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 First Quarter 2012 Results
Loan Growth and Efficiency Drive First Quarter 2012 Profitability
EUGENE, Ore., April 18, 2012 —Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today reported financial results for the first quarter 2012.
Recent highlights:
| | • | | Net income of $2.7 million, an increase of 87.4% over the prior year first quarter. |
| | • | | First quarter growth of 5.6% and 5.1% in owner-occupied and commercial loans, respectively. |
| | • | | Efficiency ratio declines to 61.99%. |
| | • | | Reductions in nonperforming and classified assets continue. |
| | • | | Declared quarterly cash dividend of $0.05 per share. |
| | • | | Announced share repurchase plan. |
| | • | | Total risk-based capital ratio of 19.02%, significantly above the 10.0% minimum for “well-capitalized” designation. |
| | • | | Recognized by theOregon Businessmagazine as one of the 100 Best Companies to Work for in Oregon, marking the thirteenth consecutive year the Company was named as a 100 best company. Additionally, Pacific Continental was one of just ten inaugural members of its “Hall of Fame” – a distinction that recognizes companies with ten or more appearances in the 100 Best competitions. |
Net Income
Net income for first quarter 2012 was $2.7 million, up 87.4% over first quarter 2011. Earnings per diluted share for the current quarter were $0.15 compared to $0.08 for the same quarter last year. Return on average assets and return on average tangible equity for first quarter 2012 were 0.85% and 6.93%, up from the 0.49% and 3.90% reported for first quarter 2011. The efficiency ratio for first quarter 2012 was 61.99%, a significant improvement over the 68.05% reported for first quarter 2011.
“I am pleased with the first quarter results,” said Hal Brown, chief executive officer. “Improvements in operating efficiencies combined with strong first quarter loan growth reflect the many positive activities of our professional bankers,” added Brown.
Loan activity strengthens
Outstanding gross loans at March 31, 2012, were $825.6 million, up $4.8 million from the year-end. Growth in owner-occupied real estate loans and commercial loans during the first quarter more than offset continued contraction in other categories of real estate loans. First quarter growth in these two categories was especially strong increasing 5.6% and 5.1%, respectively, and when compared to one year ago, owner-occupied commercial real estate loans and commercial loans respectively increased 6.2% and 12.9%. The bank continues to enjoy success in lending to health care professionals. Dental practice loans now represent 27.0% of the total loan portfolio and the credit quality of the dental portfolio remains very strong.
“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,” said Roger Busse, president and chief operating officer. “We are seeing continued strengthening of our activity pipelines in all of our markets in what is still a volatile recovery,” added Busse.
Capital levels
In February 2012, the Company’s Board of Directors authorized the repurchase of up to five percent of the Company’s shares, or approximately 922,000 shares with the purchases to take place over the next 12 months. During the first quarter 2012, the Company repurchased 242,169 shares at a weighted average price of $8.62 per share. Share repurchases and cash dividend payments combined to keep capital levels relatively unchanged from year-end.
The Company’s capital ratios continue to be well above the minimum FDIC well-capitalized designated levels. At March 31, 2012, the Company’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and Total risk-based capital ratio were 12.80%, 17.76% and 19.02% as compared to 13.09%, 17.97% and 19.22% at December 31, 2011. The FDIC’s minimum well-capitalized designation ratios are 5.00%, 6.00% and 10.00%, respectively.
Classified assets, provisioning and loan statistics
Classified assets continued a seven-quarter trend of decline, and at March 31, 2012, totaled $68.0 million, a decrease of $511 thousand from the end of the prior quarter and down $27.8 million from March 31, 2011. Nonperforming assets, a subcategory of classified assets, totaled $35.1 million at March 31, 2012, or 2.72% of total assets, a decrease from December 31, 2011, and March 31, 2011, ratios of 2.92% and 3.67%, respectively.
Loans past-due 30-89 days were 0.67% of total loans at March 31, 2012, compared to 0.41% at December 31, 2011. This is the eleventh consecutive quarter in which this ratio was near or below one percent, a trend that suggests stabilization in the migration of problem loans.
“Our expectation is we will continue to see a reduction in the level of classified and problem assets during 2012, albeit at a slower pace than the prior year,” said Casey Hogan, chief credit officer. “Our ability to continue this trend will shift more resources to business development and growth initiatives as the year progresses,” added Hogan.
The Company’s first quarter 2012 provision for loan losses totaled $1.3 million down from $7.0 million in fourth quarter 2011, and down from $2.2 million in first quarter 2011. The lower provision for loan losses reflects improving credit quality combined with significantly lower levels of net charge offs. During the first quarter 2012, net loan charge offs totaled $412 thousand compared to $7.3 million in fourth quarter 2011 and $3.5 million in first quarter 2011.
The allowance for loan losses as a percentage of outstanding loans at March 31, 2012 was 1.92% compared to 1.82% at December 31, 2011 and 1.81% at March 31, 2011.
Core deposit growth slows
Period-end Company defined core deposits at March 31, 2012, declined by $26.9 million from the end of fourth quarter 2011. The decline in core deposits resulted from temporary funds of approximately $20.0 million held at the bank at year-end 2011, combined with typical seasonal deposit outflows that historically have occurred during the first quarter. Average core deposits for the first quarter 2012 were relatively unchanged from year end 2011 and from March 31, 2011. At period-end March 31, 2012, noninterest-bearing demand deposits totaled $281.2 million and represent 29.5% of core deposits.
