Welcome to our dedicated page for Pacific Fnl news (Ticker: PFLC), a resource for investors and traders seeking the latest updates and insights on Pacific Fnl stock.
Pacific Financial Corporation (OTCQX: PFLC) is the Aberdeen, Washington-based holding company for Bank of the Pacific, a state chartered and federally insured commercial bank serving small-to-medium sized businesses and professionals in Western Washington and Oregon. This news page collects company-issued updates and market announcements related to PFLC and its banking subsidiary.
Readers can find recurring coverage of quarterly and annual earnings releases, where Pacific Financial reports net income, net interest income, net interest margin, loan and deposit trends, credit quality metrics and capital ratios. These releases often describe how loan growth, deposit mix and funding costs affect the bank’s performance, and they highlight themes such as core deposit composition, allowance for credit losses and noninterest income and expense trends.
The news flow also includes corporate actions such as quarterly cash dividend declarations and authorizations for stock repurchase plans, along with commentary from management on capital management and shareholder returns. Operational updates, for example the closure of the mortgage banking division or the opening of a new commercial banking center in Lake Oswego, Oregon, appear in company announcements as well.
In addition, Pacific Financial and Bank of the Pacific issue releases about branch network developments, technology enhancements and governance matters. Examples include the launch of a redesigned Bank of the Pacific website, the opening of new locations, and appointments to the Pacific Financial and Bank of the Pacific boards of directors.
For investors and observers following PFLC stock, this news page offers a centralized view of how the company describes its financial results, regional banking activities and strategic decisions over time.
Pacific Financial Corporation (OTCQX: PFLC) reported a net income of $2.9 million or $0.28 per diluted share for Q3 2022, marking an 82% increase from Q2 2022. Year-to-date income totaled $6.2 million or $0.59 per share, down from $10.6 million in the previous year. The board declared a quarterly cash dividend of $0.13 per share, payable on November 25, 2022. Highlights include a 23% increase in net interest income, strong deposit growth, and minimal nonperforming assets at 0.07% of total assets. However, tangible book value per share decreased to $8.16 from $10.02 a year ago.
Pacific Financial Corporation (OTCQX: PFLC) reported a net income of $1.6 million, or $0.15 per diluted share for Q2 2022, a decline from $1.7 million in Q1 2022 and $3.7 million in Q2 2021. Year-to-date net income was $3.3 million, down 59% from $8.0 million in the same period last year. The company declared a quarterly cash dividend of $0.13 per share, to be paid on August 25, 2022. Despite pressures from declining mortgage volume and lower net interest margins, the rising interest rate environment is expected to benefit future earnings.
Pacific Financial Corporation (OTCQX: PFLC) reported a net income of $1.7 million for Q1 2022, translating to $0.16 per diluted share, down from $4.2 million or $0.40 per diluted share in Q1 2021. The board declared a quarterly cash dividend of $0.13 per share, payable on May 27, 2022. Key metrics reveal a 2% increase in core deposits year-over-year and a 3% loan growth (excluding PPP loans). However, the net interest margin fell to 2.71% from 3.35% a year prior, reflecting challenges due to lower loan yields and a low interest rate environment.
Pacific Financial Corporation (OTCQX: PFLC) reported a net income of $2.1 million ($0.20 per diluted share) for Q4 2021, down from $3.8 million ($0.37 per diluted share) in Q4 2020. For the full year, net income rose 12% to $12.7 million ($1.22 per diluted share). The board declared a quarterly cash dividend of $0.13 per share, payable on February 28, 2022. Key metrics include a 15% year-over-year increase in total deposits and a solid asset quality with non-performing assets at just 0.11%. However, net interest margin decreased to 2.79%, impacted by low-interest rates and loan portfolio declines.
Bank of the Pacific mourns the passing of board member John Van Dijk, who died at his home in Palm Springs due to cancer complications. Having served on the board for 25 years, John was instrumental in the bank's growth. He began his tenure in 1996 as Executive Vice President and later became President and COO until his retirement in 2012. He rejoined the board in 2013, contributing valuable leadership as chair of the audit committee. As of June 30, 2021, the bank reported $1.29 billion in total assets.
Pacific Financial Corporation (OTCQX: PFLC) reported a net income of $2.6 million ($0.25 per diluted share) for Q3 2021, down from $3.9 million in Q3 2020. The year-to-date net income rose 40% to $10.6 million ($1.01 per diluted share), aided by a $3.5 million recapture from loan loss provisions. The board declared a quarterly cash dividend of $0.13 per share, payable on November 25, 2021. Credit quality improved with a decrease in non-impaired loans and minimal non-performing assets at 0.15% of total assets, while total deposits rose by 17% year-over-year to $1.2 billion.
Pacific Financial Corporation (OTCQX: PFLC) reported a significant net income of $3.7 million or $0.36 per diluted share for Q2 2021, up 55% from Q2 2020. Year-to-date net income reached $8.0 million, up 121% year-over-year. The board declared a quarterly cash dividend of $0.13 per share, payable on August 26, 2021. Key highlights include a 17% rise in core deposits, credit quality improvements, and a 2% increase in gross loans, excluding PPP. However, net interest margin decreased to 3.06% from 3.70% the previous year due to low interest rates.
Pacific Financial Corporation (OTCQX: PFLC) reported a substantial increase in net income for Q1 2021, reaching $4.2 million ($0.40 per diluted share), compared to $1.2 million a year prior. The results were bolstered by a loan loss provision recapture of $1.4 million. The board declared a quarterly cash dividend of $0.13 per share, payable on June 2, 2021. Total assets rose by 34% year-over-year to $1.25 billion, with deposits climbing 38% to $1.10 billion, driven by strong growth in non-interest-bearing deposits and ongoing participation in the Paycheck Protection Program (PPP).