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Overview / Commentary
619 Bay Street
Port Orchard, WA 98366

Kitsap Bank is headquartered in Port Orchard and is the 13st largest bank in the state of Washington. It is also the 715st largest bank in the nation. It was established in 1908 and as of March of 2014, it had grown to 238 employees at 21 locations. Kitsap Bank's savings rates are 2X the national average, and it boasts a A+ health rating.

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Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Kitsap Bank had $3.12 million in non-current loans and owned real-estate with $105.64 million in equity and loan loss allowances on hand to cover it. This gives Kitsap Bank a Texas Ratio of 2.95% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Kitsap Bank decreased slightly from 4.01% as of March 31, 2013 to 2.95% as of March 31, 2014, resulting in a positive change of 26.43%.This indicates that the balance sheet and financial strength for Kitsap Bank has improved slightly in recent periods.

Deposit Growth


In the past year, Kitsap Bank has increased its total deposits by $32.22 million, resulting in 4.01% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Kitsap Bank has shown is excellent.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Kitsap Bank has $945.9 million in assets with $105.64 million in equity, resulting in a capitalization level of 11.17%, which is excellent.

Institution Statistics

FDIC Certificate #6161
Year Established1908
Primary RegulatorFDIC
Assets and Liabilities
Assets$945.90 million
Loans$436.32 million
Deposits$836.49 million
Equity Capital$98.61 million
Loan Loss Allowance$7.04 million
Unbacked Noncurrent Loans$1.85 million
Real Estate Owned$1.27 million
Historic Data - March 2013
Assets$920.28 million
Equity Capital$101.93 million
Loan Loss Allowance$7.16 million
Unbacked Noncurrent Loans$1.85 million
Real Estate Owned$2.62 million
Profit Margin - Quarterly
Net Interest Margin3.11%
Return on Assets0.73%
Return on Equity7.06%
Interest Income$7.31 million

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Kitsap Bank Savings Account Rates

1.25%$20k-Health Savings Account
0.05%--Statement Savings
0.05%--Business Statement Savings

Kitsap Bank Money Market Rates

0.10%$100k-Money Market Plus
0.10%$100k-Business Money Market Plus
0.08%$50k-Premium Fund
0.08%$50k-Business Premium Fund
0.05%--Business Marketfund

Kitsap Bank Checking Account Rates

0.05%--Smart Choice Checking
0.05%--Legends Checking

Kitsap Bank CD Rates

1.01%$500-60 Month CD
1.01%$500-Business 60 Month Term Certificate
0.60%$500-48 Month CD
0.60%$500-Business 48 Month Term Certificate
0.40%$500-36 Month CD
0.40%$500-Business 36 Month Term Certificate
0.25%$500-30 Month CD
0.25%$500-Business 30 Month Term Certificate
0.20%$500-24 Month CD
0.20%$500-Business 24 Month Term Certificate
0.15%$500-18 Month CD
0.15%$500-Business 18 Month Term Certificate
0.10%$500-6 Month Variable Rate CD
0.10%$500-12 Month CD
0.10%$500-Business 6 Month Variable Rate CD
0.10%$500-Business 12 Month Term Certificate
0.05%$500-32 Day CD
0.05%$500-60 Day CD
0.05%$500-90 Day CD
0.05%$500-6 Month CD
0.05%$500-9 Month CD
0.05%$500-Business 32 Day Term Certificate
0.05%$500-Business 60 Day Term Certificate
0.05%$500-Business 90 Day Term Certificate
0.05%$500-Business 6 Month Term Certificate
0.05%$500-Business 9 Month Term Certificate

Kitsap Bank has 20 locations. Click to view all Kitsap Bank locations.