Better way to process records in bash?

(This might be a bash question instead of a PG question, or it might be an
A/B question.)

I need to process table records in a bash script.  Currently, I read them
using a while loop and redirection.  The table isn't that big (30ish
thousand rows), and performance is adequate, but am always looking for
"better".

Here's the current code:
declare f1 f3 f8
while IFS='|' read f1 f3 f8; do
    something f8 f3 f1
done < <(psql -XAt -c "select f1, f3, f8 from some.table_name;")

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