Exhibit 99.1
NEWS RELEASE
FOR MORE INFORMATION CONTACT: | Hal Brown | Mick Reynolds | ||
| CEO | Executive Vice President/CFO | |||
| 541 686-8685 | 541 686-8685 | |||
| http://www.therightbank.com | ||||
| Email: banking@therightbank.com | ||||
FOR IMMEDIATE RELEASE
Pacific Continental Corporation Reports Third Quarter 2011 Results
Earnings Growth Continues; Improvements in Core Fundamentals Drives Profitability.
EUGENE, Ore., October 17, 2011 –Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today reported financial results for the third quarter ended September 30, 2011.
Recent highlights:
| • | Net income for the third quarter up 125% over third quarter last year. |
| • | Provision for loan losses reduced for the ninth consecutive quarter. |
| • | Significant reductions in nonperforming and classified assets. |
| • | Achieved 6.1% year-to-date growth in the commercial loan portfolio. |
| • | Announced increase in third quarter 2011 cash dividend to shareholders. |
| • | Total risk-based capital ratio of 18.89%, significantly above the 10.0% minimum for “well-capitalized” designation. |
Net income for the third quarter 2011 was $2.6 million, up 125% over net income of $1.2 million for the third quarter 2010; and on a linked-quarter basis, net income was up $431 thousand from the second quarter 2011. Earnings per diluted share were $0.14 for the third quarter 2011, compared to $0.06 and $0.12 for the third quarter 2010 and second quarter 2011, respectively.
“We are pleased with the improving fundamentals and the resultant increase in our earnings,” said Hal Brown, chief executive officer. “I am particularly pleased with the growth in our commercial loan portfolio and our improving loan and deposit pipelines, which suggest continued improvement in future quarters,” added Brown.
Classified assets, provisioning and loan statistics
Classified assets continued a five-quarter trend of decline, and at September 30, 2011, totaled $81.0 million, a decrease of $45.2 million from a year ago and a decline of $28.8 million from December 31, 2010. Nonperforming assets, a subcategory of classified assets, totaled $44.5 million at September 30, 2011, or 3.56% of total assets, a decrease of $12.0 million for the third quarter. The decrease included the resolution of a number of problem assets during the quarter, including the $5.8 million sale of the largest property in other real estate owned resulting in a small gain on the sale.
“We are pleased with the current trends and continued reduction in the level of classified and problem assets,” said Roger Busse, president and chief operating officer. “While in this uncertain economic environment we may experience some future volatility in the level of our nonperforming assets, we believe we will continue to see reductions in our level of classified assets during the remainder of the year and into 2012,” added Busse.
Loans past-due 30-89 days (excluding nonaccrual loans) were 0.59% of total loans at September 30, 2011, a slight increase from 0.51% at June 30, 2011. This represents the ninth consecutive quarter in which this ratio was near or below one percent, a trend that suggests stabilization in the migration of problem loans.
The Company’s third quarter 2011 provision for loan losses was $1.8 million, down from $3.8 million a year ago and down from $2.0 million in the second quarter 2011. While the provision remains elevated when compared to pre-recession periods, it has been trending down over the past nine quarters. During the third quarter of 2011, the Company recognized net loan charge-offs of $1.8 million, down from the $1.9 million recorded in the second quarter 2011. The allowance for loan losses as a percentage of outstanding loans at September 30, 2011, was 1.85%, compared to 1.93% and 2.01% at December 31, 2010, and September 30, 2010, respectively.
Core deposit growth continues and commercial loan activity strengthens
Outstanding commercial loans have increased $14.9 million or 6.1% during the first nine months of 2011 and are up $15.0 million or 6.2% over outstanding commercial loans at September 30, 2010. This growth continues to validate the Company’s business model and focused strategy on meeting the credit needs of community-based businesses, nonprofit organizations, health care and professional service providers. Outstanding loans at September 30, 2011, were $828.5 million, down $1.8 million from the end of second quarter 2011 and down $54.4 million from one year ago. While period-end net loans declined during the third quarter due to a contraction in the real estate portfolio, the decline was the smallest of any of the last ten quarters. During the month of September 2011, the Company experienced its first monthly increase in more than two years as outstanding loans grew by $2.6 million over the prior month-end. With loan pipelines strengthening, this suggests the potential for net loan growth in future quarters.
Period-end core deposits contracted during the third quarter by $11.3 million from the end of second quarter 2011, primarily due to volatility in a large deposit relationship. Average core deposits, a measure which reduces the daily deposit volatility, showed an increase of $5.7 million over second quarter 2011 and a $40.6 million or 5.0% increase over third quarter 2010.
Capital levels
The Company’s capital ratios continue to be well above the minimum FDIC well-capitalized designated levels. At September 30, 2011, the Company’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and Total risk-based capital ratio were 13.48%, 17.64% and 18.89%% as compared to 13.38%, 15.86% and 17.10% at December 31, 2010. The FDIC’s minimum well-capitalized designation ratios are 5.00%, 6.00% and 10.00%, respectively.
Net interest margin
The net interest margin for the current quarter was 4.56%, down 2 basis points from the 4.58% margin reported for second quarter 2011, and down 14 basis points from the 4.70% margin reported for third quarter 2010. The net interest margin for the current period and all prior periods has been adjusted to a tax-equivalent basis using a 35% tax rate. The linked-quarter decline in the net interest margin was primarily attributable to an increase in the lower yielding securities portfolio, combined with an additional $66 thousand charge to interest expense related to the discount on a brokered time deposit that was called during the quarter.
The sustained growth in average core deposits continued to result in additions to the securities portfolio. The securities portfolio grew by $32.6 million during the third quarter 2011 and represented 27% of total assets versus 18% of total assets one year ago. This increase in the securities portfolio, which has significantly lower yields than loans, is a primary contributor to the decline in the net interest margin.
