ABERDEEN — Pacific Financial Corp., holding company for Bank of the Pacific, on Oct. 22 reported net income of $1.6 million, or $0.15 per share, for the third quarter of 2015, compared to $1.6 million, or $0.15 per share for the second quarter of 2015. Earnings grew 17 percent from $1.4 million, or $0.13 per share, for the third quarter a year ago.

Year-to-date, net income increased 12 percent to $4.3 million compared to the same period in 2014.

Driving profitability in 2015 was robust loan growth, solid net interest margin and increased non-interest income, according to a news release.

“We continued to post solid profitability in the third quarter, powered by sustained lending activity and strong residential real estate mortgage revenue,” said Denise Portmann, president and chief executive officer. “Additions to our lending teams at the beginning of the year have generated 10 percent loan growth year-over-year. Mortgage loan originations were up 42 percent year-over-year, reflecting the continued improvement in our local economy.”

Portmann added, “Our expansion into the Salem, Oregon market with a new loan production office (LPO) earlier this year is going well. This office, staffed with a team of experienced bankers, is already making a meaningful contribution to loan growth. We expect to generate solid core deposits, build commercial relationships, deepen our residential mortgage penetration and expand our franchise into this and other growth markets in Western Washington and Oregon.”

Total assets grew 4 percent from the linked quarter and 9 percent year-over-year. This increase in assets was primarily due to the growth in loans, funded by increases in core deposits and longer-term brokered deposits. In addition, cash and cash equivalents grew, due in part, to seasonal deposit inflows attributed to economic activity associated with increased tourism activity during the current period in some of our markets.

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