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  4. Pacific Financial Corp Earns $2.2 Million, or $0.21 per Diluted Share for Fourth Quarter 2024; Reports Fiscal 2024 Earnings of $9.5 Million, or $0.92 per Diluted Share; Declares Quarterly Cash Dividend of $0.14 per Share

Pacific Financial Corp Earns $2.2 Million, or $0.21 per Diluted Share for Fourth Quarter 2024; Reports Fiscal 2024 Earnings of $9.5 Million, or $0.92 per Diluted Share; Declares Quarterly Cash Dividend of $0.14 per Share

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Pacific Financial (PFLC) reported Q4 2024 net income of $2.2 million ($0.21 per diluted share), compared to $2.6 million ($0.25) in Q3 2024 and $2.9 million ($0.28) in Q4 2023. Full-year 2024 earnings were $9.5 million ($0.92 per share), down from $14.6 million ($1.40) in 2023.

The company finalized the closure of its mortgage banking division, incurring $773,000 in termination costs during Q4. Gross loans increased slightly to $704.9 million, up 3% year-over-year. Total deposits remained stable at $1.01 billion, with core deposits representing 87% of total deposits.

Key metrics for Q4 2024 include: ROA of 0.74%, ROE of 7.27%, and net interest margin of 3.99%. Asset quality remained strong with nonperforming assets at 0.09% of total assets. The board declared a quarterly cash dividend of $0.14 per share, payable February 28, 2025.

Pacific Financial (PFLC) ha riportato un utile netto per il Q4 2024 di 2,2 milioni di dollari (0,21 dollari per azione diluita), rispetto ai 2,6 milioni di dollari (0,25) del Q3 2024 e ai 2,9 milioni di dollari (0,28) del Q4 2023. Gli utili totali per l'anno 2024 sono stati di 9,5 milioni di dollari (0,92 per azione), in calo rispetto ai 14,6 milioni di dollari (1,40) del 2023.

L'azienda ha completato la chiusura della propria divisione di prestiti ipotecari, sostenendo costi di cessazione pari a 773.000 dollari durante il Q4. I prestiti lordi sono aumentati leggermente a 704,9 milioni di dollari, con un incremento del 3% su base annua. I depositi totali sono rimasti stabili a 1,01 miliardi di dollari, con i depositi core che rappresentano l'87% dei depositi totali.

I principali indicatori per il Q4 2024 includono: ROA del 0,74%, ROE del 7,27% e margine di interesse netto del 3,99%. La qualità degli attivi è rimasta forte con attivi non performanti allo 0,09% del totale degli attivi. Il consiglio di amministrazione ha dichiarato un dividendo in contante trimestrale di 0,14 dollari per azione, pagabile il 28 febbraio 2025.

Pacific Financial (PFLC) reportó un ingreso neto de 2,2 millones de dólares (0,21 dólares por acción diluida) en el Q4 2024, comparado con 2,6 millones de dólares (0,25) en el Q3 2024 y 2,9 millones de dólares (0,28) en el Q4 2023. Las ganancias del año completo 2024 fueron de 9,5 millones de dólares (0,92 por acción), por debajo de los 14,6 millones de dólares (1,40) en 2023.

La compañía finalizó el cierre de su división de préstamos hipotecarios, incurriendo en 773,000 dólares en costos de terminación durante el Q4. Los préstamos brutos aumentaron ligeramente a 704,9 millones de dólares, un aumento del 3% año tras año. Los depósitos totales se mantuvieron estables en 1,01 mil millones de dólares, con depósitos básicos que representan el 87% del total de los depósitos.

Los principales indicadores para el Q4 2024 incluyen: ROA del 0,74%, ROE del 7,27% y margen de interés neto del 3,99%. La calidad de los activos se mantuvo fuerte, con activos en mora en el 0,09% del total de activos. La junta declaró un dividendo en efectivo trimestral de 0,14 dólares por acción, pagadero el 28 de febrero de 2025.

퍼시픽 파이낸셜 (PFLC)은 2024년 4분기 순이익이 220만 달러(주당 0.21달러)로, 2024년 3분기의 260만 달러(0.25달러) 및 2023년 4분기의 290만 달러(0.28달러)와 비교된다고 보고했습니다. 2024년 전체 연간 수익은 950만 달러(주당 0.92달러)로, 2023년의 1460만 달러(1.40달러)에서 감소했습니다.

회사는 모기지 은행 부서를 공식 폐쇄했으며, 4분기에 77만 3천 달러의 종료 비용이 발생했습니다. 총 대출은 7억 490만 달러로 소폭 증가했으며, 이는 전년 대비 3% 증가한 수치입니다. 총 예금은 10억 1000만 달러로 안정적으로 유지되었으며, 핵심 예금은 총 예금의 87%를 차지하고 있습니다.

2024년 4분기의 주요 지표는 ROA가 0.74%, ROE가 7.27%, 순이자마진이 3.99%입니다. 자산의 질은 여전히 강력하며, 비수익 자산은 총 자산의 0.09%에 해당합니다. 이사회는 1주당 0.14달러의 분기 현금 배당금을 선언했으며, 2025년 2월 28일에 지급될 예정입니다.

Pacific Financial (PFLC) a annoncé un revenu net de 2,2 millions de dollars (0,21 dollar par action diluée) pour le 4ème trimestre 2024, comparé à 2,6 millions de dollars (0,25) au 3ème trimestre 2024 et 2,9 millions de dollars (0,28) au 4ème trimestre 2023. Les bénéfices totaux pour l'année 2024 s'élevaient à 9,5 millions de dollars (0,92 par action), en baisse par rapport à 14,6 millions de dollars (1,40) en 2023.

L'entreprise a finalisé la fermeture de sa division de prêts hypothécaires, entraînant des coûts de résiliation de 773 000 dollars durant le 4ème trimestre. Les prêts bruts ont légèrement augmenté pour atteindre 704,9 millions de dollars, soit une hausse de 3 % d'une année sur l'autre. Les dépôts totaux sont restés stables à 1,01 milliard de dollars, les dépôts principaux représentant 87 % des dépôts totaux.

Les principaux indicateurs pour le 4ème trimestre 2024 incluent : un ROA de 0,74 %, un ROE de 7,27 % et une marge d'intérêt nette de 3,99 %. La qualité des actifs est restée forte avec des actifs non performants représentant 0,09 % des actifs totaux. Le conseil d'administration a déclaré un dividende trimestriel en espèces de 0,14 dollar par action, payable le 28 février 2025.