Noninterest income and expense
Noninterest income in third quarter 2011 was up $542 thousand over the same quarter last year. Most of this increase was attributable to $359 thousand in gains on the sale of securities and $140 thousand of rental income on other real estate owned recorded during third quarter 2011. Merchant bankcard fees continued to experience year-over-year growth as evidenced by the 4% increase in this category. The increase in bankcard fees is reflective of both improving volumes and increased margins. On a linked-quarter basis and excluding gains on the sale of securities in both quarters and the one-time other real estate income, third quarter 2011 noninterest income showed a slight improvement over second quarter 2011.
Noninterest expense in third quarter 2011 was up $736 thousand over third quarter 2010, but down slightly on a linked-quarter basis. The year-over-year increase was primarily attributable to increased personnel expense. Personnel expense increased $620 thousand primarily due to staff additions to line units that will poise the Company for growth in future quarters. Increases in other expense categories were mostly offset by a decline in FDIC assessments as the new assessment methodology was implemented in second quarter 2011.
Conference call and audio webcast:
Management will conduct a live conference call and audio webcast for interested parties relating to the Company’s results for the third quarter 2011 on Tuesday, October 18, 2011, at 11:00 a.m. Pacific Time / 2:00 p.m. Eastern Time. To listen to the conference call, interested parties should call (866) 292-1418. The webcast will be available via Pacific Continental’s website (http://www.therightbank.com/). To listen to the live audio webcast, click on the webcast presentation link on the Company’s home page a few minutes before the presentation is scheduled to begin. An audio webcast replay is typically available within twenty-four hours following the live webcast and will be archived for one year on the Pacific Continental website. Any questions regarding the conference call presentation or webcast should be directed to Maecey Castle, vice president and director of corporate communications, at (541) 686-8685.
About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific Continental Corporation, delivers highly personalized services through fourteen banking offices in Oregon and Washington. The Bank also operates a loan production office in Tacoma, Washington. Pacific Continental, with $1.3 billion in assets, has established one of the most unique and attractive metropolitan branch networks in the Pacific Northwest with offices in three of the region’s largest markets including Seattle, Portland and Eugene. Pacific Continental targets the banking needs of community-based businesses, health care professionals, professional service providers and nonprofit organizations.
Since its founding in 1972, Pacific Continental Bank has been honored with numerous awards and recognitions from highly regarded third-party organizations includingThe Seattle Times, thePortland Business Journal andOregon Business magazine. A complete list of the company’s awards and recognitions – as well as supplementary information about Pacific Continental Bank – can be found online atwww.therightbank.com. Pacific Continental Corporation’s shares are listed on the Nasdaq Global Select Market under the symbol “PCBK” and are a component of the Russell 2000 Index.
Forward-Looking Statement Safe Harbor
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Such forward-looking statements include but are not limited to statements about future levels of classified assets and suggested future loan growth, and are subject to risks and uncertainties that may cause actual results to differ materially from those projected, including but not limited to the following: the high concentration of loans of the company’s banking subsidiary in commercial and residential real estate lending; adverse economic trends in the United States and the markets we serve affecting the Bank’s borrower base; a continued decline in the housing and real estate market; a continued increase in unemployment or sustained high levels of unemployment; continued erosion or sustained low levels of consumer confidence; changes in the regulatory environment and increases in associated costs, particularly ongoing compliance expenses and resource allocation needs; vendor quality and efficiency; the company’s ability to control risks associated with rapidly changing technology both from an internal perspective as well as for external providers; increased competition among financial institutions; fluctuating interest rate environments; a tightening of available credit and other risks and uncertainties discussed in the sections titled “Risk Factors”, “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, as applicable, from Pacific Continental’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Pacific Continental Corporation undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.
PACIFIC CONTINENTAL CORPORATION
Consolidated Income Statements
(In thousands, except share and per share amounts)
(Unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, 2011 | September 30, 2010 | September 30, 2011 | September 30, 2010 | |||||||||||||
Interest and dividend income | ||||||||||||||||
Loans | $ | 12,583 | $ | 14,070 | $ | 38,146 | $ | 43,233 | ||||||||
Securities | 2,415 | 1,791 | 6,710 | 4,745 | ||||||||||||
