Pacific Financial Corporation (PFLC) 2019年年度报告「OTC」.pdf

1、CMYCMMYCYCMYKai158137964071_BOP 2019 Annual Report-Final.pdf 1 2/10/2020 4:07:26 PM2019 SHAREHOLDERS LETTER March 27,2020 Dear Fellow Shareholders:2019 marked Pacific Financial Corporations most profitable year in its history,earning$13.8 million for the year ended December 31,2019,supported by an a

2、bove industry average net interest margin of 4.58%for the year,and a 39%growth in noninterest income,which was boosted by increased mortgage lending activity.We also ended the year with total assets of$929.4 million,a solid diversified loan portfolio of$685.3 million and an excellent core deposit ba

3、se of$798.6 million,with 31%in non-interest bearing deposits.We are proud of the value Pacific Financial has created for its shareholders in 2019.As we head into 2020,we will continue to drive shareholder value by remaining focused on our key strategies of growing our loan portfolio and deposit base

4、,running a cost-efficient franchise,and enhancing our customers overall banking experience.In addition to delivering stellar financial results,2019 has been an exciting year for PFLC as we continue the momentum of enhancing our visibility in the vibrant Pacific Northwest.In October 2019,we expanded

5、our franchise with the opening of a new commercial banking center in Eugene,Oregon.We have a team of experienced lenders in place who are highly focused on commercial banking along the I-5 corridor in the greater Willamette Valley market.With our depth of talent and broad industry knowledge,rich emp

6、loyee culture and outstanding financial performance,our company is emerging as one of the premier community banks in the Northwest.During 2019,we also launched the person-to-person payment platform Zelle,which allows our customers to send or receive money in a fast,easy and safe manner from people t