ABERDEEN, Wash., Jan. 31, 2017 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific, today announced that Denise J. Portmann, President and CEO, and Douglas N. Biddle, Executive Vice President and CFO, will attend the FIG Partners’ 8th Annual West Coast Bank CEO Forum at the Omni Los Angeles Hotel At California Plaza, on February 1 – 2, 2017. Portmann is scheduled to participate on the panel on Northwest Banks on Thursday, February 2, 2017, at 12:45 p.m. PST.
For more information on the conference, or to schedule a one-on-one meeting, please contact your FIG representative, or Cathy Jeff at 404-601-7200.
Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific recently announced its net income increased 18% to $6.6 million, or $0.63 per share, in 2016, compared to $5.6 million, or $0.54 per share, for 2015. For the fourth quarter of 2016, net income was $1.5 million, or $0.14 per share, down from $2.0 million, or $0.19 per share, for the third quarter of 2016, and up 13% compared to $1.3 million, or $0.12 per share, for the fourth quarter of 2015. Profitability in 2016 was sustained by continued loan growth, stable net interest margin and increased noninterest income. Fourth quarter and full year results were negatively impacted by charges related to a loss on the sale of other real estate owned (OREO), totaling $328,000, and a write-down taken to reduce the carrying value of a former branch property of $324,000. All results are unaudited. Please see full 4Q16 earnings release dated January 24, 2017.
ABOUT PACIFIC FINANCIAL CORPORATION
Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. As of December 31, 2016, the Company had total assets of $891 million and operated fifteen branches in the communities of Grays Harbor, Pacific, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in Clatsop County, Oregon. The Company also operated loan production offices in the communities of DuPont and Burlington in Washington and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.
ABOUT FIG PARTNERS/INVESTMENT BANKING
FIG Partners LLC is an employee-owned broker/dealer specializing in financial institutions. Its expertise includes independent research on more than 120 public bank stocks and the industry at large. FIG has advised on more than $2.6 billion of M&A transaction value since 2007 and provides OTC market-making for 750 banks nationwide.