Pacific Continental Corporation Reports Fourth Quarter and Full Year 2013 Results

Loan Growth and Acquisition Produce Record Net Income

Jan 22, 2014, 16:30 ET from Pacific Continental Corporation

EUGENE, Ore., Jan. 22, 2014 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today reported financial results for the fourth quarter and full year 2013.

Recent highlights:

  • Record net income of $13.8 million for the year 2013.
  • Organic loan growth continued for the eighth consecutive quarter.
  • Continued improvement in credit quality statistics.
  • Declared first quarter 2014 regular quarterly cash dividend of $0.10 per share and special cash dividend of $0.10 per share.
  • Total risk-based capital ratio of 16.15%, significantly above the 10.00% minimum for "well-capitalized" designation.
  • Recognized as one of Oregon's most admired companies by the Portland Business Journal for the fifth consecutive year.

Net income Net income for fourth quarter 2013 was $3.7 million or $0.20 per diluted share compared to net income of $3.4 million or $0.19 per diluted share in fourth quarter 2012. Return on average assets, average book equity, and average tangible equity were 1.00%, 8.06%, and 9.28%, respectively, in fourth quarter 2013, compared to 0.99%, 7.33%, and 8.33% for the same quarter last year.

Net income for the full year 2013 was a record $13.8 million or $0.76 per diluted share compared to net income of $12.7 million or $0.69 per share for the year 2012.  Included in 2013 full year results was $1.2 million of one-time merger related expenses related to the Century Bank acquisition, which reduced current year net income by $822 thousand or $0.05 per diluted share.

"We are certainly pleased with our 2013 results and the shareholder returns for the year both in terms of share appreciation and dividends," said Hal Brown, chief executive officer. "Our strong capital position, liquidity and credit quality, together with the improving economic conditions, support our optimistic outlook as we begin 2014," added Brown.

Loan growth Outstanding gross loans at December 31, 2013, were $994.8 million, up $16.1 million over the prior quarter end and up $123.5 million from year-end 2012. Excluding the loans acquired in the Century Bank transaction, organic loan growth for 2013 was $80.5 million for an annualized growth rate of 9.24%. Loan growth for the fourth quarter and full year was primarily centered in owner-occupied commercial real estate, construction lending and commercial loans.

At December 31, 2013, loans to dental professionals totaled $307.3 million, representing 30.9% of the total loan portfolio. Outstanding loans to dental professionals grew by $36.5 million or 13.5% over December 31, 2012.

"Our sustained loan growth was attributable to an improving economy, our niche focus and a strong team of relationship bankers that successfully retained and added several client relationships during the year," said Roger Busse, president and chief operating officer. "Our dental lending program continued to be very successful both in terms of  growth and credit quality," added Busse.

Core deposits Period-end Company-defined core deposits were $990.3 million, an increase of $51.7 million or 5.5% over the prior year end.  At period-end December 31, 2013, noninterest-bearing demand deposits totaled $366.9 million and represented 37.0% of core deposits.

Net interest margin The fourth quarter 2013 net interest margin, on a tax equivalent basis, was 4.39%, representing an increase of 28 basis points over the 4.11% reported for the fourth quarter 2012. Included in the fourth quarter net interest margin was a $220 thousand prepayment penalty from an early payoff of a loan, which contributed 7 basis points to the current quarter's margin. In addition, the accretion of the Century Bank loan fair value market adjustment positively impacted the net interest margin by 4 basis points.

The net interest margin for the full year 2013, on a tax equivalent basis, was 4.37%, an increase of 13 basis points over the 4.24% net interest margin reported for 2012.  Earning asset yields remained relatively unchanged in 2013 when compared to 2012, primarily due to an increase in yield on the securities portfolio.  Most of the improvement in the annual net interest margin was attributable to a lower cost of funds as the cost of interest-bearing liabilities was down 17 basis points in 2013 from 2012. 

