Submitted by Olympia Federal Savings
Olympia Federal Savings (OlyFed) today reported assets totaling $979.3 million at the close of the second quarter ending on September 30, 2024. This represents growth of $10 million since the beginning of its fiscal year on April 1, 2024.
The Association continues to be very well capitalized with equity totaling $113.1 million, which equates to a capital leverage ratio of 12.10 percent, well above the regulatory definition of well capitalized. So far, this fiscal year, OlyFed has paid out $6.4 million in interest to deposit customers in the two quarters. In addition, the Association grew gross consumer and business loan balances by more than
$11.3 million, helping to strengthen the local economy and housing market.
“We continue to remain in a very strong capital position as our management team has done a great job of managing expenses and looking for opportunities to gain efficiencies for the purposes of
better serving the needs of our customers and community,” Josh Deck, President & CEO said. “In the first half of this year, we’ve seen tremendous growth in new household relationships as more
local families and businesses see the benefits of working with OlyFed, the areas only mutual bank.”
OlyFed continues to be recognized as one of the best banks in the region, recently being recognized by Showcase Magazine, The Olympian, The Nisqually Valley News and South Sound Business Magazine. Much of this success stems from OlyFed’s commitment to the community.
In fact, so far this year, the bank has contributed more than $193,000 to local nonprofit and community organizations and volunteered more than 500 hours of service. In addition, this fiscal year the bank continues to see increasing demand and interest in its affordable home loan program for individuals and families earning 80% or less of median income in Thurston and Mason County.
Furthermore, in partnership with the Federal Home Loan Bank of Des Moines, the bank recently helped facilitate a $20,000 contribution to South Puget Sound Habitat for Humanity.
“Beyond our affordable housing initiatives, we continue to be laser focused on providing support to our local schools,” Deck said. “From financial education to career exploration and youth mentorship opportunities, our team has been visiting classrooms around our region to ensure the next generation is prepared with the knowledge and resources to make sound financial decisions. Even better, I love knowing our Pride of the Prairie Campaign in Yelm has helped raise more than $8,000 to serve students through thoughtful and creative after-school programs that otherwise would have been cut along with the district’s levy funding.”