Federal funds sold & interest-bearing deposits with banks | 1 | 3 | 5 | 6 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 14,999 | 15,864 | 44,861 | 47,984 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Interest expense | ||||||||||||||||
Deposits | 1,628 | 2,395 | 5,325 | 7,069 | ||||||||||||
Federal Home Loan Bank & Federal Reserve borrowings | 459 | 563 | 1,412 | 1,788 | ||||||||||||
Junior subordinated debentures | 34 | 133 | 99 | 393 | ||||||||||||
Federal funds purchased | 11 | 15 | 32 | 39 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 2,132 | 3,106 | 6,868 | 9,289 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net interest income | 12,867 | 12,758 | 37,993 | 38,695 | ||||||||||||
Provision for loan losses | 1,750 | 3,750 | 5,900 | 11,750 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net interest income after provision for loan losses | 11,117 | 9,008 | 32,093 | 26,945 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Noninterest income | ||||||||||||||||
Service charges on deposit accounts | 462 | 418 | 1,328 | 1,247 | ||||||||||||
Other fee income, principally bankcard | 402 | 385 | 1,207 | 1,078 | ||||||||||||
Loan servicing fees | 27 | 31 | 82 | 63 | ||||||||||||
Mortgage banking income | 50 | 69 | 124 | 144 | ||||||||||||
Gain on sale of investment securities | 359 | — | 825 | 45 | ||||||||||||
Impairment losses on investment securities (OTTI) | — | — | — | (226 | ) | |||||||||||
Other noninterest income | 431 | 286 | 981 | 806 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 1,731 | 1,189 | 4,547 | 3,157 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Noninterest expense | ||||||||||||||||
Salaries and employee benefits | 4,691 | 4,071 | 14,136 | 13,054 | ||||||||||||
Premises and equipment | 861 | 909 | 2,605 | 2,580 | ||||||||||||
Bankcard processing | 155 | 131 | 472 | 424 | ||||||||||||
Business development | 350 | 225 | 1,132 | 931 | ||||||||||||
FDIC insurance assessment | 381 | 491 | 1,268 | 1,477 | ||||||||||||
Other real estate expense | 734 | 803 | 2,146 | 904 | ||||||||||||
Other noninterest expense | 1,752 | 1,558 | 5,531 | 4,934 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 8,924 | 8,188 | 27,290 | 24,304 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Income before provision for income taxes | 3,924 | 2,009 | 9,350 | 5,798 | ||||||||||||
Provision for income taxes | 1,336 | 857 | 3,156 | 1,897 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net income | $ | 2,588 | $ | 1,152 | $ | 6,194 | $ | 3,901 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.14 | $ | 0.06 | $ | 0.34 | $ | 0.21 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diluted | $ | 0.14 | $ | 0.06 | $ | 0.34 | $ | 0.21 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 18,433,084 | 18,399,442 | 18,425,344 | 18,396,990 | ||||||||||||
Common stock equivalents attributable to stock-based awards | 15,871 | 16,161 | 18,637 | 18,620 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Diluted | 18,448,955 | 18,415,603 | 18,443,981 | 18,415,610 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
PERFORMANCE RATIOS | ||||||||||||||||
Return on average assets | 0.83 | % | 0.38 | % | 0.68 | % | 0.44 | % | ||||||||
Return on average equity (book) | 5.74 | % | 2.66 | % | 4.71 | % | 3.07 | % | ||||||||
Return on average equity (tangible)(1) | 6.56 | % | 3.06 | % | 5.40 | % | 3.54 | % | ||||||||
Net interest margin(2) | 4.56 | % | 4.70 | % | 4.61 | % | 4.77 | % | ||||||||
Efficiency ratio(3) | 61.13 | % | 58.71 | % | 64.15 | % | 58.07 | % | ||||||||
| (1) | Tangible equity excludes goodwill and core deposit intangible assets related to acquisitions. |
| (2) | Net interest margin is reported on a tax-equivalent yield basis at a 35% tax rate. |
| (3) | Efficiency ratio is noninterest expense divided by operating revenues. Operating revenues are net interest income plus noninterest income. |
PACIFIC CONTINENTAL CORPORATION
Consolidated Balance Sheets
(In thousands, except share amounts)
(Unaudited)
| September 30, 2011 | December 31, 2010 | September 30, 2010 | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 16,896 | $ | 25,424 | $ | 18,424 | ||||||
Interest-bearing deposits with banks | 69 | 267 | 269 | |||||||||
|
|
|
|
|
| |||||||
Total cash and cash equivalents | 16,965 | 25,691 | 18,693 | |||||||||
Securities available-for-sale | 340,118 | 253,907 | 215,259 | |||||||||
Loans held-for-sale | 400 | 2,116 | 1,397 | |||||||||
Loans, less allowance for loan losses and net deferred fees | 812,525 | 839,815 | 864,604 | |||||||||
Interest receivable | 4,243 | 4,371 | 4,247 | |||||||||
Federal Home Loan Bank stock | 10,652 | 10,652 | 10,652 | |||||||||
Property and equipment, net of accumulated depreciation | 20,379 | 20,883 | 21,169 | |||||||||
Goodwill and intangible assets | 22,291 | 22,458 | 22,514 | |||||||||
Deferred tax asset | 7,428 | 10,188 | 9,749 | |||||||||
Taxes receivable | — | — | 1,460 | |||||||||
Other real estate owned | 11,663 | 14,293 | 15,422 | |||||||||
Prepaid FDIC assessment | 3,164 | 4,387 | 4,950 | |||||||||
Other assets | 1,743 | 1,415 | 1,888 | |||||||||
|
|
|
|
|
| |||||||
Total assets | $ | 1,251,571 | $ | 1,210,176 | $ | 1,192,004 | ||||||
|
|
|
|
|
| |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits | ||||||||||||
Noninterest-bearing demand | $ | 279,733 | $ | 234,331 | $ | 220,104 | ||||||
Savings and interest-bearing checking | 537,009 | 574,333 | 545,032 | |||||||||
Time $100,000 and over | 68,330 | 63,504 | 60,083 | |||||||||
Other time | 66,545 | 86,791 | 99,704 | |||||||||
|
|
|
|
|
| |||||||
Total deposits | 951,617 | 958,959 | 924,923 | |||||||||
