October 31

Watch and Win!

Oregon-based PBCO Financial Corporation has made a strategic decision to withdraw from the residential mortgage lending sector, effective November 1. This move comes as a response to the current economic and industry landscape, which has presented numerous challenges for the company’s profitability.

According to PBCO’s president and CEO, Julia Beattie, industry trends and the current interest rate environment have made it increasingly difficult for the residential lending division to remain profitable in recent years. In a statement, Beattie highlighted the various factors that influenced this decision.

The decline in PBCO’s mortgage revenue during the third quarter further solidified the need for this strategic shift. The company experienced a significant decrease of $23,000, reflecting the broader trend of dwindling borrower demand due to higher interest rates. Additionally, PBCO’s Q3 financial report revealed a decrease in non-interest income, totaling $2.2 million, down by $118,000 from the previous quarter.

By exiting the residential lending market, PBCO aims to adapt to the changing landscape and focus on areas that offer greater potential for profitability. This decision marks a pivotal moment for the company as it navigates the challenges of the current economic climate.


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