Classified assets, provisioning and loan statistics At December 31, 2013, classified assets totaled $52.0 million and represented 29.02% of regulatory capital, compared to $56.1 million and 31.18% of regulatory capital at December 31, 2012.  Classified asset levels increased by $5.8 million as a result of the Century Bank acquisition. Fourth quarter 2013 classified assets were lower than pre-acquisition levels.

Nonperforming assets, a subcategory of classified assets, totaled $21.0 million at December 31, 2013, or 1.45% of total assets, a decrease from the December 31, 2012 ratio of 1.92%. Nonperforming assets were comprised of $4.6 million in nonperforming loans, net of government guarantees, and $16.4 million in other real estate owned. Loans past-due 30-89 days were 0.23% of total loans at December 31, 2013, compared to 0.30% at December 31, 2012.

"This is the fourth consecutive year of improvement in our credit quality statistics and we are optimistic this trend will continue in 2014," said Casey Hogan, executive vice president and chief credit officer.

The Company made no provision for loan losses during the fourth quarter 2013 and provisioned $250 thousand for the full year 2013.  Net loan charge offs for the year 2013 were $678 thousand or 0.07% of average outstanding loans.  The allowance for loan losses as a percentage of outstanding loans at December 31, 2013, was 1.60% compared to 1.88% at December 31, 2012. The allowance for loan losses as a percentage of total nonperforming loans, net of government guarantees, improved to 345.42% at December 31, 2013, from 193.29% reported one year ago, reflecting both a reduction in nonperforming loans and an overall general improvement in the quality of the loan portfolio.

Capital levels The Company's capital ratios continued to be well above the minimum FDIC "well-capitalized" designated levels. At December 31, 2013, the Company's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and Total risk-based capital ratios were 11.49%, 14.90% and 16.15%, respectively, as compared to 12.33%, 16.90% and 18.15% at December 31, 2012, reflecting improved capital leverage. The FDIC's minimum "well-capitalized" ratios are 5.00%, 6.00% and 10.00%, respectively.

Noninterest income and expense Noninterest income for the fourth quarter was $1.6 million, up $181 thousand over fourth quarter 2012.  Noninterest expense in fourth quarter 2013 was up $1.1 million over fourth quarter 2012, with a portion of the increase centered in other real estate expense, primarily attributable to valuation write-downs. In addition, employee compensation was up, reflecting the addition of business development personnel who have increased calling efforts during 2013, resulting in part in  the Bank's loan growth during the period. The fourth quarter 2013 efficiency ratio was 62.97% compared to 64.26% for fourth quarter 2012.

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 fourth quarter and full-year 2013 on Thursday, January 23, 2014, at 11:00 a.m. Pacific / 2:00 p.m. Eastern. 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 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 Shannon Coffin, executive administrative assistant, 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 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.

Forward-Looking Statement Safe Harbor This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "anticipates," "targets," "expects," "estimates," "intends," "plans," "goals," "believes" "anticipates" and other similar expressions or future or conditional verbs such as "will," "should," "would" and "could." The forward-looking statements made represent Pacific Continental's current estimates, projections, expectations, plans or forecasts of its future results and revenues, including but not limited to statements about performance, loan growth, capital position, liquidity, credit quality, credit quality trends and economic conditions generally. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Pacific Continental's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under "Risk Factors", "Business", and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Pacific Continental's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in any of Pacific Continental's subsequent SEC filings, including the high concentration of loans of the Company's banking subsidiary in commercial and residential real estate lending and our significant concentration in loans to dental professionals; 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 Federal Reserve's monetary policies and 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 operational systems or infrastructure failures; increased competition; fluctuating interest rates; a tightening of available credit; the potential adverse impact of legal or regulatory proceedings; and risks related to acquisitions, including integration, retention of key personnel and business, anticipated cost savings and results and performance of the acquired company or the combined entity. Pacific Continental Corporation undertakes no obligation to publicly revise or update any forward-looking statement to reflect the impact of 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

