RockPoint Bank Shines Bright in Hamilton County
In the heart of Chattanooga, RockPoint Bank is making headlines with its stellar financial performance in the third quarter of this year. The bank recently filed its results with the FDIC, reporting an impressive net income of $294 thousand and maintaining positive earnings through the year. It’s quite a noteworthy achievement, especially considering the wave of challenges that many financial institutions have faced recently.
Rapid Growth and Strong Earnings
What’s behind this success, you ask? Well, RockPoint Bank credits its rapid growth and improving net interest margin as the primary driving forces behind these positive results. The Chief Financial Officer, Patrick Jensen, shared his enthusiasm, stating, “The bank’s earnings add to our capital position and will help support future growth.” This shows that the bank is not just sitting on its laurels but is looking ahead to future opportunities as well!
Ranked Among the Best
In the annual FDIC report that ranks deposit market share across the U.S., RockPoint Bank has made quite a splash. The report highlights that the bank has catapulted into the top ten of banks in Hamilton County since opening its doors in 2021. The statistics are impressive, to say the least—over the twelve months ending in June 30, 2024, RockPoint Bank saw an astounding 42% growth in deposits, while the overall market in Hamilton County nudged up only by 2%.
As of September 30, the bank declared total deposits of $246 million, with total assets hitting $297 million. This kind of growth is not just numbers; it’s a testament to how the community backs the bank. President and CEO Hamp Johnston expressed gratitude, saying, “We continue to grow market share and climb ahead of other banks that have been in the market for decades. We’re grateful for the support of our community.”
Meeting Community Needs
So, what’s the story behind this rapid ascent? According to Camille Daniel, the bank’s Chief Banking Officer, there was a significant gap in the market following the consolidation of banks in Chattanooga. Less than 5% of deposits in Hamilton County were controlled by locally based banks. RockPoint Bank has stepped up to fill that void, prioritizing service for local businesses and professionals.
“Our team of local bankers continues to execute our strategy of serving local businesses and professionals. We’re focused on delivering a better experience through empowered bankers, high-touch customer service, and competitive technology,” Camille explained. This sort of community-focused banking is what many residents were yearning for.
Small-to-Medium Sized Businesses in Focus
In an exciting twist, Kerry Riley, the bank’s Chief Credit Officer, underscored the importance of supporting small-to-medium-sized business owners, emphasizing that they play a crucial role in the economic future of Chattanooga. “These are people who contribute to our communities and deserve to have options that enable that success. We provide those options,” Kerry stated confidently. It’s clear that RockPoint Bank is dedicated to not just banking but truly empowering the local economy.
As RockPoint Bank continues to grow and adapt to the needs of its customers, it remains committed to improving the financial well-being of the Chattanooga community. With a combination of strategic planning, local focus, and a commitment to high-quality customer service, this bank is indeed one to watch in the coming years.
