NEWPORT – OceanPoint Financial Partners MHC reported the performance of its affiliates, BankNewport and OceanPoint Insurance Agency Inc., for 2005 at its annual meeting on Monday. Also announced was the retirement of OceanPoint and BankNewport Chairman David P. Leys.
“In 2005, BankNewport achieved a number of strategic milestones,” said Thomas W. Kelly, president and chief executive officer. “The bank formed a mutual holding company, acquired two insurance agencies, divested Corrigan Financial Inc., reached $1 billion in consolidated assets, and achieved record earnings.”
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Assets at year-end were $1 billion, an increase of $33 million from 2004. Total loans grew by $71 million or 14 percent with the most significant increase being in residential mortgages, up $38 million or 13 percent to $337 million.
Commercial loans rose $25 million or 21 percent to $144 million. Consumer loans increased $8.5 million or 8.5 percent to $108 million. Investments were down $45 million. Total deposits at year-end remained level with last year at $694 million, impacted by the temporary loss of significant business deposits related to some companies that were sold. Borrowed funds were up $32 million or 18 percent and were used to fund loan growth.
The return on average assets was 0.78 percent in 2005. The return on average equity was 8.24 percent. The net interest margin on earning assets was 3.22 percent. “OceanPoint’s capital was $92 million, providing a solid foundation for future growth,” added Kelly.
Net income for 2005 totaled a record $7.6 million, an increase of $113,000, or 1.5 percent, from 2004. Net interest income for 2005 increased to $30 million, an increase of $1.3 million, or 4.6 percent, over the prior year. Non-interest income increased by $898,000, or 8.6 percent, and non-interest expense increased by $2.3 million or 7.9 percent due mainly to the acquisition of the insurance agencies.
At the annual meeting, OceanPoint and BankNewport chairman of the board, David P. Leys, announced his retirement. Leys became a member of the bank’s board of directors in July 1973 and elected chairman in February 1993. During his 13-year tenure as chairman, Leys led the bank through a 300 percent growth in assets and significant branch expansion.
The board of trustees elected J. Timothy O’Reilly as Leys successor.
