Pacific Financial's Q2 net income rises

Overview

• U.S. regional bank's Q2 net income rose 8% yr/yr, diluted EPS was $0.29

• Net interest income increased from prior quarter and year-ago period

• Non-interest expenses rose due to pending merger with Banner Corporation

Outlook

• Pacific Financial did not provide specific financial guidance for future quarters or the full year in press release

Result Drivers

• HIGHER NET INTEREST INCOME - Co 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

Company press release: ID:nGNXbkysH4

Key Details

Reuters Recommended Reads

• July 22 - Banner Q2 EPS misses as expenses offset loan growth

• July 24 - Central Pacific Financial Q2 net interest income rises on higher loan yield

• July 23 - Huntington Bancshares' quarterly profit rises on interest income boost

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)