A Digital Experience, Connected by People.

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ANNUAL REPORT    |    2021

A Message from the President

headshot of President and CEO Jack Murphy

As I celebrate one year at BankNewport, I am very proud to be associated with an incredibly well-run organization. It has been a great experience to work with such an impressive leadership team and the teams behind them. The key reasons I decided to join BankNewport were the customer-first culture and the commitment to community. And as a result of the solid foundation and dedication of our employees, BankNewport has experienced strong sales and financial performance.

As we turn the corner of another year of managing the shifts in the pandemic, the bank and the insurance agency experienced record earnings and growth. All the business lines met or exceeded their goals and the bank and insurance agency received a number of awards and recognitions, such as Best Places to Work and Fastest Growing Company in Rhode Island, #1 SBA 504 Lender and the Arbella Insurance Chairman Circle Award, just to name a few.

Our commitment to relationship building, combined with our solid financial foundation, allowed us to grow, expand our branch network and enhance our digital services by investing in the development of new products, services, and technology. It is important that we continue to invest in new branches, such as our new Warwick branch at 27 Strawberry Field Road, and renovate with new PTMs at the Warren and Jamestown branches.

Joining an organization in the midst of a pandemic came with many challenges one of which was getting to know employees and customers in a remote environment. External factors such as the increasingly competitive environment, rising rates, inflation and world events present challenges to our future results. Cybersecurity and global turmoil keep us on high alert, as does the constant need to protect the bank and customer data.

What continues to drive change is you, our customers. Consumer adoption of digital and the demand for more digital services in a faster, more convenient and simplified fashion is expected by customers. We must invest in technology and digital solutions to grow and serve our customers, employees and ultimately our communities better. To achieve this growth we need to focus on expansion, digital transformation and the ability to deepen customer relationships.

We can't do this without talented people and providing an excellent customer experience. This is the essence of the digital experience connected by people. I am confident we will provide a better employee experience by providing systems, sales tools and processes to enhance efficiency; a better customer experience that exceeds customers' expectations; and finally, a better community experience. The more we grow, the more we can give back. I am proud of the fact that we continued to support our communities by proactively donating over $1.2 million in 2021.

We are well capitalized and are positioned for many more successful years to come.

Signature of President and CEO of BankNewport

Jack Murphy

President & CEO of BankNewport

Financial Results

Financials presented represent OceanPoint Financial Partners, MHC results for 2021.

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Financial Results

Financials presented represent OceanPoint Financial Partners, MHC results for 2021.


$2.35 Billion
Assets

$2.03 Billion
Deposits

$1.69 Billion
Loan Portfolio

$1.01 Billion
Total Loan Originations

$104 Million
Total Revenue

2,807 Loans Totaling
$215 Million*
Payment Protection Program (PPP)
*PPP totals are reflective of 2020 and 2021 combined.

All In Giving

Everyone at BankNewport is pleased to share that our 2021 philanthropic efforts resulted in over $1.2 million awarded to over 350 nonprofits. Organizations in every county of Rhode Island benefitted from the giving effort, with areas of impact focused on basic human needs, children & families, education, economic security, healthy living, arts and culture, and the environment. All told, BankNewport has awarded $7 million in grants, sponsorships, and donations to a wide range of nonprofits over the past 11 years to help strengthen and enrich lives and communities throughout the state. It's what we love the most about our jobs. As much as we love contributing monetarily, nothing replaces the time we spend with the people in the community. In 2021 alone, our employees spent more than 7,300 hours on community service and financial education!

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BNWise Financial Education

Through BNWise, our financial education program, over 2,500 students and community members were engaged in interactive financial education presentations on a variety of topics. Those topics ranged from saving and budgeting to credit, digital banking and entrepreneurship, and all were made available in-person and virtually.

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Community Impact Campaigns

In what can only be described as "passion projects," we presented two campaigns generating statewide awareness of food insecurity and for those organizations serving Rhode Island's homeless population. "Kind Heart Fresh Start" collected over 4,700 personal care items impacting more than 1,000 individuals in need. "Kind Souls Full Bowls" benefitted the Rhode Island Community Food Bank with a $50,000 Bank gift and over $7,500 raised from the community.

Kind Heart Fresh Start

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Kind Souls Full Bowls

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Digital Transformation

The future of the customer experience

  • Digital numbers reached all-time highs across the
    board, with 74% of transactions taking place by way of online banking, mobile and ATM/PTM
  • The Bank introduced several advancements in
    digital technology, providing significant efficiencies while improving the customer experience
  • The Bank provided a new customer facing
    mortgage application, simplifying and expediting the mortgage process
  • Mobile and Online Banking were upgraded for a
    better customer experience
  • Customers now have the ability to access their
    credit score through Credit Score and through MX® Money Management, aggregate their accounts into one view
  • Our number of personal teller machines (PTM)
    increased by 7 to a total of 21

Bank Digital, Bank Better, BankNewport.

New digital and mobile banking platform.

A clean, modern, easy-to-use design


New Navigation Bar


One-click access to commonly used features


Quick Access


Manage all your accounts on one screen.


Dark Mode


Easier viewing and prolonged battery

Plus all the same functionality you've come to expect!

MX® Money Management

All your accounts. One Login.

MX® Money Management helps you stay on track with one easy dashboard that displays all your accounts - including linked external accounts.

  • Create budgets
  • View spending trends
  • Manage Goals
  • Set alerts (low balance, payments, deposits, withdrawals)

Credit Score

With Credit Score you can access your credit report any time - plus, get personalized tips on how to improve your credit (or maintain an already great score) while saving money.

MX® Money Management

All your accounts. One Login.

MX® Money Management helps you stay on track with one easy dashboard that displays all your accounts - including linked external accounts.

  • Create budgets
  • View spending trends
  • Manage Goals
  • Set alerts (low balance, payments, deposits, withdrawals)

Credit Score

With Credit Score you can access your credit report any time - plus, get personalized tips on how to improve your credit (or maintain an already great score) while saving money.

Personal Teller Machines (PTMs)

The popularity of our Personal Teller Machines (PTMs) continues to grow. BankNewport PTMs offer access to a banker before and after normal banking hours. Even when the branch isn't open, extended PTM hours allow customers to talk to a banker and to conduct transactions including: making payments, cashing checks, making deposits and making withdrawals. PTMs are one of the many ways to bank with us!

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Branch Expansion

BankNewport's geographic expansion continues with great success! After achieving strong deposit growth at the new Chapel View location in Cranston, our expansion continued with the opening of four new retail locations including two in Providence at 55 Dorrance Street and 5 South Angel Street, as well as 1423 Hartford Avenue in Johnston.

In November of 2021, we announced the opening of our newest retail location at 27 Strawberry Field Road in Warwick. With these five locations servicing over $200 million in combined total deposits, the Bank's expanded footprint serves as a catalyst for continued growth.

Additionally, as we continue to expand our branch network, we will continue to invest in renovations and upgrades to existing branches.

Warwick Branch

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Warwick-ATM

Warren Branch

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Jamestown Branch

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2021 Awards & Recognitions

BancAlliance Community Impact Report

BankNewport was one of only three community banks in the United States spotlighted in this report, which is produced/distributed to all 250 member banks of BancAlliance. The purpose of the report is to show all of the great work that community banks do and the impact made on communities throughout the U.S. We're proud to be a part of it!

Banking Choice Award

This award is presented annually by American Business Media, publishers of BankIng New England and Rivel Banking Benchmarks. BankNewport earned Top 3 in Overall Quality in Rhode Island (#3) and Number 1 for Community Contribution!

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© OceanPoint Financial Partners MHC 2022. All Rights Reserved.