Net interest margin
The first quarter 2012 net interest margin averaged 4.39%, a decline of 20 and 31 basis points from the margins reported for fourth and first quarters 2011, respectively. The contraction in the net interest margin was primarily due to lower yields on the Company’s loan and securities portfolio. Loan yields contracted during the first quarter 2012 when compared to the prior quarter and prior year as new loan production in this historically low interest rate environment was booked at yields lower than the average yield on the existing portfolio. In addition, increased competitive pressure has resulted in a number of rate reductions on existing loans prior to contractual maturity or repricing date. The yield on the securities portfolio was negatively impacted by low long-term interest rates that accelerated prepayments on the agency mortgage-back segment of the portfolio, thus increasing the amortization of premiums and reducing the yield on this portion of the portfolio.
Noninterest income and expense
First quarter noninterest income was $1.5 million up $302 thousand from first quarter 2011. The improvement in noninterest income was primarily due to a $127 increase in revenues from an investment bank-owned-life-insurance (“BOLI”), combined with approximately $117 in rental income received during the quarter on other real estate owned properties. On a linked-quarter basis, first quarter 2012 noninterest income was up $135 thousand, primarily due to increased BOLI investment income.
Noninterest expense in first quarter 2012 declined by $626 thousand or 6.7% from first quarter 2011. The decrease in expenses was primarily due to a $269 thousand reduction in FDIC insurance assessments and a $577 thousand decline in other real estate expense. The reduction in FDIC assessments reflects changes in assessment methodology implemented in second quarter 2011. The lower other real estate expense represents a significant decline in valuation write downs in the current quarter when compared to last year. A portion of the decline in these two categories was offset by a modest increase in personnel expense. On a linked-quarter basis, noninterest expense was down $1.1 million primarily due to a $783 drop in other real estate expenses and a $185 decline in FDIC assessments.
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 first quarter 2012 on Thursday, April 19, 2012, 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. Following the formal remarks, a question and answer session will be open to all interested parties. 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 suggested problem loan migration, 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 | |
| | | March 31,
2012 | | | March 31,
2011 | |
Interest and dividend income | | | | | | | | |
Loans | | $ | 12,122 | | | $ | 12,999 | |
Securities | | | 2,144 | | | | 2,041 | |
Federal funds sold & interest-bearing deposits with banks | | | 1 | | | | 2 | |
| | | | | | | | |
| | | 14,267 | | | | 15,042 | |
| | | | | | | | |
Interest expense | | | | | | | | |
Deposits | | | 1,139 | | | | 1,926 | |
Federal Home Loan Bank & Federal Reserve borrowings | | | 469 | | | | 492 | |
Junior subordinated debentures | | | 40 | | | | 31 | |
Federal funds purchased | | | 6 | | | | 11 | |
| | | | | | | | |
| | | 1,654 | | | | 2,460 | |
| | | | | | | | |
Net interest income | | | 12,613 | | | | 12,582 | |
Provision for loan losses | | | 1,300 | | | | 2,150 | |
| | | | | | | | |
Net interest income after provision for loan losses | | | 11,313 | | | | 10,432 | |
| | | | | | | | |
Noninterest income | | | | | | | | |
Service charges on deposit accounts | | | 440 | | | | 430 | |
Other fee income, principally bankcard | | | 387 | | | | 387 | |
Loan servicing fees | | | 18 | | | | 28 | |
Mortgage banking income | | | 72 | | | | 42 | |
Bank-owned life insurance income | | | 127 | | | | — | |
Loss on sale of investment securities | | | — | | | | (9 | ) |
Other noninterest income | | | 408 | | | | 272 | |
| | | | | | | | |
| | | 1,452 | | | | 1,150 | |
| | | | | | | | |
Noninterest expense | | | | | | | | |
Salaries and employee benefits | | | 4,913 | | | | 4,667 | |
Premises and equipment | | | 863 | | | | 858 | |
Bankcard processing | | | 141 | | | | 157 | |
Business development | | | 423 | | | | 382 | |
FDIC insurance assessment | | | 239 | | | | 508 | |
Other real estate expense | | | 378 | | | | 955 | |
Other noninterest expense | | | 1,762 | | | | 1,818 | |
| | | | | | | | |
| | | 8,719 | | | | 9,345 | |
