The bank continues to be very well-capitalized with equity totaling $110.3 million, which equates to a capital leverage ratio of 12.72%, well above the regulatory definition of well-capitalized. So far, this fiscal year OlyFed has paid out more than $5 million in interest to deposit customers in the first two quarters. In addition, the bank experienced growth of $22 million in consumer and business loans in the first two quarters, helping to strengthen the local economy and housing market.
“In light of increasing interest expenses due to economic conditions related to inflation and rising rates, we continue to realize gains through enhanced operational efficiencies,” Josh Deck, President & CEO said.
“These measures have improved bottom line results, further strengthening our financial position.”
This past quarter, net positive growth was achieved with consumer and business checking accounts along with certificate of deposit (CD) accounts. In addition, year-to-date OlyFed has closed on 42 Affordable Home Loans totaling $10.2 million. The Affordable Home Loan Program is designed to help households earning 80% or less of the median income in Thurston and Mason counties. “Through our community education and outreach efforts, we’ve been able to establish many new meaningful customer relationships,” Deck said.
Recognizing the organization’s commitment to excellence, OlyFed was honored this past quarter by Showcase Magazine as the South Sound’s Best Bank. In addition, OlyFed was recognized by the Independent Community Bankers of America (ICBA) as part of their 2023 National Community Bank Service Awards, which celebrated only four banks in the country for their extraordinary volunteer and philanthropic efforts.
“Giving back is written into the DNA of our organization and we are thrilled to have so many different organizations acknowledge the important work of OlyFed in our community,” Deck continued.
“Each quarter we measure the overall satisfaction of our employees, and I am proud to say our OlyFedders consistently report happiness levels that far surpass industry standards, which we believe is a direct reflection of our organizational values in action.”
*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 summer 2024 after the audit and final report are completed. Olympia Federal Savings (OlyFed) is an equal housing lender and member FDIC.