Pacific Financial Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 25, 2018 at 07:30 pm IST
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Pacific Financial Corporation reported unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $8,902,000 against $8,073,000 a year ago. Income before income taxes was $3,514,000 against $1,953,000 a year ago. Net income was $1,358,000 or $0.13 per basic and diluted share compared to $1,460,000 or $0.14 per basic and diluted share, for the fourth quarter of 2016. Pre-tax, pre-credit operating income (non-GAAP) was $3,514,000 compared to $2,789,000 a year ago. Pre-tax, pre-credit operating income (non-GAAP) for fourth quarter 2017, increased significantly from the linked quarter, primarily due to increased net interest income. Pre-tax, pre-credit operating income was also up from the fourth quarter of 2016 despite a decline in gain on sale of residential real estate loans. Return on average assets, annualized was 0.60% against 0.65% a year ago. Return on average equity, annualized was 6.09% against 6.94% a year ago.
For the full year, the company reported, net interest income of $34,049,000 against $31,663,000 a year ago. Income before income taxes was $11,324,000 against $9,050,000 a year ago. For the twelve months ended December 31, 2017, net income was $7.0 million, or $0.65 per diluted share, up 6% from $6.6 million, or $0.62 per share, for the twelve months ended December 31, 2016. Pre-tax, pre-credit operating income (non-GAAP) was $11,630,000 compared to $10,275,000 a year ago. For the year 2017, pre-tax, pre-credit operating income (non-GAAP) increased as compared to 2016, primarily due to growth in net interest income, offset by a decline in gain on sale of residential real estate loans. Return on average assets, annualized was 0.79% against 0.77% a year ago. Return on average equity, annualized was 8.19% against 8.16% a year ago. Book value per common share was $8.10 compared to $7.67 a year ago. Tangible book value per common share was $6.82 compared to $6.38 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.