Pacific Financial Corp Sample Contracts

Pacific Financial Corp – SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (May 4th, 2015)

THIS SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement"), between The Bank of the Pacific, a Washington business corporation ("The Bank"), and Denise Portmann ("Executive"), initially entered into effective July 1, 2005, was amended and restated December 29, 2008, and further amended January 11, 2013, is now being further amended and restated as set forth herein effective May 1, 2015.

Pacific Financial Corp – Pacific Financial Corporation Earnings Increase 7% to $1.1 Million for 1Q15 from 1Q14 (April 28th, 2015)

ABERDEEN, Wash., April 28, 2015 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific today reported profits of $1.1 million for the first quarter of 2015, up 7% compared to $1.0 million for the first quarter a year ago. Profitability was propelled by strong loan growth, ongoing enhancements in credit quality, lower funding costs and an improved net interest margin. All results are unaudited.

Pacific Financial Corp – Pacific Financial Corporation Earnings Increase 32% for Full Year 2014; Earns $4.9 Million in 2014 and $1.1 Million in Fourth Quarter of 2014 Strong Loan Growth, Solid Net Interest Margin and Expense Control Contribute to Profits (February 2nd, 2015)

ABERDEEN, WA – February 2, 2015 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today reported that 2014 net income increased 32% to $4.9 million, or $0.48 per share, from $3.7 million, or $0.37 per share, in 2013. Fourth quarter 2014 net income increased 42% to $1.1 million, or $0.11 per share, from $789,000, or $0.08 per share for the fourth quarter a year ago. All results for 2014 are unaudited.

Pacific Financial Corp – Contacts: Gary C. Forcum, Chairman of the Board Pacific Financial Corporation 360.537.4061 News Release (January 26th, 2015)

ABERDEEN, WA – January, 26, 2015 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today announced that Kristi Gundersen has been appointed to its Board of Directors and the Board of Directors of Bank of the Pacific. She will begin serving her initial one-year term on February 18, 2015.

Pacific Financial Corp – Pacific Financial Corporation Profits Increase 51% Year-Over-Year Propelled by Steady Loan Growth, Improving Credit Quality and Solid Net Interest Margin (October 29th, 2014)

ABERDEEN, WA – October 29, 2014 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today reported net profits increased 51% to $1.4 million, or $0.13 per share, for the third quarter of 2014, compared to $909,000, or $0.09 per share, for the third quarter of 2013. Earnings for the third quarter of 2014 were impacted by increased tax expenses, reflecting a reduction in non-taxable income for the period. Second quarter 2014 earnings were $1.4 million, or $0.14 per share. For the nine months of 2014 net profits increased 29% to $3.8 million, or $0.37 per share, from $2.9 million, or $0.29 per share, for the like period in 2013. Fueling profitability in 2014 was robust loan growth, strong net interest margin and solid credit quality. In 2013, earnings were impacted by a credit to the provision for losses of $450,000, offset by a one-time cost of $395,000 relating to the conversion of three branches purchased from Sterling Savings Bank. All results a

Pacific Financial Corp – Pacific Financial Corporation Profits Increase 36% in Second Quarter 2014 and 20% in First Half of 2014 Driven by Accelerating Loan Growth, Solid Credit Quality and Strong Net Interest Margin (July 29th, 2014)

ABERDEEN, WA – July 28, 2014 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific today reported profits increased 36% to $1.4 million, or $0.14 per share, for the second quarter of 2014, compared to $1.0 million, or $0.10 per share for the first quarter of 2014, and grew 5% from $1.3 million, or $0.13 per share for the second quarter a year ago. For the first six months of 2014, profits increased 20% to $2.4 million, or $0.24 per share, from $2.0 million, or $0.20 per share, for the like period in 2013. Fueling profitability in 2014 was robust loan growth, strong net interest margin and solid credit quality. In the year ago periods, earnings were impacted by a credit to the provision for losses of $450,000, and a one-time conversion cost of $395,000 for the branches purchased from Sterling Savings Bank. All results are unaudited.

Pacific Financial Corp – AMENDED AND RESTATED BYLAWS OF PACIFIC FINANCIAL CORPORATION Amended as of April 23, 2014 (April 29th, 2014)
Pacific Financial Corp – AMENDMENTS TO RESTATED ARTICLES OF INCORPORATION OF PACIFIC FINANCIAL CORPORATION (April 29th, 2014)

Articles III and V of the Restated Articles of Incorporation of Pacific Financial Corporation are amended and restated as follows:

Pacific Financial Corp – RESTATED ARTICLES OF INCORPORATION OF PACIFIC FINANCIAL CORPORATION (as amended April 28, 2014) (April 29th, 2014)

The head office and principal place of business of this corporation is located in the City of Aberdeen, County of Grays Harbor, State of Washington.