Federal funds and overnight funds purchased | 8,185 | — | 12,380 | |||||||||
Federal Home Loan Bank borrowings | 98,500 | 67,000 | 68,500 | |||||||||
Junior subordinated debentures | 8,248 | 8,248 | 8,248 | |||||||||
Accrued interest and other payables | 3,951 | 3,731 | 5,374 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 1,070,501 | 1,037,938 | 1,019,425 | |||||||||
|
|
|
|
|
| |||||||
Shareholders’ equity | ||||||||||||
Common stock, shares authorized: 50,000,000 shares issued and outstanding: 18,433,084 at September 30, 2011, 18,415,132 at December 31, 2010, and 18,404,725 at September 30, 2010 | 137,660 | 137,062 | 136,845 | |||||||||
Retained earnings | 39,242 | 33,969 | 32,962 | |||||||||
Accumulated other comprehensive income | 4,168 | 1,207 | 2,772 | |||||||||
|
|
|
|
|
| |||||||
| 181,070 | 172,238 | 172,579 | ||||||||||
|
|
|
|
|
| |||||||
Total liabilities and shareholders’ equity | $ | 1,251,571 | $ | 1,210,176 | $ | 1,192,004 | ||||||
|
|
|
|
|
| |||||||
CAPITAL RATIOS | ||||||||||||
Total capital (to risk weighted assets) | 18.89 | % | 17.10 | % | 17.10 | % | ||||||
Tier I capital (to risk weighted assets) | 17.64 | % | 15.86 | % | 15.85 | % | ||||||
Tier I capital (to leverage assets) | 13.48 | % | 13.38 | % | 13.34 | % | ||||||
Tangible common equity (to tangible assets)(1) | 12.92 | % | 12.61 | % | 12.83 | % | ||||||
Tangible common equity (to risk-weighted assets)(1) | 17.22 | % | 15.18 | % | 15.31 | % | ||||||
OTHER FINANCIAL DATA | ||||||||||||
Shares outstanding at end of period | 18,433,084 | 18,415,132 | 18,404,725 | |||||||||
Tangible shareholders’ equity(1) | $ | 158,779 | $ | 149,780 | $ | 150,065 | ||||||
Book value per share | $ | 9.82 | $ | 9.35 | $ | 9.38 | ||||||
Tangible book value per share | $ | 8.61 | $ | 8.13 | $ | 8.15 | ||||||
| (1) | Tangible shareholders’ equity excludes goodwill and core deposit intangible assets related to acquisitions. |
PACIFIC CONTINENTAL CORPORATION
Loans by Type and Allowance for Loan Losses
(In thousands)
(Unaudited)
| September 30, 2011 | December 31, 2010 | September 30, 2010 | ||||||||||
LOANS BY TYPE | ||||||||||||
Real estate secured loans: | ||||||||||||
Permanent loans: | ||||||||||||
Multifamily residential | $ | 54,029 | $ | 57,850 | $ | 56,124 | ||||||
Residential 1-4 family | 62,726 | 76,692 | 80,551 | |||||||||
Owner-occupied commercial | 209,702 | 201,286 | 201,075 | |||||||||
Nonowner-occupied commercial | 149,548 | 163,071 | 163,054 | |||||||||
Other loans secured by real estate | 17,421 | 23,950 | 25,013 | |||||||||
|
|
|
|
|
| |||||||
Total permanent real estate loans | 493,426 | 522,849 | 525,817 | |||||||||
Construction loans: | ||||||||||||
Multifamily residential | 1,158 | 6,192 | 15,279 | |||||||||
Residential 1-4 family | 17,865 | 22,683 | 26,830 | |||||||||
Commercial real estate | 13,368 | 11,730 | 18,077 | |||||||||
Commercial bare land and acquisition & development | 24,987 | 25,587 | 26,073 | |||||||||
Residential bare land and acquisition & development | 13,034 | 17,263 | 18,998 | |||||||||
|
|
|
|
|
| |||||||
Total construction real estate loans | 70,412 | 83,455 | 105,257 | |||||||||
Total real estate loans | 563,838 | 606,304 | 631,074 | |||||||||
Commercial loans | 257,889 | 243,034 | 242,904 | |||||||||
Consumer loans | 5,021 | 5,900 | 6,742 | |||||||||
Other loans | 1,762 | 1,730 | 2,239 | |||||||||
|
|
|
|
|
| |||||||
Gross loans | 828,510 | 856,968 | 882,959 | |||||||||
Deferred loan origination fees | (698 | ) | (583 | ) | (586 | ) | ||||||
|
|
|
|
|
| |||||||
| 827,812 | 856,385 | 882,373 | ||||||||||
Allowance for loan losses | (15,287 | ) | (16,570 | ) | (17,769 | ) | ||||||
|
|
|
|
|
| |||||||
| $ | 812,525 | $ | 839,815 | $ | 864,604 | |||||||
|
|
|
|
|
| |||||||
Real estate loans held-for-sale | $ | 400 | $ | 2,116 | $ | 1,397 | ||||||
|
|
|
|
|
| |||||||
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||
Balance at beginning of period | $ | 15,326 | $ | 17,854 | $ | 16,570 | $ | 13,367 | ||||||||
Provision for loan losses | 1,750 | 3,750 | 5,900 | 11,750 | ||||||||||||
Loan charge offs | (2,208 | ) | (4,240 | ) | (8,085 | ) | (10,189 | ) | ||||||||
Loan recoveries | 419 | 405 | 902 | 2,841 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net charge offs | (1,789 | ) | (3,835 | ) | (7,183 | ) | (7,348 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Balance at end of period | $ | 15,287 | $ | 17,769 | $ | 15,287 | $ | 17,769 | ||||||||
|
|
|
|
|
|
|
| |||||||||
PACIFIC CONTINENTAL CORPORATION
Selected Other Financial Information and Ratios
(In thousands)
(Unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, 2011 | September 30, 2010 | September 30, 2011 | September 30, 2010 | |||||||||||||
BALANCE SHEET AVERAGES | ||||||||||||||||
Loans(1) | $ | 824,084 | $ | 898,642 | $ | 836,223 | $ | 917,781 | ||||||||
Allowance for loan losses | (15,193 | ) | (19,091 | ) | (15,889 | ) | (17,103 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Loans, net of allowance | 808,891 | 879,551 | 820,334 | 900,678 | ||||||||||||
Securities and short-term deposits | 323,996 | 201,861 | 292,171 | 187,180 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Earning assets | 1,132,887 | 1,081,412 | 1,112,505 | 1,087,858 | ||||||||||||
Noninterest-earning assets | 101,121 | 109,650 | 103,763 | 106,797 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Assets | $ | 1,234,008 | $ | 1,191,062 | $ | 1,216,268 | $ | 1,194,655 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Interest-bearing core deposits(2) | $ | 612,576 | $ | 627,263 | $ | 622,038 | $ | 600,870 | ||||||||