| | | | | | | | |
Income before provision for income taxes | | | 4,046 | | | | 2,237 | |
Provision for income taxes | | | 1,330 | | | | 788 | |
| | | | | | | | |
Net income | | $ | 2,716 | | | $ | 1,449 | |
| | | | | | | | |
Earnings per share: | | | | | | | | |
Basic | | $ | 0.15 | | | $ | 0.08 | |
| | | | | | | | |
Diluted | | $ | 0.15 | | | $ | 0.08 | |
| | | | | | | | |
Weighted average shares outstanding: | | | | | | | | |
Basic | | | 18,376,324 | | | | 18,415,865 | |
Common stock equivalents attributable to stock-based awards | | | 141,996 | | | | 28,539 | |
| | | | | | | | |
Diluted | | | 18,518,320 | | | | 18,444,404 | |
| | | | | | | | |
PERFORMANCE RATIOS | | | | | | | | |
Return on average assets | | | 0.85 | % | | | 0.49 | % |
Return on average equity (book) | | | 6.07 | % | | | 3.40 | % |
Return on average equity (tangible)(1) | | | 6.93 | % | | | 3.90 | % |
Net interest margin(2) | | | 4.39 | % | | | 4.70 | % |
Efficiency ratio(3) | | | 61.99 | % | | | 68.05 | % |
| (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)
| | | | | | | | | | | | |
| | | March 31,
2012 | | | December 31,
2011 | | | March 31,
2011 | |
ASSETS | | | | | | | | | | | | |
Cash and due from banks | | $ | 18,187 | | | $ | 19,807 | | | $ | 17,333 | |
Interest-bearing deposits with banks | | | 207 | | | | 52 | | | | 273 | |
| | | | | | | | | | | | |
Total cash and cash equivalents | | | 18,394 | | | | 19,859 | | | | 17,606 | |
Securities available-for-sale | | | 366,916 | | | | 346,542 | | | | 270,792 | |
Loans held-for-sale | | | — | | | | 1,058 | | | | 360 | |
Loans, less allowance for loan losses and net deferred fees | | | 809,031 | | | | 805,211 | | | | 826,466 | |
Interest receivable | | | 4,560 | | | | 4,725 | | | | 4,458 | |
Federal Home Loan Bank stock | | | 10,652 | | | | 10,652 | | | | 10,652 | |
Property and equipment, net of accumulated depreciation | | | 19,950 | | | | 20,177 | | | | 20,597 | |
Goodwill and intangible assets | | | 22,179 | | | | 22,235 | | | | 22,402 | |
Deferred tax asset | | | 6,648 | | | | 7,308 | | | | 9,869 | |
Taxes receivable | | | 1,671 | | | | 1,671 | | | | — | |
Other real estate owned | | | 10,102 | | | | 11,000 | | | | 13,740 | |
Prepaid FDIC assessment | | | 2,536 | | | | 2,782 | | | | 3,907 | |
Bank-owned life insurance | | | 15,165 | | | | 15,038 | | | | — | |
Other assets | | | 1,989 | | | | 1,974 | | | | 1,686 | |
| | | | | | | | | | | | |
Total assets | | $ | 1,289,793 | | | $ | 1,270,232 | | | $ | 1,202,535 | |
| | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | |
Noninterest-bearing demand | | $ | 281,282 | | | $ | 278,576 | | | $ | 247,223 | |
Savings and interest-bearing checking | | | 517,350 | | | | 545,856 | | | | 541,833 | |
Time $100,000 and over | | | 72,309 | | | | 72,436 | | | | 62,385 | |
Other time | | | 83,706 | | | | 68,386 | | | | 74,929 | |
| | | | | | | | | | | | |
Total deposits | | | 954,647 | | | | 965,254 | | | | 926,370 | |
Federal funds and overnight funds purchased | | | — | | | | 12,300 | | | | — | |
Federal Home Loan Bank borrowings | | | 143,500 | | | | 101,500 | | | | 91,500 | |
Junior subordinated debentures | | | 8,248 | | | | 8,248 | | | | 8,248 | |
Accrued interest and other payables | | | 3,838 | | | | 4,064 | | | | 2,667 | |
| | | | | | | | | | | | |
Total liabilities | | | 1,110,233 | | | | 1,091,366 | | | | 1,028,785 | |
| | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | |
Common stock: 50,000,000 shares authorized. Shares issued and outstanding: 18,195,415 at March 31, 2012, 18,435,084 at December 31, 2011 and 18,421,132 at March 31 ,2011 | | | 135,920 | | | | 137,844 | | | | 137,221 | |
Retained earnings | | | 39,267 | | | | 37,468 | | | | 35,234 | |
Accumulated other comprehensive income | | | 4,373 | | | | 3,554 | | | | 1,295 | |
| | | | | | | | | | | | |
| | | 179,560 | | | | 178,866 | | | | 173,750 | |
| | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,289,793 | | | $ | 1,270,232 | | | $ | 1,202,535 | |
| | | | | | | | | | | | |
CAPITAL RATIOS | | | | | | | | | | | | |
Total capital (to risk weighted assets) | | | 19.02 | % | | | 19.22 | % | | | 18.18 | % |
Tier I capital (to risk weighted assets) | | | 17.76 | % | | | 17.97 | % | | | 16.93 | % |
Tier I capital (to leverage assets) | | | 12.08 | % | | | 13.09 | % | | | 13.42 | % |
Tangible common equity (to tangible assets)(1) | | | 12.42 | % | | | 12.55 | % | | | 12.82 | % |
Tangible common equity (to risk-weighted assets)(1) | | | 17.36 | % | | | 17.47 | % | | | 16.21 | % |
