ABERDEEN, Wash., April 24, 2013 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific, today reported net income of $701,000, or $0.07 per share, for the first quarter of 2013, driven by strong growth in deposits, increased loan demand and improved credit quality. Net income for the first quarter of 2012 was $1.0 million, or $0.10 per share. Fourth quarter 2012 net income was $1.7 million, or $0.16 per share, primarily as a result of recoveries that led to a $1.5 million recapture of credit loss provision during the quarter.
First Quarter 2013 Highlights (at or for the period ended March 31, 2013, except as noted)
- Announced in January 2013 an agreement to acquire three coastal branches from Sterling Financial Corporation. The company expects to close the transaction during the current quarter, which will expand banking operations to 17 branches in Washington and 3 in Oregon.
- Opened a second loan production office (LPO) in Vancouver, WA, adding to the LPO opened in Burlington, WA during 2012.
- Announced plans to open a full-service branch in Warrenton, Oregon, in the fourth quarter of 2013, further expanding our presence in the coastal communities of Washington and Oregon.
- Net income was $701,000, or $0.07 per share, for the first quarter of 2013.
- Total deposits increased 3% to $569.2 million at March 31, 2013, from $550.4 million a year prior, with non-interest demand deposits growing 31% to $128.9 million from $98.3 million at March 31, 2012.
- Growth in total loans increased 5% to $471.2 million at quarter-end, from $448.2 million at December 31, 2012 and 1% from $468.1 million at March 31, 2012.
- Capital ratios continue to significantly exceed regulatory requirements for a well-capitalized financial institution, including a Tier 1 leverage ratio of 10.71% and total risk-based capital ratio of 15.60%.
"We have been focused on growing our franchise for the last several quarters, and we are making solid progress. We opened our loan production office in Vancouver, WA during the first quarter, and we expect to complete the acquisition of the three branches from Sterling Bank by the end of June," said Dennis Long, President and Chief Executive Officer.