Noninterest-bearing core deposits(2) | 274,808 | 219,512 | 260,108 | 211,646 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Core deposits(2) | 887,384 | 846,775 | 882,146 | 812,516 | ||||||||||||
Noncore interest-bearing deposits | 71,940 | 68,016 | 62,517 | 79,926 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Deposits | 959,324 | 914,791 | 944,663 | 892,442 | ||||||||||||
Borrowings | 92,295 | 93,219 | 92,523 | 122,254 | ||||||||||||
Other noninterest-bearing liabilities | 3,493 | 10,961 | 3,281 | 9,823 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | 1,055,112 | 1,018,971 | 1,040,467 | 1,024,519 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholders’ equity (book) | 178,896 | 172,091 | 175,801 | 170,136 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities and equity | $ | 1,234,008 | $ | 1,191,062 | $ | 1,216,268 | $ | 1,194,655 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholders’ equity (tangible)(3) | $ | 156,575 | $ | 149,547 | $ | 153,425 | $ | 147,537 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SELECTED MARKET DATA | ||||||||||||||||
Eugene market gross loans, period end | $ | 262,469 | $ | 267,098 | ||||||||||||
Portland market gross loans, period end | 394,469 | 409,702 | ||||||||||||||
Seattle market gross loans, period end | 171,572 | 206,159 | ||||||||||||||
|
|
|
| |||||||||||||
Total gross loans, period end | $ | 828,510 | $ | 882,959 | ||||||||||||
|
|
|
| |||||||||||||
Eugene market core deposits, period end(2) | $ | 514,453 | $ | 515,164 | ||||||||||||
Portland market core deposits, period end(2) | 242,341 | 221,407 | ||||||||||||||
Seattle market core deposits, period end(2) | 123,933 | 114,323 | ||||||||||||||
|
|
|
| |||||||||||||
Total core deposits, period end(2) | 880,727 | 850,894 | ||||||||||||||
Other deposits, period end | 70,890 | 74,029 | ||||||||||||||
|
|
|
| |||||||||||||
Total | $ | 951,617 | $ | 924,923 | ||||||||||||
|
|
|
| |||||||||||||
Eugene market core deposits, average(2) | $ | 507,644 | $ | 510,593 | ||||||||||||
Portland market core deposits, average(2) | 252,903 | 216,818 | ||||||||||||||
Seattle market core deposits, average(2) | 126,837 | 119,364 | ||||||||||||||
|
|
|
| |||||||||||||
Total core deposits, average(2) | 887,384 | 846,775 | ||||||||||||||
Other deposits, average | 71,940 | 68,016 | ||||||||||||||
|
|
|
| |||||||||||||
Total | $ | 959,324 | $ | 914,791 | ||||||||||||
|
|
|
| |||||||||||||
NET INTEREST MARGIN RECONCILIATION | ||||||||||||||||
Yield on average loans | 6.17 | % | 6.35 | % | 6.22 | % | 6.42 | % | ||||||||
Yield on average securities(4) | 3.13 | % | 3.61 | % | 3.24 | % | 3.46 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Yield on average earning assets(4) | 5.30 | % | 5.84 | % | 5.44 | % | 5.91 | % | ||||||||
Rate on average interest-bearing core deposits | 0.80 | % | 1.28 | % | 0.95 | % | 1.33 | % | ||||||||
Rate on average interest-bearing non-core deposits | 2.19 | % | 2.14 | % | 1.95 | % | 1.82 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Rate on average interest-bearing deposits | 0.94 | % | 1.37 | % | 1.04 | % | 1.40 | % | ||||||||
Rate on average borrowings | 2.17 | % | 3.03 | % | 2.23 | % | 2.43 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of interest-bearing funds | 1.09 | % | 1.56 | % | 1.18 | % | 1.55 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Interest rate spread(4) | 4.21 | % | 4.28 | % | 4.25 | % | 4.36 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net interest margin(4) | 4.56 | % | 4.70 | % | 4.61 | % | 4.77 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (1) | Includes loans held-for sale. |
| (2) | Core deposits include all demand, savings, and interest checking accounts plus all local time deposits including local time deposits in excess of $100. |
| (3) | Tangible equity excludes goodwill and core deposit intangible assets related to acquisitions. |
| (4) | Tax-exempt income has been adjusted to a tax-equivalent basis at a 35% tax rate. The amount of such adjustment was an addition to recorded income of approximately $143 thousand and $43 thousand for the three months ended September 30, 2011 and 2010, respectively and $366 thousand and $94 thousand for the nine months ended September 30. 2011 and 2010, respectively. |
PACIFIC CONTINENTAL CORPORATION
Nonperforming Assets and Asset Quality Ratios
(In thousands)
(Unaudited)
| September 30, 2011 | December 31, 2010 | September 30, 2010 | ||||||||||
| NONPERFORMING ASSETS | ||||||||||||
Non-accrual loans | ||||||||||||
Real estate secured loans: | ||||||||||||
Permanent loans: | ||||||||||||
Multifamily residential | $ | — | $ | 1,010 | $ | 6,594 | ||||||
Residential 1-4 family | 3,393 | 6,123 | 4,945 | |||||||||
Owner-occupied commercial | 4,704 | 1,622 | 4,306 | |||||||||
Nonowner-occupied commercial | 1,191 | 8,428 | 7,359 | |||||||||
Other loans secured by real estate | 122 | 538 | 1,379 | |||||||||
|
|
|
|
|
| |||||||
Total permanent real estate loans | 9,410 | 17,721 | 24,583 | |||||||||
Construction loans: | ||||||||||||
Multifamily residential | — | 1,985 | 2,033 | |||||||||
Residential 1-4 family | 1,596 | 2,493 | 3,099 | |||||||||
Commercial real estate | 1,500 | 1,671 | 4,262 | |||||||||
Commercial bare land and acquisition & development | 13,027 | 91 | 669 | |||||||||
Residential bare land and acquisition & development | 1,451 | 1,032 | 90 | |||||||||
Other | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total construction real estate loans | 17,574 | 7,272 | 10,153 | |||||||||
|
|
|
|
|
| |||||||
