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Kitsap Bank achieved record assets of $810 million on June 30, up $39 million year to date. Earnings continued to be very good at $4.6 million for the first half of the year. “Asset quality remains strong,” stated James Carmichael, president and CEO. “Kitsap Bank did not enter into sub prime markets, and stayed committed to our century-long tradition of safe and sound underwriting practices. We pride ourselves on our in-depth relationships with our customers. This has been a major contributing factor to the success of the bank over the years; and more specifically during times of economic uncertainty.”
Kitsap Bank continued to experience solid deposit and loan growth for the first half. Loans grew $23 million, totaling $676 million on June 30. Deposits increased to $627 million, up $26 million for this year. Carmichael stated, “While the economy has slowed, Kitsap Bank continues to be very successful. We remain well-capitalized, profitable, and ready for our second century of service.”
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