| Kitsap Bank reported solid performance for 2007 with record earnings of $10.9 million. Assets rose six percent, growing by more than $43.4 million to an all time high of $770 million at year end. Total loans for the institution grew by $49 million to $653 million, an increase of nine percent; while deposits totaled $601 million.
“We are very pleased with our performance, especially given the recent turmoil in the financial markets. Despite a challenging interest rate environment and continued uncertainty in our local economy, our credit quality remains excellent,” stated Jim Carmichael, president/CEO.
Kitsap Bank reaches another milestone, as it celebrates its centennial this year. “2008 marks a special time in Kitsap Bank’s history, as we commemorate our 100th anniversary and begin our second century of service,” said Carmichael. “While we celebrate a rich heritage, we are focused on a bright future. As many in our industry are being challenged in the current economic environment, Kitsap Bank remains strong, providing our customers with enhanced services. 2008 will be a time of significant investment in technology, along with the introduction of several advanced banking services. We are very proud of our track record, and look forward to continuing the lasting tradition of service to our customers and communities.” |
