Timberland is banking on Silverdale's economic future.

Been wondering what they’re building next to the inlet on Bucklin Hill?

A skeleton of fresh two-by-fours marks the start of construction of a new Timberland Bank branch at the southwest corner of Mickelberry Road N.W. and N.W. Bucklin Hill Road, Silverdale.

The branch is near the Crista Shores retirement center complex.

This makes the second Kitsap County location for Timberland and its 14th office in the state.

“We’ve experienced significant growth in Kitsap County since we first opened a lending center in Port Orchard back in 1996,” said Clarence Hamre, Timberland president. “The lending center expanded to a larger office in Silverdale and then to a full-sized branch in Poulsbo in 1999. The addition of another full-service office in Silverdale gives us even greater opportunities to serve our existing Kitsap customer base, as well as attract new customers in a thriving market.”

The 3,870-square-foot Silverdale branch incorporates the same building design used recently in the Tumwater and Bethel branches. From Bucklin Hill Road, the site offers a panoramic view of Dyes Inlet.

The interior will feature customer service areas, barrier–free counter facilities, and office space.

Westmark Construction of Tacoma is the prime contractor. The building should be ready by the end of September, said site supervisor, Allan Paterson. The architect is Street, Lungrens & Foster of Aberdeen.

Timberland Bancorp Inc.’s March 31, 2002 quarterly results/earnings per share Increased 17 percent from a year ago. The bank, headquartered in Hoquiam, reported a net income for the quarter of $1.63 million.

The increased earnings come from increased net interest income due to decreased funding costs and increased non-interest income from loan sales and the growth of deposit-related service charges.

“We are pleased with the results of this quarter and the direction of our franchise as we continue to increase shareholder value,” Hamre said. “Our profitability and our net interest margin have remained strong and we have grown deposits by over $22 million during the quarter.”

Timberland stock trades on the NASDAQ national market under the symbol “TSBK.” The bank owns and operates branches in Hoquiam, Aberdeen, Ocean Shores, Montesano, Lacey, Puyallup, Edgewood, Auburn, Yelm, Poulsbo, Spanaway (Bethel Station), Tumwater, Tacoma, and soon, in Silverdale.

Contact Hamre, Michael Sand or Dean Brydon at (360) 533-4747 for more information.

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