OTHER FINANCIAL DATA | | | | | | | | | | | | |
Shares outstanding at end of period | | | 18,195,415 | | | | 18,435,084 | | | | 18,421,132 | |
Tangible shareholders’ equity(1) | | $ | 157,381 | | | $ | 156,631 | | | $ | 151,348 | |
Book value per share | | $ | 9.87 | | | $ | 9.70 | | | $ | 9.43 | |
Tangible book value per share | | $ | 8.65 | | | $ | 8.50 | | | $ | 8.22 | |
| (1) | Tangible shareholders’ equity excludes goodwill and core deposit intangible assets related toacquisitions. |
PACIFIC CONTINENTAL CORPORATION
Loans by Type and Allowance for Loan Losses
(In thousands)
(Unaudited)
| | | | | | | | | | | | |
| | | March 31,
2012 | | | December 31,
2011 | | | March 31,
2011 | |
LOANS BY TYPE | | | | | | | | | | | | |
Real estate secured loans: | | | | | | | | | | | | |
Permanent loans: | | | | | | | | | | | | |
Multifamily residential | | $ | 51,102 | | | $ | 51,897 | | | $ | 48,111 | |
Residential 1-4 family | | | 59,642 | | | | 61,717 | | | | 72,926 | |
Owner-occupied commercial | | | 218,526 | | | | 207,008 | | | | 205,701 | |
Nonowner-occupied commercial | | | 140,142 | | | | 157,844 | | | | 178,885 | |
| | | | | | | | | | | | |
Total permanent real estate loans | | | 469,412 | | | | 478,466 | | | | 505,623 | |
Construction loans: | | | | | | | | | | | | |
Multifamily residential | | | 4,906 | | | | 2,574 | | | | 1,114 | |
Residential 1-4 family | | | 16,590 | | | | 17,960 | | | | 21,774 | |
Commercial real estate | | | 12,546 | | | | 10,901 | | | | 12,332 | |
Commercial bare land and acquisition & development | | | 18,566 | | | | 19,496 | | | | 25,072 | |
Residential bare land and acquisition & development | | | 11,016 | | | | 12,707 | | | | 14,506 | |
| | | | | | | | | | | | |
Total construction real estate loans | | | 63,624 | | | | 63,638 | | | | 74,798 | |
Total real estate loans | | | 533,036 | | | | 542,104 | | | | 580,421 | |
Commercial loans | | | 286,543 | | | | 272,600 | | | | 253,810 | |
Consumer loans | | | 4,569 | | | | 4,569 | | | | 5,966 | |
Other loans | | | 1,439 | | | | 1,556 | | | | 2,119 | |
| | | | | | | | | | | | |
Gross loans | | | 825,587 | | | | 820,829 | | | | 842,316 | |
Deferred loan origination fees | | | (727 | ) | | | (677 | ) | | | (623 | ) |
| | | | | | | | | | | | |
| | | 824,860 | | | | 820,152 | | | | 841,693 | |
Allowance for loan losses | | | (15,829 | ) | | | (14,941 | ) | | | (15,227 | ) |
| | | | | | | | | | | | |
| | $ | 809,031 | | | $ | 805,211 | | | $ | 826,466 | |
| | | | | | | | | | | | |
Real estate loans held-for-sale | | $ | — | | | $ | 1,058 | | | $ | 360 | |
| | | | | | | | | | | | |
| |
| | | Three months ended | |
| | | March 31,
2012 | | | December 31,
2011 | | | March 31,
2011 | |
ALLOWANCE FOR LOAN LOSSES | | | | | | | | | | | | |
Balance at beginning of period | | $ | 14,941 | | | $ | 15,287 | | | $ | 16,570 | |
Provision for loan losses | | | 1,300 | | | | 7,000 | | | | 2,150 | |
Loan charge offs | | | (522 | ) | | | (7,720 | ) | | | (3,613 | ) |
Loan recoveries | | | 110 | | | | 374 | | | | 120 | |
| | | | | | | | | | | | |
Net charge offs | | | (412 | ) | | | (7,346 | ) | | | (3,493 | ) |
| | | | | | | | | | | | |
Balance at end of period | | $ | 15,829 | | | $ | 14,941 | | | $ | 15,227 | |
| | | | | | | | | | | | |
PACIFIC CONTINENTAL CORPORATION
Selected Other Financial Information and Ratios
(In thousands)
(Unaudited)
| | | | | | | | | | | | |
| | | Three months ended | |
| | | March 31,
2012 | | | December 31,
2011 | | | March 31,
2011 | |
BALANCE SHEET AVERAGES | | | | | | | | | | | | |
Loans(1) | | $ | 826,265 | | | $ | 825,988 | | | $ | 850,806 | |
Allowance for loan losses | | | (15,427 | ) | | | (15,250 | ) | | | (17,189 | ) |
| | | | | | | | | | | | |
Loans, net of allowance | | | 810,838 | | | | 810,738 | | | | 833,617 | |
Securities and short-term deposits | | | 360,940 | | | | 341,563 | | | | 261,272 | |
| | | | | | | | | | | | |
Earning assets | | | 1,171,778 | | | | 1,152,301 | | | | 1,094,889 | |
Noninterest-earning assets | | | 112,849 | | | | 105,416 | | | | 106,368 | |
| | | | | | | | | | | | |
Assets | | $ | 1,284,627 | | | $ | 1,257,717 | | | $ | 1,201,257 | |
| | | | | | | | | | | | |
Interest-bearing core deposits(2) | | $ | 586,154 | | | $ | 597,550 | | | $ | 630,327 | |
Noninterest-bearing core deposits(2) | | | 283,943 | | | | 275,212 | | | | 246,882 | |
| | | | | | | | | | | | |
Core deposits(2) | | | 870,097 | | | | 872,762 | | | | 877,209 | |
Noncore interest-bearing deposits | | | 78,781 | | | | 73,988 | | | | 52,714 | |
| | | | | | | | | | | | |
