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Your OlyFed

OlyFed Announces End-of-Year Financial Results

Olympia Federal Savings (OlyFed) today reported assets totaling $921.5 million for the fiscal year ending March 31, 2023. This represents growth of 6.9% or $59.5 million since the beginning of its fiscal year on April 1, 2022.

Olympia Federal Savings continues to be very well capitalized with equity totaling $111.8 million, increasing $3.3 million when compared to the beginning of the fiscal year. This equates to a capital leverage ratio of 12.7%.

Josh Deck EVP and COO of Olympia Federal Savings

“Despite many difficult economic and market conditions, our team of OlyFedders rose to the challenge helping the bank serve more customers in meaningful ways this past year,” Josh Deck, President & CEO said.

“Stronger and more vibrant than ever before, OlyFed continues to be well capitalized when compared to industry standards and the bank also continues to play a vital role in the growth of housing, small business and commercial development in our region.”

In terms of total deposits this past fiscal year, OlyFed added $31.9 million in new balances and paid out $3.8 million in interest to its customers. During the same time period, OlyFed originated 428 residential and consumer loans totaling $127.4 million. Even better, OlyFed closed on 46 affordable home loans totaling $12.4 million for individuals and families earning less than 80% of the median income in Thurston and Mason counties.

Loan Manager Jennifer Arnold“Our affordable home loan program is designed with special incentives and discounts to help reduce the out-of-pocket expenses of the borrower, while also keeping their overall monthly payment more affordable,” Jennifer Arnold, EVP/Chief Operating Officer said.

“The core of our mission is to help more of our neighbors become homeowners because we know when you have a house of your own, transformational life outcomes become possible.”

In addition, the OlyFed business banking team originated 43 business and commercial loans totaling $43.7 million. Of that total, $8 million was for multi-family housing projects, which added 46 units of housing to our community. OlyFed’s loan processing team was busy juggling close to 40 loans per month; however, they surpassed their goal of closing loans in 30 days or less with an average days-to-close total of 26.8 days for all loan types.

“This past year we made tremendous investments in our technology to serve the needs of our customers more efficiently and effectively,” Deck said. “With a brand-new core banking system in place, we now have a system that is ready to grow with us, with our communities and to serve the expanding needs of a more diverse customer base.”

Beyond OlyFed’s banking operations, the organization’s wealth management program, OFS Financial Services, also finished the year strong with $5.4 million in new investments and a total of $46.1 million in assets under management. As of March 31, 2023, OFS Financial Services completed the year with more than 240 client relationships through its partner Cetera Investment Services*.

“As more businesses and people move to our area, OlyFed is poised with the products, services, tools and expertise to take advantage of the many opportunities and quality of life the South Sound has to offer,” Deck continued.

“Our mutual banking business model puts people and our community first as evidenced through the bank’s philanthropic investments in its neighbors and neighborhoods.”

OlyFed employees during interactive drumming demonstration with the Hawk FoundationIn fact, this past year, OlyFed contributed more than $461,000 in charitable support and sponsorships towards the advancement of more than 180 health and human service, arts, education, environmental, housing and youth-focused organizations. This represents donations totaling 10.2% of the organization’s net income for the year.

In addition, OlyFed employees volunteered more than 1,200 hours this past year, supporting 70+ different organizations. OlyFed employees served on the board of directors of more than 30 local organizations this past year, providing leadership support and professional expertise toward the fulfillment of a variety of social and economic development-related missions.

OlyFed’s commitment to excellence has not gone unnoticed by others. For the past 139 straight quarters (34+ years), OlyFed has received a five-star superior rating from Bauer Financial, an independent rating agency. Only one percent 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 released in the summer 2023 after the audit and final report are completed. Olympia Federal Savings (OlyFed) is an equal housing lender and member FDIC.

 *OFS Financial Services is a marketing name of Cetera Investment Services and is located at 303 Cleveland Ave SE, Suite 201, Tumwater, WA 98501 • (360) 596-9788. Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.

Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.