PORT ORCHARD – Olympic Bancorp, the parent company of Kitsap Bank, reported strong earnings for the first half of 2015. The bank holding company recorded net income of $3.8 million year to date compared to $3.2 million one year ago. Total assets reached a milestone, ending the June 30 quarter over $1 billion for the first time in the bank’s 107-year history. Loan totals increased by 9.5 percent year over year. Asset quality remains excellent, with non-performing loans at approximately 0.24 percent of loan totals, among the best of any bank in the State of Washington. Kitsap Bank also achieved a milestone in deposits, with totals rising to over $900 million during the quarter.

“We are pleased with our performance in the first half”, said Steve Politakis, Kitsap Bank’s CEO.

Olympic Bancorp has entered into a definitive agreement to acquire Puget Sound Financial Services and its wholly-owned subsidiary, Fife Commercial Bank, subject to shareholder and regulatory approvals. The transaction was approved by shareholders of Puget Sound Financial Services at their meeting on July 16, and regulatory approval is anticipated in the coming months.