Deposits | | | 948,878 | | | | 946,750 | | | | 929,923 | |
Borrowings | | | 151,828 | | | | 124,775 | | | | 94,832 | |
Other noninterest-bearing liabilities | | | 4,037 | | | | 4,616 | | | | 3,526 | |
| | | | | | | | | | | | |
Liabilities | | | 1,104,743 | | | | 1,076,141 | | | | 1,028,281 | |
| | | | | | | | | | | | |
Shareholders’ equity (book) | | | 179,884 | | | | 181,576 | | | | 172,976 | |
| | | | | | | | | | | | |
Liabilities and equity | | $ | 1,284,627 | | | $ | 1,257,717 | | | $ | 1,201,257 | |
| | | | | | | | | | | | |
Shareholders’ equity (tangible)(3) | | $ | 157,675 | | | $ | 159,313 | | | $ | 150,544 | |
| | | | | | | | | | | | |
SELECTED MARKET DATA | | | | | | | | | | | | |
Eugene market gross loans, period end | | $ | 251,434 | | | $ | 250,345 | | | $ | 255,342 | |
Portland market gross loans, period end | | | 417,382 | | | | 406,316 | | | | 403,575 | |
Seattle market gross loans, period end | | | 156,771 | | | | 164,168 | | | | 183,399 | |
| | | | | | | | | | | | |
Total gross loans, period end | | $ | 825,587 | | | $ | 820,829 | | | $ | 842,316 | |
| | | | | | | | | | | | |
Eugene market core deposits, period end(2) | | $ | 502,710 | | | $ | 526,928 | | | $ | 509,572 | |
Portland market core deposits, period end(2) | | | 235,571 | | | | 237,230 | | | | 246,339 | |
Seattle market core deposits, period end(2) | | | 120,648 | | | | 121,685 | | | | 117,873 | |
| | | | | | | | | | | | |
Total core deposits, period end(2) | | | 858,929 | | | | 885,843 | | | | 873,784 | |
Other deposits, period end | | | 95,718 | | | | 79,411 | | | | 52,586 | |
| | | | | | | | | | | | |
Total | | $ | 954,647 | | | $ | 965,254 | | | $ | 926,370 | |
| | | | | | | | | | | | |
Eugene market core deposits, average(2) | | $ | 506,776 | | | $ | 509,882 | | | $ | 515,264 | |
Portland market core deposits, average(2) | | | 242,659 | | | | 239,459 | | | | 245,911 | |
Seattle market core deposits, average(2) | | | 120,662 | | | | 123,421 | | | | 116,034 | |
| | | | | | | | | | | | |
Total core deposits, average(2) | | | 870,097 | | | | 872,762 | | | | 877,209 | |
Other deposits, average | | | 78,781 | | | | 73,988 | | | | 52,714 | |
| | | | | | | | | | | | |
Total | | $ | 948,878 | | | $ | 946,750 | | | $ | 929,923 | |
| | | | | | | | | | | | |
NET INTEREST MARGIN RECONCILIATION | | | | | | | | | | | | |
Yield on average loans | | | 6.01 | % | | | 6.17 | % | | | 6.32 | % |
Yield on average securities(4) | | | 2.60 | % | | | 2.88 | % | | | 3.33 | % |
| | | | | | | | | | | | |
Yield on average earning assets(4) | | | 4.96 | % | | | 5.19 | % | | | 5.61 | % |
Rate on average interest-bearing core deposits | | | 0.53 | % | | | 0.58 | % | | | 1.08 | % |
Rate on average interest-bearing non-core deposits | | | 1.85 | % | | | 1.81 | % | | | 1.85 | % |
| | | | | | | | | | | | |
Rate on average interest-bearing deposits | | | 0.69 | % | | | 0.72 | % | | | 1.14 | % |
Rate on average borrowings | | | 1.36 | % | | | 1.68 | % | | | 2.28 | % |
| | | | | | | | | | | | |
Cost of interest-bearing funds | | | 0.81 | % | | | 0.87 | % | | | 1.28 | % |
| | | | | | | | | | | | |
Interest rate spread(4) | | | 4.15 | % | | | 4.32 | % | | | 4.33 | % |
| | | | | | | | | | | | |
Net interest margin(4) | | | 4.39 | % | | | 4.59 | % | | | 4.70 | % |
| | | | | | | | | | | | |
| (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 $186 thousand, $162 thousand and $104 thousand for the three months ended March 31, 2012, December 31, 2011 and March 31, 2011, respectively |
PACIFIC CONTINENTAL CORPORATION
Nonperforming Assets and Asset Quality Ratios
(In thousands)
(Unaudited)
| | | | | | | | | | | | |
| | | March 31,
2012 | | | December 31,
2011 | | | March 31,
2011 | |
| NONPERFORMING ASSETS | | | | | | | | | | | | |
Non-accrual loans | | | | | | | | | | | | |
Real estate secured loans: | | | | | | | | | | | | |
Permanent loans: | | | | | | | | | | | | |
Multifamily residential | | $ | — | | | $ | — | | | $ | 64 | |
Residential 1-4 family | | | 3,344 | | | | 3,426 | | | | 6,503 | |
Owner-occupied commercial | | | 5,058 | | | | 5,138 | | | | 1,959 | |
Nonowner-occupied commercial | | | — | | | | 575 | | | | 9,622 | |
| | | | | | | | | | | | |
Total permanent real estate loans | | | 8,402 | | | | 9,139 | | | | 18,148 | |
Construction loans: | | | | | | | | | | | | |
Multifamily residential | | | — | | | | — | | | | 232 | |
Residential 1-4 family | | | 15 | | | | 757 | | | | 1,972 | |
Commercial real estate | | | 933 | | | | 933 | | | | 1,500 | |
Commercial bare land and acquisition & development | | | 8,491 | | | | 7,837 | | | | — | |
