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Olympia Federal Savings Announces End of Year Financial Results

OlyFed today reported assets totaling $800,244,633 for the fiscal year ending March 31, 2021. This represents growth of 6.7% or $50,245,212 since the beginning of its fiscal year on April 1, 2020.

The bank continues to be very well capitalized with equity totaling $106,410,050, increasing $3.4 million or 3% when compared to the beginning of the fiscal year. This equates to a capital leverage ratio of 13.3%, which is 4.3% or $34.3 million above the well-capitalized standard of 9.00% set forth in the Economic Growth, Regulatory Relief and Consumer Protection Act.

President CEO Lori Drummond smiling in the downtown Olympia Washington branch“No doubt, this past year provided its fair share of challenges; however, our team responded with such care and compassion for our customers and community,” Lori Drummond, President & CEO said. “I am incredibly proud of our entire team who demonstrate our mutual values by putting people above the bottom line. Our employees did just about everything they could to protect both the health and financial well-being of our customers and their colleagues through thoughtful and innovative service models.”

In terms of deposits this past fiscal year, OlyFed added $67,676,299 in new balances and paid out $4,669,340 in interest to its customers. During the same time period, OlyFed was pleased to make homeownership a reality for many local families with 649 purchase, construction, refinance and equity loans totaling $181,481,691. Even better, the organization helped an additional 657 customers who modified their existing home loans, which totaled $188,189,836 at the end of the fiscal year. Lastly, OlyFed provided more than $14 million in loans for affordable housing, including some through its community partnerships with organizations like South Puget Sound Habitat for Humanity.

Loan Manager Jennifer Arnold“Housing plays such a critical role in the strength and stability of our community and it was incredibly gratifying to be able to help so many individuals and families this year either secure a new home or make it more affordable for them to stay in the place they love,” Jennifer Arnold, SVP/Chief Banking Officer, said. “Even better, we were able to help more than 115 mortgage customers that were financially impacted by the pandemic. Today all of those customers have been able to resume normal payments as a result of the assistance they received.”


Behind every number is a story and during the past year OIyFed was able to help save hundreds of local jobs and provide economic stability to the region by helping 142 local small businesses and nonprofits with Payment Protection Program (PPP) Loans totaling $6.85 million. Beyond the PPP loans, OlyFed originated small business and commercial real estate loans totaling over $59.5 million.

Carrie Whisler for OlyFed business services in Olympia, Washington“As our community and its business needs continue to grow, so do we, which is why we almost doubled the size of our team this past year,” Carrie Whisler, SVP/Chief Credit Officer said. “As housing continues to be a huge local need, we’re seeing more and more multi-family housing projects. Our trusted and experienced team truly play the role of consultants and helped many local businesses this past year pivot and respond to new market opportunities.”


Beyond OlyFed’s business banking operations, the organization’s wealth management division, OFS Financial Services, also finished the year strong with $43.8 million in assets under management, which represents asset growth of $13.85 million or 46% this past fiscal year. In addition, the firm saw an increase of 37 new client accounts, bringing the total number of non-FDIC insured investment accounts* through its partner Cetera Investment Services to 269.

Cetera Financial Advisor, Jason Andrew, meeting with a client in his office“This past year we were laser-focused on proactively reaching out to our clients to ensure we developed thoughtful and intentional strategies in response to the pandemic and its impact on economic conditions,” Jason Andrew, Financial Advisor with OFS Financial Services said. “With our client’s goals at the forefront, we created plans to take advantage of market opportunities.”


Casey Kilborn at local YMCA in downtown Olympia, WA

That commitment to meeting community needs is further evidenced by the bank’s continued support of a variety of philanthropic missions, providing $465,000 in charitable support and sponsorships towards the advancement of more than 110 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 13.3% of the organization’s net income for the year.

In addition, OlyFed employees volunteered more than 1,000 hours this past year, supporting 67 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.

“Accountable to our depositors and borrowers, not corporate shareholders, our support of the community is critical to our mission of improving the quality of life for our neighbors who put their trust in us and call the South Sound home,” Drummond said. “This year in particular we put a special emphasis on being there for our community partners to ensure they had the tools and resources to be resilient and help those in need during the pandemic. It’s been truly inspiring to see our community come together and support one another as we all lift each other up and work through our own unique set of challenging circumstances.”

In fact, OlyFed’s commitment to excellence has not gone unnoticed by others, as Bauer Financial also recognized OlyFed with a five-star “superior rating” for the 131st consecutive quarter (33 years). Only 1% of the nation’s banks have earned Bauer’s top rating for so long and with such consistency.

Josh Deck EVP and COO of Olympia Federal Savings“While the pandemic appears to be easing with the world returning to a less restrictive environment, we remain cautiously optimistic about the future and what the recovery might bring to our local and global economy,” Josh Deck, EVP/Chief Operating Officer said. “Forecasts continue to call for low-interest rates to support business and consumer spending and our strategies are focused on lending for homes and businesses and providing safety and security for the savings and investment needs of our customers.”


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 2021 after the audit and final report are completed. Olympia Federal Savings (OlyFed) is an equal housing lender and member FDIC.

*OFS Financial Services is located at 4310 6th Ave SE, Lacey, WA 98503 • (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.

Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.