BankNewport reports $136.7M in revenue for 2023, up 29.5% from a year earlier

BANKNEWPORT CEO and President Jack Murphy speaks at the annual meeting of OceanPoint Financial Partners, the mutual holding company of BankNewport, held on April 22. / COURTESY OCEANPOINT FINANCIAL PARTNERS

NEWPORT – OceanPoint Financial Partners, the mutual holding company for BankNewport, ended 2023 with a record $2.68 billion in assets and $2.14 billion in loans, the company announced at its recent annual meeting.

BankNewport said it originated about $659 million in business, consumer, and marine loans in 2023. The loan portfolio grew by $207 million, or 11%. The bank said it was named a top Small Business Administration 504 lender in Rhode Island for the 12th time in 13 years.

Other milestones the bank touted 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.

The bank said it recorded $136.7 million in total revenue, up 29.5% from $105.6 million year over year.

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“We have strong capital, a growing balance sheet, and a strategy which positions us to respond to our customers’ needs and the economic climate in the coming year,” Murphy said in OceanPoint’s annual report.

OceanPoint Marine Lending, a business line of BankNewport specializing in consumer marine and recreational vehicle financing programs, continued its business growth and expansion strategy through further investment in digital technology, leading the industry with a fully automated loan application process, the bank said without providing financial details.

The bank also said advisers in its wealth management arm, OceanPoint Investment Solutions, were able to grow their number of accounts by over 50% which also led to an increase in assets under management. Again, the bank provided no details.

BankNewport touted its philanthropic efforts in 2023, which it said resulted in $1.6 million awarded to more than 400 organizations. And through the bank’s All In Volunteer Program, employees volunteered more than 10,000 hours in community service and financial education in 2023.

Murphy announced the appointment of Alan A. Brown, of Scituate, Mass., and Thomas Iannotti of Boston to OceanPoint’s board of trustees and to the board of directors of BankNewport.

Murphy also announced the appointment of four new bank corporators during the meeting: Kelli Armstrong, of Newport; Abby Benson, of Middletown; Aida Neary, of Newport; and Keith Roberts. of Jamestown. Corporators play an essential role in promoting the mission and vision of a mutual community bank. BankNewport said.

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