Pacific Fnl Corp - PFLC STOCK NEWS

Pacific Financial Corp (OTCQX: PFLC) reported net income of $2.6 million, or $0.25 per diluted share for Q3 2024, up from $2.1 million in Q2 2024 but down from $3.6 million in Q3 2023. The quarter saw higher net interest income, with loan and investment yields outpacing deposit costs. Total deposits increased 2.6% to $1.0 billion, while tangible book value per share rose 6.6% to $10.47. The board declared a quarterly dividend of $0.14 per share and authorized an additional $2.6 million for share repurchases. The company plans to close its mortgage banking division by end of 2024 to improve operational efficiency.

Synergy by Association has elected Terri McKinnis to its board of directors. McKinnis, currently serving as executive vice president and chief operating officer of Bank of the Pacific, brings over 40 years of banking experience to the role. She is a 2017 honors graduate of Pacific Coast Banking School with an executive certificate from the University of Washington Foster School of Business. Bank of the Pacific, with total assets of $1.1 billion, operates 18 branches across Washington State and 2 branches in Oregon, along with loan production offices in Burlington, WA and Salem, OR.

Bank of the Pacific, a subsidiary of Pacific Financial (OTCQX: PFLC), has launched a new location in Lake Oswego, Oregon on August 19, 2024. This new site primarily serves as a commercial banking center while also offering expanded retail and consumer account services. The location includes an ITM for cash and deposit services, and customers will continue to have access to the bank's network of branches and technology-based banking services.

Walker Evans, Chief Lending Officer, expressed excitement about the new permanent home in Lake Oswego, which will enable better service to the market and increased visibility. As of July 26, 2024, Pacific Financial had total assets of $1.1 billion and operated eighteen branches in Washington and two in Oregon, along with loan production offices in Burlington, Washington and Salem, Oregon.

Pacific Financial (OTCQX: PFLC) reported a net income of $2.1 million or $0.21 per diluted share for Q2 2024, down from $2.7 million or $0.26 in Q1 2024 and $3.9 million or $0.37 in Q2 2023. Key factors impacting results included higher deposit costs, increased provision for credit losses, higher non-interest income, and higher non-interest expenses. The net interest margin (NIM) was 4.15%, down from 4.38% in the previous quarter.

The company's gross loan balances increased by 1% to $704.0 million, while total deposits declined to $985.7 million. Nonperforming assets remained low at 0.12% of total assets. The Board declared a quarterly cash dividend of $0.14 per share, payable on August 23, 2024.

Despite the decline in earnings, Pacific Financial showed strong capital levels with a leverage ratio of 11.7% and a total risk-based capital ratio of 17.6%. Liquidity metrics remained robust with total liquidity at $535.4 million. The stock repurchase plan has approximately $1.5 million available for future repurchases.

Pacific Financial (OTCQX: PFLC), the holding company for Bank of the Pacific, has appointed Peter Dworkin to its Board of Directors. Dworkin, a respected attorney with over 24 years of legal experience, brings expertise in real estate contracts, land use issues, and litigation. He has strong ties to Whatcom County and previously served on the board of Whatcom County Domestic Violence and Sexual Assault Services.

Dworkin holds a bachelor's degree in Political Science from Western Washington University and a juris doctorate from the University of Oregon. Denise Portmann, President and CEO of Pacific Financial , expressed enthusiasm about Dworkin joining the team, citing his diverse skills and legal expertise as valuable additions to the board.

Pacific Financial (OTCQX: PFLC) announced the retirement of Randy Rust from its Board of Directors, effective May 14, 2024. Randy joined the Board in 2003 and has since served in various roles including Chairman of the Information Technology and Building Committees, and member of the Audit and Director Loan Committees. Denise Portmann, President and CEO, lauded Randy's 21 years of dedicated service, leadership, and fiscal responsibility. Prior to his tenure at PFLC, Randy was co-owner of Westport Shipyard until 2000. He holds a Bachelor's degree in History and Political Science from Western Washington University and is a graduate of the Oregon Bankers Association Directors College.

Pacific Financial (PFLC) reported net income of $2.7 million, or $0.26 per diluted share for Q1 2024, a decrease from the previous quarter but an improvement from the same quarter last year. The company declared a dividend of $0.14 per share. Despite a decline in net interest income, the net interest margin expanded, driven by higher loan yields. Loan growth outpaced deposit growth, with core deposits representing 88% of total deposits. Asset quality remained strong, and regulatory capital ratios exceeded requirements.