Pacific Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest and dividend income of $8,143,000 against $7,336,000 a year ago. Net interest income was $7,540,000 against $6,800,000 a year ago. Income before provision for income taxes was $1,925,000 against $1,594,000 a year ago. Net income was $1,365,000 or $0.13 per basic and diluted share against $1,121,000 or $0.11 per basic and diluted share a year ago. Return on average equity 6.92% against 0.59% a year ago. Return on average assets was 0.66% against 5.98% a year ago. Tangible book value per common share was $6.03 against $5.68 a year ago. Book value per share was $7.33 against $6.99 a year ago. Return on average assets, annualized was 0.66% against 0.59% a year ago. Return on average equity, annualized was 6.92% against 8.30% a year ago.

For the full year, the company reported total interest and dividend income of $31,340,000 against $29,158,000 a year ago. Net interest income was $29,139,000 against $27,033,000 a year ago. Income before provision for income taxes was $7,697,000 against $6,657,000 a year ago. Net income was $5,644,000 or $0.54 per basic and diluted share against $4,927,000 or $0.48 per basic and diluted share a year ago. Return on average equity 7.44% against 6.92% a year ago. Return on average assets was 0.72% against 0.68% a year ago. Return on average assets, annualized was 0.72% against 0.68% a year ago. Return on average equity, annualized was 7.44% against 6.92% a year ago.

For the quarter, the company reported net (charge-offs) of $639,000 against $2,000 a year ago.