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OLYMPIC BANCORP RECORDS 22% EARNINGS GAIN

Port Orchard, WA
Olympic Bancorp, parent company of
Kitsap Bank, reported strong earnings for the first half of 2015.  The bank holding company recorded net income
of $3.8 million year to date compared to $3.2 million one year ago.  Total assets reached a milestone, ending the
June 30 quarter over $1 billion for the first time in the bank’s 107-year
history.  

Loan totals increased by 9.5 percent
year over year.  Asset quality remains
excellent, with non-performing loans at approximately 0.24 percent of loan
totals, among the best of any bank in the State of Washington.   Kitsap
Bank also achieved a milestone in deposits, with totals rising to over $900
million during the quarter.

“We are pleased with our
performance in the first half”, stated to Steve Politakis, Kitsap Bank’s Chief
Executive Officer.  “Kitsap Bank continues
to grow our loan portfolio and deposit base; while building upon strategic
growth opportunities.”
Olympic Bancorp recently announced that
they had entered into a definitive agreement to acquire Puget Sound Financial
Services and its wholly-owned subsidiary, Fife Commercial Bank, subject to
shareholder and regulatory approvals. 
The transaction was approved by shareholders of Puget Sound Financial
Services at their meeting on July 16, and regulatory approval is anticipated in
the coming months.
In May, Kitsap Bank announced a
donation of over $500,000 to the South Kitsap School District to assist with
the replacement of their athletic field. 
Construction began on June 15, and the grand opening celebration of the
new facility is scheduled for Friday, September 4, during South Kitsap’s first
home football game of the season.

Established August 8, 1908, Kitsap
Bank is headquartered in Port Orchard, WA, operating 20 locations throughout
Western Washington.  With over $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
Top Corporate Philanthropist by the Puget Sound Business Journal, and has been
awarded a  5-Star rating by
BauerFinancial, Inc., the nation’s leading independent bank rating firm. 

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