Kitsap Bank reported earnings of $1.46 million for the first quarter 2011 compared to $417,000 one year ago, up $250%, marking their best quarterly results in two years. The Bank distributed $800,000 in quarterly dividends to shareholders on March 31. Non-performing assets are down substantially; and are well-controlled at only 1% of assets, among the lowest in the State of Washington.

“We are very pleased with our results, and we continue to improve,” said Jim Carmichael, President and CEO. “Kitsap Bank enjoys the benefit of a conservative credit culture, which has resulted in rapid improvement in the bank’s asset quality and earnings. We have worked to build market share across our five-county service area, and we continue to be the largest of any bank in Kitsap County, with 22% market share.” Core deposits increased 8% year over year, and the bank remains very liquid and solidly capitalized.

Established August 8, 1908, Kitsap Bank is headquartered in Port Orchard, WA, operating 20 locations throughout Western Washington. With nearly $900 million in assets, the bank provides a full range of financial services to commercial and individual customers. Kitsap Bank has been named a Preferred Lender by the U. S. Small Business Administration.