Kitsap Bank in Port Orchard, Washington (WA)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Kitsap Bank in Port Orchard, Washington (WA)
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Kitsap Bank - Overview

  • General
  • FDIC Certificate #: 6161
    Status: Active
    Federal Reserve ID: 584377
    Bank Holding Company (Regulatory Top Holder): Olympic Bancorp, Inc. (RSSDID: 2603991, Location: Port Orchard, WA)
    Date Established: August 08, 1908
    WWW: http://www.kitsapbank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 22 (Domestic: 22, Interstate: No)
    OTS Docket #: 10943
    FDIC's unique #: 4154
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: Yes
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: May 08, 2009
    Last Structure Change Process Date: May 11, 2009
    Last Data Update: May 11, 2009
    Data Source Date: April 05, 2012
  • Location
  • Address: 619 Bay Street, Port Orchard, WA 98366
    County: Kitsap
    Quarterly Banking Profile Region: San Francisco
    FDIC Geographic Region: San Francisco
    FDIC Supervisory Region: San Francisco
    FDIC Field Office: Seattle
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: West
    Metropolitan Statistical Area (MSA): Bremerton, WA (#1150)
    Consolidated Metropolitan Statistical Area (CMSA): Seattle-Tacoma-Bremerton, WA (#91)
    Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500)
    Core Based Statistical Area (CBSA): Bremerton-Silverdale, WA (#14740)
    CBSA Metro Statistical Area: Bremerton-Silverdale, WA (#14740)
  • History of Changes
  • Participated in FDIC Assisted Absorption/Consolidation/Merger
    Corrections
  • Financial Summary
  • Total assets: $903.9 mil
    Equity capital: $100.6 mil
    Deposits held in domestic offices: $775.3 mil
    Return on assets (ROA): 0.83% ($7.5 mil)
    Quarterly return on assets: 0.78% ($7.1 mil)
    Return on Equity (ROE): 7.84% ($7.9 mil)
    Quarterly return on equity: 7.14% ($7.2 mil)
    Net income: $7.5 mil
    Quarterly Net income: $1.8 mil
    Pretax return on assets: 0.83% ($7,502.4 mil)
    Quarterly Pretax return on assets: 0.78% ($7,050.4 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 247Total employees (full-time equivalent)
  • $903,902Total assets
  • $24,156Cash and due from depository institutions
  • $5,029Interest-bearing balances
  • $352,824Securities
  • $31,311Federal funds sold & reverse repurchase agreements
  • $429,908Net loans & leases
  • $7,470Loan loss allowance
  • $0Trading account assets
  • $14,751Bank premises and fixed assets
  • $5,692Other real estate owned
  • $13,307Goodwill and other intangibles
  • $903,902Life insurance assets
  • $31,953All other assets
  • $803,336Total liabilities and capital
  • $775,327Total liabilities
  • $618,456Total deposits
  • $775,327Interest-bearing deposits
  • $88Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $18,286Trading liabilities
  • $0Other borrowed funds
  • $9,723Subordinated debt
  • $100,566All other liabilities
  • $100,566Total equity capital
  • $100,566Total bank equity capital
  • $0Perpetual preferred stock
  • $10,723Common stock
  • $19,730Surplus
  • $70,113Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $517Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $5,104Income earned, not collected on loans
  • $809Earning assets
  • $3,443Long-term assets (5+ years)
  • $819,072Average Assets, year-to-date
  • $268,284Average Assets, quarterly
  • $902,654Volatile liabilities
  • $914,896Insider loans
  • $524,374FHLB advances
  • $900,888Loans and leases held for sale
  • $18,752Unused loan commitments
  • $12,862Tier 1 (core) risk-based capital
  • $78,075Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $5,890Total unused commitments
  • $66,179Restructured Loans and leases
  • $10,420Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $35,782Total interest income
  • $6,156Total interest expense
  • $29,626Net interest income
  • $2,398Provision for loan and lease losses
  • $5,938Total noninterest income
  • $0Fiduciary activities
  • $2,472Service charges on deposit accounts
  • $0Trading account gains & fees
  • $3,466Additional noninterest income
  • $27,691Total noninterest expense
  • $16,048Salaries and employee benefits
  • $3,377Premises and equipment expense
  • $8,266Additional noninterest expense
  • $5,475Pre-tax net operating income
  • $2,025Securities gains (losses)
  • $0Applicable income taxes
  • $7,500Income before extraordinary items
  • $0Extraordinary gains - net
  • $7,500Net income attributable to bank
  • $0Net charge-offs
  • $7,500Cash dividends
  • $1,711Sale, conversion, retirement of capital stock, net
  • $3,252Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.38%Yield on earning assets
  • 0.75%Cost of funding earning assets
  • 3.62%Net interest margin
  • 0.73%Noninterest income to earning assets
  • 3.39%Noninterest expense to earning assets
  • 0.61%Net operating income to assets
  • 0.83%Return on assets (ROA)
  • 0.83%Pretax return on assets
  • 7.84%Return on equity (ROE)
  • 4.44%Retained earnings to average equity (YTD only)
  • 0.38%Net charge-offs to loans
  • 140.15%Credit loss provision to net charge-offs
  • 4.60%Efficiency ratio
  • 77,564Assets per employee
  • 3.66%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 43.36%Loss allowance to loans
  • 1.71%Loss allowance to noncurrent loans
  • 146.36%Noncurrent assets plus other real estate owned to assets
  • 1.19%Noncurrent loans to loans
  • 1.17%Net loans and leases to deposits
  • 55.45%Net loans and leases to core deposits
  • 57.61%Equity capital to assets
  • 11.13%Core capital (leverage) ratio
  • 8.67%Tier 1 risk-based capital ratio
  • 14.89%Total risk-based capital ratio
  • Memoranda
  • $16Average assets
  • $902,654Average earning assets
  • $95,684Average equity
  • $817,272Average loans

