PACIFIC FINANCIAL CORPORATION OTCQX: PFLC
$9.90
May 1, 2023 | F | S |
Pacific Financial Corpora on 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 March 31, 2023, the Company had total assets of $1.24 billion and operated fourteen branches in the communi es of Grays Harbor, Pacific, Whatcom, Skagit, Clark and Wahkiakum coun es in the State of Washington, and two branches in Clatsop County, Oregon. The Company also operated loan produc on offices in the communi es of Olympia and Burlington, Washington and Salem, Oregon. Visit the Company's website at
www.banko hepacific.com. Member FDIC.
Northwest Franchise | First Quarter 2023 Highlights |
Commercial Loan Centers
- Net income was $4.1 million, or $0.39 per diluted share, for the first quarter 2023, compared to $4.7 million, or $0.45 per diluted share for the fourth quarter of 2022, and $1.7 million, or $0.16 per diluted share for the first quarter of 2022.
- Liquidity metrics remain robust with high levels of on-balance sheet interest earning cash and unencumbered available for sale securi es.
- Return on average assets was 1.33%, compared to 1.41% for the fourth quarter 2022, and 0.51% for the first quarter 2022.
- Return on average equity was 15.63%, compared to 18.70% from the preceding quarter, and 5.81% from the first quarter a year earlier.
- Net interest income increased 1%, or $162,000, to $13.1 million, compared to $12.9 million for the fourth quarter of 2022, and increased 58%, or $4.8 million, from $8.3 million from the first quarter a year ago.
- Net interest margin improved 39 basis points to 4.51% compared to 4.12% from the preceding quarter and expanded 180 basis points from 2.71% in the first quarter a year ago.
- Gross loans balances increased $4.9 million, or 1%, to $645.6 million at March 31, 2023, compared to $640.7 from the preceding quarter end.
- Total deposits declined $70.0 million to $1.11 billion, compared to $1.18 billion from the fourth quarter 2022, with core deposits represen ng 94% of total deposits at March 31, 2023. Non-interest bearing deposits represented 43% of total deposits at March 31, 2023.
- Asset quality remains solid with nonperforming assets to total assets at 0.08%, compared to nonperforming assets to total assets at 0.07% for the preceding quarter.
- Tangible book value per common share increased to $9.16, compared to $8.62 at December 31, 2022 and $9.15 at March 31, 2022.
- The board of directors of Pacific Financial declared a quarterly cash dividend of $0.13 per share on April 26, 2023. The dividend will be payable on May 26, 2023 to shareholders of record on May 12, 2023.
$ in 000s | EPS | Net | Tangible | Total | NPAs/ | Net Interest | ||||
except per share | Diluted | Income | Book/Shr | Assets | Assets | Margin | ||||
1Q23 | $ | 0.39 | $ | 4,110 | $ | 9.16 | $ | 1,243,534 | 0.08% | 4.51% |
2022 | $ | 1.04 | $ | 10,888 | $ | 8.62 | $ | 1,306,203 | 0.07% | 3.29% |
2021 | $ | 1.22 | $ | 12,697 | $ | 10.03 | $ | 1,319,966 | 0.11% | 3.00% |
2020 | $ | 1.07 | $ | 11,384 | $ | 9.65 | $ | 1,167,293 | 0.20% | 3.73% |
2019 | $ | 1.29 | $ | 13,758 | $ | 8.64 | $ | 929,415 | 0.11% | 4.58% |
Price @ May 1, 2023 | $9.90 | Tangible Book Value | $9.16 |
Shares Outstanding | 10.4M | Price/Tangible Book | 108% |
52-week Price Range | $12.00-9.51 | EPS (ttm) | $1.27 |
Market Cap | $103.2M | P/E (ttm) | 7.80x |
Net Interest Margin TE (MRQ) 4.51% | Dividend Yield (annualized) | 5.25% |
Denise J. Portmann, President & CEO
Carla Tucker, EVP & CFO
Tel: 360.533.8873
www.banko hepacific.com
Financial Highlights ($ in thousands, except per share data)
For the Quarter Ended
Income Statement | Quarter Ended |
Deposit Mix
$1.11 Billion at 03/31/2023
Time |
Deposits |
Interest and Dividend Income Interest Expense
Net Interest Income
Provision (Benefit) for Loan Losses
Net Interest Income after Provision for Loan Losses
Noninterest Income
Noninterest Expense
Income Before Income Taxes
Income Tax Expense
Net Income
Effective Tax Rate (%)
Per Common Share Data Diluted Earnings per Share Average Diluted Common Shares Tangible Book Value per Share
31-Mar-23 | 31-Dec-22 | 31-Mar-22 | |||
$ | 13,690 | $ | 13,352 | $ | 8,526 |
593 | 417 | 239 | |||
13,097 | 12,935 | 8,287 | |||
151 | - | - | |||
12,946 | 12,935 | 8,287 | |||
1,287 | 1,559 | 2,112 | |||
9,193 | 8,648 | 8,577 | |||
5,040 | 5,846 | 1,822 | |||
930 | 1,129 | 166 | |||
$ | 4,110 | $ | 4,717 | $ | 1,656 |
18.5% | 19.3% | 9.1% | |||
$ | 0.39 | $ | 0.45 | $ | 0.16 |
10,432,245 | 10,426,346 | 10,415,689 | |||
$ | 9.16 | $ | 8.62 | $ | 9.15 |
Savings | 6% | |
15% | Noninterest- | |
Money | bearing | |
43% | ||
market | ||
16%
Interest-bearing demand
20%
Gross Loan Portfolio
$636.67 Million at 03/31/2023
Consumer | Commercial and Ag | |
11% | 12% | |
Farmland | Construction/ | |
4% | Land |
Development 5%
Balance Sheet Data | End of Period | |||||
31-Mar-23 | 31-Dec-22 | 31-Mar-22 | ||||
Total Assets | $ | 1,243,534 | $ | 1,306,203 | $ | 1,325,469 |
Gross Loans | $ | 645,639 | $ | 640,716 | $ | 616,609 |
Total Deposits | $ | 1,110,368 | $ | 1,180,362 | $ | 1,196,106 |
Total Stockholders' Equity | $ | 108,915 | $ | 103,162 | $ | 108,486 |
CRE - non- | Residential 1-4 | |
owner | ||
family | ||
occupied | ||
13% | ||
24% | ||
Multifamily | ||
CRE - owner occupied | 6% | |
25% |
The company described in this report is a client of The IR Group, Inc., an Investor Relations firm. This report was prepared using information obtained from management and from publications available to the public. This report does not purport to be a complete statement of all material facts and is not to be construed as a recommendation or solicitation to buy or sell securities of the company described herein. Upon receiving a written request sent through its website at www.theIRgroup.com, The IR Group will provide a package of detailed information on the client company. The IR Group is compensated by the client company for services rendered on a continuing basis and consequently, the amount of such compensation related to the preparation and distribution of this report is not separately determinable.
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Pacific Financial Corporation published this content on 01 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 18:34:02 UTC.