Pacific Financial (PFLC) meldete für das 4. Quartal 2024 einen Nettogewinn von 2,2 Millionen US-Dollar (0,21 US-Dollar pro verwässerter Aktie), verglichen mit 2,6 Millionen US-Dollar (0,25) im 3. Quartal 2024 und 2,9 Millionen US-Dollar (0,28) im 4. Quartal 2023. Der Gesamtgewinn für das Jahr 2024 betrug 9,5 Millionen US-Dollar (0,92 pro Aktie), ein Rückgang von 14,6 Millionen US-Dollar (1,40) im Jahr 2023.

Das Unternehmen hat die Schließung seiner Hypothekenbankabteilung abgeschlossen und im 4. Quartal 773.000 US-Dollar an Abbruchkosten incurriert. Die Bruttokredite stiegen leicht auf 704,9 Millionen US-Dollar, was einem Anstieg von 3 % im Vergleich zum Vorjahr entspricht. Die gesamten Einlagen blieben stabil bei 1,01 Milliarden US-Dollar, wobei die Kernanlagen 87 % der Gesamteinlagen ausmachten.

Wichtige Kennzahlen für das 4. Quartal 2024 sind: ROA von 0,74 %, ROE von 7,27 % und Nettozinsmarge von 3,99 %. Die Vermögensqualität blieb stark, mit einer Quote von notleidenden Forderungen von 0,09 % der Gesamtvermögen. Der Vorstand erklärte eine vierteljährliche Bardividende von 0,14 US-Dollar pro Aktie, zahlbar am 28. Februar 2025.

Positive
  • Strong asset quality with nonperforming assets at just 0.09% of total assets
  • Stable deposit base with 87% core deposits
  • Loan growth of 3% year-over-year
  • Strong capital ratios with 17.5% total risk-based capital ratio
  • Net loan recoveries of $73,000 in Q4 2024
Negative
  • Q4 2024 net income decreased 17% from Q3 2024 and 27% from Q4 2023
  • Full-year 2024 earnings declined 35% to $9.5 million from $14.6 million in 2023
  • Net interest margin decreased to 3.99% from 4.19% in Q3 2024
  • Efficiency ratio increased to 79.80% from 75.48% in Q3 2024
  • $773,000 in mortgage division termination costs impacted Q4 results

ABERDEEN, Wash., Jan. 31, 2025 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQX: PFLC), (“Pacific Financial”) or the (“Company”), the holding company for Bank of the Pacific (the “Bank”), reported net income of $2.2 million, or $0.21 per diluted share for the fourth quarter of 2024, compared to $2.6 million, or $0.25 per diluted share for the third quarter of 2024, and $2.9 million, or $0.28 per diluted share for the fourth quarter of 2023. For the year ended December 31, 2024, the Company reported net income of $9.5 million, or $0.92 per share compared to $14.6 million, or $1.40 for the year ended December 31, 2023. Except for year-end December 31, 2023, all results are unaudited.

The board of directors of Pacific Financial declared a quarterly cash dividend of $0.14 per share on January 22, 2025. The dividend will be payable on February 28, 2025 to shareholders of record on February 14, 2025.

“During the quarter we finalized the closure of our mortgage banking division recording termination costs of $773,000 impacting our fourth quarter 2024 operating results. Excluding those expenses adjusted net income was $2.8 million for the fourth quarter, an increase from the prior quarter. As we begin 2025, we expect the benefit of this closure to translate to improved efficiency of our operations moving forward,” said Denise Portmann, President and Chief Executive Officer.

“Though the loan portfolio increased at a slower rate during the quarter, we continue to have healthy customer activity as pipelines began to improve with the decrease in index rates experienced early in the quarter. In addition, earnings for the year benefited from solid year over year growth in average loan balances. Our history of a strong net interest margin continued to be supported by solid relationships with our depositors with a strong core deposit base. Core deposits represented 87% of total deposits at year end,” said Portmann. “In addition, our overall credit quality metrics remained strong with nonperforming assets remaining low at $1.1 million or 0.09% of total assets and with a net recovery to the ACL for the quarter. Our capital base and ratios continue to be robust and exceed regulatory well-capitalized ratios. This robust capital base allowed for the continued repurchase of shares during the year. With our strong capital ratios and strong balance sheet, we believe we remain well-positioned for the future.”

Fourth Quarter 2024 Financial Highlights:

  • Return on average assets (“ROAA”) was 0.74%, compared to 0.90% for the third quarter 2024, and 1.02% for the fourth quarter 2023.
  • Return on average equity (“ROAE”) was 7.27%, compared to 8.77% from the preceding quarter, and 10.88% from the fourth quarter a year earlier.
  • Net interest income was $10.9 million, compared to $11.2 million for the third quarter of 2024, and $11.7 million for the fourth quarter of 2023.
  • Net interest margin (“NIM”) decreased to 3.99%, compared to 4.19% from the preceding quarter, and 4.34% for the fourth quarter a year ago.
  • Provision for credit losses was a benefit of $103,000 for the fourth quarter ended December 31, 2024, compared to a benefit of $66,000 for the preceding quarter and a provision of $111,000 in the fourth quarter a year ago.
  • Gross loans balances held in portfolio increased by $5.3 million, or less than 1% to $704.9 million at December 31, 2024, compared to $699.6 million at September 30, 2024, and increased by $19.5 million, or 3%, from $685.3 million at December 31, 2023.
  • Total deposits remained at $1.01 billion at December 31, 2024 relative to the previous quarter and one year earlier. Core deposits represented 87% of total deposits, with non-interest bearing deposits representing 38% of total deposits at December 31, 2024.
  • Asset quality remains solid with nonperforming assets to total assets declining to 0.09%, compared to 0.10% three months earlier, and increasing from 0.06% at December 31, 2023. Substandard loans decreased $911,000 to $2.7 million at December 31, 2024 from $3.6 million the prior quarter.
  • Shareholder equity decreased $7.2 million during the quarter largely due to accumulated other comprehensive income marks on the investment portfolio, stock repurchases and dividend payments offset by net income. Tangible book value per share was $9.93 at December 31, 2024.
  • Pacific Financial and Bank of the Pacific continues to exceed regulatory well-capitalized requirements. At December 31, 2024 Pacific Financial’s estimated leverage ratio was 11.3% and its estimated total risk-based capital ratio was 17.5%.

