Pacific Financial Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 31, 2014 at 04:40 pm EST
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Pacific Financial Corporation reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $6,814,000 against $6,673,000 a year ago. Net interest income was $6,251,000 against $5,909,000 a year ago. Income before income taxes was $1,051,000 against $2,262,000 a year ago. Net income was $789,000 or $0.08 per basic and diluted share against $1,679,000 or $0.16 per basic and diluted share a year ago. Return on average equity 4.57% against 9.99% a year ago. Return on average assets was 0.45% against 1.05% a year ago.
For the full year, the company reported total interest income of $26,290,000 against $27,495,000 a year ago. Net interest income was $23,800,000 against $24,011,000 a year ago. Income before income taxes was $4,703,000 against $6,085,000 a year ago. Net income was $3,731,000 or $0.37 per basic and diluted share against $4,785,000 or $0.47 per basic and diluted share a year ago. Book value per share was $6.59 against $6.59 a year ago. Return on average equity 5.48% against 7.28% a year ago. Return on average assets was 0.55% against 0.75% 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.