Pacific Financial Corp., the holding company for Bank of the Pacific today reported record net income of $2.2 million, or 20 cents per share, up 16 percent for the third quarter of 2017, compared to $1.9 million, or 18 per share in the previous quarter, and up 8 from $2 million, or 19 cents per share, for the third quarter of last year.
For the nine months ending Sept 30, net income was $5.6 million, or 53 cents per share, up 9 percent from $5.1 million, for the nine months a year earlier. All results are unaudited.
“We delivered record earnings for the third quarter and year-to-date, driven by steady loan growth, an expanded net interest margin and our dedication to improving operating efficiencies,” said Denise Portmann, President & Chief Executive Officer. “During the second quarter, we collaborated with a seasoned industry consultant to assist us in identifying enhancements to efficiency. We are streamlining our operations by expanding use of technology, reviewing processes to improve workflows, and finding other revenue enhancement and expense management opportunities. Some initiatives are already being implemented and beginning to show positive results.”
“Residential mortgage lending continues to enhance our revenues, contributing $1.4 million to noninterest income during the quarter,” said Portmann. “Residential housing demand is healthy, but low supply in several of our markets is limiting sales volume in the markets we serve.”
Total loans grew by $10.2 million from the second quarter to $680.5 million, and increased by $31.2 million compared to the third quarter a year ago. The loan portfolio is well-diversified by category and concentration with 40% of the loan portfolio in commercial real estate, predominantly in the Washington and Oregon markets.
Total deposits grew 4 percent to $798.0 million, compared to $764.5 million at June 30, 2017, and increased 2 percent from $783.9 million at Sept. 30, 2016.