Pacific Financial Corporation (PFLC) 2021年年度报告「OTC」.pdf

1、Dear Fellow Shareholders:Five decades ago a small group of local businessmen in Long Beach,Washington came together to create a bank with an emphasis on serving the community through local decision making and exceptional customer service.This year marks the 50th anniversary of our Company.Our custom

2、ers and shareholders know that our mission and values are paramount to our success and have been drivers of our performance.Over the years we have consistently delivered to our customers,our employees,the communities we serve and our shareholders have been rewarded.We have done so through a rich emp

3、loyee culture that is focused on teamwork,collaboration,open communication,recognizing effort and providing a positive environment and enjoyable place to work.As the Bank continues to grow we know we must maintain a balance between expanding technologies and continuing to nurture the deep-rooted per

4、sonal connections for which we are known.This balanced approach will allow the Bank to expand its market share and increase profitability without sacrificing its heritage or mission to be the best bank for its employees,customers and communities.From a financial perspective,we had a good year and we

5、 are pleased with our performance especially during a pandemic in a historic low interest rate environment.Annual net income for 2021 was the second highest in the companys history at$12.7 million,or$1.22 per diluted share,resulting in a return on average assets of 1.00%and return on average equity

6、of 10.85%.These strong returns enabled us to return$5.4 million in capital to our shareholders in 2021 through a quarterly cash dividend.This represented a dividend yield of 4.37%for 2021 for our shareholders.Our participation in the Paycheck Protection Program(PPP)continued to enhance our financial