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Company Description

Contact Info

1101 South Boone Street

Aberdeen, WA 98520

United States

Phone: 360-533-8870


Pacific Financial Corporation operates as the bank holding company for Bank of the Pacific that provides banking products and services to the small to medium-sized businesses and professionals in the coastal region of western Washington. The company operates 17 branches located in communities in Grays Harbor, Pacific, Clark, Whatcom, Skagit and Wahkiakum counties in the state of Washington; and 3 in Clatsop County, Oregon. In addition, the company operates loan production offices in Burlington and DuPont, Washington, and opened in January 2015, Salem, Oregon. The company also has a residential real estate mortgage department. Products and services offered by the company include personal and business deposit products and services, and various loan and credit products. Deposit Products and Services The company’s primary sources of deposits are individuals and businesses in its local markets. The company offers a traditional array of deposit products, including non-interest bearing checking accounts, interest-bearing checking and savings accounts, money market accounts, and certificates of deposits. Services, which accompany the deposit products include sweep accounts, wire services, safety deposit boxes, online banking, mobile banking, and cash management and other treasury management services. The company provides 24-hour online and mobile banking to its customers with access to account balances and transaction histories, plus an electronic check register to make account management and reconciliation easier. The online banking system is compatible with budgeting software, such as Intuit's Quicken or Microsoft's Money. In addition, the online and mobile banking systems include the ability to transfer funds, make loan payments, reorder checks, and request statement reprints; provide loan calculators; and allows for email exchanges with representatives of the company. In addition to providing accounts and services to local customers, the company utilizes brokered deposits from time to time, which are deposits that are acquired from outside the region. The company also participates in the Certificate of Deposit Account Registry Service, which uses a deposit-matching program to distribute deposit balances in excess of insurance or other limits across participating banks. Lending Activities Lending products offered by the company include real estate loans, commercial loans, agriculture loans, consumer loans, and residential mortgage loans. The majority of the company’s loan portfolio includes real estate loans, which include commercial real estate, residential construction, land development, and other land loans. Commercial Lending: The company’s commercial and agricultural loans consist primarily of secured revolving operating lines of credit, equipment financing, accounts receivable and inventory financing and business term loans, some of which might be partially guaranteed by the Small Business Administration or the U.S. Department of Agriculture. Commercial Real Estate: The company originates owner occupied and non-owner occupied commercial real estate and multifamily loans within its primary market areas. Construction Loans: The company originates single-family residential construction loans for custom homes where the home buyer is the borrower. It has also provided financing to builders for the construction of pre-sold homes, and in selected cases, to builders for the construction of speculative residential property. Single-Family Residential Real Estate Lending: The majority of the company’s one-to-four family residential loans are secured by single-family residences located in its primary market areas. These loans include primary residences, second homes, rental homes and home equity loans and home equity lines of credit. Origination and Sales of Residential Mortgage Loans: The company also originates mortgage loans for sale into the secondary market. Commitments to sell mortgage loans are generally made during the period between the loan application and the closing of the mortgage loan. Consumer: Consumer loans and other loans include new and used auto loans, boat loans, and personal lines of credit. Investment Portfolio As of December 31, 2014, the company’s investment portfolio included collateralized mortgage obligations: agency issued; collateralized mortgage obligations: non agency; mortgage-backed securities: agency issued; U.S. government agency securities; and state and municipal securities. Supervision and Regulation As a bank holding company, the company is subject to the Bank Holding Company Act of 1956, as amended, which places the company under the primary supervision of the Board of Governors of the Federal Reserve System. In addition, under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Federal Deposit Insurance Corporation (FDIC) has back-up enforcement authority over a depository institution holding company, such as the company, if the conduct or threatened conduct of a holding company poses a risk to the Deposit Insurance Fund, subject to certain limitations. The bank, as a FDIC insured state-chartered bank, is subject to regulation and examination by the FDIC and the Washington Department of Financial Institutions, Division of Banks. The bank's deposits are insured by the FDIC up to applicable legal limits under the Deposit Insurance Fund. The bank is a member of the Federal Home Loan Bank. The bank received a Community Reinvestment Act rating of ‘satisfactory’ during its examination. History Pacific Financial Corporation was founded in 1978. The company was incorporated in the state of Washington in 1997.


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Price/Earnings 12.6x
Price/Sales 1.9x
Price/Book 0.9x
Price/Cash Flow 12.4x
TEV/Sales 0.5x

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