The Association continues to be very well capitalized with equity totaling $112.8 million, which equates to a capital leverage ratio of 11.92 percent, well above the regulatory definition of well capitalized. So far, this fiscal year, OlyFed has paid out $9.9 million in interest to deposit customers. In addition, the Association grew gross consumer and business loan balances by more than $23.6 million, helping to strengthen the local economy and housing market.
The bank has contributed $247,000 to more than 100 local nonprofits so far this year. This number does not include the more than $10,000 contributed by OlyFed employees this past quarter in support of the organization’s annual United Way campaign. Furthermore, this past quarter OlyFedders joined the board of directors of five community organizations, including: Enterprise for Equity, Senior Services, Arbutus Folk School, Childcare Action Council and Lacey Rotary.
In the first three quarters of this fiscal year, OlyFed originated more than $6 million in affordable home loans. These loans support individuals and families earning 80% or less of the median income in our region.
“Our passion for affordable housing in our communities is as present as ever,” says Josh Deck, President & CEO. “The dedication of our team in finding and creating affordable homebuyer solutions has brought us to the forefront of many new and exciting partnerships in our communities.”
Additionally, the bank has led or participated in more than 20 homebuyer, financial education and career mentoring classes this fiscal year.
“Results from our most recent employee engagement survey show a strong satisfaction amongst our team as we further invest in our values-based banking of putting customers, community and team members above the bottom line,” Deck said. “I am proud of the work we are doing to help more families become homeowners, students become savvier about finances and young adults achieve their goals for a bright future.”
Entering the start of a new calendar year and in time for tax season, OlyFed launched new technology this past quarter as part of its digital banking platform which now allows customers to access bank statements, notices and tax forms all in one place. This new technology provides customers with anytime/anywhere access to the past 60 months of their financial records. “We continue to make significant investments in tools and resources to improve the quality of life for our customers and to make banking with OlyFed even easier,” Deck said.
