Kitsap Bank Mortgage Rates, Fees & Info

Port Orchard, WA

LEI: 549300HGZNH5YBU04369

Tax ID: 91-0283150

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Kitsap Bank is a smaller bank specializing in Cash Out Refi and Refi loans. Kitsap Bank has a high proportion of conventional loans. Their top markets by origination volume include: Bremerton, Seattle, Port Angeles, Shelton, and Olympia among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Kitsap Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    319

    Origination Dollar Volume (All Markets)

    $82,935,000

    Employee count

    267

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 192 $47,490,000 $247,344 $0 0.00%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 53 $19,755,000 $372,736 $0 0.00%
    Outside of Metro Areas 29 $6,395,000 $220,517 $0 0.00%
    Port Angeles, WA (FHA|USDA|VA) 25 $4,945,000 $197,800 $0 0.00%
    Shelton, WA (FHA|USDA|VA) 19 $4,055,000 $213,421 $0 0.00%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
    Kitsap Bank's top markets include Bremerton, Seattle, Port Angeles, Shelton, and Olympia among others.

    Their top states include:
  • Washington (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 319 $82,935,000 $259,984 $0 0.00%

    For 2020, Kitsap Bank's most frequently originated type of loan was Conventional, with 319 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 133 $36,405,000 $273,722 $0 0.00%
    Refi 122 $34,990,000 $286,803 $0 0.00%
    Home Improvement 36 $4,850,000 $134,722 $0 0.00%
    Other 21 $3,955,000 $188,333 $0 0.00%
    Home Purchase 7 $2,735,000 $390,714 $0 0.00%

    For 2020, Kitsap Bank's most frequently cited loan purpose was Cash Out Refi, with 133 originations. The 2nd most popular reason was Refi, with 122 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 319 $82,935,000 $259,984 $0 0.00%

    For 2020, Kitsap Bank's most frequently cited loan duration was Other, with 319 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 152 $41,930,000 $275,855 $0 0.00%
    $100k-200k 83 $13,485,000 $162,470 $0 0.00%
    $400k-600k 38 $17,960,000 $472,632 $0 0.00%
    $100,000 or less 36 $2,150,000 $59,722 $0 0.00%
    $600k-1MM 9 $6,405,000 $711,667 $0 0.00%
    $1MM+ 1 $1,005,000 $1,005,000 $0 0.00%

    2020 saw Kitsap Bank place emphasis on $200k-400k loans with 152 originations, totaling $41,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 75 $22,695,000 $302,600 $0 0.00%
    $50k-75k 62 $12,530,000 $202,097 $0 0.00%
    $75k-100k 57 $13,045,000 $228,860 $0 0.00%
    $150k-250k 43 $13,235,000 $307,791 $0 0.00%
    $50k or less 33 $4,525,000 $137,121 $0 0.00%
    $250k+ 18 $9,040,000 $502,222 $0 0.00%

    Kitsap Bank lent most frequently to those with incomes in the $100k-150k range, with 75 originations. The second most popular income band? $50k-75k, with 62 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 319 $82,935,000 $259,984 $0 0.00%

    Kitsap Bank lent most frequently to those with DTI ratios of Exempt%, with 319 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 283 $71,535,000 $252,774 $0 0.00%
    Not provided 15 $4,415,000 $294,333 $0 0.00%
    Asian 14 $3,520,000 $251,429 $0 0.00%
    Not applicable 2 $1,530,000 $765,000 $0 0.00%
    American Indian 1 $755,000 $755,000 $0 0.00%
    Korean 1 $515,000 $515,000 $0 0.00%
    Vietnamese 1 $285,000 $285,000 $0 0.00%
    Other Asian 1 $225,000 $225,000 $0 0.00%
    Native Hawaiian or Islander 1 $155,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    81.18%

    Kitsap Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.88%

    Kitsap Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 319 $82,935,000 $259,984

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $350,000 $175,000
    Single Family (1-4 Units):Site-Built 317 $82,585,000 $260,521

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Kitsap Bank 10140 N.E. High School Road Bainbridge Island, WA 98110 Full Service B&M $71,414
    Kitsap Bank 10488 Silverdale Way, Nw Silverdale, WA 98383 Full Service B&M $111,471
    Kitsap Bank 1320 West Washington Street Sequim, WA 98382 Full Service B&M $37,216
    Kitsap Bank 1700 Village Ln Se Port Orchard, WA 98366 Full Service B&M $51,342
    Kitsap Bank 19725 7th Avenue Northeast Poulsbo, WA 98370 Full Service B&M $91,550
    Kitsap Bank 2313 East Sims Way Port Townsend, WA 98368 Full Service B&M $64,573
    Kitsap Bank 3324 Bethel Road Southeast Port Orchard, WA 98366 Full Service B&M $27,228
    Kitsap Bank 3425 Wheaton Way Bremerton, WA 98310 Full Service B&M $113,760
    Kitsap Bank 4714 Point Fosdick Dr Nw Gig Harbor, WA 98335 Full Service B&M $58,458
    Kitsap Bank 5209 Pacific Highway East Fife, WA 98424 Full Service B&M $97,049
    Kitsap Bank 607 Pacific Avenue Bremerton, WA 98337 Full Service B&M $92,806
    Kitsap Bank 619 Bay Street Port Orchard, WA 98366 Full Service Cyber Office $655
    Kitsap Bank 619 Bay Street Port Orchard, WA 98366 Full Service B&M $172,283
    Kitsap Bank 625 Bay Street Port Orchard, WA 98366 Limited, Drive-thru $0
    Kitsap Bank 69 Oak Bay Road Port Hadlock, WA 98339 Full Service B&M $32,245
    Kitsap Bank 7109 Pioneer Way, Pioneer Square Gig Harbor, WA 98335 Full Service B&M $14,044
    Kitsap Bank 716 Front Street Port Angeles, WA 98362 Full Service B&M $51,351
    Kitsap Bank 74 Breaker Lane Port Ludlow, WA 98365 Full Service B&M $28,177
    Kitsap Bank 8190 Northeast State Highway 104 Kingston, WA 98346 Full Service B&M $51,899
    Kitsap Bank Ne 24180 State Route 3 Belfair, WA 98528 Full Service B&M $46,689

