Business

Kitsap Bank reports first-half earnings

Olympic Bancorp, parent company for Kitsap Bank, announced a 14 percent increase in profits for the first half of 2014.

The company reported year-to-date income of $3.2 million, up $392,000 over the same period in 2013.  Loans grew 4.1% to $446 million and deposits increased 4.9 percent to $846 million during the same period.  Assets for the corporation totaled $961 million on June 30.

“As the local community bank, our results are a reflection of the steady recovery taking place in our markets,” said Steven Politakis, Kitsap Bank’s CEO.  “We are pleased to see growth and positive trends in the communities we serve.  Kitsap Bank continues to be healthy and strong.  We are focused on providing financing for business growth and expansion, as well as land development and construction projects.  In short, we have money to lend.”

 

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