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Annual Report 2015

Olympic Bancorp is the holding company for Kitsap Bank, a Washington state chartered full-service commercial bank founded in 1908.

CEO's Message

Steve Politakis

Olympic Bancorp President & Chief Executive Officer

Financial Performance

Financial performance for Olympic Bancorp, and its wholly-owned subsidiary, Kitsap Bank, was strong in 2015. The Bank enjoyed double-digit growth in profits, significant loan growth, and a strong return on average assets. Performance was further bolstered by the acquisition of Fife Commercial Bank. Kitsap Bank’s robust year was punctuated by crossing over $1 billion in assets as of the 3rd quarter of 2015.

Total Assets

0000000000
$8,414,000
Net Income
$962,413,000
Total Deposits
$583,597,000
Total Loans

edg3 FUND

2015 marked Kitsap Bank’s second year with its edg3 FUND small business competition. As part of the Bank's commitment to small businesses, the competition was established to provide funding for entrepreneurs dedicated to growing their community in three ways—economically, socially and environmentally. Nearly 70 Western Washington businesses applied, representing a variety of industries including food and beverage, technology, retail, agriculture, and more. After a public vote and private judging helped narrow the field, five finalists vied for the $20,000 grand prize in front of a live audience and a panel of esteemed independent judges.

Ultimately, the judges selected return finalist, OlyKraut, for the $20,000 prize.

OlyKraut has been hand-crafting sauerkrauts, pickles, and sipping brines in Olympia, Washington since 2008. Owner Sash Sunday, believes in growing a healthy regional food system by using locally-sourced, organic ingredients and building connections with local farmers. OlyKraut is using the $20,000 cash infusion to help scale its business and increase capacity by building a cooler customized for the business' growing needs.

Kitsap Bank Stadium

Community

Amount Donated To Area Non-Profits In 2015

$408,709 View Supported Non-Profits

Good Cause. South Kitsap High School, the largest high school in the State of Washington, was in desperate need of a new athletic field. Poor drainage made the field a perpetual pit of mud, and the unplayable conditions forced the school to play its “home” games “away” on rented fields. The school district approached two local community leaders, who agreed to come together to assist in funding the replacement of the district’s athletic field and resurfacing of the track. Kitsap Bank committed $504,000 toward the renovation of the South Kitsap High School athletic field; while a $150,000 donation from NY Times Best Selling Author and Port Orchard resident, Debbie Macomber, and her husband, Wayne, supported resurfacing and overspray of the existing track.

It was a good cause, and the right thing for Kitsap Bank to do as Port Orchard’s community bank for 107 years. Owner and Vice-Chairwoman, Helen Langer Smith, is a 1946 graduate of South Kitsap as well as a former cheerleader. She recalls that even during her school days, the field conditions were deplorable. The South Kitsap students and community deserved better.

With the half million dollar donation from Kitsap Bank, South Kitsap now plays on one of the best and safest football fields in the nation. The Matrix® synthetic turf system that was used is considered to be the next best thing to natural grass and will provide excellent footing, traction, and shock absorption. Additionally, the infill in the new field is made up of an organic composition from 100% environmentally-friendly, chemically-free materials, including cork and coconut fibers. The durability of the field is such that it can be used 24/7 not just by the school, but for the first time ever, by the community as well. Cause Good.

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How Are You Causing Good In Your Community? Tell Us Your Story. #causegood

Scholarships

We believe in helping prepare our children for the day when they will lead us. In 2015, Kitsap Bank presented scholarships to each graduating son or daughter of our employees who was going on to pursue higher education. Each year we also award a University of Washington Undergraduate Business Scholarship and a scholarship through Olympic College.
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Awards

2015 Highlights

January

Recognized By The American Heart Association As A Fit-Friendly Worksite

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May

Kitsap Bank Takes Home Awards For edg3 FUND From Marketing NW

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Janie Sacco Named State of Washington's 2015 Veteran Small Business Advocate of the Year

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Kitsap Bank Presents Scholarships to 5 Graduating Seniors

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Kitsap Bank Donates Over Half Million To South Kitsap School District For The Renovation Of The High School’s Athletic Field

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August

edg3 FUND Semifinalists Announced

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September

Kitsap Bank Crosses Over $1 Billion In Assets

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First South Kitsap High School Football Game Played At Kitsap Bank Stadium!

October

Kitsap Bank Wins FHLB Strong Communities Award

Kitsap Bank Presents Olympic College Scholarship

November

Seattle Business Magazine Names Kitsap Bank Family Business Of The Year

Olympia-based OlyKraut Wins $20,000 In Kitsap Bank's edg3 FUND Small Business Competition

Fife Commercial Bank Acquisition Completed. Jim Davis Joins Board.

December

Fife Commercial Bank Systems Conversion Completed—Welcome to Kitsap Bank, Fife!

Leadership

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Cydly Langer Smith

Chairwoman Of The Board
portait-helen-langer-smith

Helen Langer Smith

Vice Chairwoman Of The Board
portrait-steve-politakis

Steve Politakis

President and Chief Executive Officer
portrait-tony-george

Tony George

Executive Vice President and Chief Operating Officer
portrait-james-grabicki

Jim Grabicki

Retired President and Chief Executive Officer
MarinerBank
portrait-jeffery-swan

Jeff Swan

President
Evergreen Lumber, Inc.
portrait-jim-davis

Jim Davis

Former President and Chief Executive Officer
Fife Commercial Bank
portrait-john-hogan

John Hogan

Manager / Partner
Gateway Capital LLC
portrait-melinda-smith-pigors

Melinda Smith Pigors

Owner
Green Box Memphis
portrait-robert-wise

Robert Wise

Senior Vice President, Business Development
Opanga Network
portrait-wade-perrow

Wade Perrow

Founder and Chief Executive Officer
Wade Perrow Construction, LLC
portrait-steve-politakis

Steve Politakis

Chief Executive Officer
portrait-tony-george

Tony George

President and Chief Operating Officer
portrait-steve-maxwell

Steve Maxwell

Executive Vice President and Chief Lending Officer
portrait-linda-smith

Linda Smith

Executive Vice President Credit Administration
portrait-alan-crain

Alan Crain

Executive Vice President and Chief Financial Officer