Pacific Financial Corp., the holding company for Bank of the Pacific, has raised the annual cash dividend by 5 percent, in action by its board of directors.

“This dividend (of 23 cents per share) acknowledges the positive impact our employees have had in the continued enhancement of our growing franchise,” said Denise Portmann, president and CEO. 

“We are pleased (to demonstrate) the financial success we have accomplished in 2016,” Portman added. “The increase in our cash dividend from the previous year also demonstrates our appreciation for the loyalty of our shareholders.” 

At September 30, 2016, Pacific Financial Corp. had total assets of $897 million. It operates loan production offices in the communities of Dupont and Burlington in Washington and Salem, Oregon, in addition to 15 branches in the communities of Grays Harbor, Pacific, Whatcom, Skagit, Clark and Wahkiakum counties, plus three branches in Clatsop County, Oregon.