Submitted by Olympia Federal Savings
Olympia Federal Savings (OlyFed) today reported assets totaling $861,470,372 for the fiscal year ending March 31, 2022. This represents growth of 7.7% or $61,226,973 since the beginning of its fiscal year on April 1, 2021.
The bank continues to be very well capitalized with equity totaling $108,449,866, increasing $2.04 million or 2% when compared to the beginning of the fiscal year. This equates to a capital leverage ratio of 12.6%, which is 3.6% or $30.9 million above the well-capitalized standard of 9.00% set forth in the Economic Growth, Regulatory Relief and Consumer Protection Act.
In terms of total deposits this past fiscal year, OlyFed added $56.7 million in new balances and paid out $2.1 million in interest to its customers. In addition, OlyFed grew relationships with new business customers, who are utilizing many of the bank’s new technologies and services, which helped increase business deposit balances by nearly $17 million.
During the same time-period, OlyFed was pleased to make home ownership a reality for many local families with nearly 600 purchase, construction, refinance and equity loans totaling $176.1. In addition, the bank’s business and commercial lending teams saw production of $34.1 million, helping contribute to the bank’s net loan growth of $70.9 million.
“This was another fantastic year for OlyFed as each of our business lines continued to have meaningful growth and a positive impact in our community,” Lori Drummond, President & CEO said. “We continue to see tremendous customer adoption of our investment in digital banking tools and resources.”
Beyond OlyFed’s business banking operations, the organization’s wealth management division, OFS Financial Services, also finished the year strong with $49.5 million in assets under management, which represents asset growth of $5.7 million or 13% this past fiscal year. In addition, OFS Financial saw an increase of 43 new client accounts with $12.2 million in new dollars, bringing the total number of non-FDIC insured investment accounts* through its partner Cetera Investment Services to 312.
“It’s exciting to see our expansion efforts with small business, commercial real estate and wealth management services really taking root in our community,” Josh Deck, Executive Vice President & Chief Operating Officer said. “We’ve built an incredibly talented team of professionals to lead these efforts and our customers are experiencing the benefits of our positive and far-reaching mutual banking business model, where people and doing the right thing always come first.”
That commitment to meeting community needs is further evidenced by the bank’s continued support of a variety of philanthropic missions, providing $445,000 in charitable support and sponsorships towards the advancement of more than 125 health and human service, arts, education, environmental, housing and youth-focused organizations striving to improve the quality of life in the South Sound. This represents contributions totaling 12% of the organization’s net income for the year.
In addition, OlyFed employees volunteered more than 800 hours this past year, supporting 56 different organizations. OlyFed employees currently serve on the board of directors of more than 20 local organizations, providing leadership support and professional expertise towards the fulfillment of a variety of social and economic development related missions.
“OlyFed’s commitment to excellence has not gone unnoticed by others, as this past year the Association and our employees were recognized with several prestigious awards and honors,” Drummond said. “Our philanthropic giving and volunteerism are just another way we live out our business plan and further put our values into 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 2022 after the after the audit and final report are completed. Olympia Federal Savings (OlyFed) is an equal housing lender and member FDIC.