Olympic Bancorp, the holding company for Kitsap Bank, reported a 22-percent increase in earnings for the first nine months of 2014.

Net income for the 106-year-old community bank totaled $5 million year to date, compared to $4 million one year ago.

Assets totaled $954 million, and loans increased $24 million, up 5.6%.  Total equity capital increased 10 percent year over year.

“I am very pleased with our strong performance,” said Steve Politakis, Kitsap Bank’s CEO.  “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 bank continues to emphasize loans in key growth areas, including commercial real estate, builder banking, and SBA; and our entrance into King County with our Bellevue Loan Production Office earlier this year, has helped to boost our performance.”