Local Business Briefs

Pacific Financial Corp. announces Bruce MacNaughton, chief credit officer, to retire in 2017

Pacific Financial Corporation, the holding company for Bank of the Pacific today announced that Bruce MacNaughton will be retiring as chief credit officer, effective April 1. Management will begin a thorough internal and external search for an experienced banker to fill the position.

“Bruce has served as our chief credit officer for almost 15 years, and we have benefitted greatly from his knowledge and advice,” said Denise Portmann, president and chief executive officer. “We wish him all the very best in his well-deserved retirement. Bruce was instrumental in successfully managing the credit process at the bank, especially through the financial downturn. We will miss his perspective and steadfast leadership.”

After beginning his banking career in 1973, he worked at Rainier Bank and subsequently at U.S. Bank, finishing as their senior lending officer in Central/Eastern Oregon. Bruce joined Bank of the Pacific in January, 2002, as executive vice president and chief credit officer. He was instrumental in growing the bank’s loan portfolio from $200 million to $660 million. In addition to Bruce’s exceptional banking expertise, he also enjoyed mentoring his younger colleagues and helping them advance in their careers. In 2013, Bruce’s leadership role expanded to include the position of chief risk officer. After growing up in Portland, and graduating from US Grant High School, Bruce studied business administration and management at Oregon State University for two years. Bruce served on the executive board of Greater Grays Harbor. He is also a past board member of the YMCA of Grays Harbor.

“It has been a tremendous opportunity to be associated with such a great community banking organization as Bank of the Pacific. I have been fortunate to work with a very talented and collaborative team and will miss them dearly. Banking is truly a people business, and it has been a real joy to help many businesses and individuals meet their goals and aspirations,” said MacNaughton. “I am looking forward to spending more time with our two sons and their families as well as our daughter.” Bruce and his wife, Judy, reside in Aberdeen.

PFC announces solid performance for third quarter

Pacific Financial Corp. recently announced that 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 September 30, 2016, 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 ended September 30, 2015. Driving profitability in 2016 was continued loan growth, stable net interest margin and increased noninterest income.

Jefferson Public Utility District OKs rate hikes for 2017

PORT TOWNSEND — Jefferson County Public Utility District commissioners have approved rate increases for 2017.

Customers will see an increase in their bills starting Jan. 1 that includes a $7.01 hike in service charges, taking it from the current $7.49 to $14.50.

In June, customers will see a 1 percent increase in the utilization rate, which will affect customers differently, depending on their electricity consumption.

The rate increases approved Tuesday are the first in three years, according to District 1 commissioner Barney Burke.

Rates stayed stagnant for three years to allow the PUD to assess what kind of annual revenue the PUD will need for staffing, infrastructure upgrades and annual expenses, according to the meeting documents.

However, the main reason for this rate increase is the cost of power. The Bonneville Power Administration has increased the cost by 6 percent since the PUD took over as East Jefferson County’s electrical power provider in 2013 and is expected to increase another 4 percent in 2017, officials said.

Also, the PUD seeks to bring in more funding to pay off a loan from the federal Rural Utilities Service that was taken out to pay for electrical utility. The public utility is required to maintain a ratio of income to debt, officials said.

A rate increase proposal was presented at a public hearing in November.

Burke, who will be replaced by Jeff Randall in January, said these increases are a step in the right direction for the PUD.

According to PUD meeting documents, the financial state of the PUD will be re-evaluated in the third quarter of 2017 to determine any 2018 rate changes.

Jefferson County voters authorized the PUD to pursue acquisition of electrical power service from Puget Sound Energy in November 2008. It took over as the electrical power provider in April 2013.

The base price of the PSE infrastructure, $103 million, was adjusted by as much as $5 million to cover improvements PSE had done.

— Peninsula Daily News

Sayce accepts Pacific County EDC director job

AYMOND — Pacific County Economic Development Council President Toni Williams announced the hiring of Jim Sayce asits new executive director.

Sayce, a lifelong Pacific County resident, brings experience in private business and government in addition to grant-writingexperience. He had been working with the EDC since mid-October as a consultant and was hired as executive director onDec. 1.

The Seaview resident will divide his time spending two days in South County and two days in North County.

“I explained to the interview committee that I thought it important to have two days of dedicated office hours in the north atthe EDC office at the Grays Harbor College Riverview Center and two days a week dedicated to the GHC Columbia EducationCenter in Ilwaco,” Sayce said.

When the scheduling has developed, these hours will be posted at both GHC facilities and the EDC website.