Pacific Financial Corporation (PFLC) 2018年年度报告「OTC」.pdf

1、2018 SHAREHOLDERS LETTER March 29,2019 Dear Fellow Shareholders:In 2018 we generated another solid year of profitability and continued to build momentum for our Pacific Northwest banking franchise.With a sustained track record of increased earnings performance,a strong core deposit base,a healthy ne

2、t interest margin and an attractive dividend yield,PFLC is positioned as one of the premier community banks in our markets.At the same time,steady loan growth and a strong net interest income contributed to rising profitability,while prudent expense management,process improvement and expanding use o

3、f technologies,are building operating efficiencies.Net income grew to a record$11.3 million,or$1.06 per diluted share,for 2018,compared to$7.0 million,or$0.65 per diluted share,for the full year of 2017.Excluding a one-time deferred tax adjustment,2017 net income was$8.1 million,or$0.76 per diluted

4、share.In addition,income before taxes grew 21%to$13.7 million in 2018 from the prior twelve months.Over the past five years,we have grown assets 22%,loans 25%,deposits 23%and shareholder equity 28%,which has led to profits more than doubling,or an increase of 130%.We generated this growth through th

5、e exceptional work of our employees,management and board of directors,who are all focused on fostering deep customer relationships,long-term growth in revenues and creating value for our shareholders.One of the qualitative factors that sets us apart is our employees and strong commitment to our loca

6、l communities.Its a commitment that goes beyond offering the financial products,services and expertise that have helped scores of small and mid-size businesses grow.With an“employees first”approach,employees work together with colleagues and the community to build relationships for the long haul.In