Kitsap Bank’s parent company reports solid first quarter earnings

PORT ORCHARD – Olympic Bancorp, the parent company of Kitsap Bank, reported net income of $1.7 million for the quarter ending March 31, a gain of 11 percent over the same period one year ago.

PORT ORCHARD – Olympic Bancorp, the parent company of Kitsap Bank, reported net income of $1.7 million for the quarter ending March 31, a gain of 11 percent over the same period one year ago. Total assets for the bank holding company grew over 5 percent to $995 million during the same period. Loan totals increased by more than 10 percent, totaling $479 million, and deposits were up 5 percent, ending the quarter at $874 million.

“We are pleased with the solid start for the year,” said Steve Politakis, Kitsap Bank’s CEO.

“Kitsap Bank continues to grow our loan portfolio and deposit base while building upon strategic growth opportunities.”

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Kitsap Bank opened a loan production office in King County one year ago, and recently announced the intent to acquire Fife Commercial Bank.

Established Aug. 8, 1908, Kitsap Bank is headquartered in Port Orchard operating 20 locations throughout Western Washington. With nearly $1 billion in assets, the bank provides a full range of financial services to commercial and individual customers. Kitsap Bank has been named a Preferred Lender by the U. S. Small Business Administration, a Corporate Philanthropist by the Puget Sound Business Journal, and has received a 5-Star rating by BauerFinancial, Inc., the nation’s leading independent bank rating firm.