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Kitsap Bank achieved record asset and deposit levels at the end of the third quarter, reporting total assets in excess of $815 million, up $44 million year to date. Deposits also reached a record $639 million on Sept. 30.
“This is particularly significant,” stated James Carmichael, president and CEO, “because Kitsap Bank’s deposits embody the trust of our local customers; none of these are ‘brokered’ or Internet deposits.”
Kitsap Bank maintains its position as the largest bank in Kitsap County, with 19 percent market share, and continues to be very profitable with earnings of $6.7 million through September.
The bank reported total capital of nearly $81 million as of Sept. 30. “Kitsap Bank remains well capitalized,” stated Carmichael. “We have steadily increased capital ratios, building our capital base well above regulatory levels, while continuing to grow assets. Kitsap Bank enjoys strong liquidity, as we remain a net beneficiary of the recent turmoil affecting many other financial institutions. I am pleased to report that we did not hold any of the Freddie Mac or Fannie Mae preferred securities that have negatively impacted so many; nor did we participate in the sub prime market. In this, our 100th year, Kitsap Bank remains a safe haven during these times of uncertainty, and stands well-positioned to serve our community in our second century.” |
