Pacific Financial Corporation reports banking developments as the holding company for Bank of the Pacific, with recurring updates centered on quarterly earnings, dividends, and balance-sheet trends. The company’s news commonly discusses net interest income, non-interest income and expenses, credit-loss provisions or recaptures, loan growth, investment securities, and capital levels.
Company updates also describe the bank’s relationship-banking model, commercial lending activity, asset-quality measures, and loan concentrations in Western Washington and Oregon markets. Capital actions such as cash dividends and stock repurchase authorizations are recurring subjects, alongside selected operational updates for Bank of the Pacific’s customer-facing banking services.
Banner (NASDAQ: BANR) agreed to acquire Pacific Financial (OTCQX: PFLC) in an all-stock merger announced April 30, 2026. The exchange ratio is 0.2633 Banner shares per Pacific Financial share, implying $17.44 per PFLC share and ~$177 million aggregate value based on Banner's April 29 close.
Post-close the combined company is expected to have ~$18 billion in assets; Pacific Financial shareholders would own ~7% of the combined company and Banner shareholders ~93%. Closing is expected in Q3 2026, subject to approvals.
Pacific Financial (OTCQX: PFLC) reported Q1 2026 net income of $3.05 million, or $0.30 diluted, and declared a $0.15 quarterly cash dividend payable May 22, 2026 to shareholders of record May 8, 2026. Tangible book value per share rose to $11.34, a 10% increase year‑over‑year. Total assets were $1.29 billion, portfolio loans were $771.1 million, and deposits reached $1.14 billion. Net interest income decreased QoQ and net interest margin compressed to 4.04% amid lower loan and cash yields following Fed rate reductions.
Pacific Financial (OTCQX: PFLC) reported Q4 2025 net income of $3.1 million ($0.31 diluted), and full-year 2025 net income up 22% to $11.6 million ($1.16 diluted). The Board declared a quarterly cash dividend of $0.15 per share payable Feb 28, 2026.
Key metrics: gross loans $775.9M (+10% YoY), deposits $1.12B (+11% YoY), tangible book value per share $11.27 (+13% YoY), ROAE ~9.77% for 2025, and capital ratios above well-capitalized thresholds (leverage ~10.8%).
Pacific Financial (OTCQX: PFLC) reported Q3 2025 net income of $3.5 million or $0.35 per diluted share, an increase of ~30% from Q2 2025 and up from $2.6 million a year earlier. The quarter reflected higher net interest income and a small $49,000 recapture for credit losses, while noninterest expenses eased as health insurance claims normalized.
Key metrics: ROAE 11.5%, ROAA 1.12%, NIM 4.25%, gross loans $772.2M (+10% YoY), total deposits $1.11B (+10% YoY), tangible book value per share $10.97, and a quarterly cash dividend of $0.14 payable Nov 28, 2025.
Bank of the Pacific (PFLC) will launch a redesigned corporate website on Oct 7, 2025 to improve online banking and mobile access for customers. The site features a modern design, improved navigation, and new tools for account management, current rates, and financial resources.
The update emphasizes user experience and mobile optimization and is presented as part of ongoing technology investments to make banking more accessible. As of July 25, 2025, the company reported total assets of $1.2 billion and operated 18 branches in Washington plus 2 branches in Clatsop County, Oregon.
Pacific Financial Corporation (OTCQX: PFLC) reported strong Q2 2025 results with net income of $2.7 million, or $0.27 per diluted share, up from $2.4 million in Q1 2025 and $2.1 million in Q2 2024. The company declared a quarterly cash dividend of $0.14 per share.
Key highlights include a 6% loan growth to $746.5 million, improved net interest margin of 4.23%, and strong asset quality with non-performing assets at just 0.04% of total assets. The company maintains a robust deposit base with 40% non-interest-bearing deposits and 88% core deposits. Return on average assets (ROAA) improved to 0.89%, while return on average equity (ROAE) reached 9.14%.
The bank's capital position remains strong with an estimated leverage ratio of 10.9% and total risk-based capital ratio of 16.9%. Tangible book value per share increased to $10.53, up from $9.82 year-over-year.
Pacific Financial (PFLC) reported Q1 2025 net income of $2.4 million, or $0.24 per diluted share, up from $2.2 million in Q4 2024 but down from $2.7 million in Q1 2024. The Board approved a 5% stock buyback plan worth $5.3 million and declared a quarterly dividend of $0.14 per share.
Key highlights include:
- Net interest margin increased to 4.12% from 3.99% in Q4 2024
- Total deposits grew 6% to $1.07 billion
- Core deposits increased by $61.2 million (7%)
- Non-interest bearing deposits represent 36% of total deposits
- Gross portfolio loans reached $707.0 million
Asset quality remained strong with non-performing assets at 0.10% of total assets. The company maintains strong capital ratios with a leverage ratio of 10.9% and total risk-based capital ratio of 17.4%.
Pacific Financial (PFLC) reported Q4 2024 net income of $2.2 million ($0.21 per diluted share), compared to $2.6 million ($0.25) in Q3 2024 and $2.9 million ($0.28) in Q4 2023. Full-year 2024 earnings were $9.5 million ($0.92 per share), down from $14.6 million ($1.40) in 2023.
The company finalized the closure of its mortgage banking division, incurring $773,000 in termination costs during Q4. Gross loans increased slightly to $704.9 million, up 3% year-over-year. Total deposits remained stable at $1.01 billion, with core deposits representing 87% of total deposits.
Key metrics for Q4 2024 include: ROA of 0.74%, ROE of 7.27%, and net interest margin of 3.99%. Asset quality remained strong with nonperforming assets at 0.09% of total assets. The board declared a quarterly cash dividend of $0.14 per share, payable February 28, 2025.
Pacific Financial Corp (OTCQX: PFLC) reported net income of $2.6 million, or $0.25 per diluted share for Q3 2024, up from $2.1 million in Q2 2024 but down from $3.6 million in Q3 2023. The quarter saw higher net interest income, with loan and investment yields outpacing deposit costs. Total deposits increased 2.6% to $1.0 billion, while tangible book value per share rose 6.6% to $10.47. The board declared a quarterly dividend of $0.14 per share and authorized an additional $2.6 million for share repurchases. The company plans to close its mortgage banking division by end of 2024 to improve operational efficiency.
Synergy by Association has elected Terri McKinnis to its board of directors. McKinnis, currently serving as executive vice president and chief operating officer of Bank of the Pacific, brings over 40 years of banking experience to the role. She is a 2017 honors graduate of Pacific Coast Banking School with an executive certificate from the University of Washington Foster School of Business. Bank of the Pacific, with total assets of $1.1 billion, operates 18 branches across Washington State and 2 branches in Oregon, along with loan production offices in Burlington, WA and Salem, OR.