NEWPORT – OceanPoint Financial Partners, the mutual holding company for BankNewport, ended 2022 with a record $2.54 billion in assets and $1.93 billion in loans, the company announced April 24 at its annual meeting.
Other milestones included a 1% year-over-year increase in BankNewport branch deposits, which stood at $2.04 billion as of Dec. 31, 2022. BankNewport’s lending teams in 2022 originated approximately $800 million in business, consumer and marine loans, said BankNewport CEO and President Jack Murphy, down from $1.01 billion in 2021.
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The bank recorded $105.6 million in total revenue, ticking up 1.5% from $104 million year-over-year.
“Our commitment to relationship building, combined with our solid financial foundation, allowed us to grow and expand our branch network and enhance our digital services by investing in the development of new products, services and technology,” Murphy said. “External factors such as the increasing competitive environment, rising rates, inflation and world events present challenges to our future results.”
At the meeting, held at the Wyndham Newport Hotel in Middletown, Murphy announced the creation of the BankNewport Charitable Foundation to expand and elevate the bank’s giving impact throughout Rhode Island.
Other recent highlights included the groundbreaking for a BankNewport branch in Lincoln that expands the bank’s reach into the northeastern part of the Ocean State. The new outlet will be BankNewport’s 19th branch.
OceanPoint Marine Lending, a business line of BankNewport specializing in consumer marine and recreational vehicle financing programs, continued its growth and expansion strategy through further investment in digital, leading the industry with a fully automated loan application process, according to a statement.
BankNewport’s philanthropic efforts in 2022 awarded $1.7 million to more than 350 organizations, the bank stated. The funding included charitable grants, contributions and community sponsorships, including a year-end grant of $100,000 to the Rhode Island Community Food Bank.
Employees volunteered more than 8,500 hours in community service and financial education in 2022, the bank said.
Murphy also announced the appointment of nine new bank corporators who will promote the mission and vision of the mutual community bank. Those named included: Michael T. Casey of Jamestown, Elizabeth Catucci of North Providence, Maha Chamseddine of Middletown, Sean Napolitano of Middletown, Cortney Nicolato of North Kingstown, Joe Perroni of Bristol, Lisa Raiola of Bristol, Brad Read of Middletown and Steven J. Ursillo Jr. of South Kingstown.
Sam Wood is a PBN staff writer. Contact him at Wood@PBN.com.
