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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 qualit脿 degli attivi 猫 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) report贸 un ingreso neto de 2,2 millones de d贸lares (0,21 d贸lares por acci贸n diluida) en el Q4 2024, comparado con 2,6 millones de d贸lares (0,25) en el Q3 2024 y 2,9 millones de d贸lares (0,28) en el Q4 2023. Las ganancias del a帽o completo 2024 fueron de 9,5 millones de d贸lares (0,92 por acci贸n), por debajo de los 14,6 millones de d贸lares (1,40) en 2023.

La compa帽铆a finaliz贸 el cierre de su divisi贸n de pr茅stamos hipotecarios, incurriendo en 773,000 d贸lares en costos de terminaci贸n durante el Q4. Los pr茅stamos brutos aumentaron ligeramente a 704,9 millones de d贸lares, un aumento del 3% a帽o tras a帽o. Los dep贸sitos totales se mantuvieron estables en 1,01 mil millones de d贸lares, con dep贸sitos b谩sicos que representan el 87% del total de los dep贸sitos.

Los principales indicadores para el Q4 2024 incluyen: ROA del 0,74%, ROE del 7,27% y margen de inter茅s 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 declar贸 un dividendo en efectivo trimestral de 0,14 d贸lares por acci贸n, pagadero el 28 de febrero de 2025.

韻检嫓頂� 韺岇澊雮胳厹 (PFLC)鞚� 2024雲� 4攵勱赴 靾滌澊鞚奠澊 220毵� 雼煬(欤茧嫻 0.21雼煬)搿�, 2024雲� 3攵勱赴鞚� 260毵� 雼煬(0.25雼煬) 氚� 2023雲� 4攵勱赴鞚� 290毵� 雼煬(0.28雼煬)鞕� 牍勱祼霅滊嫟瓿� 氤搓碃頄堨姷雼堧嫟. 2024雲� 鞝勳泊 鞐瓣皠 靾橃澋鞚� 950毵� 雼煬(欤茧嫻 0.92雼煬)搿�, 2023雲勳潣 1460毵� 雼煬(1.40雼煬)鞐愳劀 臧愳唽頄堨姷雼堧嫟.

須岇偓電� 氇赴歆� 鞚�頄� 攵�靹滊ゼ 瓿奠嫕 韽愳噭頄堨溂氅�, 4攵勱赴鞐� 77毵� 3觳� 雼煬鞚� 膦呺 牍勳毄鞚� 氚滌儩頄堨姷雼堧嫟. 齑� 雽�於滌潃 7鞏� 490毵� 雼煬搿� 靻岉彮 歃濌皜頄堨溂氅�, 鞚措姅 鞝勲厔 雽�牍� 3% 歃濌皜頃� 靾橃箻鞛呺媹雼�. 齑� 鞓堦笀鞚� 10鞏� 1000毵� 雼煬搿� 鞎堨爼鞝侅溂搿� 鞙犾霅橃棃鞙茧┌, 頃奠嫭 鞓堦笀鞚� 齑� 鞓堦笀鞚� 87%毳� 彀頃橁碃 鞛堨姷雼堧嫟.

2024雲� 4攵勱赴鞚� 欤检殧 歆�響滊姅 ROA臧� 0.74%, ROE臧� 7.27%, 靾滌澊鞛愲歆勳澊 3.99%鞛呺媹雼�. 鞛愳偘鞚� 歆堨潃 鞐爠頌� 臧曤牓頃橂┌, 牍勳垬鞚� 鞛愳偘鞚� 齑� 鞛愳偘鞚� 0.09%鞐� 頃措嫻頃╇媹雼�. 鞚挫偓須岆姅 1欤茧嫻 0.14雼煬鞚� 攵勱赴 順勱笀 氚半嫻旮堨潉 靹犾柛頄堨溂氅�, 2025雲� 2鞗� 28鞚检棎 歆�旮夒悹 鞓堨爼鞛呺媹雼�.

Pacific Financial (PFLC) a annonc茅 un revenu net de 2,2 millions de dollars (0,21 dollar par action dilu茅e) pour le 4猫me trimestre 2024, compar茅 脿 2,6 millions de dollars (0,25) au 3猫me trimestre 2024 et 2,9 millions de dollars (0,28) au 4猫me trimestre 2023. Les b茅n茅fices totaux pour l'ann茅e 2024 s'茅levaient 脿 9,5 millions de dollars (0,92 par action), en baisse par rapport 脿 14,6 millions de dollars (1,40) en 2023.

L'entreprise a finalis茅 la fermeture de sa division de pr锚ts hypoth茅caires, entra卯nant des co没ts de r茅siliation de 773 000 dollars durant le 4猫me trimestre. Les pr锚ts bruts ont l茅g猫rement augment茅 pour atteindre 704,9 millions de dollars, soit une hausse de 3 % d'une ann茅e sur l'autre. Les d茅p么ts totaux sont rest茅s stables 脿 1,01 milliard de dollars, les d茅p么ts principaux repr茅sentant 87 % des d茅p么ts totaux.