Pacific Financial Corp – Pacific Financial Corporation Earnings Increase 47% to $1.03 Million for 1Q14 from 1Q13 (April 24th, 2014)

ABERDEEN, WA – April 23, 2014 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific today reported profits of $1.03 million for the first quarter of 2014, up 30% compared to $789,000 for the fourth quarter of 2013, and increased 47% from $701,000 from the first quarter a year ago. Profitability was propelled by strong loan growth, ongoing enhancements in credit quality, lower funding costs and an improved net interest margin. All results are unaudited.

Pacific Financial Corp – Forms of Nonqualified Stock Option, Incentive Stock Option and Restricted Unit Award Statements under 2011 Equity Incentive Plan PACIFIC FINANCIAL CORPORATION 2011 EQUITY INCENTIVE PLAN NONQUALIFIED STOCK OPTION AWARD STATEMENT (March 21st, 2014)
Pacific Financial Corp – EMPLOYMENT AGREEMENT (February 14th, 2014)

THIS EMPLOYMENT AGREEMENT (the "Agreement"), between The Bank of the Pacific, a Washington business corporation ("The Bank"), and Douglas N. Biddle ("Executive"), is entered into effective February 10, 2014.

Pacific Financial Corp – Contacts: Dennis Long, President & CEO Pacific Financial Corporation Denise Portmann, CFO, President & CEO, Bank of the Pacific 360.537.4061 News Release (January 31st, 2014)

ABERDEEN, WA – January 31, 2014 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today reported strong loan and deposit growth with significant improvement in asset quality in 2013, contributing to earnings. Fourth quarter net income totaled $789,000, or $0.08 per diluted share, compared to $909,000, or $0.09 per diluted share for the preceding quarter, and $1.7 million, or $0.16 per diluted share, for the fourth quarter a year ago. For the full year 2013, net income was $3.7 million, or $0.37 per diluted share, compared to $4.8 million, or $0.47 per diluted share in 2012.

Pacific Financial Corp – News Release (December 20th, 2013)

ABERDEEN, WA – December 20, 2013 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today announced that Denise Portmann has been named President and Chief Executive Officer of Bank of the Pacific. She will assume the role of President and CEO on January 1, 2014, succeeding Dennis Long, who will remain President and Chief Executive Officer of Pacific Financial Corporation.

Pacific Financial Corp – Contacts: Dennis Long, President & CEO Denise Portmann, EVP & CFO 360.537.4061 News Release (November 1st, 2013)

ABERDEEN, WA – October 30, 2013 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today reported third quarter 2013 net income of $909,000, or $0.09 per diluted share, compared to $1.3 million, or $0.13 per diluted share in the preceding quarter, and $1.0 million, or $0.10 per diluted share, in the third quarter a year ago. The company saw solid core deposit and diverse loan growth, continued favorable credit quality, and a healthy net interest margin, which contributed to profitability in the third quarter and year-to-date. For the first nine months of 2013, net income was $2.9 million, or $0.29 per diluted share, compared to $3.1 million, or $0.31 per diluted share for the like period in 2012.

Pacific Financial Corp – Contacts: Dennis Long, President & CEO Denise Portmann, EVP & CFO 360.537.4061 News Release (August 1st, 2013)

ABERDEEN, WA – July 31, 2013 – Pacific Financial Corporation (OTCQB: PFLC), the holding company for Bank of the Pacific, today reported second quarter 2013 net profits increased 90% to $1.3 million, or $0.13 per diluted share, from $701,000, or $0.07 per diluted share in the first quarter this year, and grew 24% from $1.1 million, or $0.11 per diluted share in the second quarter a year ago. Steady deposit and loan growth, a stable net interest margin, with improving credit quality, contributed to solid profitability in the second quarter and the first six months of 2013. Year-to-date, net income was $2.0 million, or $0.20 per diluted share, compared to $2.1 million, or $0.21 per diluted share for the first six months of 2012.

Pacific Financial Corp – PACIFIC FINANCIAL CORPORATION AMENDED AND RESTATED 2011 EQUITY INCENTIVE PLAN (May 15th, 2013)

THIS AMENDED AND RESTATED 2011 EQUITY INCENTIVE PLAN is made this 24th day of April, 2013, by Pacific Financial Corporation (the Company).

Pacific Financial Corp – FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (January 17th, 2013)

THIS FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Amendment") is effective January 11, 2013, by and between The Bank of the Pacific, a Washington corporation ("The Bank"), and Bruce D. MacNaughton (the "Executive").

Pacific Financial Corp – FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (January 17th, 2013)

THIS FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Amendment") is effective January 11, 2013, by and between The Bank of the Pacific, a Washington corporation ("The Bank"), and Denise Portmann (the "Executive").

Pacific Financial Corp – FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (January 17th, 2013)

THIS FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Amendment") is effective January 11, 2013, by and between The Bank of the Pacific, a Washington corporation ("The Bank"), and Dennis A. Long (the "Executive").

Pacific Financial Corp – PACIFIC FINANCIAL CORPORATION 2011 EQUITY INCENTIVE PLAN (August 15th, 2011)
Pacific Financial Corp – Pacific Financial Corporation Annual Incentive Compensation Plan December 2010 (March 15th, 2011)

Pacific Financial Corporation and Bank of the Pacific (the “Company”) are willing to provide annual cash incentive award opportunities for eligible employees, through the use of a Performance-Based Annual Incentive Compensation Plan (the “Plan”). The annual incentive awards will provide a payment based upon attainment of specified goals and objectives. The objective is to align the interests of these employees with the interests of the Company in obtaining superior financial results.

