The bank continues to be very well capitalized with equity totaling $118.5 million, which equates to a capital leverage ratio of 12.15 percent, well above the regulatory definition of well capitalized. This represents more than $900 thousand in capital growth over the quarter.

Net loans grew $6.8 million quarter-over-quarter, and additional asset growth was driven by combined investment and cash increases of $2.7 million. In addition to its loan growth, the bank experienced improvements to its already better than peer asset quality ratio, ending the quarter at 0.24%.

The bank saw meaningful growth in new checking accounts, which helped increase debit card usage by more than 4 percent when compared to the first quarter of last fiscal year. New customer relationships also saw significant increases as new households chose OlyFed as their local banking partner. Furthermore, OlyFed was able to reward its customers with more than $3 million in interest payments in the first quarter, helping local individuals and families reach their financial goals.

“This was a great start to our new fiscal year, as our expenses came in below budget and we were able to gain efficiencies through new technologies, systems and processes,” Josh Deck, OlyFed President & CEO said.

“Two of our big strategic initiatives this year are enhancing our customer experience and building on our culture of excellence. A lot of great work is being done across the bank to optimize workflows, improve productivity, deliver top-notch service and equip our teams with the tools, resources and learning opportunities to be our area’s best local bank.”

For the first quarter, the bank’s charitable giving and community support totaled more than $76,000, while employee volunteer time surpassed 400 hours of service. OlyFed employees now serve on the board of directors and/or committees with more than 35 community-based organizations. “I am incredibly proud of how our team continues to show up and lead in our community,” Deck said. “It’s incredibly inspiring to see the impact of our investments on the local quality of life for our neighbors who call our area home.”