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Kitsap Bank announced a 20 percent increase in quarterly earnings over the same period a year ago, totaling $4.6 million for the second quarter, compared to $3.8 million for the previous year. During the first half of 2005 both loans and deposits tallied significant increases.
The bank experienced loan growth of $36 million, with commercial loans contributing $28 million of that amount, while during the same period deposits increased $48 million. As of June 30, assets totaled $601 million.
“This is a $49 million increase in assets for first half of the year, and is the largest in the Bank’s 97 year history,” said Jim Carmichael, President & CEO. “Increased deposits, along with product growth in online banking, online consumer and mortgage loans, and cash management services, have all contributed to our excellent performance.”. |
