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Pacific Continental Bank reports record profit for 2013

January 23, 2014

By Ilene Aleshire, The Register-Guard, Eugene, Ore.

Jan. 23 -- Pacific Continental Corp. , the parent company of Pacific Continental Bank , Wednesday reported a 9 percent increase in profits in the fourth quarter of 2013 and a record profit for the year as a whole. It also declared a special cash dividend of 10 cents per share, in addition to the first quarter 2014 regular cash dividend of 10 cents per share. The banking firm had a profit of $3.7 million , or 20 cents per share, in the most recent quarter compared to a profit of $3.4 million , or 19 cents per share, in the fourth quarter of 2012. For the year as a whole, Pacific Continental reported a record profit of $13.8 million , up about 9 percent from 2012. The 2013 profits would, in fact, have been $822,000 higher if not for the one-time expenses related to the acquisition of Century Bank , Pacific Continental executives said. CEO Hal Brown said the company's executives were pleased with the 2013 results and are entering 2014 "with an optimistic outlook." Loans, excluding those acquired in the Century Bank deal were up an annualized 9.24 percent at the end of 2013, compared with 2012, the bank reported. Most of the loan growth was in owner-occupied commercial real estate, construction lending and commercial loans, Pacific Continental said. It was the eighth quarter in a row that loans grew, which President Roger Busse attributed to an improving economy, relationships that Pacific Continental bankers have developed with customers and its focus on certain niches. Busse singled out one niche in particular, dental practices, as being "very successful both in terms of growth and credit quality." Deposits from the bank's core customers were $990.3 million at year end, up 5.5 compared with the end of 2012. While overall loans and deposits increased, the amount of problem loans the banks has had to deal with continued to decrease -- "and we are optimistic this trend will continue in 2014," Chief Credit Officer Casey Hogan said. Pacific Continental made no provision for loan losses during the fourth quarter 2013, and a provision of only $250,000 for the year as a whole. Pacific Continental released its earnings report after the close of regular trading on the stock exchange. Its stock -- which trades on the Nasdaq exchange under the ticker symbol PCBK -- closed at $15.49 a share, down 14 cents from the previous day. It has traded between $9.86 a share and $16.28 a share for the past 52 weeks. ___ (c)2014 The Register-Guard (Eugene, Ore.) Visit The Register-Guard (Eugene, Ore.) at www.registerguard.com Distributed by MCT Information Services


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Source: Register-Guard (Eugene, OR)


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