Kitsap Bank has achieved record earnings for the first six months of 2001 according to president Jim Carmichael. Earnings for the period were $3,794,000, up over $1 million from the $2,718,000 earned for the same period in 2000 — a 40 percent increase. As a result of the Bank’s strong performance, dividends totaling $3,150,000 were paid on first half earnings.

The primary factors cited for the record profits were a substantial increase in lending by Kitsap Mortgage Company, strong loan growth and a nominal increase in non-interest expense.