Tag Archives: earnings

Kitsap Bank reports $1 billion in assets

Kitsap-BankOlympic Bancorp, parent company for Kitsap Bank, reached a milestone at the end of June, reporting $1 billion in total assets for the first time in its history.

The bank also reported net income of $3.8 million for the first half of the year, compared with $3.2 million for the same period of 2014. Loan totals were up by 9.5 percent, while deposits reached $900 million, according to a Friday news release.

Olympic Bancorp recently announced an agreement to purchase Puget Sound Financial Services and its subsidiary, Fife Commercial Bank, pending shareholder and regulatory approval.

The transaction was approved by shareholders of Puget Sound Financial at a July 16 meeting, according to the release. Regulatory approval is expected soon.

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.