Balance Sheet Review

Total assets decreased slightly to $1.15 billion at December 31, 2024, compared to $1.16 billion at September 30, 2024, and was unchanged relative to December 31, 2023.

Liquidity metrics continued to remain strong with total liquidity, both on and off balance sheet sources, at $550.6 million as of December 31, 2024. The Bank has established collateralized credit lines with borrowing capacity from the Federal Home Loan Bank of Des Moines (FHLB) and from the Federal Reserve Bank of San Francisco, as well as $60.0 million in unsecured borrowing lines from various correspondent banks. There was no balance outstanding on any of these facilities at quarter-end. The Company's available liquidity sources at December 31, 2024 represented a coverage of short-term funds available to uninsured and uncollateralized deposits of 217%. Uninsured or uncollateralized deposits were 25% of total deposits at December 31, 2024.

The following table summarizes the Bank’s available liquidity:

LIQUIDITY (unaudited)Period Ended Change from % of Deposits 
($ in 000s)   
                     
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024 Dec 31, 2023 Dec 31,Sep 30,Dec 31, 
  2024 2024 2023  $% $% 202420242023 
Short-term Funding                    
Cash and cash equivalents$67,951$85,430$95,781 $(17,479)-20%$(27,830)-29% 7%8%9% 
Unencumbered AFS Securities 158,472 154,565 140,049  3,907 3% 18,423 13% 16%15%14% 
Secured lines of Credit (FHLB, FRB) 324,187 336,771 327,264  (12,584)-4% (3,077)-1% 32%33%32% 
Short-term Funding$550,610$576,766$563,094 $(26,156)-5%$(12,484)-2% 55%57%56% 
                     

Investment securities: The investment securities portfolio increased 3% to $304.5 million, compared to $296.8 million at September 30, 2024 and increased 4% compared to the like period a year ago. The increase from the prior quarter was primarily due to the purchase of $19.8 million of collateralized mortgage obligations and mortgage backed securities. These purchases were partially offset by an increase in net unrealized losses on available for sale investments which increased $7.6 million to $22.4 million ($17.5 million after-tax) at December 31, 2024, which represents 7% of the AFS portfolio.

U.S. Treasury bonds and securities issued by the U.S. Government sponsored agencies accounted for 86%, 85%, and 85%, of the investment portfolio as of December 31, 2024, September 30, 2024, and December 31, 2023. The largest investment category is collateralized mortgage obligations which accounted for 48% of the investment portfolio at December 31, 2024, compared to 43% one year earlier. The average adjusted duration to reset of the investment securities portfolio was 4.19 years at December 31, 2024.

Gross loans balances increased $5.3 million, or 1%, to $704.9 million at December 31, 2024, compared to $699.6 million at September 30, 2024. During the fourth quarter, new multi-family loans more than offset the decline in construction and development loans and the decline in residential 1-4 family loans.

Year-over-year loan growth was 3%, or $19.5 million, with the largest increases in residential 1-4 family and multi-family loans increasing $7.2 million and $18.0 million, respectively. Loans classified as commercial real estate for regulatory concentration purposes totaled $267.9 million at December 31, 2024, or 192% of total risk-based capital.

The Company continues to manage concentration limits that establish maximum exposure levels by certain industry segments, loan product types, geography and single borrower limits. In addition, the loan portfolio continues to be well-diversified and is collateralized with assets predominantly within the Company’s Western Washington and Oregon markets.

Credit quality: Nonperforming assets were minimal and remained at $1.1 million, or 0.09% of total assets at December 31, 2024, compared to $664,000, or 0.06% at December 31, 2023. The Company has zero other real estate owned as of December 31, 2024 and accruing loans past due more than 30 days represent only 0.14% of total loans. Total loans designated as special mention increased by $6.0 million to $10.8 million at December 31, 2024 compared to $4.8 million at September 30, 2024 and was primarily related to a downgrade of one agriculture credit relationship of $4.2 million.

Allowance for credit losses (“ACL”) for loans was $8.9 million, or 1.26% of gross loans at December 31, 2024, compared to $8.9 million or 1.27% of loans at September 30, 2024 and $8.5 million or 1.24% at December 31, 2023. A benefit for credit losses on loans of $119,000 was recorded in the current quarter. This compares to a provision for credit losses on loans of $27,000 in the third quarter of 2024 and a provision for credit losses on loans of $162,000 for the fourth quarter of 2023. The benefit for credit losses in the current quarter largely reflects net loan recoveries of $73,000 realized during the quarter, compared to a net recovery of $11,000 for the preceding quarter and $21,000 for the fourth quarter one year ago. Provisions for unfunded loans was $16,000 for the fourth quarter compared to a benefit of $93,000 the previous quarter and a benefit of $51,000 one year earlier.

Total deposits remained at $1.01 billion at December 31, 2024 compared to the prior quarter and one year earlier. Deposit composition between non-maturity deposits and time deposit CDs also remained relatively unchanged for the quarter. Within non-maturity deposits, non-interest bearing demand deposits decreased which was more than offset by the growth in interest bearing demand deposits and reflects the Bank’s continued focused efforts on retaining core customer relationships. Pacific Financial continues to benefit from a strong core deposit base which positively impacts our net interest margin. Non-interest bearing deposits continues to remain the largest concentration of deposits and represented 38% of deposits at December 31, 2024 and September 30, 2024. Interest-bearing demand and money market deposits both represent 19% of total deposits at December 31, 2024.

Year-over-year the deposit composition changed slightly, primarily as a result of customers transferring balances to higher yielding accounts, and as a result, time deposits increased to $135.5 million, or 13% of total deposits at December 31, 2024 compared to $100.8 million or 10% of total deposits at December 31, 2023.

Shareholders’ equity was $113.9 million at December 31, 2024, compared to $121.1 million at September 30, 2024, and $114.7 million at December 31, 2023. The decrease in shareholders’ equity during the current quarter was due to repurchases of common stock, dividend payments and an increase in unrealized losses on available-for-sale securities due to increases in interest rates. Net unrealized losses (after-tax) included in shareholders’ equity on available-for-sale securities was $17.5 million at December 31, 2024 compared to $11.5 million at September 30, 2024, and $16.1 million at December 31, 2023.