Residential bare land and acquisition & development | | | 1,791 | | | | 1,929 | | | | 2,024 | |
| | | | | | | | | | | | |
Total construction real estate loans | | | 11,230 | | | | 11,456 | | | | 5,728 | |
| | | | | | | | | | | | |
Total real estate loans | | | 19,632 | | | | 20,595 | | | | 23,876 | |
Commercial loans | | | 5,899 | | | | 5,999 | | | | 7,275 | |
| | | | | | | | | | | | |
Total nonaccrual loans | | | 25,531 | | | | 26,594 | | | | 31,151 | |
90-days past due and accruing interest | | | — | | | | — | | | | — | |
Total nonperforming loans | | | 25,531 | | | | 26,594 | | | | 31,151 | |
| | | | | | | | | | | | |
Nonperforming loans guaranteed by government | | | (492 | ) | | | (495 | ) | | | (761 | ) |
Net nonperforming loans | | | 25,039 | | | | 26,099 | | | | 30,390 | |
| | | | | | | | | | | | |
Other real estate owned | | | 10,102 | | | | 11,000 | | | | 13,740 | |
| | | | | | | | | | | | |
Total nonperforming assets, net of guaranteed loans | | $ | 35,141 | | | $ | 37,099 | | | $ | 44,130 | |
| | | | | | | | | | | | |
| ASSET QUALITY RATIOS | | | | | | | | | | | | |
Allowance for loan losses as a percentage of total loans outstanding | | | 1.92 | % | | | 1.82 | % | | | 1.81 | % |
Allowance for loan losses as a percentage of total nonperforming loans, net of government guarantees | | | 63.22 | % | | | 57.25 | % | | | 50.11 | % |
Quarter to date net loan charge offs (recoveries) as a percentage of average loans, annualized | | | 0.20 | % | | | 3.53 | % | | | 1.67 | % |
Net nonperforming loans as a percentage of total loans | | | 3.04 | % | | | 3.18 | % | | | 3.61 | % |
Nonperforming assets as a percentage of total assets | | | 2.72 | % | | | 2.92 | % | | | 3.67 | % |
Consolidated classified asset ratio(1) | | | 38.44 | % | | | 38.91 | % | | | 55.27 | % |
Past due as a percentage of total loans(2) | | | 0.67 | % | | | 0.41 | % | | | 1.02 | % |
| (1) | Classified asset ratio is defined as the sum of all loan-related contingent liabilities and loans internallygraded 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. |
| (2) | Defined as loans past due more than 30 days and still accruing interest, as a percentage of total loans, net of deferred fees. |
PACIFIC CONTINENTAL CORPORATION
Nonperforming Loan Rollforward
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Balance at
December 31, 2011 | | | Additions to
Non-performing | | | Reclassification | | | Net
Paydowns | | | Returns to
Performing | | | Charge-offs | | | Transfers
to OREO | | | Balance at
March 31, 2012 | |
Real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Residential 1-4 family | | | 3,426 | | | | 189 | | | | — | | | | (50 | ) | | | — | | | | (148 | ) | | | (73 | ) | | | 3,344 | |
Owner-occupied commercial | | | 5,138 | | | | — | | | | — | | | | (80 | ) | | | — | | | | — | | | | — | | | | 5,058 | |
Nonowner-occupied commercial | | | 575 | | | | — | | | | — | | | | (565 | ) | | | — | | | | (10 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 9,139 | | | | 189 | | | | — | | | | (695 | ) | | | — | | | | (158 | ) | | | (73 | ) | | | 8,402 | |
Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | | — | | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Residential 1-4 family | | | 757 | | | | | | | | — | | | | (674 | ) | | | — | | | | (68 | ) | | | — | | | | 15 | |
Commercial real estate | | | 933 | | | | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 933 | |
Commercial bare land and acquisition & development | | | 7,837 | | | | 660 | | | | — | | | | (6 | ) | | | — | | | | — | | | | — | | | | 8,491 | |
Residential bare land and acquisition & development | | | 1,929 | | | | 143 | | | | — | | | | (144 | ) | | | — | | | | (137 | ) | | | — | | | | 1,791 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total construction loans | | | 11,456 | | | | 803 | | | | — | | | | (824 | ) | | | — | | | | (205 | ) | | | — | | | | 11,230 | |
Commercial and other | | | 5,999 | | | | — | | | | — | | | | (100 | ) | | | — | | | | — | | | | — | | | | 5,899 | |
Consumer | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 26,594 | | | $ | 992 | | | $ | — | | | $ | (1,619 | ) | | $ | — | | | $ | (363 | ) | | $ | (73 | ) | | $ | 25,531 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PACIFIC CONTINENTAL CORPORATION
Other Real Estate Owned Rollforward
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Balance at
December 31, 2011 | | | Additions
to OREO | | | Capitalized
Costs | | | Paydowns/
Sales | | | Writedowns/
Loss/Gain | | | Balance at
