Tag Archives: olympic bancorp

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 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.