Twelve months ended

December 31,

December 31,

December 31,

December 31,

2013

2012

2013

2012

Interest and dividend income

Loans

$             13,482

$             12,002

$             53,275

$             48,091

Taxable securities

1,566

1,285

5,730

6,171

Tax-exempt securities

489

464

1,918

1,626

Federal funds sold & interest-bearing deposits with banks

2

2

10

6

15,539

13,753

60,933

55,894

Interest expense

Deposits

803

909

3,389

4,059

Federal Home Loan Bank & Federal Reserve borrowings

284

325

1,189

1,584

Junior subordinated debentures

60

35

200

151

Federal funds purchased

4

3

16

24

1,151

1,272

4,794

5,818

Net interest income

14,388

12,481

56,139

50,076

Provision for loan losses

-

-

250

1,900

Net interest income after provision for loan losses

14,388

12,481

55,889

48,176

Noninterest income

Service charges on deposit accounts

490

468

1,926

1,827

Other fee income, principally bankcard

407

389

1,624

1,595

Mortgage banking income

-

-

-

72

Bank-owned life insurance income

128

152

515

583

Loss on sale of investment securities

-

-

(8)

-

    Impairment losses on investment securities (OTTI)

(7)

-

(23)

-

Other noninterest income

545

373

1,792

1,664

1,563

1,382

5,826

5,741

Noninterest expense

Salaries and employee benefits

5,776

4,855

22,120

19,576

Premises and equipment

938

820

3,684

3,373

Data processing

651

553

2,605

2,096

Legal and professional fees

407

357

1,867

1,735

Business development

430

470

1,805

1,558

FDIC insurance assessment

238

271

912

1,085

Bankcard processing

109

140

527

580

Other real estate expense

639

412

2,401

1,494

Merger related expenses(1)

-

203

1,246

203

Other noninterest expense

857

827

3,565

3,405

10,045

8,908

40,732

35,105

Income before provision for income taxes

5,906

4,955

20,983

18,812

Provision for income taxes

2,254

1,572

7,216

6,159

Net income

$               3,652

$               3,383

$             13,767

$             12,653

Earnings per share:

Basic

$                 0.20

$                 0.19

$                 0.77

$                 0.70

Diluted

$                 0.20

$                 0.19

$                 0.76

$                 0.69

Weighted average shares outstanding:

Basic

17,888,818

17,845,645

17,871,439

18,085,607

Common stock equivalents

attributable to stock-based awards

237,455

152,564

188,484

152,553

Diluted

18,126,273

17,998,209

18,059,923

18,238,160

PERFORMANCE RATIOS

Return on average assets 

1.00%

0.99%

0.96%

0.96%

Return on average equity (book) 

8.06%

7.33%

7.61%

6.97%

Return on average equity (tangible) (2)

9.28%

8.33%

8.75%

7.94%

Net interest margin (3)

4.39%

4.11%

4.37%

4.24%

Efficiency ratio (4)

62.97%

64.26%

65.73%

62.89%

(1)

Represents expenses associated with the acquisition of Century Bank.

(2)

Tangible equity excludes goodwill and core deposit intangible assets related to acquisitions.

(3)

Net interest margin is reported on a tax-equivalent yield basis at a 35% tax rate

(4)

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)

