Port Orchard, WA
Olympic Bancorp, parent company of Kitsap Bank, reported strong earnings for the first half of 2015. The bank holding company recorded net income of $3.8 million year to date compared to $3.2 million one year ago. Total assets reached a milestone, ending the June 30 quarter over $1 billion for the first time in the bank’s 107-year history.Loan totals increased by 9.5 percent year over year. Asset quality remains excellent, with non-performing loans at approximately 0.24 percent of loan totals, among the best of any bank in the State of Washington. Kitsap Bank also achieved a milestone in deposits, with totals rising to over $900 million during the quarter.
“We are pleased with our performance in the first half”, stated to Steve Politakis, Kitsap Bank’s Chief Executive Officer. “Kitsap Bank continues to grow our loan portfolio and deposit base; while building upon strategic growth opportunities.”
Olympic Bancorp recently announced that they had entered into a definitive agreement to acquire Puget Sound Financial Services and its wholly-owned subsidiary, Fife Commercial Bank, subject to shareholder and regulatory approvals. The transaction was approved by shareholders of Puget Sound Financial Services at their meeting on July 16, and regulatory approval is anticipated in the coming months.
In May, Kitsap Bank announced a donation of over $500,000 to the South Kitsap School District to assist with the replacement of their athletic field. Construction began on June 15, and the grand opening celebration of the new facility is scheduled for Friday, September 4, during South Kitsap’s first home football game of the season.
Established August 8, 1908, Kitsap Bank is headquartered in Port Orchard, WA, operating 20 locations throughout Western Washington. With over $1 Billion in assets, the bank provides a full range of financial services to commercial and individual customers. Kitsap Bank has been named a Preferred Lender by the U. S. Small Business Administration, a Top Corporate Philanthropist by the Puget Sound Business Journal, and has been awarded a 5-Star rating by BauerFinancial, Inc., the nation’s leading independent bank rating firm.