Pacific Financial Corporation announced today that its Board of Directors has declared a cash dividend of $.20 a share to all shareholders of record as of December 14, 2012, payable on or before December 28, 2012.
Pacific Financial Corporation President & CEO, Dennis Long, stated, "The Bank has experienced strong earnings in 2012, after weathering the downturn in the financial industry. Earnings through the nine months ending September 30, 2012 were $3,106,000, an increase of $867,000 over the same period of the prior year. We continue to be encouraged by the improvement in asset quality, net interest margin, and non-interest income, the last of which has been generated from the residential real estate market. As a result, we are able to provide our shareholders with a cash dividend that equates to a yield of 4.3% based on the closing share price on November 28, 2012."
Gary Forcum, Board Chairman, explained, "Our credit quality has improved over the prior years and, as a result, we are pleased to report a cash dividend for the first time since 2008."
Pacific Financial Corporation is the holding company of Bank of the Pacific. The Bank is a $644 million dollar institution that operates 17 branches within Grays Harbor, Pacific, Skagit, Wahkiakum, Whatcom, and one branch in Gearhart, Oregon. The Bank offers a broad range of loan and deposit services.