Pacific Financial Corp Earns Record $4.7 Million, or $0.45 per Diluted Share, for Fourth Quarter of 2022; Declares Quarterly Cash Dividend of $0.13 per Share

ABERDEEN, Wash., Jan. 27, 2023 (GLOBE NEWSWIRE) — Pacific Financial Corporation (OTCQX: PFLC), (“Pacific Financial”) or the (“Company”), the holding company for Bank of the Pacific (the “Bank”), reported net income of $4.7 million, or $0.45 per diluted share for the fourth quarter, a 62% increase compared to $2.9 million, or $0.28 per diluted share for the third quarter of 2022, and a 122% increase compared to $2.1 million, or $0.20 per diluted share for the fourth quarter of 2021. Third and fourth quarter results include zero provision for loan losses while fourth quarter of 2021 included the recapture of provision for loan losses of $150,000. For the year ended December 31, 2022, net income decreased 14% to $10.9 million, or $1.04 per diluted share, compared to $12.7 million, or $1.22 per diluted share, for the year ended December 31, 2021. Annual 2022 results included zero provision for loan losses while annual 2021 results included a recapture of $3.7 million to the provision for loan losses. All results are unaudited.

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