Book value per common share was $11.26 at December 31, 2024, compared to $11.78 at September 30, 2024, and $11.04 at December 31, 2023. The Company’s tangible common equity ratio was 8.8% at December 31, 2024 and 9.4% at September 30, 2024, compared to 8.9% at December 31, 2023. Regulatory capital ratios of both the Company and the Bank continue to exceed the well-capitalized regulatory thresholds, with the Company’s leverage ratio at 11.3% and total risk-based capital ratio at 17.5% as of December 31, 2024. These regulatory capital ratios are estimates, pending completion and filing of regulatory reports.

In anticipation of the expiration of the stock repurchase plan authorized in 2023, in September 2024, the Board of Directors authorized an additional $2.6 million toward future repurchases; approximately 2.0% of total shares outstanding.

Income Statement Review

Net interest income decreased $353,000 to $10.9 million for the fourth quarter of 2024, compared to $11.2 million for the third quarter of 2024, and decreased $801,000 compared to $11.7 million for the fourth quarter a year ago. The change in the current quarter compared to the preceding quarter reflects lower overall loan and interest bearing cash yields. Though yields for newly originated loans and other variable rate loans plus purchased investments were recorded at higher yields, the downward repricing of floating rate loans and interest-earning cash tied to short term rate indexes as well as decreased balances of interest earning cash and increasing deposit costs impacted total net interest income.

The decrease in net interest income compared to the year ago quarter reflects the increase in funding costs, with interest income remaining relatively flat, reflecting lower interest earning deposit balances offset by increased loan interest income as the Bank re-deployed interest earning deposit balances into higher yielding assets including both loans and investments.

Though decreasing from 4.19% for the preceding quarter and 4.34% for the fourth quarter ended December 31, 2023, the Bank’s net interest margin continued to remain strong at 3.99% for the quarter ended December 31, 2024. Yields on total interest earning assets decreased 19 basis points to 5.10% for the fourth quarter of 2024 compared to 5.29% for the prior quarter and 5.14% in the like quarter a year ago. Average loan yields decreased 15 basis points to 5.84% during the current quarter, compared to 5.99% for the preceding quarter and 5.80% for the fourth quarter 2023. The Bank’s total cost of funds increased only 2 basis points to 1.17% for the current quarter, compared to 1.15% for the preceding quarter, and 0.83% for the fourth quarter 2023. The small increase in the costs of deposits was due to retention efforts and competitive pricing of deposit products. As mentioned earlier, the large balance of non-interest bearing deposits at 38% has helped minimize volatility in deposit costs.

Noninterest income increased to $1.8 million for the current quarter, compared to $1.7 million for the linked quarter and increased from $1.5 million a year earlier. The increase compared to the linked quarter was primarily due to $60,000 of death benefit income from a bank-owned life insurance policy. Fee and service charge income increased slightly in the fourth quarter of 2024 to $1.3 million compared to $1.2 million in the previous quarter and the fourth quarter of 2023.

The company closed its mortgage banking division in the fourth quarter. The elimination of the mortgage banking division is expected to improve the efficiency of the company in 2025.

Noninterest expenses increased to $10.1 million for the fourth quarter of 2024 compared to $9.7 million for the prior quarter and increased from $9.5 million for the fourth quarter of 2023. The current quarter reflects increased expenses associated with closing the mortgage division. Salaries and employee benefit expenses were elevated in the current quarter due to severance and retention payments while occupancy expenses were also elevated due to lease contract termination costs associated with our mortgage operations center. In addition, data processing and IT costs increased related to the termination of mortgage origination software contracts. Overall, expenses associated with closing the mortgage division were approximately $773,000. Excluding the mortgage division termination costs, total non-interest expenses would have been $9.3 million for the current quarter.

The company’s efficiency ratio increased to 79.80% for the fourth quarter of 2024, compared to 75.48% in the preceding quarter and increased from 72.22% in the same quarter a year ago. The efficiency ratio is expected to decline in 2025 with the elimination of expenses associated with the closed mortgage division.

Income tax expense: Federal and Oregon state income tax expenses totaled $492,000 for the current quarter, and $633,000 for the preceding quarter, resulting in effective tax rates of 18.5% and 19.6%, respectively. These income tax expenses reflect the benefits of tax exempt income on tax-exempt loans and investments, affordable housing tax credit financing, and investments in bank-owned life insurance.

FINANCIAL HIGHLIGHTS (unaudited)Quarter Ended Change From Twelve Months Ended Change  
    
(In 000s, except per share data)                         
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024 Dec 31, 2023 Dec 31, Dec 31,      
  2024 2024 2023  $% $% 2024 2023  $% 
Earnings Ratios & Data                         
Net Income$2,162$2,594$2,942 $(432)-17%$(780)-27%$9,532$14,605 $(5,073)-35% 
Return on average assets 0.74% 0.90% 1.02%  -0.16%   -0.28%   0.84% 1.22%  -0.38%   
Return on average equity 7.27% 8.77% 10.88%  -1.50%   -3.61%   8.20% 13.48%  -5.28%   
Efficiency ratio(1) 79.80% 75.48% 72.22%  4.32%   7.58%   76.69% 66.56%  10.13%   
Net-interest margin %(2) 3.99% 4.19% 4.34%  -0.20%   -0.35%   4.18% 4.39%  -0.21%   
                          
Share Ratios & Data                         
Basic earnings per share$0.21$0.25$0.28 $(0.04)-16%$(0.07)-25%$0.93$1.40 $(0.47)  
Diluted earning per share$0.21$0.25$0.28 $(0.04)-16%$(0.07)-25%$0.92$1.40 $(0.48)  
Book value per share(3)$11.26$11.78$11.04 $(0.52)-4%$0.22 2%          
Tangible book value per share(4)$9.93$10.47$9.75 $(0.54)-5%$0.18 2%          
Common shares outstanding 10,110 10,283 10,389  (173)-2% (279)-3%          
PFLC stock price$12.45$11.65$10.70 $0.80 7%$1.75 16%          
Dividends paid per share$0.14$0.14$0.14 $- 0%$- 0%$0.56$0.53 $0.03 6% 
                          
Balance Sheet Data                         
Assets$1,153,563$1,158,410$1,148,899 $(4,847)0%$4,664 0%          
Portfolio Loans$704,865$699,603$685,349 $5,262 1%$19,516 3%          
Deposits$1,014,731$1,011,473$1,009,292 $3,258 0%$5,439 1%          
Investments$304,502$296,792$293,579 $7,710 3%$10,923 4%          
Shareholders equity$113,856$121,087$114,691 $(7,231)-6%$(835)-1%          
                          