December 31,

December 31,

2013

2012

ASSETS

Cash and due from banks

$             21,053

$             28,607

Interest-bearing deposits with banks

55

94

Total cash and cash equivalents

21,108

28,701

Securities available-for-sale

347,386

389,885

Loans, less allowance for loan losses and net deferred fees

977,928

854,071

Interest receivable

4,703

4,520

Federal Home Loan Bank stock

10,425

10,462

Property and equipment, net of accumulated depreciation

18,836

19,238

Goodwill and intangible assets

23,616

22,031

Deferred tax asset

9,598

6,230

Taxes receivable

80

-

Other real estate owned

16,355

17,972

Prepaid FDIC assessment

-

1,746

Bank-owned life insurance

16,136

15,621

Other assets

3,555

3,010

Total assets

$        1,449,726

$        1,373,487

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

Noninterest-bearing demand

$           366,891

$           329,825

Savings and interest-bearing checking

559,632

554,693

Time $100,000 and over

79,081

73,610

Other time

85,377

88,026

Total deposits

1,090,981

1,046,154

Federal funds and overnight funds purchased

5,150

11,570

Federal Home Loan Bank borrowings

160,000

118,000

Junior subordinated debentures

8,248

8,248

Accrued interest and other payables

6,163

6,134

Total liabilities

1,270,542

1,190,106

Shareholders' equity

Common stock: 50,000,000 shares authorized.  Shares issued

and outstanding:  17,891,687 at December 31, 2013 and 17,835,088

at December 31, 2012 

133,835

133,017

Retained earnings

45,250

44,533

Accumulated other comprehensive income

99

5,831

179,184

183,381

Total liabilities and shareholders' equity

$        1,449,726

$        1,373,487

CAPITAL RATIOS

Total capital (to risk weighted assets)

16.15%

18.15%

Tier I capital (to risk weighted assets)

14.90%

16.90%

Tier I capital (to leverage assets)

11.49%

12.33%

Tangible common equity (to tangible assets)(1)

10.91%

11.94%

Tangible common equity (to risk-weighted assets)(1)

14.18%

16.67%

OTHER FINANCIAL DATA

Shares outstanding at end of period

17,891,687

17,835,088

Tangible shareholders' equity(1)

$           155,568

$           161,350

Book value per share

$               10.01

$               10.28

Tangible book value per share

$                 8.69

$                 9.05

(1)

Tangible common 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)

December 31,

December 31,

2013

2012

LOANS BY TYPE

Real estate secured loans:

Permanent loans:

Multi-family residential

$             46,217

$             45,212

Residential 1-4 family

46,438

51,437

Owner-occupied commercial

249,311

219,276

Nonowner-occupied commercial

158,786

145,315

Total permanent real estate loans

500,752

461,240

Construction loans:

Multi-family residential

23,419

17,022

Residential 1-4 family

26,512

20,390

Commercial real estate

30,516

23,235

Commercial bare land and acquisition & development

11,473

10,668

Residential bare land and acquisition & development

6,990

8,405

Total construction real estate loans

98,910

79,720

Total real estate loans

599,662

540,960

Commercial loans

390,301

325,604

Consumer loans

3,878

3,581

Other loans

928

1,112

Gross loans

994,769

871,257

Deferred loan origination fees

(924)

(841)

993,845

870,416

Allowance for loan losses

(15,917)

(16,345)

$           977,928

$           854,071

Three months ended

Twelve months ended

ALLOWANCE FOR LOAN LOSSES

December 31, 2013

December 31, 2012

December 31, 2013

December 31, 2012

  Balance at beginning of period

$             16,802

$             16,283

$             16,345

$             14,941

   Provision for loan losses

-

-

250

1,900

   Loan charge offs

(1,039)

(855)

(2,088)

(3,664)

   Loan recoveries

154

917

1,410

3,168

     Net recoveries (charge offs)

(885)

62

(678)

(496)

  Balance at end of period

$             15,917

$             16,345

$             15,917

$             16,345

  

 

PACIFIC CONTINENTAL CORPORATION

Selected Other Financial Information and Ratios

(In thousands)

(Unaudited)

Three months ended

Twelve months ended

December 31,

December 31,

December 31,

December 31,

2013

2012

2013

2012

BALANCE SHEET AVERAGES

  Loans(1)

$         990,566

$        846,199

$        959,873

$        832,787

  Allowance for loan losses

(16,709)

(16,518)

(16,492)

(16,132)

    Loans, net of allowance

973,857

829,681

943,381

816,655

  Securities and short-term deposits

350,101

401,537

366,102

384,918

   Earning assets

1,323,958

1,231,218

1,309,483

1,201,573

  Noninterest-earning assets

122,739

126,878

123,730

115,521

        Assets

$      1,446,697

$     1,358,096

$     1,433,213

$     1,317,094

  Interest-bearing core deposits(2)

