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.
