The bank continues to be very well capitalized with equity totaling $111.8 million, which equates to a capital leverage ratio of 12.67 percent, well above the regulatory definition of well capitalized. So far, this fiscal year OlyFed has paid out more than $7.8 million in interest to deposit customers in the first three quarters. In addition, the bank experienced growth of $35.8 million in consumer and business loans in the first three quarters, helping to strengthen the local economy and housing market.
“At a time when consumers have more banking choices than ever before and they can open a new account online in just a few clicks, it’s reassuring to see how many people believe in the power and impact OlyFed has for both our customers and community as evidenced by the household growth we’ve experienced so far this year,” Josh Deck, President & CEO said.
“I am really proud of our entire team who actively took part in more than 125 community events this past calendar year, both serving the needs of our region and building new relationships based on shared values.”
This past quarter, OlyFed launched its new Customer Care Center to handle the increasing number of customer phone and email inquiries as more people choose to do their banking virtually. Since opening at the end of November, the center has handled more than 5,000 calls. In addition, OFS Financial Services located at OlyFed, reported Assets Under Management totaling more than $54 million, which is growth of $8.5 million so far, this fiscal year.
“It is wonderful to see the success of OlyFed as a full-service financial partner for our customers, and it’s evident in the growth of new and existing relationships through our diverse product and service offerings,” Deck said.
“We’ve invested quite a bit in the past few years in new technologies and new lines of business and its truly gratifying to see how OlyFed has a greater impact on the positive growth of our local economy and in the lives of our friends and neighbors that call our area home.”
*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.
**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.