    For 2020, Kitsap Bank had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $49,403
    Net interest income $48,102
    Total noninterest income $10,223
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,821
    Trading account gains and fees $0
    Additional Noninterest Income $8,402
    Pre-tax net operating income $16,000
    Securities gains (or losses, -) $0
    Income before extraordinary items $19,597
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $19,597
    Minority interest net income $0
    Net income $19,597
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $19,597

    Kitsap Bank's gross interest income from loans was $49,403,000.
    Kitsap Bank's net interest income from loans was $48,102,000.
    Kitsap Bank's fee based income from loans was $1,821,000.
    Kitsap Bank's net income from loans was $19,597,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,301
    Provision for credit losses $1,550
    Total noninterest expense $40,775
    Salaries and employee benefits $26,861
    Premises and equipment expense $3,194
    Additional noninterest expense $10,720
    Applicable income taxes $-3,597
    Net charge-offs $3
    Cash dividends $956

    Kitsap Bank's interest expense for loans was $1,301,000.
    Kitsap Bank's payroll and benefits expense were $26,861,000.
    Kitsap Bank's property, plant and equipment expenses $3,194,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,297,902
    Deposits held in domestic offices $1,297,902
    Deposits by Individuals, partnerships, and corporations $1,267,677
    Deposits by U.S. Government $7,474
    Deposits by States and political subdivisions in the U.S. $22,254
    Deposits by Commercial banks and other depository institutions in U.S. $497
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $257,389
    Demand deposits $208,237
    Nontransaction accounts $1,040,513
    Money market deposit accounts (MMDAs) $245,763
    Other savings deposits (excluding MMDAs) $742,209
    Total time deposits $52,542
    Total time and savings deposits $1,089,665
    Noninterest-bearing deposits $490,768
    Interest-bearing deposits $807,134
    Retail deposits $1,294,693
    IRAs and Keogh plan accounts $13,278
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,500,103
    Cash & Balances due from depository institutions $172,356
    Interest-bearing balances $140,972
    Total securities $449,724
    Federal funds sold & reverse repurchase $0
    Net loans and leases $774,762
    Loan and leases loss allowance $10,010
    Trading account assets $0
    Bank premises and fixed assets $44,072
    Other real estate owned $0
    Goodwill and other intangibles $17,361
    All other assets $41,828

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,500,103
    Total Liabilities $1,326,862
    Total deposits $1,297,902
    Interest-bearing deposits $807,134
    Deposits held in domestic offices $1,297,902
    % insured (estimated) $72
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $28,960

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $774,762
    Loan and leases loss allowance $10,010
    Total loans and leases (domestic) $784,772
    All real estate loans $580,400
    Real estate loans in domestic offices $580,400
    Construction and development loans $39,516
    Residential 1-4 family construction $20,551
    Other construction, all land development and other land $18,965
    Loans secured by nonfarm nonresidential properties $422,489
    Nonfarm nonresidential secured by owner-occupied properties $162,426
    Commercial real estate & other non-farm, non-residential $260,063
    Multifamily residential real estate $17,594
    1-4 family residential loans $100,801
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $192,562
    To non-U.S. addressees $0
    Loans to individuals $3,202
    Credit card loans $712
    Related Plans $0
    Consumer Auto Loans $1,079
    Other loans to individuals $1,411
    All other loans & leases $8,608
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Kitsap Bank had $774,762,000 of loans outstanding in 2020. $580,400,000 of loans were in real estate loans. $39,516,000 of loans were in development loans. $17,594,000 of loans were in multifamily mortgage loans. $100,801,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $712,000 of loans were in credit card loans. $1,079,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 349 $104,569 $299,625
    Nonfarm, nonresidential loans - <$100k 39 $1,620 $41,538
    Nonfarm, nonresidential loans - $100-250k 101 $12,865 $127,376
    Nonfarm, nonresidential loans - $250k-1MM 209 $90,084 $431,024
    Commercial & Industrial, US addressed loans - <$1MM 1,725 $159,242 $92,314
    Commercial & Industrial, US addressed loans - <$100k 841 $30,641 $36,434
    Commercial & Industrial, US addressed loans - $100-250k 315 $40,882 $129,784
    Commercial & Industrial, US addressed loans - $250k-1MM 569 $87,719 $154,163