Aberdeen-based Bank of the Pacific parent reports a higher quarterly profit
The parent company of Aberdeen-based Bank of the Pacific reported a higher profit in the first quarter.
Pacific Financial Corp. earned $4.2 million in its first quarter, compared to $3.8 million for the same period a year ago.
“We generated record earnings in the first quarter of 2021, including the recapture of $1.4 million from our allowance for loan losses,” said President and Chief Executive Denise Portmann in a statement.
Deposit growth also was strong and low interest rates continued to fuel refinance activity and home purchases.
—Rolf Boone
Rolf Boone
The Olympian