Pacific Financial Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 24, 2017 at 09:00 am EST
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Pacific Financial Corporation reported unaudited earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $8,694,000 against $8,145,000 a year ago. Income before income taxes was $1,953,000 against $1,725,000 a year ago. Net income was $1,460,000 or $0.14 per share up 20% compared to $1,297,000 or $0.12 per share, for the fourth quarter of 2015. Pre-tax, pre-credit operating income (non-GAAP) grew 22% from $2.3 million for the fourth quarter of 2015. Pre-tax, pre-credit operating income was $2.8 million. Return on average assets, annualized was 0.65% against 0.59% a year ago. Return on average equity, annualized was 6.94% against 6.16% a year ago.
For the full year, the company reported, net interest income of $31,663,000 against $29,139,000 a year ago. Income before income taxes was $9,050,000 against $7,497,000 a year ago. Net income increased 18% to $6,590,000 or $0.62 per diluted share compared to $5,576,000, or $0.53 per diluted share a year ago. Return on average assets, annualized was 0.77% against 0.71% a year ago. Return on average equity, annualized was 8.16% against 7.35% a year ago.
Pacific Financial Corporation is the bank holding company for Bank of the Pacific (the Bank), a state chartered commercial bank. The Bank offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. It offers a range of services, such as personal banking, business banking, online banking, and home loans. Its personal banking provides personal banking, savings solutions, investments, consumer loans and lines of credit, account switch kit, rates, consumer fee schedule and pay loan online. The Bank's business banking provides business checking, business savings options, commercial and industrial loans, commercial real estate, contact a commercial lender, merchant services and treasury management. Its online banking provides personal online, personal bill pay, business online, business bill pays, mobile and browser security. Its home loan banking provides mortgage loan specialists, purchase, refinance, and home equity loan.