Olympic Bancorp Reports Strong Financial Performance For 2021

March 31, 2022
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Olympic Bancorp and its wholly-owned subsidiary, Kitsap Bank, reported another strong year of financial performance in 2021. The family-owned bank continues to maintain a strong core deposit base, growing deposits by almost 15% year-over-year to nearly $1.5 billion. The bank made the strategic decision to prioritize Paycheck Protection Program (PPP) loan forgiveness in 2021, and by year-end nearly every PPP loan was forgiven. Kitsap Bank announced a net income of $19.5 million in 2021 compared to $18.4 million in 2020. Return on Assets was 1.51 percent. “Kitsap Bank had another strong year of financial performance.  Our asset quality continues to remain excellent, and the bank is well-capitalized for the future.” stated Steve Politakis, Chief Executive Officer. “I am very proud of our Kitsap Bank employees who continue to demonstrate resiliency, determination, and a commitment to helping our clients and communities.” The full annual report can be viewed at https://www.kitsapbank.com/annual-report-2021/.

At the Annual Shareholder Meeting today, Kelly Nelson was elected to the Board of Directors. Nelson is Managing Principal of Bader Martin, one of the Northwest’s leading full-service accounting and advisory firms, with 30 years of experience advising clients in the community and across the nation. She is a mother of two sons and is a longtime resident of North Kitsap. Nelson holds a Bachelor’s degree in Business Administration/Accounting from the University of Washington, and is a Certified Public Accountant. Dedicated to serving her community, she is a Board Member and Past Chair for St. Michael Medical Center, Member and Informal Mentor for the Association for Latino Professionals in Finance and Accounting, Diversity and Inclusion Council Member for Washington Society of Certified Public Accountants, and more.

“We are excited to bring Kelly onto our Board of Directors,” said Steve Politakis, President and Chief Executive Officer. “Kelly has deep roots in our market, and brings extensive and valued industry knowledge in her field of expertise.  We look forward to her contributions as a Director of Olympic Bancorp.”

Nelson joins current Olympic Bancorp Board Members: Cydly Langer Smith, Chairwoman; Helen Langer Smith, Vice Chairwoman; Steve Politakis, President and Chief Executive Officer; Tony George, Executive Vice President and Chief Operating Officer; Melinda Smith Pigors, Owner, Green Box Memphis; Wade Perrow, Founder and Retired Chief Executive Officer, Wade Perrow Construction LLC; John Hogan, Manager/Partner, Gateway Capital, LLC; Robert Wise, Chief Financial Officer, Solius; and Tony Panagiotu, President, Panagiotu Pension Advisors.

 

Established August 8, 1908, Kitsap Bank is headquartered in Port Orchard, WA, operating 18 locations throughout Western Washington. With over $1.5 billion in assets, the Bank provides a full range of financial services to commercial and individual clients. Kitsap Bank has been named a Preferred Lender by the U.S. Small Business Administration, and a Corporate Philanthropist and one of Washington’s Best Workplaces by the Puget Sound Business Journal. Kitsap Bank was awarded the 2019 National Association of Secretaries of State Medallion, as part of the Corporations for Communities Award Program and received the Manufacturing Award for Innovation by the Association of Washington Businesses for the edg3 FUND Small Business Competition. Kitsap Bank’s Edg3 FUND was also recognized by the Federal Home Loan Bank of Des Moines in 2015 with their Strong Communities Award. Kitsap Bank is ranked the 22nd largest bank based in the State of Washington and is the sixth largest women-owned business, according to the Puget Sound Business Journal. The Bank was named Family-Owned Business of the Year in 2015 by Seattle Business magazine and has a 5 Star rating from BauerFinancial Inc. For more information, visit kitsapbank.com and follow us on Facebook, LinkedIn and Twitter

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