Tag Archives: loans

Kitsap Bank reports record-breaking first quarter

KBsm_CMYK_BlkT_logoKitsap Bank enjoyed the best first quarter in its 107-year history this year, according to a news release.

Holding company Olympic Bancorp reported a 55 percent year-over-year increase in earnings in the first three months of 2016. Net income totaled $2.64 million, compared with $1.70 in the same period of 2015.

Loans grew by 22 percent, from $485 million to $591 million. Deposits were up 13 percent, from $873 million to $989 million.

“Our performance continues to be robust in this economy, producing record results for the bank,” Kitsap Bank CEO Steve Politakis said in the release.

Port Orchard-based Kitsap Bank operates 21 locations in Western Washington. The bank topped $1 billion in assets for the first time last year.

2015 was a big year for Kitsap Bank

Steve Politakis

The parent company for Kitsap Bank announced a 30 percent increase in earnings in 2015, capping what it called a “milestone year.”

Olympic Bancorp recorded net income of $8.42 million last year, according to a news release summarizing year-end results. Deposits grew 15 percent, reaching $962 million, and loans increased 22 percent to $584 million.

The Port Orchard-based bank topped $1 billion in assets for the first time, ending 2015 with nearly $1.1 billion. Kitsap Bank recently acquired Fife Commercial Bank, and completed a systems conversion in December.

“The economy in our market is rebounding, and we are seeing very positive signs with housing appreciation and new construction,” Kitsap Bank CEO Steve Politakis said in the release. “Business owners are expanding and investing in their companies.  We remain focused on the long term and are optimistic about the future.”

The bank donated more than $408,000 to charities last year, with an additional $504,000 committed to South Kitsap School District to replace an athletic field

Olympic Bancorp’s annual report can be viewed here.

Kitsap Bank is one of two banks headquartered in Kitsap County. The other is Liberty Bank in Poulsbo.

Click here for a graphic showing banks, bank branches and deposits in Kitsap County.

Kitsap Bank opens Bellevue loan office

blog.Sabado_PaulKitsap Bank opened a loan production office in downtown Bellevue Monday.

The office is located at 11711 SE 8th Street, Suite 310, in the Bellevue Gateway Building, near the I-405 and SE 8th Street interchange. Senior Vice President and SBA Manager Paul Sabado (pictured) is managing the location.

“The opening of a new loan production office in King County will allow Kitsap Bank the opportunity to better meet the needs of existing and new loan customers,” CEO Steve Politakis said in a news release. “We look forward to contributing within this vibrant market.”

Port Orchard-based Kitsap Bank operates 21 locations in Kitsap, Jefferson, Clallam, Mason, Pierce and King counties.