Business

Kitsap Bank reports ‘solid’ third quarter

Port Orchard — Kitsap Bank has reported solid third-quarter earnings, with profits up 8 percent year over year.

Net income for the first nine months of the year totaled $6.2 million, versus $5.7 million for the same period last year, the bank reported. Assets remained stable, totaling $909 million as of Sept. 30.

Non-performing assets continue to decline and are .52 percent of total assets — one of the lowest ratios of any bank in Washington state.

Kitsap Bank remains highly liquid, largely due to strong core deposit growth; deposits totaled $790 million on Sept. 30. The company continues to maintain a strong capital position, with total capital exceeding $100 million, according to the bank.

Kitsap Bank, established in 1908, operates 21 locations in Western Washington. It reports more than $900 million in assets.

 

 

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