Kitsap Bank reports increase in profits

PORT ORCHARD — Kitsap Bank reported a 10 percent increase in profits for the first half of 2012.
Profits from January through June totaled $3.96 million, according to a statement from the Port Orchard-based bank.

Assets as of June 30 remained $909 million, stable from a year ago.

Deposits increased $15.5 million to $780 million on June 30, compared to that date a year earlier.
“We are very pleased with our first half performance,” said Steve Politakis, chief executive officer. “Earnings are on the rise, asset quality is the best in years, and we have money to lend.”
Kitsap Bank has 21 locations.

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