Total real estate loans | 26,984 | 24,993 | 34,736 | |||||||||
Commercial loans | 6,732 | 8,033 | 8,602 | |||||||||
Consumer loans | — | — | — | |||||||||
Other loans | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total nonaccrual loans | 33,716 | 33,026 | 43,338 | |||||||||
90-days past due and accruing interest | — | — | — | |||||||||
Total nonperforming loans | 33,716 | 33,026 | 43,338 | |||||||||
|
|
|
|
|
| |||||||
Nonperforming loans guaranteed by government | (851 | ) | (1,056 | ) | (798 | ) | ||||||
Net nonperforming loans | 32,865 | 31,970 | 42,540 | |||||||||
|
|
|
|
|
| |||||||
Other real estate owned | 11,663 | 14,293 | 15,422 | |||||||||
|
|
|
|
|
| |||||||
Total nonperforming assets, net of guaranteed loans | $ | 44,528 | $ | 46,263 | $ | 57,962 | ||||||
|
|
|
|
|
| |||||||
| ASSET QUALITY RATIOS | ||||||||||||
Allowance for loan losses as a percentage of total loans outstanding | 1.85 | % | 1.93 | % | 2.01 | % | ||||||
Allowance for loan losses as a percentage of total nonperforming loans, net of government guarantees | 46.51 | % | 51.83 | % | 41.77 | % | ||||||
Net loan charge offs (recoveries) as a percentage of average loans, annualized | 1.15 | % | 1.30 | % | 1.07 | % | ||||||
Net nonperforming loans as a percentage of total loans | 3.97 | % | 3.73 | % | 4.82 | % | ||||||
Nonperforming assets as a percentage of total assets | 3.56 | % | 3.82 | % | 4.86 | % | ||||||
Consolidated classified asset ratio(1) | 45.51 | % | 63.39 | % | 72.91 | % | ||||||
Past due (excluding nonaccrual) as a percentage of total loans | 0.59 | % | 0.77 | % | 0.88 | % | ||||||
| (1) | Classified asset ratio is defined as the sum of all loan-related contingent liabilities and loans internally graded substandard or worse, impaired loans (net of government guarantees), adversely classified securities, and other real estate owned, divided by total consolidated Tier 1 capital plus the allowance for loan losses. |
PACIFIC CONTINENTAL CORPORATION
Nonperforming Loan Rollforward
(In thousands)
(Unaudited)
| Balance at June 30, 2011 | Additions to Non-performing | Reclassification | Net Paydowns | Returns to Performing | Charge-offs | Transfers to OREO | Balance at September 30, 2011 | |||||||||||||||||||||||||
Real estate loans | ||||||||||||||||||||||||||||||||
Multifamily residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Residential 1-4 family | 8,177 | 734 | — | (2,187 | ) | — | (651 | ) | (2,680 | ) | 3,393 | |||||||||||||||||||||
Owner-occupied commercial | 3,575 | 1,157 | — | (28 | ) | — | — | — | 4,704 | |||||||||||||||||||||||
Nonowner-occupied commercial | 7,827 | — | — | (1,134 | ) | — | (802 | ) | (4,700 | ) | 1,191 | |||||||||||||||||||||
Other real estate loans | 922 | 108 | — | (829 | ) | — | (79 | ) | — | 122 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total real estate loans | 20,501 | 1,999 | — | (4,178 | ) | — | (1,532 | ) | (7,380 | ) | 9,410 | |||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Multifamily residential | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Residential 1-4 family | 1,699 | 383 | — | (326 | ) | — | (29 | ) | (131 | ) | 1,596 | |||||||||||||||||||||
Commercial real estate | 1,500 | — | — | — | — | — | — | 1,500 | ||||||||||||||||||||||||
Commercial bare land and acquisition & development | 13,027 | — | — | — | — | — | — | 13,027 | ||||||||||||||||||||||||
Residential bare land and acquisition & development | 1,597 | 70 | — | (107 | ) | — | (109 | ) | — | 1,451 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total construction loans | 17,823 | 453 | — | (433 | ) | — | (138 | ) | (131 | ) | 17,574 | |||||||||||||||||||||
Commercial and other | 6,515 | 825 | — | (608 | ) | — | — | — | 6,732 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total | $ | 44,839 | $ | 3,277 | $ | — | $ | (5,219 | ) | $ | — | $ | (1,670 | ) | $ | (7,511 | ) | $ | 33,716 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Balance at December 31, 2010 | Additions to Non-performing | Reclassification | Net Paydowns | Returns to Performing | Charge-offs | Transfers to OREO | Balance at September 30, 2011 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Real estate loans | ||||||||||||||||||||||||||||||||
Multifamily residential | $ | 1,010 | $ | 250 | $ | — | $ | (1,186 | ) | $ | — | $ | (74 | ) | $ | — | $ | — | ||||||||||||||
Residential 1-4 family | 6,123 | 4,719 | — | (2,637 | ) | — | (1,607 | ) | (3,205 | ) | 3,393 | |||||||||||||||||||||
Owner-occupied commercial | 1,622 | 3,822 | — | (415 | ) | — | (25 | ) | (300 | ) | 4,704 | |||||||||||||||||||||
Nonowner-occupied commercial | 8,428 | — | — | (1,272 | ) | — | (1,265 | ) | (4,700 | ) | 1,191 | |||||||||||||||||||||
Other real estate loans | 538 | 1,340 | (499 | ) | (868 | ) | — | (389 | ) | — | 122 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total real estate loans | 17,721 | 10,131 | (499 | ) | (6,378 | ) | — | (3,360 | ) | (8,205 | ) | 9,410 | ||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Multifamily residential | 1,985 | — | — | (1,985 | ) | — | — | — | — | |||||||||||||||||||||||
Residential 1-4 family | 2,493 | 797 | — | (1,050 | ) | — | (450 | ) | (194 | ) | 1,596 | |||||||||||||||||||||
Commercial real estate | 1,671 | — | — | — | — | (171 | ) | — | 1,500 | |||||||||||||||||||||||
Commercial bare land and acquisition & development | 91 | 13,027 | — | — | — | (91 | ) | — | 13,027 | |||||||||||||||||||||||
