Kitsap Bank reports 2011 earnings tripled over previous year

Kitsap Bank recently reported that 2011 earnings tripled over the previous year.

The bank, headquartered in Port Orchard and operating 21 locations in Western Washington, announced that profits for 2011 totaled $7.5 million, up from $2.4 million in 2010.

Total assets totaled $903 million, up $16 million from last year, the bank reported. Deposits totaled $775 million, and total available capital exceeded $100 million.

Non-performing assets — which account for 1.2 percent of the bank’s total assets — continued to decline.

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