Pacific Continental Corporation Increases Regular Cash Dividend and Declares Special Cash Dividend
EUGENE, Ore., Oct. 16, 2013 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today announced that its board of directors approved a regular cash dividend of $0.10 per share, which represents a $0.01 per share increase over the prior quarter. Additionally, the board declared a special cash dividend of $0.12 per share. Both dividends are payable November 12, 2013, to shareholders of record on October 28, 2013.
"Increasing client activity and growth in the loan portfolio, together with consistent improvement in credit quality metrics, provide the basis for an increase in the regular dividend," said Hal Brown, chief executive officer. "The $0.12 special dividend further rewards shareholders while continuing to leverage the Company's capital position," added Brown.
Pacific Continental's board will continue to review dividend considerations so that regular cash dividends, when and if declared, will typically be paid in February, May, August and November of each year. When and if declared, regular cash dividend payments will be announced simultaneously with the quarterly earnings release. Pacific Continental's board of directors takes a broad perspective in its dividend deliberations including a review of recent operating performance, current and projected capital levels, current and projected earnings, risk profile, including loan concentrations as a percentage of capital, planned market expansion, liquidity available at the Corporation, and other metrics, including dividend payout ratios and dividend yield before establishing an annual dividend expectation and before declaring a quarterly dividend.
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 loan production offices in Tacoma, Washington and Denver, Colorado. Pacific Continental, with $1.4 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 including The Seattle Times, the Portland Business Journal, the Seattle Business magazine and Oregon 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 at www.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.
SOURCE Pacific Continental Corporation