| Kitsap Bank recently announced it had achieved record earnings for the first half of 2002. Earnings for the period were $4.7 million, compared to $3.8 million for 2001 — a 25 percent increase. The return on assets was 2.1 percent compared to 1.7 percent in 2001 and the return on equity increased to 19 percent.
According to Kitsap Bank President Jim Carmichael, the primary factors behind the record profits were strong commercial loan growth, including substantial SBA loan growth, a significant increase in mortgage lending activity, and a reduction in expenses.
Commercial loans increased $35 million for the past year while total loans increased $15 million for the quarter and have reached $376 million. In addition, the Bank closed $72 million in residential mortgage loans during the first half. This set a record for residential mortgage lending at Kitsap Bank as well.
The total assets of the Bank, which was founded in 1908, have now reached $458 million. |
