The Wahkiakum County Eagle - Established as The Skamokawa Eagle in 1891

Pacific Financial Corporation (OTCQB:PFLC), the holding company for Bank of the Pacific reported on January 24 that net income increased 18 percent to $6.6 million, or $0.63 per share, in 2016, compared to $5.6 million, or $0.54 per share, for 2015.

For the fourth quarter of 2016, the report said net income was $1.5 million, or $0.14 per share, down from $2.0 million, or $0.19 per share, for the third quarter of 2016, and up 20 percent compared to $1.2 million, or $0.12 per share, for the fourth quarter of 2015.

Profitability in 2016 was sustained by continued loan growth, stable net interest margin and increased non-interest income, the report said. Fourth quarter and full year results were negatively impacted by charges related to a loss on the sale of other real estate owned (OREO), totaling $328,000, and a write-down taken to reduce the carrying value of a former branch property of $324,000. All results are unaudited.

Pacific Financial is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. On December 31, 2016, the company had total assets of $891 million and operated 15 branches in the communities of Grays Harbor, Pacific, Whatcom, Skagit, Clark and Wahkiakum counties in Washington, and three branches in Clatsop County, Ore. The company also operated loan production offices in the communities of DuPont and Burlington in Washington and Salem, Ore.