March 31, 2012 | |
Real estate | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Residential 1-4 family | | | 3,242 | | | | 73 | | | | — | | | | (382 | ) | | | (148 | ) | | | 2,785 | |
Owner-occupied commercial | | | 469 | | | | — | | | | — | | | | — | | | | (33 | ) | | | 436 | |
Nonowner-occupied commercial | | | 4,769 | | | | — | | | | — | | | | (244 | ) | | | (163 | ) | | | 4,362 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 8,480 | | | | 73 | | | | — | | | | (626 | ) | | | (344 | ) | | | 7,583 | |
Construction | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Residential 1-4 family | | | 234 | | | | — | | | | — | | | | — | | | | — | | | | 234 | |
Commercial real estate | | | 1,425 | | | | — | | | | — | | | | — | | | | — | | | | 1,425 | |
Commercial bare land and acquisition & development | | | 819 | | | | — | | | | — | | | | — | | | | — | | | | 819 | |
Residential bare land and acquisition & development | | | 42 | | | | — | | | | — | | | | — | | | | (1 | ) | | | 41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total construction loans | | | 2,520 | | | | — | | | | — | | | | — | | | | (1 | ) | | | 2,519 | |
Commercial and other | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Consumer | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 11,000 | | | $ | 73 | | | $ | — | | | $ | (626 | ) | | $ | (345 | ) | | $ | 10,102 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
PACIFIC CONTINENTAL CORPORATION
Aged Analysis of Loans Receivable (Unaudited)
(In thousands)
As of March 31, 2012
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 51,102 | | | $ | 51,102 | |
Residential 1-4 family | | | 635 | | | | 243 | | | | — | | | | 3,344 | | | | 4,222 | | | | 55,420 | | | | 59,642 | |
Owner-occupied commercial | | | — | | | | 732 | | | | — | | | | 5,058 | | | | 5,790 | | | | 212,736 | | | | 218,526 | |
Nonowner-occupied commercial | | | 96 | | | | — | | | | — | | | | — | | | | 96 | | | | 140,046 | | | | 140,142 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 731 | | | | 975 | | | | — | | | | 8,402 | | | | 10,108 | | | | 459,304 | | | | 469,412 | |
Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | | — | | | | — | | | | — | | | | — | | | | — | | | | 4,906 | | | | 4,906 | |
Residential 1-4 family | | | — | | | | — | | | | — | | | | 15 | | | | 15 | | | | 16,575 | | | | 16,590 | |
Commercial real estate | | | 1,538 | | | | — | | | | — | | | | 933 | | | | 2,471 | | | | 10,075 | | | | 12,546 | |
Commercial bare land and acquisition & development | | | — | | | | — | | | | — | | | | 8,491 | | | | 8,491 | | | | 10,075 | | | | 18,566 | |
Residential bare land and acquisition & development | | | — | | | | — | | | | — | | | | 1,791 | | | | 1,791 | | | | 9,225 | | | | 11,016 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total construction loans | | | 1,538 | | | | — | | | | — | | | | 11,230 | | | | 12,768 | | | | 50,856 | | | | 63,624 | |
Commercial and other | | | 1,340 | | | | 951 | | | | — | | | | 5,899 | | | | 8,190 | | | | 279,792 | | | | 287,982 | |
Consumer | | | 6 | | | | 9 | | | | — | | | | — | | | | 15 | | | | 4,554 | | | | 4,569 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Totals | | $ | 3,615 | | | $ | 1,935 | | | $ | — | | | $ | 25,531 | | | $ | 31,081 | | | $ | 794,506 | | | $ | 825,587 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PACIFIC CONTINENTAL CORPORATION
Aged Analysis of Loans Receivable (Unaudited)
(In thousands)
As of March 31, 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 Financing
Receivables | |
Real estate loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | $ | — | | | $ | — | | | $ | — | | | $ | 64 | | | $ | 64 | | | $ | 48,047 | | | $ | 48,111 | |
Residential 1-4 family | | | 588 | | | | 2,453 | | | | — | | | | 6,503 | | | | 9,544 | | | | 63,382 | | | | 72,926 | |
Owner-occupied commercial | | | 2,694 | | | | — | | | | — | | | | 1,959 | | | | 4,653 | | | | 201,048 | | | | 205,701 | |
Nonowner-occupied commercial | | | 5 | | | | 14 | | | | — | | | | 9,622 | | | | 9,641 | | | | 169,244 | | | | 178,885 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 3,287 | | | | 2,467 | | | | — | | | | 18,148 | | | | 23,902 | | | | 481,721 | | | | 505,623 | |
Construction | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | | — | | | | — | | | | — | | | | 232 | | | | 232 | | | | 882 | | | | 1,114 | |
Residential 1-4 family | | | 213 | | | | — | | | | — | | | | 1,972 | | | | 2,185 | | | | 19,589 | | | | 21,774 | |
Commercial real estate | | | 1,538 | | | | — | | | | — | | | | 1,500 | | | | 3,038 | | | | 9,294 | | | | 12,332 | |
