Pacific Financial Corporation (PFLC) 2013年年度报告「OTC」.pdf

1、To Our ShareholdersMarch 21,2014My Fellow Shareholders:In 2013 we continued to build on our momentum by remaining disciplined with our business strategy and investing for our future by growing our capabilities and our capacity.At year-end we delivered our sixteenth consecutive quarter of solid earni

2、ngs,generating net income of$3.7 million for the year,or$0.37 per share.We again rewarded our shareholders with a 20-cent cash dividend in December,equating to a yield of more than 2.98%at current market levels.Our solid financial results were driven by positive year-over-year loan growth,steady dep

3、osit inflows,substantial improvements in credit quality and a strong capital position.We achieved several milestones in 2013,and positioned the company to continue building our franchise and profitability.Highlights include:At the beginning of 2013,our growth objectives were enhanced through the acq

4、uisition of three branches from Sterling Savings Bank in Aberdeen,Washington,Astoria,Oregon and Seaside,Oregon.As part of the transaction,we acquired 2,800 new accounts,$37 million in deposits,and$4 million in performing loans.This transaction was completed in the second quarter of 2013,when we cons

5、olidated 2 of the 3 branches to maximize efficiencies.These acquisitions have assimilated nicely into our franchise and are now fully integrated into our operations.During the first quarter of 2013,we also opened a new loan production office in Vancouver,WA,and in the third quarter opened another lo

6、an production office in DuPont,WA,adding to the LPO we opened in Burlington,WA in 2012.At the same time,we began construction to open a full-service branch in Warrenton,Oregon,which was completed at the end of 2013-further expanding our presence in the coastal communities of Washington and Oregon.De