LONG BEACH - The board of directors of Pacific Financial Corp. announced last week that they have declared a cash dividend to all stockholders of record as of Dec. 31 of $1.35 per share payable on or before Jan. 15.
This is consistent with the company's past practice of paying annual cash dividends to its stockholders and represents a 3 cent per share increase over last year's dividend.
"Although the low interest rate environment pressured our net-interest margins, we enjoyed favorable loan and deposit growth sufficient to improve earnings again this year," said Pacific Financial Corporation President Dennis Long. "As a result, stockholders will enjoy a year over year increase in their dividend for the 18th year in a row."
Board Chairman Joe Malik explained that consistency of performance has been a hallmark of The Bank since its founding. He added that regardless of the economic, political or regulatory climate, The Bank's financial performance has not wavered.
Pacific Financial Corporation is the financial holding company of The Bank of the Pacific. The Bank is a $270 million corporation that operates 10 branches within Grays Harbor, Pacific, and Wahkiakum counties. The company offers a broad range of in-branch, online banking and investment services.