Kitsap Bank sees jump in earnings

Olympic Bancorp, the holding company for Port Orchard-based Kitsap Bank, reported a 22 percent increase in earnings for the first nine months of 2014, according to a news release.

Net income for the bank totaled $5 million for the year-to-date, compared with $4 million a year ago.  Assets totaled $954 million, and loans increased $24 million, up 5.6 percent.  Total equity capital increased 10 percent year over year.

“I am very pleased with our strong performance,” stated Steve Politakis, Kitsap Bank’s Chief Executive Officer.  “While the current economic and interest rate environment remains challenging, we see modest growth in the communities we serve, leading to improved performance for Kitsap Bank.”

The full release is online here.

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