$         626,161

$        583,339

$        631,529

$        579,828

  Noninterest-bearing core deposits(2)

361,046

317,029

336,063

297,428

    Core deposits(2)

987,207

900,368

967,592

877,256

  Noncore interest-bearing deposits

101,263

103,851

106,574

95,598

    Deposits

1,088,470

1,004,219

1,074,166

972,854

  Borrowings

173,038

164,966

173,919

158,254

  Other noninterest-bearing liabilities

5,342

5,281

4,271

4,511

       Liabilities

1,266,850

1,174,466

1,252,356

1,135,619

  Shareholders' equity (book)

179,847

183,630

180,857

181,475

       Liabilities and equity

$      1,446,697

$     1,358,096

$     1,433,213

$     1,317,094

  Shareholders' equity (tangible)(3)

$         156,154

$        161,586

$        157,278

$        159,349

SELECTED MARKET DATA

  Eugene market gross loans, period-end

$         334,511

$        253,345

  Portland market gross loans, period-end

391,295

383,616

  Seattle market gross loans, period-end

132,488

154,229

  National health care gross loans, period-end (4)

136,475

80,067

    Total gross loans, period-end

$         994,769

$        871,257

  Eugene market core deposits, period-end(2)

$         588,158

$        536,143

  Portland market core deposits, period-end(2)

249,050

258,516

  Seattle market core deposits, period-end(2)

153,107

143,970

    Total core deposits, period-end(2)

990,315

938,629

  Other deposits, period-end

100,666

107,525

      Total

$      1,090,981

$     1,046,154

  Eugene market core deposits, average(2)

$         592,179

$        518,487

$        582,053

$        508,856

  Portland market core deposits, average(2)

242,855

241,585

244,997

236,200

  Seattle market core deposits, average(2)

152,173

140,296

140,542

132,200

    Total core deposits, average(2)

987,207

900,368

967,592

877,256

  Other deposits, average

101,263

103,851

106,574

95,598

      Total

$      1,088,470

$     1,004,219

$     1,074,166

$        972,854

NET INTEREST MARGIN RECONCILIATION

  Yield on average loans

5.49%

5.76%

5.65%

5.89%

  Yield on average securities(5)

2.63%

1.98%

2.37%

2.25%

    Yield on average earning assets(5)

4.74%

4.53%

4.73%

4.72%

  Rate on average interest-bearing core deposits

0.32%

0.41%

0.34%

0.47%

  Rate on average interest-bearing non-core deposits

1.18%

1.17%

1.17%

1.38%

    Rate on average interest-bearing deposits

0.44%

0.53%

0.46%

0.41%

  Rate on average borrowings

0.80%

0.88%

0.81%

1.11%

    Cost of interest-bearing funds

0.51%

0.59%

0.53%

0.70%

    Interest rate spread(5)

4.23%

3.93%

4.21%

4.03%

       Net interest margin(5)

4.39%

4.11%

4.37%

4.24%

(1)

Includes loans held-for-sale.

(2)

Core deposits include demand, interest checking, money market, savings, and local time deposits, including local nonpublic time deposits in excess of $100 thousand.  

(3)

Tangible equity excludes goodwill and core deposit intangible assets related to acquisitions.

(4)

National health care loans include loans to heath care professionals, primarily dental practitioners, operating outside of Pacific Continental Bank's market area.  The market area is defined as Oregon and Washington West of the Cascade Mountain Range.  

(5)

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 $263 and $236 for the three months ended December 31, 2013, and December 31, 2012, respectively, and $1,033 thousand and $875 thousand for the twelve months ended December 31, 2013, and December 31 , 2012, respectively.

