Fall River-based BankFive boosted its loans and deposits last year as it expanded into Rhode Island and made a few key hires, bank management told depositors at its recent annual meeting.

According to a statement from the bank this week, net loan balances last year increased $38 million. Commercial mortgages and industrial loans increased $4 million, and residential and consumer loans increased 21 percent from $167 million to $202 million.

Deposits increased $16 million to $650 million, and assets increased 3 percent, or $22 million, to $772 million at year’s end.

President and CEO William R. Eccles also highlighted BankFive’s foray into Rhode Island last year, with a full-service branch in Bristol and a lending office in Cranston.

Eccles also announced several promotions and new hires during the annual meeting. Michael W. Berube and Robert F. Collins were promoted to executive vice president. Melissa A. Vincent was promoted to vice president and branch manager at BankFive’s Swansea office, Doreen L. Constancia was promoted to vice president and branch manager at the Fall River express office and Janice M. Martin was promoted to vice president and branch manager at the President Avenue office.

Stacey M. Coyne was hired as senior vice president and director of technology and operations, and Catherine A. Dillon was hired as senior vice president and director of marketing, sales and business development.