NEWPORT – OceanPoint Financial Partners, the parent company of BankNewport, brought in an $18.5 million profit in 2019, the company reported Monday..
Year-end net income was 10% higher than the $16.8 million profit reported in 2018, according to its 2018 annual report. Total revenue reached $98 million, an increase of 25.6% over the prior year.
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The company also reported historic highs in year-end assets and total deposits, which reached $1.8 billion and $1.4.billion respectively. In 2018, total assets stood at $1.7 billion and deposits were $1.3 billion.
The record level asset growth reflects its new marine lending and wealth management services, as well as growth in existing banking and insurance subsidiaries, the release stated.
BankNewport reported a record number of new loan originations in 2019, ending the year at $1.4 billion in total loans including $700 million in commercial loan balances. The bank also saw year-over-year increases in mobile deposits and online transactions as a result of technology investments including digital payment network Zelle.
Additionally, the bank expanded its physical footprint with an 18th branch in Johnston as well as a $5 million renovation to its Newport Washington Square location.
OceanPoint Insurance, the company’s insurance arm, reported 11% revenue growth through its personal and business insurance and employee benefit services.
The company also rebranded its marine lending business to OceanPoint Marine Lending and introduced a wealth management company, OceanPoint Investment Solutions, through a partnership with LPL Financial.
“We are so appreciative of every employees’ contribution to our success in 2019,” said Sandra J. Pattie, president and CEO of BankNewport, said in a statement. “Now, as we begin 2020 facing a great global challenge, we are heartened by BankNewport’s 200-year history of standing strong through difficult times, and know that we will continue to meet customer needs, together, with a positive outlook for our future.”
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