Liquidity Ratios                         
Short-term funding to uninsured                         
and uncollateralized deposits 217% 229% 243%  -12%   -26%            
Uninsured and uncollateralized                         
deposits to total deposits 25% 25% 23%  0%   2%            
Portfolio loans to deposits ratio 69% 69% 67%  0%   2%            
                          
Asset Quality Ratios                         
Non-performing assets to assets 0.09% 0.10% 0.06%  -0.01%   0.03%            
Non-accrual loans to portfolio loans 0.16% 0.16% 0.10%  0.00%   0.06%            
Loan losses to avg portfolio loans -0.04% -0.01% -0.01%  -0.03%   -0.03%   0.00% 0.03%  -0.03%   
ACL to portfolio loans 1.26% 1.27% 1.24%  -0.01%   0.02%            
                          
Capital Ratios (PFC)                         
Total risk-based capital ratio 17.5% 17.9% 17.7%  -0.4%   -0.2%            
Tier 1 risk-based capital ratio 16.3% 16.7% 16.5%  -0.4%   -0.2%            
Common equity tier 1 ratio 14.7% 15.0% 14.9%  -0.3%   -0.2%            
Leverage ratio 11.3% 11.6% 11.3%  -0.3%   0.0%            
Tangible common equity ratio 8.8% 9.4% 8.9%  -0.6%   -0.1%            
                          
(1) Non-interest expense divided by net interest income plus noninterest income.
(2) Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.
(3) Book value per share is calculated as the total common shareholders' equity divided by the period ending number of common stock shares outstanding.
(4) Tangible book value per share is calculated as the total common shareholders' equity less total intangible assets and liabilities, divided by the period ending number of common stock shares outstanding.
 


INCOME STATEMENT (unaudited)Quarter Ended Change From Twelve Months Ended Change 
    
($ in 000s)                           
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024 Dec 31, 2023 Dec 31, Dec 31,      
  2024 2024 2023  $% $% 2024 2023  $% 
Interest Income                           
Loan interest & fee income$10,340 $10,520 $9,872 $(180)-2%$468 5%$41,192$37,037 $4,155 11% 
Interest bearing cash income 942  1,108  1,440  (166)-15% (498)-35% 3,833 9,109  (5,276)-58% 
Investment income 2,590  2,503  2,501  87 3% 89 4% 9,978 9,334  644 7% 
Interest Income 13,872  14,131  13,813  (259)-2% 59 0% 55,003 55,480  (477)-1% 
                            
Interest Expense                           
Deposits interest expense 2,796  2,684  1,914  112 4% 882 46% 9,829 5,351  4,478 84% 
Other borrowings interest expense 225  243  247  (18)-7% (22)-9% 951 929  22 2% 
Interest Expense 3,021  2,927  2,161  94 3% 860 40% 10,780 6,280  4,500 72% 
Net Interest Income 10,851  11,204  11,652  (353)-3% (801)-7% 44,223 49,200  (4,977)-10% 
Provision (benefit) for credit losses (103) (66) 111  (37 56% (214)-193% 168 520  (352)-68% 
Net Interest Income after provision 10,954  11,270  11,541  (316)-3% (587)-5% 44,055 48,680  (4,625)-10% 
                            
Non-Interest Income                           
Fees and service charges 1,267  1,225  1,242  42 3% 25 2% 4,791 4,937  (146)-3% 
Gain on sale of investments, net -  -  -  - -100% - -100% 121 (154) 275 -179% 
Gain on sale of loans, net 267  267  95  - 0% 172 181% 1,132 635  497 78% 
Income on bank-owned insurance 250  188  176  62 33% 74 42% 800 685  115 17% 
Other non-interest income (9) 7  16  (16)-229% (25)-156% 25 69  (44)-64% 
Non-Interest Income 1,775  1,687  1,529  88 5% 246 16% 6,869 6,172  697 11% 
                            
Non-Interest Expense                           
Salaries and employee benefits 6,288  6,341  5,787  (53)-1% 501 9% 24,944 22,793  2,151 9% 
Occupancy 768  601  679  167 28% 89 13% 2,574 2,215  359 16% 
Furniture, Fixtures & Equipment 289  286  301  3 1% (12)-4% 1,127 1,109  18 2% 
Marketing & donations 149  201  169  (52)-26% (20)-12% 680 549  131 24% 
Professional services 267  233  342  34 15% (75)-22% 1,163 1,283  (120)-9% 
Data Processing & IT 1,380  1,185  1,223  195 16% 157 13% 4,921 4,713  208 4% 
Other 934  883  1,019  51 6% (85)-8% 3,775 4,194  (419)-10% 
Non-Interest Expense 10,075  9,730  9,520  345 4% 555 6% 39,184 36,856  2,328 6% 
Income before income taxes 2,654  3,227  3,550  (573)-18% (896)-25% 11,740 17,996  (6,256)-35% 
Provision for income taxes 492  633  608  (141)-22% (116)-19% 2,208 3,391  (1,183)-35% 
Net Income$2,162 $2,594 $2,942 $(432)-17% (780)-27%$9,532$14,605 $(5,073)-35% 
                            
Effective tax rate 18.5%  19.6%  17.1%  -1.1%   1.4%   18.8% 18.8%  0.0%   
 


BALANCE SHEET (unaudited)Period Ended Change from % of Total 
($ in 000s)   
                        
  Dec 31,  Sep 30,  Dec 31,   Sep 30, 2024Dec 31, 2023 Dec 31,Sep 30,Dec 31, 
  2024  2024  2023   $% $% 202420242023 
Assets                       
Cash on hand and in banks$18,136 $20,621 $16,716  $(2,485)-12%$1,420 8% 2%2%1% 
Interest bearing deposits 62,015  80,522  91,355   (18,507)-23% (29,340)-32% 6%7%8% 
Investment securities 304,502  296,792  293,579   7,710 3% 10,923 4% 26%26%26% 
Loans held-for-sale -  140  1,103   (140)-100% (1,103)-100% 0%0%0% 
Portfolio Loans, net of deferred fees 704,248  698,974  684,554   5,274 1% 19,694 3% 61%60%60% 
Allowance for credit losses (8,851) (8,897) (8,530)  46 -1% (321)4% -1%-1%-1% 
Net loans 695,397  690,077  676,024   5,320 1% 19,373 3% 60%60%59% 
Premises & equipment 16,952  17,124  15,579   (172)-1% 1,373 9% 1%1%1% 
Goodwill & Other Intangibles 13,435  13,435  13,435   - 0% - 0% 1%1%1% 
Bank-owned life Insurance 28,333  28,084  27,497   249 1% 836 3% 2%2%2% 
Other assets 14,793  11,615  13,611   3,178 27% 1,182 9% 2%2%2% 
Total Assets$1,153,563 $1,158,410 $1,148,899  $(4,847)0%$4,664 0% 100%100%100% 
                        
