Pacific Financial earnings increase

Pacific Financial Corporation, the holding company for Bank of the Pacific reported April 20, net income increased 9 percent to $1.6 million, or $0.15 per share, for the first quarter of 2017, compared to $1.5 million, or $0.14 per share for the fourth quarter of 2016, and grew 16 percent from $1.4 million, or $0.13 per share, for the first quarter of 2016. Driving profitability in 2017 was steady loan growth, an expanded net interest margin and improving operating efficiencies. All results are unaudited.