Envision Bank continued to rebound from a stretch of losing years with its second straight year of positive earnings.

The Stoughton-based bank had net income in 2020 of $19.9 million, or $3.89 per basic share and $3.86 per diluted share, compared to net income of $3.4 million, or $0.64 per basic and diluted share, in 2019. Before 2019, the bank had seen two years of net losses.

Fourth quarter net income was $5.3 million, or $1.03 per basic share and $1.01 per diluted share, compared to $800,000, or $0.16 per basic and diluted share, in the fourth quarter of 2019.

Results for the fourth quarter of 2020 included one-time charges of $294,000 related to the closing of a residential lending office and $69,000 in severance expenses, the bank said in its fourth quarter earnings statement. The full-year results also included one-time charges of $1.4 million related to the retirement of senior executives and operating expenses of $229,000 related to addressing the COVID-19 pandemic.

“The fourth quarter was another strong quarter in earnings for our company,” William M. Parent, who became Envision Bank’s president and CEO on April 1 last year, said in the statement. “We are very pleased with our performance, especially our mortgage banking operations, which maintained high levels of productivity and efficiency throughout our loan origination and sales activities.”

Mortgage activity helped drive Envision Bank’s noninterest income to $15.6 million in the fourth quarter, up 155.9 percent over the fourth quarter of 2019, when noninterest income was $6.1 million. The growth was principally due to an increase of $9.2 million in the net gain on loan origination and sale activities, the bank said. The bank sold mortgage loans totaling $426.5 million in the fourth quarter of 2020.

Full-year 2020 showed similar results, with noninterest income increasing 155.8 percent over 2019 to $55.4 million, principally due to an increase of $35.3 million in the net gain on loan origination and sale activities. Mortgage loans sold were $1.5 billion in 2020.

Net interest income was also up in the fourth quarter, increasing by 14.8 percent compared to the same quarter in 2019. The bank said the increase was primarily due to the proportion of non-maturity deposits increasing while term certificates declined.

Envision Bank had total assets of $721.1 million on Dec. 31 compared to $631 million at the end of 2019, a 14.3 percent increase. The bank said the growth was driven in part by a $14.5 million increase in net loans to $483.6 million at the end of 2020 compared to $469.1 million on Dec. 31, 2019. Paycheck Protection Program loans accounted for much of that increase, as the bank’s PPP loan balance was $10.9 million at the end of 2020.

Envision Bank still has loans receiving COVID-19 deferrals as of Jan. 18, including $6.5 million, or 3.7 percent, of its commercial loan portfolio. Another $5 million of residential loans, 1.4 percent of that portfolio, was receiving deferrals, as well as $18.67 million, about 1 percent, of residential loans that Envision Bank servicers for other institutions.

Parent said in the statement that Envision Bank plans to outsource its loan servicing.

“We continue to identify and implement opportunities to streamline and improve our operational efficiency,” Parent said. “In that regard, we have initiated a plan to outsource our residential loan servicing activities, which will improve our customer service experience and our operational and financial efficiency in the year ahead.”