Liabilities & Shareholders' Equity                       
Deposits$1,014,731 $1,011,473 $1,009,292  $3,258 0%$5,439 1% 88%88%88% 
Borrowings 13,403 $13,403 $13,403   - 0% - 0% 1%1%1% 
Other liabilities 11,573 $12,447 $11,513   (874) -7% 60 1% 1%1%1% 
Shareholders' equity 113,856 $121,087 $114,691   (7,231)-6% (835)-1% 10%10%10% 
Liabilities & Shareholders' Equity$1,153,563 $1,158,410 $1,148,899  $(4,847)0%$4,664 0% 100%100%100% 
                        


INVESTMENT COMPOSITION & CONCENTRATIONS (unaudited)Period Ended Change from % of Total 
   
($ in 000s)                       
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024Dec 31, 2023 Dec 31,Sep 30,Dec 31, 
  2024 2024 2023  $% $% 202420242023 
Investment Securities                       
Collateralized mortgage obligations$147,262 $141,842 $126,949  $5,420 4%$20,313 16% 48%48%43% 
Mortgage backed securities 46,112  41,264  38,103   4,848 12% 8,009 21% 15%14%13% 
U.S. Government and agency securities 67,716  68,961  83,748   (1,245)-2% (16,032)-19% 22%23%29% 
Municipal securities 43,412  44,725  44,779   (1,313)-3% (1,367)-3% 15%15%15% 
Investment Securities$304,502 $296,792 $293,579  $7,710 3%$10,923)4% 100%100%100% 
                        
Held to maturity securities$41,442 $42,301 $55,454  $(859)-2%$(14,012)-25% 14%14%19% 
Available for sale securities$263,060 $254,491 $238,125  $8,569 3%$24,935 10% 86%86%81% 
                        
Government & Agency securities$261,063 $252,039 $248,768  $9,024 4%$12,295 5% 86%85%85% 
AAA, AA, A rated securities$42,773 $44,084 $43,687  $(1,311)-3%$(914)-2% 14%15%15% 
Non-rated securities$666 $669 $1,124  $(3)0%$(458)-41% 0%0%0% 
                        
AFS Unrealized Gain (Loss)$(22,437)$(14,804)$(20,808) $(7,633)52%$(1,629)8% -7%-5%-7% 
 


PORTFOLIO LOAN COMPOSITION & CONCENTRATIONS (unaudited)Period Ended Change from % of Total 
   
($ in 000s)                       
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024Dec 31, 2023 Dec 31,Sep 30,Dec 31, 
  2024 2024 2023  $% $% 202420242023 
Portfolio Loans                       
Commercial & agriculture$75,240 $73,002 $75,444  $2,238 3%$(204)0% 10%10%11% 
Real estate:                       
Construction and development 42,725  46,569  48,720   (3,844)-8% (5,995)-12% 6%7%7% 
Residential 1-4 family 103,489  105,298  96,301   (1,809)-2% 7,188 7% 15%15%14% 
Multi-family 68,978  60,773  51,025   8,205 14% 17,953 35% 10%9%7% 
CRE -- owner occupied 165,120  167,086  164,443   (1,966)-1% 677 0% 23%24%24% 
CRE -- non owner occupied 159,582  157,347  155,280   2,235 1% 4,302 3% 23%22%23% 
Farmland 26,864  26,553  27,273   311 1% (409)-1% 4%4%4% 
Consumer 62,867  62,975  66,863   (108)0% (3,996)-6% 9%9%10% 
Portfolio Loans 704,865  699,603  685,349   5,262 1% 19,516 3% 100%100%100% 
Less: ACL (8,851) (8,897) (8,530)              
Less: deferred fees (617) (629) (795)              
Net loans$695,397 $690,077 $676,024               
                        
Regulatory Commercial Real Estate$267,857 $261,292 $252,493  $6,565 3%$15,364 6% 38%37%37% 
Total Risk Based Capital(1)$139,458 $140,971 $138,449  $(1,513)-1%$1,009 1%     
CRE to Risk Based Capital(1) 192%  185%  182%     7%   10%     
 


CRE--MULTI-FAMILY & NON OWNER OCCUPIED COMPOSITION (unaudited)Period Ended Change from % of Total 
   
($ in 000s)                    
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024Dec 31, 2023 Dec 31,Sep 30,Dec 31, 
  2024 2024 2023  $% $% 202420242023 
Collateral Composition(2)                    
Multifamily$73,575$63,099$59,557 $10,476 17%$14,018 24% 30%27%27% 
Retail 36,813 37,685 29,470  (872)-2% 7,343 25% 15%16%13% 
Hospitality 31,369 30,844 31,657  525 2% (288)-1% 13%13%14% 
Mini Storage 25,028 25,758 21,625  (730)-3% 3,403 16% 10%11%10% 
Office 23,921 22,921 23,626  1,000 4% 295 1% 10%10%11% 
Mixed Use 22,662 22,708 26,329  (46)0% (3,667)-14% 9%10%12% 
Industrial 14,723 13,912 11,410  811 6% 3,313 29% 6%6%5% 
Warehouse 7,531 7,582 6,169  (51)-1% 1,362 22% 3%3%3% 
Special Purpose 6,921 6,968 7,102  (47)-1% (181)-3% 3%3%3% 
Other 3,155 3,174 3,326  (19)-1% (171)-5% 1%1%2% 
Total$245,698$234,651$220,271 $11,047 5%$25,427 12% 100%100%100% 
                     
(1) Bank of the Pacific                    
(2) Includes loans in process of construction                    
 


