NEWBURYPORT – Newburyport Five Cents Bancorp reported net income exceeding $4.3 million and assets in excess of $1 billion for the first time in 2019, according to a press release from Newburyport Bank.
While the 2019 annual meeting was postponed because of the coronavirus pandemic, the bank made the annual report available on www.newburyportbank.com.
In addition to surpassing $1 billion in assets, the commercial lending division topped $461 million in loan outstandings, a 32% increase over 2018.
The residential real estate loan portfolio grew to $350 million from $333 million on Dec. 21, 2018.
Overall deposits increased 15% to $769 million. Government banking grew to $132 million, and the private client group, launched in late 2018, grew its deposit base to $50 million in its first full year, according to the release.
Commitment and growth were key elements for the bank in 2019, according to Lloyd Hamm, president and CEO. Substantial investments were made in people, facilities, and products and services that the bank believes will result in long-term profitability, growth and greater customer satisfaction.
In 2019, the bank opened two new full-service offices in Hampton and Exeter, New Hampshire, introduced an in-branch relationship banker program to better meet customer needs, and created a new customer service center.
“The 2019 annual report speaks to the many achievements our team has made to accomplish the overall mission of the bank,” Hamm said in the release. “Our job is to be an organization dedicated to improving people lives, strengthening businesses and making our communities more vibrant each day. We accomplish this through our products, our commitment to exceptional customer service, and our philanthropic efforts to make the Greater Seacoast region better for all.”
Newburyport Bank was founded in 1854 and has 11 locations in Massachusetts and New Hampshire.