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Pacific Financial Corporation (OTCMKTS:PFLC) Stock In Focus After Earnings Update

The holding company of the Bank of the Pacific, Pacific Financial Corporation (OTCMKTS:PFLC) was in the news cycle last Friday after it announced its unaudited financial results for the first quarter of 2023. The company announced that it generated net income of $4.1 million in the first quarter, which worked out to $039 per diluted share.

Trading Data

On Friday, PFLC stock moved up 3.48% to $10.30 with more than 200 shares, compared to volume of 4.57K shares. The stock moved within a range of $10.30 – 10.40 after opening trade at $10.40.

Pacific Financial Corp Earns $4.1 Million, or $0.39 per Diluted Share, for First Quarter of 2023; Declares Quarterly Cash Dividend of $0.13 per Share

In the prior year period, the company had generated $1.7 million in profits, which worked out to $0.16 per diluted share. Additionally, the board of directors of Pacific Financial Corporation also declared a dividend to the tune of $0.13 a share last week. All shareholders of record as on May 12, 2023 are going to be entitled to the dividend, which would be paid out on May 26, 2023.

The President and Chief Executive Officer of the company Denise Portmann spoke about the financial results too. She noted that the operating results had largely been driven by higher net interest income, steady growth in loans and improved net margins. She went on to add that the liquidity margins had remained intact and there was high levels of interest earning cash on the balance sheet as well.

Published by Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.

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