Kitsap Bank’s 2011 earnings, assets rise

By Rachel Pritchett

PORT ORCHARD — Kitsap Bank has reported earnings of $7.5 million and assets of $902 million for 2011, both up from 2010.

“Despite continued weakness in the economy and lack of loan demand, we have been able to reduce expenses, keep assets strong, grow our investment portfolio, and increase income,” said Jim Carmichael, president and chief executive officer.

The bank’s 2011 earnings were up from $2.4 million in 2010. Assets increased $16 million.

The company has completed a $12.4 million effort to raise additional capital at the parent level, a move that strengthened the bank. The key measure of the worthiness of a bank — the risk-based capital ratio — increased from 13.94 percent a year ago to its present 16.14 percent.

Bad loans have declined to the point where they now make up 1.2 percent of total assets.

Kitsap Bank is based in Port Orchard and has 21 locations in Western Washington.

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