CREDIT QUALITY (unaudited)Period Ended Change from 
  
($ in 000s) Dec 31, Sep 30, Dec 31,  Sep 30, 2024Dec 31, 2023 
  2024 2024 2023  $% $% 
Risk Rating Distribution                
Pass$691,350$691,199$674,992 $151 0%$16,358 2% 
Special Mention 10,811 4,789 4,669  6,022 126% 6,142 132% 
Substandard 2,704 3,615 5,688  (911)-25% (2,984)-52% 
Portfolio Loans$704,865$699,603$685,349 $5,262 1%$19,516 3% 
                 
Nonperforming Assets                
Nonaccruing loans 1,094 1,138 664 $(44)-4% 430 65% 
Other real estate owned - - -  - 0% - 0% 
Nonperforming Assets$1,094$1,138$664 $(44)-4% 430 65% 
                 
Credit Metrics                
Classified loans1 to portfolio loans 0.38% 0.52% 0.83%  -0.14%   -0.45%   
ACL to classified loans1 327.33% 246.11% 149.96%  81.22%   177.37%   
Loans past due 30+ days to portfolio loans2 0.14% 0.03% 0.08%  0.11%   0.06%   
Nonperforming assets to total assets 0.09% 0.10% 0.06%  -0.01%   0.03%   
Nonaccruing loans to portfolio loans 0.16% 0.16% 0.10%  0.00%   0.06%   
                 
(1) Classified loans include loans rated substandard or worse and are defined as loans having a well-defined weakness or weaknesses related to the borrower's financial capacity or to pledged collateral that may jeopardize the repayment of the debt. They are characterized by the possibility that the Bank may sustain some loss if the deficiencies giving rise to the substandard classification are not corrected.
(2) Excludes non-accrual loans
                 


DEPOSIT COMPOSITION & CONCENTRATIONS (unaudited)Period Ended Change from % of Total 
   
($ in 000s)                    
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024Dec 31, 2023 Dec 31,Sep 30,Dec 31, 
  2024 2024 2023  $% $% 202420242023 
Deposits                    
Interest-bearing demand$194,526$183,337$183,436 $11,189 6%$11,090 6% 19%18%18% 
Money market 193,324 192,185 179,344  1,139 1% 13,980 8% 19%19%18% 
Savings 115,520 117,131 136,408  (1,611)-1% (20,888)-15% 11%12%13% 
Time deposits (CDs) 135,485 133,995 100,832  1,490 1% 34,653 34% 13%13%10% 
Total interest-bearing deposits 638,855 626,648 600,020  12,207 2% 38,835 6% 62%62%59% 
Non-interest bearing demand 375,876 384,825 409,272  (8,949)-2% (33,396)-8% 38%38%41% 
Total deposits$1,014,731$1,011,473$1,009,292 $3,258 0%$5,439 1% 100%100%100% 
                     
Insured Deposits$629,600$636,725$647,330 $(7,125)-1%$(393,526)-61% 62%63%64% 
Collateralized Deposits 131,327 122,448 129,895  8,879 7% 1,432 1% 13%12%13% 
Uninsured Deposits 253,804 252,300 232,067  1,504 1% 397,533 171% 25%25%23% 
Total Deposits$1,014,731$1,011,473$1,009,292 $3,258 0%$5,439 1% 100%100%100% 
                     
Consumer Deposits$466,826$458,097$470,425 $8,729 2%$(3,599)-1% 46%45%46% 
Business Deposits 406,308 420,845 398,977  (14,537)-3% 7,331 2% 40%42%40% 
Public Deposits 141,597 132,531 139,890  9,066 7% 1,707 1% 14%13%14% 
Total Deposits$1,014,731$1,011,473$1,009,292 $3,258 0%$5,439 1% 100%100%100% 
                     


NET INTEREST MARGIN (unaudited)Quarter Ended Change From Twelve Months Ended Change  
    
($ in 000s)                         
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024 Dec 31, 2023 Dec 31, Dec 31,      
  2024 2024 2023  $ % $ % 2024 2023  $% 
                          
Average Interest Bearing Balances                         
Portfolio loans$703,811$697,904$675,622 $5,907 1%$28,189 4%$697,527$659,165 $38,362 6% 
Loans held for sale$1,033$1,276$709 $(243)-19%$324 46%$1,125$628 $497 79% 
Investment securities$302,501$285,947$289,245 $16,554 6%$13,256 5%$291,133$286,473 $4,660 2% 
Interest-bearing cash$78,296$81,755$105,177 $(3,459)-4%$(26,881)-26%$72,893$180,781 $(107,888)-60% 
Total interest-earning assets$1,085,641$1,066,882$1,070,753 $18,759 2%$14,888 1%$1,062,678$1,127,047 $(64,369)-6% 
Non-interest bearing deposits$388,227$383,332$419,994 $4,895 1%$(31,767)-8%$388,561$448,234 $(59,673)-13% 
Interest-bearing deposits$628,475$615,388$593,464 $13,087 2%$35,011 6%$607,678$620,026 $(12,348)-2% 
Total Deposits$1,016,702$998,720$1,013,458 $17,982 2%$3,244 0%$996,239$1,068,260 $(72,021)-7% 
Borrowings$13,403$13,403$13,403 $- 0%$- 0%$13,403$13,401 $2 0% 
Total interest-bearing liabilities$641,878$628,791$606,867 $13,087 2%$35,011 6%$621,081$633,427 $(12,346)-2% 
                          
Yield / Cost $(1)                         
Portfolio loans$10,336$10,509$9,879 $(173)-2%$457 5%$41,169$37,088 $4,081 11% 
Loans held for sale$16$22$12 $(6)-27%$4 33%$71$39 $32 82% 
Investment securities$2,622$2,535$2,536 $87 3%$86 3%$10,107$9,489 $618 7% 
Interest-bearing cash$942$1,108$1,440 $(166)-15%$(498)-35%$3,833$9,109 $(5,276)-58% 
Total interest-earning assets$13,916$14,174$13,867 $(258)-2%$49 0%$55,180$55,725 $(545)-1% 
Interest-bearing deposits$2,796$2,684$1,914 $112 4%$882 46%$9,829$5,351 $4,478 84% 
Borrowings$225$243$247 $(18)-7%$(22)-9%$951$929 $22 2% 
Total interest-bearing liabilities$3,021$2,927$2,161 $94 3%$860 40%$10,780$6,280 $4,500 72% 
Net interest income$10,895$11,247$11,706 $(352)-3%$(811)-7%$44,400$49,445 $(5,045)-10% 
                          
