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Pacific Financial (OTCQX: PFLC) announced the retirement of Randy Rust from its Board of Directors, effective May 14, 2024. Randy joined the Board in 2003 and has since served in various roles including Chairman of the Information Technology and Building Committees, and member of the Audit and Director Loan Committees. Denise Portmann, President and CEO, lauded Randy's 21 years of dedicated service, leadership, and fiscal responsibility. Prior to his tenure at PFLC, Randy was co-owner of Westport Shipyard until 2000. He holds a Bachelor's degree in History and Political Science from Western Washington University and is a graduate of the Oregon Bankers Association Directors College.
Pacific Financial (PFLC) reported net income of $2.7 million, or $0.26 per diluted share for Q1 2024, a decrease from the previous quarter but an improvement from the same quarter last year. The company declared a dividend of $0.14 per share. Despite a decline in net interest income, the net interest margin expanded, driven by higher loan yields. Loan growth outpaced deposit growth, with core deposits representing 88% of total deposits. Asset quality remained strong, and regulatory capital ratios exceeded requirements.