Les principaux indicateurs pour le 4猫me trimestre 2024 incluent : un ROA de 0,74 %, un ROE de 7,27 % et une marge d'int茅r锚t nette de 3,99 %. La qualit茅 des actifs est rest茅e forte avec des actifs non performants repr茅sentant 0,09 % des actifs totaux. Le conseil d'administration a d茅clar茅 un dividende trimestriel en esp猫ces de 0,14 dollar par action, payable le 28 f茅vrier 2025.

Pacific Financial (PFLC) meldete f眉r das 4. Quartal 2024 einen Nettogewinn von 2,2 Millionen US-Dollar (0,21 US-Dollar pro verw盲sserter 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 f眉r das Jahr 2024 betrug 9,5 Millionen US-Dollar (0,92 pro Aktie), ein R眉ckgang von 14,6 Millionen US-Dollar (1,40) im Jahr 2023.

Das Unternehmen hat die Schlie脽ung 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 f眉r das 4. Quartal 2024 sind: ROA von 0,74 %, ROE von 7,27 % und Nettozinsmarge von 3,99 %. Die Verm枚gensqualit盲t blieb stark, mit einer Quote von notleidenden Forderungen von 0,09 % der Gesamtverm枚gen. Der Vorstand erkl盲rte eine viertelj盲hrliche 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), (鈥淧acific Financial鈥�) or the (鈥淐ompany鈥�), the holding company for Bank of the Pacific (the 鈥淏ank鈥�), 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.

鈥淒uring 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,鈥� said Denise Portmann, President and Chief Executive Officer.

鈥淭hough 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,鈥� said Portmann. 鈥淚n 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.鈥�

Fourth Quarter 2024 Financial Highlights:

  • Return on average assets (鈥淩OAA鈥�) was 0.74%, compared to 0.90% for the third quarter 2024, and 1.02% for the fourth quarter 2023.
  • Return on average equity (鈥淩OAE鈥�) 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 (鈥淣IM鈥�) 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鈥檚 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鈥檚 available liquidity:

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

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


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


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


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


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


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


CREDIT QUALITY (unaudited)Period Ended听Change from听
听听
($ in 000s)听Dec 31,听Sep 30,听Dec 31,听听Sep 30, 2024Dec 31, 2023听
听听2024听2024听2023听听$%听$%听
Risk Rating Distribution听听听听听听听听听听听听听听听听
Pass$691,350$691,199$674,992听$151听0%$16,358听2%听
Special Mention听10,811听4,789听4,669听听6,022听126%听6,142听132%听
Substandard听2,704听3,615听5,688听听(911)-25%听(2,984)-52%听
Portfolio Loans$704,865$699,603$685,349听$5,262听1%$19,516听3%听
听听听听听听听听听听听听听听听听听
Nonperforming Assets听听听听听听听听听听听听听听听听
Nonaccruing loans听1,094听1,138听664听$(44)-4%听430听65%听
Other real estate owned听-听-听-听听-听0%听-听0%听
Nonperforming Assets$1,094$1,138$664听$(44)-4%听430听65%听
听听听听听听听听听听听听听听听听听
Credit Metrics听听听听听听听听听听听听听听听听
Classified loans1听to portfolio loans听0.38%听0.52%听0.83%听听-0.14%听听听-0.45%听听听
ACL to classified loans1听327.33%听246.11%听149.96%听听81.22%听听听177.37%听听听
Loans past due 30+ days to portfolio loans2听0.14%听0.03%听0.08%听听0.11%听听听0.06%听听听
Nonperforming assets to total assets听0.09%听0.10%听0.06%听听-0.01%听听听0.03%听听听
Nonaccruing loans to portfolio loans听0.16%听0.16%听0.10%听听0.00%听听听0.06%听听听
听听听听听听听听听听听听听听听听听
(1)听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)听Excludes non-accrual loans
听听听听听听听听听听听听听听听听听


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


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


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

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鈥檚 website at . 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鈥檚 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鈥檚 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 Rankings

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PFLC Latest News

Jul 25, 2025
Pacific Financial Corp Earns $2.7 Million, or $0.27 per Diluted Share for Second Quarter 2025;听Loan Growth Supports Net Interest Margin Expansion;听Declares Quarterly Cash Dividend of $0.14 per Share
Apr 25, 2025
Pacific Financial Corp Earns $2.4 Million, or $0.24 per Diluted Share for First Quarter 2025;听Board of Directors Approves 5% Stock Buyback Plan;听Declares Quarterly Cash Dividend of $0.14 per Share
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

PFLC Stock Data

111.21M
8.80M
0.37%
Banks - Regional
Financial Services
United States
Aberdeen

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