Our Year in Review

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

Safe, secure and positioned for the long-term.

2021 marked our first full year operating during a global health crisis. However, despite ongoing challenges from the pandemic, our long-held commitment at Kitsap Bank to continuously improve and innovate has positioned us well to safely deliver our products and services to our clients while keeping our employees healthy and safe. In 2021 we expanded our digital services, including adding nine new Interactive Teller Service (ITS) machines to our fleet - giving Kitsap Bank the largest interactive teller machine network in Western Washington.

Olympic Bancorp and its wholly-owned subsidiary, Kitsap Bank, recorded another strong year of financial performance in 2021. Kitsap Bank continues to maintain a strong core deposit base. The Bank's deposits grew nearly 15% year-over-year in 2021. Total assets were fueled by solid deposit growth, and our low cost of funds is among the best in the state. Asset quality continues to be excellent and the bank is very well capitalized. The reduction in loan balances can be attributed primarily to our strategic decision to prioritize the forgiveness of our Paycheck Protection Program (PPP) loan portfolio. Ahead of many of our peers, by year-end nearly every one of our client's PPP loans had been forgiven by the U.S. Small Business Administration. This is a true testament to our team's dedication in assisting our business clients through these challenging economic times.

At Kitsap Bank we embrace the #causegood philosophy. Whether a large or small deed, we believe in the ripple effect that can be caused by volunteering our time with a local non-profit organization, providing a listening ear to a client, or providing support to a small business. Throughout this report, you'll hear from a few of our partners and clients about the #causegood impact they've experienced.

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 bank remains safe, secure and positioned for the long-term. Thank you for your continued support and trust.