Newport Federal Savings Bank in Newport, Rhode Island (RI), CT

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Newport Federal Savings Bank
GeneralFDIC Certificate #: 30626
Status: Active
Federal Reserve ID: 478476
Date Established: January 01, 1888
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 6 (Domestic: 6, Interstate: Yes)
OTS Docket #: 5652
FDIC's unique #: 43460
Numeric code: 33
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: Febuary 15, 1954
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 100 Bellevue Avenue, Newport, RI 2840
County: Newport
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: South Boston
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148)
Core Based Statistical Area (CBSA): Providence-New Bedford-Fall River, RI-MA (#39300)
CBSA Metro Statistical Area: Providence-New Bedford-Fall River, RI-MA (#39300)
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $453.5 mil
Equity capital: $43.5 mil
Deposits held in domestic offices: $267.0 mil
Return on assets (ROA): 0.33% ($1.5 mil)
Quarterly return on assets: 0.37% ($1.7 mil)
Return on Equity (ROE): 3.53% ($1.6 mil)
Quarterly return on equity: 3.95% ($1.7 mil)
Net income: $1.5 mil
Quarterly Net income: $0.4 mil
Pretax return on assets: 0.51% ($2,312.7 mil)
Quarterly Pretax return on assets: 0.58% ($2,630.2 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)80
Total assets$453,480
Cash and due from depository institutions$31,074
Interest-bearing balances$23,869
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$348,491
Loan loss allowance $3,709
Trading account assets$0
Bank premises and fixed assets$14,706
Other real estate owned$839
Goodwill and other intangibles$0
All other assets$22,150
Life insurance assets$453,480
Total liabilities and capital$409,980
Total liabilities$266,958
Total deposits$226,444
Interest-bearing deposits$266,958
Deposits held in domestic offices$96
% insured (estimated)40000.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$96,446
Other borrowed funds $0
Subordinated debt $6,576
All other liabilities $43,500
Total equity capital$43,500
Total bank equity capital$43,500
Perpetual preferred stock$0
Common stock$1
Undivided profits $21,094
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $1,910
Earning assets $0
Long-term assets (5+ years) $1,269
Average Assets, year-to-date $408,580
Average Assets, quarterly $0
Volatile liabilities $451,632
Insider loans $455,754
FHLB advances $290,476
Loans and leases held for sale $452,979
Unused loan commitments $11,132
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $42,938
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $24,885
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $21,476
Total interest expense $6,587
Net interest income $14,889
Provision for loan and lease losses $1,121
Total noninterest income $1,950
Fiduciary activities $0
Service charges on deposit accounts $1,522
Trading account gains & fees $0
Additional noninterest income $428
Total noninterest expense $13,434
Salaries and employee benefits $7,541
Premises and equipment expense $3,635
Additional noninterest expense $2,258
Pre-tax net operating income $2,284
Securities gains (losses) $0
Applicable income taxes $783
Income before extraordinary items $1,501
Extraordinary gains - net $0
Net income attributable to bank $1,501
Net charge-offs $0
Cash dividends $1,501
Sale, conversion, retirement of capital stock, net $1,084
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.26%
Cost of funding earning assets 1.61%
Net interest margin 3.65%
Noninterest income to earning assets 0.48%
Noninterest expense to earning assets 3.29%
Net operating income to assets 0.33%
Return on assets (ROA) 0.33%
Pretax return on assets 0.51%
Return on equity (ROE) 3.53%
Retained earnings to average equity (YTD only) 3.53%
Net charge-offs to loans 0.30%
Credit loss provision to net charge-offs 103.41%
Efficiency ratio3.14%
Assets per employee$79,779
Cash dividends to net income (YTD only)5.67%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.05%
Noncurrent assets plus other real estate owned to assets 194.19%
Noncurrent loans to loans 0.61%
Net loans and leases to deposits0.54%
Net loans and leases to core deposits 130.54%
Equity capital to assets 132.09%
Core capital (leverage) ratio 9.59%
Tier 1 risk-based capital ratio 9.49%
Total risk-based capital ratio 14.78%
Average assets$16
Average earning assets$451,632
Average equity $42,559
Average loans $408,135
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1 Connecticut Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
107495154Stonington Branch445 Liberty Street, Pawcatuck, CT 6379May 04, 2009Full Service Brick and Mortar
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5 Rhode Island Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
043460Newport Federal Savings Bank100 Bellevue Avenue, Newport, RI 2840January 01, 1888Full Service Brick and Mortar
100281242165 East Main Road Branch165 East Main Road, Middletown, RI 2842January 01, 1888Full Service Brick and Mortar
103281243Wakefield Branch122 Tower Hill Road, Wakefield, RI 2879June 30, 1996Full Service Brick and Mortar
106495153Portsmouth Branch1430 E Main Rd, Portsmouth, RI 2871January 26, 2009Full Service Brick and Mortar
108521575Westerly Branch18 Post Road, Westerly, RI 2891January 10, 2011Full Service Brick and Mortar
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