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Business Briefs for November 2018

Published on November 16, 2018 10:30AM

New liqueurs at Adrift


LONG BEACH — Adrift Distillers — 409 Sid Snyder Dr. Building 3 — has introduced two original craft liqueurs as a part of their Collaborative Spirits Series with flavors sourced from Pink Poppy Farms and Starvation Alley Cranberry Farms on the Long Beach Peninsula.

The Amaro “features a complex bouquet of flavors, with an even split between spice and the savory herbal notes of those commonly grown on the coast,” said Jacob Moore, assistant distiller for Adrift, and Pink Poppy Farms partner.

The Spiced Cranberry Liqueur is a seasonal spinoff of the distillery’s best-selling Starvation Alley Cranberry Liqueur. The new offering is part of an ongoing collaboration with Starvation Alley, which grows only certified organic cranberries. Jessika Tantisook, co-owner of Starvation Alley Cranberry Farms, designed the labels for both spirits, with featured illustrations from Moore.

“It’s really exciting to expand the products in our Collaborative Spirits Series and strengthen our relationships with local purveyors. Working with them, we’ve developed our most innovative spirits that our customers continue to love,” said Matt Lessnau, partner and head distiller.

The two new liqueurs expand Adrift Distillery’s collection to seven products: three original liqueurs, two gins, a vodka and a white whiskey.

See adriftdistillers.com for more information.


Record low unemployment


LONG BEACH — Pacific County’s estimated jobless rate fell to 5.5 percent in September, compared to 6.3 percent a year earlier. Reflecting the tight nationwide labor market, September’s rate was the lowest for any month since at least 1990.

The Washington state jobless rate was 3.9 percent in September, which also was the lowest since 1990. The U.S. rate was 3.7 percent.

In Clatsop County, the rate was 3.8 percent, down from 4.3 percent a year earlier. Oregon’s also was 3.8 percent, down from 4.2 percent in September 2017. Oregon adjusts its rates to reflect seasonal patterns, whereas Washington does not.


Raymond Fed re-elects directors


RAYMOND — Guy Glenn, Jr. and E.F. Dracobly were elected to three-year terms as directors of Raymond Federal Bank at the firm’s annual meeting on Oct. 19, 2018. Dracobly serves as chairman.

Other board members are Mary Wildhaber, Brent Dennis, John P. Marvin, and Guy Glenn, Sr., director emeritus. Marvin, the bank’s president, presented a report on the fiscal year ended June 30, 2018.

Raymond Federal Bank has three locations located at 101 Duryea Street, Raymond: 100 W. Robert Bush Drive in South Bend: and 1615 S. Pacific Highway in Long Beach.


Rosy picture at BOP


ASTORIA — Pacific Financial Corp., holding company for Bank of the Pacific, in October reported net income increased 22 percent to $3.2 million, or $0.30 per share, for the third quarter of 2018, compared to $2.6 million, or $0.25 per share, for the second quarter of 2018 and increased 48 percent compared to $2.2 million, or $0.20 per share, for the third quarter of 2017.

For the first nine months ended Sept. 30, net income was $8.1 million, or $0.76 per share, up 44 percent from $5.6 million, or $0.53 per share, for the same period in 2017.

“Income before taxes was up 23 percent from the linked quarter, while our net interest income grew 6 percent from the second quarter and increased 11 percent year-over-year,” said Denise Portmann, president and CEO.

“We recently announced the closure of two branch locations in Naselle, Wash. and Warrenton, Oregon., effective Feb. 1, 2019,” Portmann said. “Customers are increasingly using our technology-based banking services such as mobile banking, remote deposit capture, ATMs, debit cards and online banking to meet their banking needs. Optimizing our branch network plays a significant role in allocating capital resources. We expect to achieve annualized reduction in operating costs of approximately $437,000, offset by a one-time charge estimated at $60,000 for severance costs and write-down of fixed assets. We are purposefully redeploying resources to enhance training and technology to broaden the skill sets of our staff and expand our product offerings.”

Residential mortgage lending contributed $1.2 million to non-interest income during the quarter, up 9 percent from the revenue earned in the prior quarter, but down 17 percent from the amount for same quarter last year. Rising interest rates and tight housing supply are dampening home financing activities within the bank’s markets.



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