(c)2013 NPT PHOTO BY DAVID POPIEL
Chris Triplett, bank president/CEO, talked about the challenges faced by Newport
Federal Bank in the new year 2013 after seeing one of the highest foreclosure
rates last year. Yet the bank remains profitable year after year.
|Published: 7:20 PM, 01/18/2013
Author: David Popiel
Source: The Newport Plain Talk
Despite a weak housing market and continued soft economy,
Newport Federal Bank was able to report higher earnings and had already made
provisions for loan loses on foreclosed properties.
Bank President and CEO Chris Triplett commented on the
bank holding company's annual earnings and end of year report this week, as net
income increased to $1,482,000 for the year that ended on December 31, 2012.
United Tennessee Bankshares Inc (OTC Bulletin Board:
UNTN) is the holding company for Newport Federal Bank that has entered its 80th
year of serving Cocke County and the area, said Triplett.
"We have been blessed to be able to put money in
reserve and still make more than a million dollars in a tough economy," he
said. The increase in income was modest of $29,000 or two percent year over
year comp-ared to income of $1,453,000 last year.
For more details, please see the weekend edition of the
Newport Plain Talk.
Subscribe to The Newport Plain Talk by clicking SUBSCRIBE.
Sign up for Breaking News emails from The Newport Plain Talk by clicking EMAIL ALERTS and inputting
your email address next to "Add Me" near the top right corner.