NEWPORT – Newport Bancorp. (Nasdaq: NFSB), parent company of Newport Federal Savings Bank, today announced plans to repurchase up to 5 percent – or 243,917 – of its outstanding common stock. The purchases will be conducted through the open market, as well as through privately negotiated transactions. No time limit was given for the program. As of 11:00 a.m., the company’s stock stood at $12.75 per share.
In its most recent earnings report, for the first quarter of 2007, NewportFed reported net income of $259,000 on total income of $4.2 million. As of March 31, the company had assets of $303.6 million.
NewportFed is a community-oriented financial institution operating five branches in Rhode Island. For more information, go to www.newportfederal.com.