Pacific Financial Corp – Contract (March 22nd, 2010)

THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, ANY STATE SECURITIES LAWS, OR THE LAWS OF ANY FOREIGN JURISDICTION. NEITHER THIS WARRANT NOR THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE SOLD, OFFERED FOR SALE, OR PLEDGED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR OTHER ACTIONS AS TO THE APPLICABLE SECURITIES UNDER SUCH ACT, STATE LAWS, OR LAWS OF FOREIGN JURISDICTIONS OR AN OPINION OF COUNSEL FOR THE HOLDER REASONABLY SATISFACTORY TO THE ISSUER STATING THAT SUCH REGISTRATION OR OTHER ACTION IS NOT REQUIRED.

Pacific Financial Corp – POWER OF ATTORNEY (October 2nd, 2009)

Each person whose signature appears below constitutes and appoints Dennis A. Long and Denise Portmann, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution, in any and all capacities, to sign this Registration Statement to be filed by Pacific Financial Corporation, relating to 695,000 shares of its common stock, $1.00 par value, to be sold from time to time by Ithan Creek Master Investors (Cayman) L.P., as well as any and all amendments (including post-effective amendments) to such Registration Statement and to file the same, with exhibits, with the Securities and Exchange Commission. In addition, each of the undersigned grants unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents

Pacific Financial Corp – Contract (August 28th, 2009)

THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, ANY STATE SECURITIES LAWS, OR THE LAWS OF ANY FOREIGN JURISDICTION. NEITHER THIS WARRANT NOR THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE SOLD, OFFERED FOR SALE, OR PLEDGED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR OTHER ACTIONS AS TO THE APPLICABLE SECURITIES UNDER SUCH ACT, STATE LAWS, OR LAWS OF FOREIGN JURISDICTIONS OR AN OPINION OF COUNSEL FOR THE HOLDER REASONABLY SATISFACTORY TO THE ISSUER STATING THAT SUCH REGISTRATION OR OTHER ACTION IS NOT REQUIRED.

Pacific Financial Corp – REGISTRATION RIGHTS AGREEMENT (August 28th, 2009)

This Registration Rights Agreement (this “Agreement”) is made and entered into as of August 25, 2009, by and among Pacific Financial Corporation, a Washington corporation (the “Company”), and the several purchasers signatory hereto (each a “Purchaser” and collectively, the “Purchasers”).

Pacific Financial Corp – SECURITIES PURCHASE AGREEMENT (August 28th, 2009)

This Securities Purchase Agreement (this “Agreement”) is dated as of August 25, 2009, by and among Pacific Financial Corporation, a Washington corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

Pacific Financial Corp – AMENDED AND RESTATED EMPLOYMENT AGREEMENT (March 20th, 2009)
Pacific Financial Corp – AMENDED AND RESTATED EMPLOYMENT AGREEMENT (March 20th, 2009)

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”), between The Bank of the Pacific, a Washington business corporation ("The Bank”), and John Van Dijk, (“Executive”), initially entered into effective July 1, 2005, is being amended and restated as set forth herein effective December 29, 2008.

Pacific Financial Corp – AMENDED AND RESTATED EMPLOYMENT AGREEMENT (March 20th, 2009)
Pacific Financial Corp – AMENDED AND RESTATED EMPLOYMENT AGREEMENT (March 20th, 2009)
Pacific Financial Corp – 2008 SOX OFFICER INCENTIVE PLAN (August 14th, 2008)
Pacific Financial Corp – PACIFIC FINANCIAL CORPORATION SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN PLAN DOCUMENT Effective January 1, 2007 (March 14th, 2008)

The purpose of this Supplemental Executive Retirement Plan (the “Plan”) is to provide specified benefits to a select group of management and highly compensated employees who have contributed materially to the continued growth, development and future business success of Pacific Financial Corporation and its subsidiaries, including but not limited to Bank of the Pacific (hereinafter “Bank”). The benefits specified herein shall be deemed to have been earned over the entire service period of the Participants, subject to the payment limitations specified herein. This Plan shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time. The Plan shall be effective as of January 1, 2007.

Pacific Financial Corp – 2007 SENIOR OFFICER INCENTIVE PLAN - A (March 14th, 2008)

1Comprehensive Income (Loss) & Goodwill is adjusted out of Beginning Equity. Trust Preferred Securities are treated as Equity.

Pacific Financial Corp – PACIFIC FINANCIAL CORPORATION Individual Participation Agreement (March 14th, 2008)

THIS INDIVIDUAL PARTICIPATION AGREEMENT (hereinafter “Participation Agreement”) is entered into as of 3/13 , 2008, by and between Pacific Financial Corporation, a Washington Corporation (hereinafter the “Company”) and the Participant designated above.