Commercial bare land and acquisition & development | | | 660 | | | | — | | | | — | | | | — | | | | 660 | | | | 24,412 | | | | 25,072 | |
Residential bare land and acquisition & development | | | — | | | | — | | | | — | | | | 2,024 | | | | 2,024 | | | | 12,482 | | | | 14,506 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total construction loans | | | 2,411 | | | | — | | | | — | | | | 5,728 | | | | 8,139 | | | | 66,659 | | | | 74,798 | |
Commercial and other | | | 452 | | | | — | | | | — | | | | 7,275 | | | | 7,727 | | | | 248,202 | | | | 255,929 | |
Consumer | | | 22 | | | | — | | | | — | | | | — | | | | 22 | | | | 5,944 | | | | 5,966 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 6,172 | | | $ | 2,467 | | | $ | — | | | $ | 31,151 | | | $ | 39,790 | | | $ | 802,526 | | | $ | 842,316 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PACIFIC CONTINENTAL CORPORATION
Credit Quality Indicators (Unaudited)
(In thousands)
As of March 31, 2012
| | | | | | | | | | | | | | | | | | | | |
| | | Loan Grade | | | | |
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Totals | |
Real estate loans | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | $ | 49,762 | | | $ | — | | | $ | 1,340 | | | $ | — | | | $ | 51,102 | |
Residential 1-4 family | | | 49,583 | | | | — | | | | 10,059 | | | | — | | | | 59,642 | |
Owner-occupied commercial | | | 205,878 | | | | — | | | | 11,083 | | | | 1,565 | | | | 218,526 | |
Nonowner-occupied commercial | | | 137,782 | | | | — | | | | 2,360 | | | | — | | | | 140,142 | |
| | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 443,005 | | | | — | | | | 24,842 | | | | 1,565 | | | | 469,412 | |
Construction | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | | 4,906 | | | | — | | | | — | | | | — | | | | 4,906 | |
Residential 1-4 family | | | 13,356 | | | | — | | | | 3,234 | | | | — | | | | 16,590 | |
Commercial real estate | | | 8,742 | | | | — | | | | 3,804 | | | | — | | | | 12,546 | |
Commercial bare land and acquisition & development | | | 10,074 | | | | — | | | | 8,492 | | | | — | | | | 18,566 | |
Residential bare land and acquisition & development | | | 6,164 | | | | — | | | | 4,852 | | | | — | | | | 11,016 | |
| | | | | | | | | | | | | | | | | | | | |
Total construction loans | | | 43,242 | | | | — | | | | 20,382 | | | | — | | | | 63,624 | |
Commercial and other | | | 277,913 | | | | — | | | | 9,993 | | | | 76 | | | | 287,982 | |
Consumer | | | 4,491 | | | | — | | | | 78 | | | | — | | | | 4,569 | |
| | | | | | | | | | | | | | | | | | | | |
Totals | | $ | 768,651 | | | $ | — | | | $ | 55,295 | | | $ | 1,641 | | | $ | 825,587 | |
| | | | | | | | | | | | | | | | | | | | |
PACIFIC CONTINENTAL CORPORATION
Credit Quality Indicators (Unaudited)
(In thousands)
As of March 31, 2011
| | | | | | | | | | | | | | | | | | | | |
| | | Loan Grade | | | | |
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Totals | |
Real estate loans | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | $ | 44,121 | | | $ | — | | | $ | 3,990 | | | $ | — | | | $ | 48,111 | |
Residential 1-4 family | | | 57,194 | | | | — | | | | 15,248 | | | | 484 | | | | 72,926 | |
Owner-occupied commercial | | | 195,723 | | | | — | | | | 9,978 | | | | — | | | | 205,701 | |
Nonowner-occupied commercial | | | 166,729 | | | | — | | | | 12,156 | | | | — | | | | 178,885 | |
| | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 463,767 | | | | — | | | | 41,372 | | | | 484 | | | | 505,623 | |
Construction | | | | | | | | | | | | | | | | | | | | |
Multifamily residential | | | 882 | | | | — | | | | 232 | | | | — | | | | 1,114 | |
Residential 1-4 family | | | 18,524 | | | | — | | | | 3,250 | | | | — | | | | 21,774 | |
Commercial real estate | | | 7,893 | | | | — | | | | 4,439 | | | | — | | | | 12,332 | |
Commercial bare land and acquisition & development | | | 11,347 | | | | — | | | | 13,725 | | | | — | | | | 25,072 | |
Residential bare land and acquisition & development | | | 10,753 | | | | — | | | | 3,753 | | | | — | | | | 14,506 | |
| | | | | | | | | | | | | | | | | | | | |
Total construction loans | | | 49,399 | | | | — | | | | 25,399 | | | | — | | | | 74,798 | |
Commercial and other | | | 244,382 | | | | 400 | | | | 11,147 | | | | — | | | | 255,929 | |
Consumer | | | 5,909 | | | | — | | | | 57 | | | | — | | | | 5,966 | |
| | | | | | | | | | | | | | | | | | | | |
Totals | | $ | 763,457 | | | $ | 400 | | | $ | 77,975 | | | $ | 484 | | | $ | 842,316 | |
| | | | | | | | | | | | | | | | | | | | |
