Kitsap Bank has announced year-end earnings for 2012 with profits for the twelve months totaling $7.8 million, the highest earnings level in four years.
Assets for the bank now total $922 million, up $17 million. In a statement released by the bank, bank officials said non-performing assets have continued to decline and are only 0.5 percent of total assets — one of the lowest ratios of any bank in the State of Washington.
Kitsap Bank remains highly liquid, largely due to strong core deposit growth, the release said. Total deposits reached $805 million at year end, increasing over $30 million for the year. The company continues to maintain a strong capital position, with total capital exceeding $101 million.
“The Bank had a good year,” said Steve Politakis, chief executive officer. “Profits increased over last year, despite a tough economy. Our deposits continue to grow, reflecting the confidence that consumers and business owners have in Kitsap Bank. The quality of our loan portfolio is outstanding and we look forward to providing creative lending solutions for our customers.”
Established August 8, 1908, Kitsap Bank is headquartered in Port Orchard and operates 21 locations throughout western Washington. With more than $900 million 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.