SEASIDE — Clatsop Community Bank reported a net profit of $127,000 or $0.12 per diluted share, for the three months ended this Sept. 30 compared to net profit of $182,000, or $0.17 per diluted share, for the same period last year.
For the first nine months of 2016, the bank reported a net profit of $396,000, or $0.37 per diluted share, compared to net profit of $471,000, or $0.44 per diluted share for the same period in 2015.
“Management is pleased to report continued profitability in Q3 2016,” said President and CEO Joe Schulte. “Core profitability continues to grow as does our asset base and book value per share.”
Total assets were $87.6 million as of Sept. 30 and increased $7.0 million, or 8.7 percent, compared to $80.6 million in assets a year ago.
In separate news, the Portland District Office of the U.S. Small Business Administration said Clatsop Community Bank produced the second-highest number of SBA 7(a) loans among community banks in the Portland District for the fiscal year ending Sept. 30.
ABERDEEN — Pacific Financial Corp., holding company for Bank of the Pacific, reported net income increased 13 percent to $2.0 million, or $0.19 per share, for the third quarter of 2016, compared to $1.8 million, or $0.17 per share, for the second quarter of 2016, and grew 24 percent from $1.6 million, or $0.15 per share, from the third quarter of 2015.
For the first nine months ended Sept. 30, net income was $5.1 million, or $0.49 per share, compared to $4.3 million, or $0.41 per share, for the first nine months of 2015. Driving profitability in 2016 was continued loan growth, stable net interest margin and increased non-interest income.
“We reported strong third quarter results, delivering steady loan growth and solid revenue with an above average net interest margin. This growth demonstrates the continued impact of the commercial lending teams we placed in additional markets during the past several years. Revenue from residential real estate mortgage activity continued to be robust, up 27 percent this quarter versus the third quarter in 2015,” said Denise Portmann, president and chief executive officer.
CLATSOP COUNTY — Over 100 attendees braved the elements for the 26th annual leaders tour this year, including Rep. Deborah Boone.
The day started out bright and early with an introduction by CFEDC Chairman Kevin Leahy at the Barbey Maritime Center, reinforcing that this sector continues to be 30 percent of our Clatsop County economy, and is 12 percent of county employment. Leahy also noted that $23,500,000 was distributed from Oregon Department of Forestry to Clatsop County in 2016 from timber harvests that support schools, law enforcement, Clatsop Community College, roads, and more.
From there the group was transported by bus to the Walooski Fish Stream Enhancement Collaborative Project, where Tom Clark from Lewis & Clark Timber/Greenwood Resources, Brook Stanley from the North Coast Watershed Association, Troy Laws from Oregon Department of Fish and Wildlife, and Jeff Van Osdol from Big River Construction shared the public/private partnership success that included a fish habitat and stream enhancement project, and invited all the attendees to walk down the stairs and across the wood bridge specifically built for the Leaders Tour for an “up close and personal” walk through the culvert where salmon are swimming through for the first time.
Next, the two full school buses headed to the Clatsop Ridge Logging Operation & Reforestation to hear about the “active harvest operation” project from speakers Mark Gustafson-Owner of Gustafson Logging, and Sam Sadler-Lewis & Clark Timber/Greenwood Resources.
ASTORIA — Clatsop County’s seasonally adjusted unemployment rate was 5.5 percent in September, essentially unchanged from the previous month (5.4 percent) and the year before (5.6 percent). It was the same as the statewide rate (5.5 percent) and close to the national rate (5 percent).
Seasonally adjusted nonfarm payroll employment fell by 40 in September to 17,860 jobs. Seasonally adjusted figures compare expected changes with actual changes. A loss of 260 jobs was expected for the month, but the county shed 300 jobs.
Pacific County’s September jobless rate was 7.8 percent, basically unchanged from August and from a year earlier.