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Newport Federal Bank ends positive 2012 despite large number of foreclosures

(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.

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