Olympia Federal Savings releases Q2 financial results

Olympia Federal Savings reported assets of more than $1 billion at the end of the second quarter, in part because of strong demand for its products and services.

For the second quarter ended Sept. 30, Olympia Federal Savings posted assets of $1.022 billion. That marked an increase of $39.4 million from the start of its fiscal year on April 1.

The bank reported $11.6 million in new deposits, as well as $9.7 million in new loan growth through the first half of the fiscal year. Part of the loan growth was tied to 26 affordable home loans to households earning less than 80 percent of the area median income.

The bank also noted it has paid out $7 million in interest payments to depositors year-to-date.

“Our dedication and support of our customers and community have played an instrumental role in the significant household growth we’ve experienced so far this year,” said Olympia Federal Savings President and CEO Josh Deck in a statement.

“The launch of our school affinity card program along with our new Chehalis branch this past quarter were huge milestone achievements that have been in the works for years now.

“Adoption of the school branded debit cards, which give back in the form of funding for scholarships and student activities every time they are used have been more than what we expected.”

Deck also pointed toward a steep increase in the number of debit card transactions, up more than 17,000 when compared to last year, as well as multimillion-dollar growth in deposits and loans at the Chehalis branch.

Additionally, philanthropic giving for the community has surpassed $190,000 this year, while the bank’s community outreach efforts have been supported by hundreds of volunteer hours. Those efforts include financial education classes reaching more than 350 students in the South Puget Sound region. 

“I’m incredibly proud of the positive impact our employees are having both in local area classrooms and throughout our community as they serve in volunteer leadership positions on more than 40 committees and boards of directors,” Deck said.

“As a relationship first bank, our number one priority is making sure our actions live out our values in everything we do."