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Your OlyFed

Our Mid-Year Financial Update

Olympia Federal Savings (OlyFed) reported assets totaling $771,663,000 for the quarter ending September 30, 2020. This represents growth of 2.8% or $21,279,000 since the beginning of its fiscal year on April 1, 2020 and an increase of 9.85% or $69,997,000 when compared to the close of the same quarter a year ago.

The bank continues to be very well capitalized with equity totaling $104,733,154. This equates to a capital leverage ratio of 13.88%, which is 4.57% or $35 million above the well-capitalized standard of 9.00% set forth in the Economic Growth, Regulatory Relief and Consumer Protection Act.

“OlyFed continues its long tradition of being well capitalized for the safety, security and soundness of its customers,” Lori Drummond, President & CEO said. “As a mutual bank that’s accountable to its depositors and borrowers, not shareholders, our primary focus is on looking out for the best interests of our customers and community.”

In fact, in the first half of the year, OlyFed added $40,839,000 in new deposits and paid out $2,723,843 in interest to its customers. During the same time-period, OlyFed was pleased to make homeownership an affordable reality for many local families with 374 purchase, construction, refinance and equity loans totaling $104,204,484. Even better, the organization helped lower the payments and/or loan terms for an additional 298 customers who modified their existing home loans. Loan modifications totaled $89,432,933 for the period ending September 30, 2020.

In addition, so far this year, through the bank’s new Affordable Home Loan program and its partnership with South Puget Sound and Mason County Habitat for Humanity, OlyFed has helped several low-income individuals and families realize their dream of homeownership through innovative financing options designed to help eliminate economic barriers.

“Our 114-year history is rooted in making homeownership more affordable and more accessible for our community,” Drummond, said. “It’s incredibly rewarding to be able to help so many of our neighbors plan, save, purchase and pursue the things that bring purpose and joy and to their lives.”


Business banker Carrie Whisler at a local Lacey Washington business

Behind every number is a story and during the past six months OIyFed was able to help save more than 600 jobs by helping 95 local small businesses and nonprofits with Payment Protection Program (PPP) Loans totaling $5.2 million.

“These dollars provided much needed temporary help for entrepreneurs just asking for an opportunity to keep their ingenuity, dreams and passions alive,” Carrie Whisler, SVP/Chief Credit Officer, said. “I am incredibly proud of the way our team rallied together and responded to the overwhelming need to keep our economy and so many lives moving forward in a positive direction.”


Beyond providing loan assistance to local small businesses and nonprofits, OlyFed also financed 21 commercial real estate loans totaling $29,327,620 in the first six months of the bank’s fiscal year.

One significant project completed in the first half of the year was The Lurana, a mixed-use building in downtown Olympia, adjacent to Percival Landing. This new landmark features one commercial office, one restaurant, two retail spaces, as well as, 44 market-rate apartments. “OlyFed is honored to be involved as the financing partner on this critical project that’s a key part of the revitalization of downtown Olympia,” Ken Pekola, VP/Commercial Lending Director, said.


That commitment to community is further evidenced by the bank’s continued support of a variety of philanthropic missions, providing more than $215,000 in charitable support and sponsorships towards the advancement of health and human service, arts, education, environmental, housing and youth-focused organizations striving to improve the quality of life in the South Sound.

The total above also includes contributions totaling $15,000 towards COVID-19 relief efforts directed through The Community Foundation of South Puget Sound, United Way of Thurston County and South Puget Sound Habitat for Humanity. “Our laser focus on local means we put people above the bottom line, especially during challenging times, like one we’re experiencing right now,” Drummond said. “We have a culture that is passionate about stewarding the resources and responsibilities that have been bestowed upon us.”


This commitment to excellence has not gone unnoticed by others as Bauer Financial also recognized OlyFed with a five-star “superior rating” for the 129th consecutive quarter. Only 1% of the nation’s banks have earned Bauer’s top rating for so long and with such consistency.

Financial results shared in this report are unaudited and are provided for informational purposes. Year-end financial statements are audited and prepared in accordance with the regulatory reporting requirements of the Federal Deposit Insurance Corporation (FDIC) and will be made available after the close of Association’s fiscal year on March 31, 2021.