Kitsap Bank achieved a major milestone at the end of March when assets reached $500 million in total assets. This was the Bank’s highest in its 95-year history and a $50 million increase over the past year in the bank’s assets.

In addition, the bank achieved record earnings for the first quarter of 2003. Earnings for the quarter were $2.4 million. The return on assets was 2 percent and the return on equity increased to 20 percent.

The primary factors for the record profits were strong commercial loan growth, including substantial SBA loan growth, and a significant increase in mortgage lending activity. Commercial loans increased $36 million for the past year, and total loans have now reached $394 million. This is a $100 million increase over the past quarter, which set a record for residential mortgage lending at Kitsap Bank.