The bank continues to be very well capitalized with equity totaling $115.2 million, which equates to a capital leverage ratio of 12.03 percent, well above the regulatory definition of well capitalized.

“This was a solid quarter for OlyFed, experiencing meaningful growth with loans, deposits and investments,” Josh Deck, President & CEO said.

“We were able to lower our loan-to-deposit ratio, while increasing our net interest margin which has helped strengthen our capital position to better serve the needs of our customers and community.”

The bank was able to gain operational efficiencies by lowering interest and non-interest expenses, while adding dozens of new households to the OlyFed family. Significant growth in relationships occurred with certificates of deposit and new business and consumer checking accounts. In fact, debit card purchases increased to 446,671 transactions in the first quarter alone.

“The increase in debit card transactions meant more support for local nonprofits and schools through our Two Cent program,” Deck said. “In fact, this past quarter OlyFed invested more than $77,000 to our community through sponsorships and donations.”

Furthermore, OlyFed paid out $3.5 million in interest to deposit customers in the first quarter. In addition, the bank originated 17 affordable home loans, helping local households who earn 80% or less of Thurston and Mason County median income become homeowners.

The bank announced this past quarter that it will be opening its ninth branch in Chehalis later this summer. The full-service financial center will serve the money management, savings, mortgage lending, business banking and commercial financing needs of the community. Moreover, later this fall the bank plans to add three new products and services:

• A new savings account specifically designed for first-time home buyers,
• A new youth checking account to help young people earn and save more,
• And lastly and probably most importantly, a new college and high school affinity card program that expands our Two Cent program to support student activities and scholarships. These custom branded school debit cards allow local area students, staff, alumni and community supporters to bank with pride and purpose and every time a customer’s school affinity card is used, two cents is donated to that school’s designated fund.

“As we prepare for growth and expansion into Lewis County, it’s been refreshing to see so many customers in the area already choosing to open accounts with OlyFed,” Deck said.

“This past quarter we also saw several new customers from around our region open accounts online and we continue to experience a meaningful increase in new business and commercial relationships as we demonstrate excellence in service along with the tools and expertise to help entrepreneurs save money and improve efficiencies with their operations.”