List of branches

  • 22 Washington Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    04154Kitsap Bank619 Bay Street, Port Orchard, WA 98366August 08, 1908Full Service Brick and Mortar
    1208898East Bremerton Branch3425 Wheaton Way, Bremerton, WA 98310May 15, 1961Full Service Brick and Mortar
    2208899South Park Village Branch1700 Village Ln Se, Port Orchard, WA 98366October 07, 1968Full Service Brick and Mortar
    4208901Silverdale Branch10488 Silverdale Way, Nw, Silverdale, WA 98383September 14, 1972Full Service Brick and Mortar
    7208904Bainbridge Island Branch10140 N.E. High School Road, Bainbridge Island, WA 98110December 05, 1979Full Service Brick and Mortar
    8208905Limited Service Branch625 Bay Street, Port Orchard, WA 98366December 12, 1980Limited Service Facility
    10238924Poulsbo Branch19725 7th Avenue Northeast, Poulsbo, WA 98370April 16, 1979Full Service Brick and Mortar
    13208908Gig Harbor Branch4714 Point Fosdick Dr Nw, Gig Harbor, WA 98335October 08, 1991Full Service Brick and Mortar
    14208909Belfair BranchNe 24180 State Route 3, Belfair, WA 98528March 27, 1995Full Service Brick and Mortar
    16208911Port Angeles Branch716 Front Street, Port Angeles, WA 98362November 08, 1995Full Service Brick and Mortar
    22208912Central Kitsap Branch6733 State Highway 303 Northeast, Bremerton, WA 98311March 10, 1997Full Service Brick and Mortar
    23208913Kingston Branch8190 Northeast State Highway 104, Kingston, WA 98346January 11, 1999Full Service Brick and Mortar
    24208914West Bremerton Branch1140 Marine Drive, Bremerton, WA 98312September 09, 1999Full Service Brick and Mortar
    25208915Bethel Branch3324 Bethel Road Southeast, Port Orchard, WA 98366June 29, 1999Full Service Brick and Mortar
    26418530Bonney Lake19371 State Route 410 East, Bonney Lake, WA 98391December 16, 2002Full Service Brick and Mortar
    27428127Pioneer Way Branch-Gig Harbor7109 Pioneer Way, Pioneer Square, Gig Harbor, WA 98335May 10, 2004Full Service Brick and Mortar
    28433010Port Ludlow Branch74 Breaker Lane, Port Ludlow, WA 98365November 08, 2004Full Service Brick and Mortar
    29446859Kitsap Bank Courier Branch619 Bay Street, Port Orchard, WA 98366August 10, 2004Limited Service Messenger
    30364361Port Townsend Branch2313 East Sims Way, Port Townsend, WA 98368December 16, 2002Full Service Brick and Mortar
    31431752Port Hadlock Branch69 Oak Bay Road, Port Hadlock, WA 98339August 02, 2004Full Service Brick and Mortar
    33617996th And Pacific Branch-Bremerton607 Pacific Avenue, Bremerton, WA 98337March 12, 1999Full Service Brick and Mortar
    38444896Sequim Branch1320 West Washington Street, Sequim, WA 98382September 12, 2005Full Service Brick and Mortar

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