Residential bare land and acquisition & development | 1,032 | 2,320 | — | (251 | ) | — | (1,614 | ) | (36 | ) | 1,451 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total construction loans | 7,272 | 16,144 | — | (3,286 | ) | — | (2,326 | ) | (230 | ) | 17,574 | |||||||||||||||||||||
Commercial and other | 8,033 | 1,425 | 499 | (2,098 | ) | (461 | ) | (666 | ) | — | 6,732 | |||||||||||||||||||||
Consumer | — | 10 | — | — | — | (10 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total | $ | 33,026 | $ | 27,710 | $ | — | $ | (11,762 | ) | $ | (461 | ) | $ | (6,362 | ) | $ | (8,435 | ) | $ | 33,716 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
PACIFIC CONTINENTAL CORPORATION
Other Real Estate Owned Rollforward
(In thousands)
(Unaudited)
| Balance at June 30, 2011 | Additions to REO | Capitalized Costs | Paydowns/ Sales | Writedowns/ Loss/Gain | Balance at September 30, 2011 | |||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Multifamily residential | $ | — | $ | — | $ | — | $ | — | $ | — | — | |||||||||||||
Residential 1-4 family | 1,201 | 2,680 | — | (432 | ) | (17 | ) | 3,432 | ||||||||||||||||
Owner-occupied commercial | 300 | — | — | — | — | 300 | ||||||||||||||||||
Nonowner-occupied commercial | — | 4,700 | — | (175 | ) | — | 4,525 | |||||||||||||||||
Other real estate loans | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total real estate loans | 1,501 | 7,380 | — | (607 | ) | (17 | ) | 8,257 | ||||||||||||||||
Construction | ||||||||||||||||||||||||
Multifamily residential | — | — | — | — | — | — | ||||||||||||||||||
Residential 1-4 family | 63 | 131 | — | — | — | 194 | ||||||||||||||||||
Commercial real estate | 3,818 | — | — | (1,123 | ) | (632 | ) | 2,063 | ||||||||||||||||
Commercial bare land and acquisition & development | 828 | — | — | — | (9 | ) | 819 | |||||||||||||||||
Residential bare land and acquisition & development | 6,102 | — | — | (5,794 | ) | 22 | 330 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total construction loans | 10,811 | 131 | — | (6,917 | ) | (619 | ) | 3,406 | ||||||||||||||||
Commercial and other | — | — | — | — | — | — | ||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 12,312 | $ | 7,511 | $ | — | $ | (7,524 | ) | $ | (636 | ) | $ | 11,663 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Balance at December 31, 2010 | Additions to REO | Capitalized Costs | Paydowns/ Sales | Writedowns/ Loss/Gain | Balance at September 30, 2011 | |||||||||||||||||||
Real estate | ||||||||||||||||||||||||
Multifamily residential | $ | — | $ | — | $ | — | $ | — | $ | — | — | |||||||||||||
Residential 1-4 family | 1,374 | 3,205 | — | (1,094 | ) | (53 | ) | 3,432 | ||||||||||||||||
Owner-occupied commercial | — | 300 | — | — | — | 300 | ||||||||||||||||||
Nonowner-occupied commercial | — | 4,700 | — | (175 | ) | — | 4,525 | |||||||||||||||||
Other real estate loans | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total real estate loans | 1,374 | 8,205 | — | (1,269 | ) | (53 | ) | 8,257 | ||||||||||||||||
Construction | ||||||||||||||||||||||||
Multifamily residential | — | — | — | — | — | — | ||||||||||||||||||
Residential 1-4 family | 1,178 | 194 | — | (953 | ) | (225 | ) | 194 | ||||||||||||||||
Commercial real estate | 4,389 | — | — | (1,123 | ) | (1,203 | ) | 2,063 | ||||||||||||||||
Commercial bare land and acquisition & development | 1,013 | — | — | — | (194 | ) | 819 | |||||||||||||||||
Residential bare land and acquisition & development | 6,301 | 36 | — | (5,794 | ) | (213 | ) | 330 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total construction loans | 12,881 | 230 | — | (7,870 | ) | (1,835 | ) | 3,406 | ||||||||||||||||
Commercial and other | 38 | — | — | (44 | ) | 6 | — | |||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 14,293 | $ | 8,435 | $ | — | $ | (9,183 | ) | $ | (1,882 | ) | $ | 11,663 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
PACIFIC CONTINENTAL CORPORATION
Age Analysis of Loans Receivable (Unaudited)
(In thousands)
As of September 30, 2011
| 30-59 Days Past Due Still Accruing | 60-89 Days Past Due Still Accruing | Greater Than 90 Days Still Accruing | Nonaccrual | Total Past Due and Nonaccrual | Total Current | Total Loans Receivable | ||||||||||||||||||||||
Real estate loans | ||||||||||||||||||||||||||||
Multifamily residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 54,029 | $ | 54,029 | ||||||||||||||
Residential 1-4 family | — | 900 | — | 3,393 | 4,293 | 58,433 | 62,726 | |||||||||||||||||||||
Owner-occupied commercial | 2,502 | 934 | — | 4,704 | �� | 8,140 | 201,562 | 209,702 | ||||||||||||||||||||
Nonowner-occupied commercial | — | — | — | 1,191 | 1,191 | 148,357 | 149,548 | |||||||||||||||||||||
Other real estate loans | — | — | — | 122 | 122 | 17,299 | 17,421 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total real estate loans | 2,502 | 1,834 | — | 9,410 | 13,746 | 479,679 | 493,426 | |||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||
Multifamily residential | — | — | — | — | — | 1,158 | 1,158 | |||||||||||||||||||||
Residential 1-4 family | — | — | — | 1,596 | 1,596 | 16,269 | 17,865 | |||||||||||||||||||||
Commercial real estate | — | — | — | 1,500 | 1,500 | 11,868 | 13,368 | |||||||||||||||||||||
Commercial bare land and acquisition & development | — | — | — | 13,027 | 13,027 | 11,960 | 24,987 | |||||||||||||||||||||
Residential bare land and acquisition & development | — | — | — | 1,451 | 1,451 | 11,583 | 13,034 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction loans | — | — | — | 17,574 | 17,574 | 52,838 | 70,412 | |||||||||||||||||||||
Commercial and other | 532 | — | — | 6,732 | 7,264 | 252,387 | 259,651 | |||||||||||||||||||||
