Pacific Financial did not provide specific financial guidance for future quarters or the full year in its press release
Quarterly results
U.S. regional bank's Q2 net income rose 8% yr/yr, diluted EPS was $0.29
Net interest income increased from the prior quarter and the year-ago period
Non-interest expenses rose due to the pending merger with Banner Corporation
Result drivers and key details
Higher net interest income - The company said net interest income rose due to higher yields on loans and investment securities and lower cost of deposits and borrowings
Merger-related expenses - Non-interest expenses increased due to professional fees and other costs tied to the pending merger with Banner Corporation
Non-interest income boost - Non-interest income increased mainly due to a death benefit payment from bank-owned life insurance
PFLC•
