| Kitsap Bank, with 18 Kitsap Peninsula locations, reported record growth of $112 million in 2006, an 18 percent increase over the previous year. Total assets for the 98-year-old institution now total $727 million, up from $615 million in 2005. Assets have increased $215 million, or 42 percent, over the past three years. These results include the merger of Mariner Bank of Port Townsend. That transaction closed in November 2006.
“Strong loan and deposit growth have both been key contributors to our record performance,” said Jim Carmichael, president/CEO. Loans increased $97 million, compared to $64 million a year earlier, reflecting outstanding growth in most loan categories. Total loans for the bank have now reached $600 million, a 19 percent increase for the year. Deposits also grew significantly in 2006, increasing $104 million or 21 percent. Deposits now stand at $608 million, up from $503 million one year ago.
Record earnings of $11.4 million were posted for 2006, up 12 percent before merger costs. After merger, earnings totaled $10.8 million, compared to $10.1 million in 2005, a seven percent increase. |