Yield / Cost %(1)                         
Yield on portfolio loans 5.84% 5.99% 5.80%  -0.15%   0.04%   5.90% 5.63%  0.27%   
Yield on investment securities 3.45% 3.53% 3.48%  -0.08%   -0.03%   3.47% 3.31%  0.16%   
Yield on interest-bearing cash 4.79% 5.39% 5.44%  -0.60%   -0.65%   5.26% 5.04%  0.22%   
Cost of interest-bearing deposits 1.77% 1.74% 1.28%  0.03%   0.49%   1.62% 0.86%  0.76%   
Cost of borrowings 6.68% 7.21% 7.31%  -0.53%   -0.63%   7.10% 6.93%  0.17%   
Cost of deposits and borrowings 1.17% 1.15% 0.83%  0.02%   0.34%   1.07% 0.58%  0.49%   
                          
Yield on interest-earning assets 5.10% 5.29% 5.14%  -0.19%   -0.04%   5.19% 4.94%  0.25%   
Cost of interest-bearing liabilities 1.87% 1.85% 1.41%  0.02%   0.46%   1.74% 0.99%  0.75%   
Net interest spread 3.23% 3.44% 3.73%  -0.21%   -0.50%   3.45% 3.95%  -0.50%   
Net interest margin 3.99% 4.19% 4.34%  -0.20%   -0.35%   4.18% 4.39%  -0.21%   
                          
(1) Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.
                          


ALLOWANCE FOR CREDIT LOSSES (ACL) (unaudited)Quarter Ended Change From Twelve Months Ended Change  
    
($ in 000s)                              
  Dec 31, Sep 30, Dec 31,  Sep 30, 2024 Dec 31, 2023 Dec 31, Dec 31,      
  2024 2024 2023  $% $% 2024 2023  $% 
Allowance for Credit Losses                              
Beginning of period balance$8,897 $8,859 $8,347  $38 0%$550 7%$8,530 $8,236  $294 4% 
Impact of CECL Adoption (ASC 326) -  -  -   - -100% - -100% -  (157)  157 -100% 
Charge-offs (32) (5) (20)  (27)540% (12)60% (129) (279)  150 -54% 
Recoveries 105  16  41   89 556% 64 156% 124  96   28 29% 
Net (charge-off) recovery 73  11  21   62 564% 52 248% (5) (183)  178 -97% 
Provision (benefit) (119) 27  162   (146)-541% (281)-173% 326  634   (308)-49% 
End of period balance$8,851 $8,897 $8,530  $(46)-1%$321 4%$8,851 $8,530  $321 4% 
                               
Net charge-off (recovery) to                              
average portfolio loans -0.04%  -0.01%  -0.01%   -0.03%   -0.03%   0.00%  0.03%   -0.03%   
ACL to portfolio loans 1.26%  1.27%  1.24%   -0.01%   0.02%   1.26%  1.24%   0.02%   
                               
Allowance for unfunded loans                              
Beginning of period balance$524 $617 $749  $(93)-15%$(225)-30%$698 $203  $495 244% 
Impact of CECL Adoption (ASC 326) -  -  -   - -100% - -100% -  609   (609)-100% 
Provision (benefit) 16  (93) (51)  109 -117% 67 -131% (158) (114)  (44)39% 
End of period balance$540 $524 $698  $16 3%$(158)-23%$540 $698  $(158)-23% 
                               

ABOUT PACIFIC FINANCIAL CORPORATION

Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. At December 31, 2024, the Company had total assets of $1.15 billion and operated fifteen branches in the communities of Grays Harbor, Pacific, Thurston, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in the communities of Clatsop and Clackamas counties in Oregon. The Company also operated loan production offices in the communities of Burlington, Washington and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.

Cautions Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other laws, including all statements in this release that are not historical facts or that relate to future plans or events or projected results of Pacific Financial Corporation and its wholly-owned subsidiary, Bank of the Pacific. Such statements are based on information available at the time of communication and are based on current beliefs and expectations of the Company’s management and are subject to risks and uncertainties, many of which are beyond our control, which could cause actual events or results to differ materially from those projected, anticipated or implied, and could negatively impact the Company’s operating and stock price performance. These risks and uncertainties include various risks associated with growing the Bank and expanding the services it provides, development of new business lines and markets, competition in the marketplace, general economic conditions, changes in interest rates, extensive and evolving regulation of the banking industry, and many other risks. Any forward-looking statements in this communication are based on information at the time the statement is made. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.


FAQ

What was PFLC's earnings per share for Q4 2024?

Pacific Financial reported earnings of $0.21 per diluted share for Q4 2024.

How much is PFLC's quarterly dividend payment for Q1 2025?

PFLC declared a quarterly cash dividend of $0.14 per share, payable on February 28, 2025.

What was the impact of PFLC's mortgage division closure in Q4 2024?

The closure of PFLC's mortgage banking division resulted in termination costs of $773,000 in Q4 2024.

What percentage of PFLC's deposits were core deposits in Q4 2024?

Core deposits represented 87% of total deposits at the end of Q4 2024.

How did PFLC's full-year 2024 earnings compare to 2023?

PFLC's full-year earnings decreased from $14.6 million in 2023 to $9.5 million in 2024, a 35% decline.

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PFLC Latest News

Oct 25, 2024
Pacific Financial Corp Earns $2.6 Million, or $0.25 per Diluted Share for Third Quarter 2024; Tangible Book Value Per Share Up 6.6% During Quarter; Board of Directors Declares Quarterly Cash Dividend of $0.14 per Share
Oct 24, 2024
Synergy by Association Announces Election of Terri McKinnis to Board of Directors
Aug 19, 2024
Bank of the Pacific Launches New Location in Lake Oswego, Oregon
Jul 26, 2024
Pacific Financial Corp Earns $2.1 Million, or $0.21 per Diluted Share, for Second Quarter 2024; Net Interest Margin Remains Strong During the Second Quarter at 4.15%; Board of Directors Declares Quarterly Cash Dividend of $0.14 per Share
Jul 16, 2024
Peter Dworkin Appointed to Pacific Financial Corporation Board of Directors

PFLC Stock Data

125.45M
10.39M
0.39%
Banks - Regional
Financial Services
Link
United States
Aberdeen