an average purchase price of approximately $12.45 per share.
In April, Newport Bancorp reported that it posted a first-quarter profit of $74,000, a 71.4-percent decrease from its year-ago net income of $259,000 but an improvement from its fourth-quarter loss of $47,000. &#8226