Pacific Financial Corporation (PFLC) 2020年年度报告「OTC」.pdf

1、Dear Fellow Shareholders:2020 was a historic year for the Company.Total assets,loans,deposits,mortgage banking activity and digital payments all hit record levels.The Bank exceeded one billion in total assets at$1.2 billion,loans exceeded$700 million and deposits increased 29%to$1.0 billion.Year to

2、date net income for 2020 was$11.4 million,or$1.07 per diluted share,resulting in a return on average assets of 1.07%and return on average equity of 10.33%.Impacting earnings for the first half of 2020 was the increased loan loss provision related to the COVID-19 pandemic,which was partially offset b

3、y robust revenue growth generated from gain on sale of loans.Fueled by record mortgage banking activity and PPP loan fee and interest income,the Company recorded the highest quarterly earnings in company history during the 3rd and 4th quarters of 2020.Despite a challenging environment in a global pa

4、ndemic,we continued to deliver profitable results and made significant progress in the execution of our strategic goals.Those strategic goals include growing revenue and increasing market share;expanding commercial deposit capabilities in metro markets;decreasing cost of delivery;and improving the c

5、ustomer experience.Turbulent times favor companies that prepare well and take steps despite uncertainty.As such,during 2020,we shifted our goals with a post COVID-19 emphasis on the following:1.Work with clients to mitigate loan losses In March 2020,the Company began providing 90 day payment relief

6、tocustomers adversely impacted by operating restrictions from COVID-19.We granted$106 million in loan paymentdeferrals to customers,the majority of which had resumed regular payments by year-end.Further,the Company activelyparticipated in the SBA Paycheck Protection Program,funding 748 loans totalin