Consumer | 16 | — | — | — | 16 | 5,005 | 5,021 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Totals | $ | 3,050 | $ | 1,834 | $ | — | $ | 33,716 | $ | 38,600 | $ | 789,909 | $ | 828,510 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
PACIFIC CONTINENTAL CORPORATION
Age Analysis of Loans Receivable (Unaudited)
(In thousands)
As of December 31, 2010
| 30-59 Days Past Due Still Accruing | 60-89 Days Past Due Still Accruing | Greater Than 90 Days Still Accruing | Nonaccrual | Total Past Due and Nonaccrual | Total Current | Total Financing Receivables | ||||||||||||||||||||||
Real estate loans | ||||||||||||||||||||||||||||
Multifamily residential | $ | 2,549 | $ | — | $ | — | $ | 1,010 | $ | 3,559 | $ | 54,291 | $ | 57,850 | ||||||||||||||
Residential 1-4 family | 110 | 366 | — | 6,123 | 6,599 | 70,093 | 76,692 | |||||||||||||||||||||
Owner-occupied commercial | 2,694 | 356 | — | 1,622 | 4,672 | 196,614 | 201,286 | |||||||||||||||||||||
Nonowner-occupied commercial | — | — | — | 8,428 | 8,428 | 154,643 | 163,071 | |||||||||||||||||||||
Other real estate loans | 195 | — | — | 538 | 733 | 23,217 | 23,950 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total real estate loans | 5,548 | 722 | — | 17,721 | 23,991 | 498,858 | 522,849 | |||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||
Multifamily residential | — | — | — | 1,985 | 1,985 | 4,207 | 6,192 | |||||||||||||||||||||
Residential 1-4 family | — | — | — | 2,493 | 2,493 | 20,190 | 22,683 | |||||||||||||||||||||
Commercial real estate | — | — | — | 1,671 | 1,671 | 10,059 | 11,730 | |||||||||||||||||||||
Commercial bare land and acquisition & development | — | — | — | 91 | 91 | 25,496 | 25,587 | |||||||||||||||||||||
Residential bare land and acquisition & development | 175 | — | — | 1,032 | 1,207 | 16,056 | 17,263 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total construction loans | 175 | — | — | 7,272 | 7,447 | 76,008 | 83,455 | |||||||||||||||||||||
Commercial and other | 102 | 32 | — | 8,033 | 8,167 | 236,597 | 244,764 | |||||||||||||||||||||
Consumer | 7 | 5 | — | — | 12 | 5,888 | 5,900 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 5,832 | $ | 759 | $ | — | $ | 33,026 | $ | 39,617 | $ | 817,351 | $ | 856,968 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
PACIFIC CONTINENTAL CORPORATION
Credit Quality Indicators (Unaudited)
(In thousands)
As of September 30, 2011
| Loan Grade | ||||||||||||||||||||
| Pass | Special Mention | Substandard | Doubtful | Totals | ||||||||||||||||
Real estate loans | ||||||||||||||||||||
Multifamily residential | 52,670 | — | 1,359 | — | $ | 54,029 | ||||||||||||||
Residential 1-4 family | 52,064 | — | 10,662 | — | 62,726 | |||||||||||||||
Owner-occupied commercial | 197,328 | — | 12,374 | — | 209,702 | |||||||||||||||
Nonowner-occupied commercial | 146,735 | — | 2,813 | — | 149,548 | |||||||||||||||
Other real estate loans | 16,442 | — | 871 | 108 | 17,421 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total real estate loans | 465,239 | — | 28,079 | 108 | 493,426 | |||||||||||||||
Construction | ||||||||||||||||||||
Multifamily residential | 1,158 | — | — | — | 1,158 | |||||||||||||||
Residential 1-4 family | 12,647 | — | 5,218 | — | 17,865 | |||||||||||||||
Commercial real estate | 8,962 | — | 4,406 | — | 13,368 | |||||||||||||||
Commercial bare land and acquisition & development | 11,300 | — | 13,687 | — | 24,987 | |||||||||||||||
Residential bare land and acquisition & development | 9,746 | — | 2,249 | 1,039 | 13,034 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction loans | 43,813 | — | 25,560 | 1,039 | 70,412 | |||||||||||||||
Commercial and other | 248,835 | — | 9,991 | 825 | 259,651 | |||||||||||||||
Consumer | 4,935 | — | 86 | — | 5,021 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Totals | $ | 762,822 | $ | — | $ | 63,716 | $ | 1,972 | $ | 828,510 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
PACIFIC CONTINENTAL CORPORATION
Credit Quality Indicators (Unaudited)
(In thousands)
As of December 31, 2010
| Loan Grade | ||||||||||||||||||||
| Pass | Special Mention | Substandard | Doubtful | Totals | ||||||||||||||||
Real estate loans | ||||||||||||||||||||
Multifamily residential | $ | 55,105 | $ | — | $ | 2,745 | $ | — | $ | 57,850 | ||||||||||
Residential 1-4 family | 60,544 | — | 15,658 | 490 | 76,692 | |||||||||||||||
Owner-occupied commercial | 185,362 | — | 14,274 | 1,650 | 201,286 | |||||||||||||||
Nonowner-occupied commercial | 153,088 | — | 9,983 | — | 163,071 | |||||||||||||||
Other real estate loans | 20,343 | — | 3,607 | — | 23,950 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total real estate loans | 474,442 | — | 46,267 | 2,140 | 522,849 | |||||||||||||||
Construction | ||||||||||||||||||||
Multifamily residential | 4,206 | — | 1,986 | — | 6,192 | |||||||||||||||
Residential 1-4 family | 19,532 | — | 3,151 | — | 22,683 | |||||||||||||||
Commercial real estate | 7,114 | — | 4,616 | — | 11,730 | |||||||||||||||
Commercial bare land and acquisition & development | 11,771 | — | 13,816 | — | 25,587 | |||||||||||||||
Residential bare land and acquisition & development | 11,886 | — | 5,377 | — | 17,263 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total construction loans | 54,509 | — | 28,946 | — | 83,455 | |||||||||||||||
Commercial and other | 231,358 | — | 13,406 | — | 244,764 | |||||||||||||||
Consumer | 5,860 | — | — | 40 | 5,900 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Totals | $ | 766,169 | $ | — | $ | 88,619 | $ | 2,180 | $ | 856,968 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||