Community
First
Community First
Annual Report | 2023
A Message from our President
As we review 2023, I am happy to look back on another successful year. We have continued to serve our community, individuals, and businesses across Rhode Island by offering products and services to help them grow and protect their money. We stayed true to our multi-year strategy, which focuses on expansion, digital transformation, and deepening relationships with our customers and our communities.
To provide better services to our customers, we have made investments in technology, digital solutions, and new products. We provide personalized service and a simple digital experience to help our customers achieve their financial goals. To make banking accessible across Rhode Island, we have expanded our branch footprint with the opening of our Lincoln branch and look forward to continued growth with the opening of a community lending center in Central Falls.
We could not continue our growth without our dedicated and talented employees. We were the recipient of several awards, including Best Places to Work (PBN), #1 SBA 504 Lender for the sixth consecutive year, and for the first time received national recognition as an American Banker’s “Best Banks to Work For.”
BankNewport continues our “All In” commitment to giving back to the communities we serve. I am proud of the fact that we donated over $1.6 million in 2023 to help strengthen and enrich lives and communities. We made a positive impact with more than 10,000 hours of community service performed by our incredible Bank employees who shared their time, expertise, and generous spirit throughout Rhode Island.
Our success and our customers’ success help our community thrive. 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.
We’re All In!
President & CEO of BankNewport
Financial Results
Financials presented represent OceanPoint Financial Partners, MHC results for 2023.
$2.68 Billion
Total Assets
$2.14 Billion
Total Loans
48,800
Customers
$2.13 Billion
Total Deposits
$361.2 Million
Commercial Loan Originations
$136.7 Million
Total Revenue
We are proud to share that our 2023 All In Giving efforts have resulted in over $1.6 million awarded through charitable grants, donations, and community event sponsorships to organizations throughout Rhode Island, impacting basic needs, children and families, education, economic security, and the arts. Bank employees gave more than 10,000 hours of their time for financial education and community service.
BNWise Financial Education
More than 2,200 students and community members were engaged in interactive presentations through our financial education program, BNWise. Topics ranged from saving and budgeting, to credit and entrepreneurship.
Community
Impact Campaign
Kind Hearts Warm Soles, our annual drive to benefit Rhode Island’s homeless population, was a great success. Employees and community members rallied to collect over 1,800 pairs of adult and children’s socks for underserved communities. This team effort impacted thousands of people in need who rely on local organizations that serve the homeless population.
"I'm in." Brand Campaign
“I’m in.”, an extension of our popular “We’re all in.” campaign was expanded to feature new employees while also incorporating Spanish campaign assets. This marketing effort continues to highlight why our employees are passionate about being part of the BankNewport team and serving our communities.
Watch the videos
Business Banking Campaign
In late 2023, a new campaign launched showcasing BankNewport as the bank for Small Businesses. The focus is on team members, highlighting their passion for helping local businesses grow and their commitment to personalized service. The campaign will continue in 2024.
Sponsorship
Charitable Giving
Our 2023 All In Giving efforts resulted in over $1.6 million awarded throughout every county in Rhode Island, impacting basic needs, children and families, education, economic security, the arts, and the environment. Some of our gifts benefited the following organizations:
BIKE NEWPORT
BOYS & GIRLS CLUBS OF NEWPORT COUNTY
CENTRAL FALLS CHILDREN’S FOUNDATION
DR. MARTIN LUTHER KING JR. COMMUNITY CENTER
FAB NEWPORT
FAMILY SERVICE OF RHODE ISLAND
FIRSTWORKS
GENESIS CENTER
HASBRO CHILDREN’S HOSPITAL
HOPE & MAIN
JONNYCAKE CENTER FOR HOPE
LOCAL INITIATIVES SUPPORT CORPORATION (LISC)
McAULEY MINISTRIES
MEALS ON WHEELS OF RI
MEETING STREET
PROJECT GOAL
RHODE ISLAND COMMUNITY FOOD BANK
SAVE THE BAY
STAR KIDS SCHOLARSHIP PROGRAM
UNITED WAY OF RHODE ISLAND
Branch Expansion
In 2023, we expanded our branch footprint with the opening of our nineteenth branch located in Lincoln, which is well suited to serve customers in Northern Rhode Island.
Looking ahead to 2024, we will be moving into our newly built Middletown branch as well as adding a community lending center in Central Falls.
Customer Experience
2023 By The Numbers
Survey says! We launched five customer satisfaction surveys and received 12,276 completed responses.
Awards
Talent
Attracting new talent is vital as we continue our mission of exceeding our customers' expectations and helping them meet their financial goals. We’re excited about the team members we added in 2023, and we look forward to sharing in their growth and successes.
Positions Filled: 91 New Employees: 76 Promotions: 25
Officer Promotions: 23 Employee Satisfaction Rating: 93%
Positions Filled: 91
New Employees: 76
Promotions: 25
Officer Promotions: 23
Employee Satisfaction Rating: 93%
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