 

PACIFIC CONTINENTAL CORPORATION Nonperforming Assets and Asset Quality Ratios (In thousands) (Unaudited)

December 31,

December 31,

2013

2012

NONPERFORMING ASSETS

Non-accrual loans

Real estate secured loans:

Permanent loans:

Multi-family residential

$                       -

$                       -

Residential 1-4 family

636

1,140

Owner-occupied commercial

1,685

3,805

Nonowner-occupied commercial

136

-

Total permanent real estate loans

2,457

4,945

Construction loans:

Multi-family residential

-

-

Residential 1-4 family

-

-

Commercial real estate

-

-

Commercial bare land and acquisition & development

-

-

Residential bare land and acquisition & development

-

101

Total construction real estate loans

-

101

Total real estate loans

2,457

5,046

Commercial loans

2,886

4,315

Total nonaccrual loans

5,343

9,361

90-days past due and accruing interest

-

-

Total nonperforming loans

5,343

9,361

Nonperforming loans guaranteed by government

(735)

(905)

Net nonperforming loans

4,608

8,456

Other real estate owned

16,355

17,972

Total nonperforming assets, net of guaranteed loans

$             20,963

$             26,428

ASSET QUALITY RATIOS

Allowance for loan losses as a percentage of total loans outstanding

1.60%

1.88%

Allowance for loan losses as a percentage of total nonperforming loans, net of government guarantees

345.42%

193.29%

Net loan charge offs (recoveries) as a percentage of average loans, annualized

0.07%

0.06%

Net nonperforming loans as a percentage of total loans

0.46%

0.97%

Nonperforming assets as a percentage of total assets

1.45%

1.92%

Consolidated classified asset ratio(1)

29.02%

31.18%

Past due as a percentage of total loans(2)

0.23%

0.30%

(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.

(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

Aged Analysis of Loans Receivable (Unaudited)

(In thousands)

As of December 31, 2013

Greater

30-59 Days

60-89 Days

Than 90 Days

Total Past

Past Due

Past Due

Past Due

Due and 

Total

Total Loans

Still Accruing

Still Accruing

Still Accruing

Nonaccrual

Nonaccrual

Current

Receivable

Real estate loans

Multi-family residential

$                -

$                -

$                -

$                -

$                -

$                 46,217

$              46,217

Residential 1-4 family

137

-

-

636

773

45,665

46,438

Owner-occupied commercial

488

-

-

1,685

2,173

247,138

249,311

Nonowner-occupied commercial

1,188

-

-

136

1,324

157,462

158,786

Total real estate loans

1,813

-

-

2,457

4,270

496,482

500,752

Construction

  Multi-family residential

-

-

-

-

-

23,419

23,419

  Residential 1-4 family

-

-

-

-

-

26,512

26,512

  Commercial real estate

-

-

-

-

-

30,516

30,516

  Commercial bare land and acquisition & development

-

-

-

-

-

11,473

11,473

  Residential bare land and acquisition & development

-

-

-

-

-

6,990

6,990

  Total  construction loans

-

-

-

-

-

98,910

98,910

Commercial and other

436

-

-

2,886

3,322

387,907

391,229

Consumer

5

1

-

-

6

3,872

3,878

Total

$          2,254

$                 1

$                -

$          5,343

$          7,598

$               987,171

$            994,769

PACIFIC CONTINENTAL CORPORATION

Aged Analysis of Loans Receivable (Unaudited)

(In thousands)

As of  December 31, 2012

Greater

30-59 Days

60-89 Days

Than 90 Days

Total Past

Past Due

Past Due

Past Due

Due and 

Total

Total Loans

Still Accruing

Still Accruing

Still Accruing

Nonaccrual

Nonaccrual

Current

Receivables

Real estate loans

Multi-family residential

$                -

$                -

$                -

$                -

$                -

$                 45,212

$              45,212

Residential 1-4 family

351

318

-

1,140

1,809

49,628

51,437

Owner-occupied commercial

-

-

-

3,805

3,805

215,471

219,276

Nonowner-occupied commercial

1,404

-

-

-

1,404

143,911

145,315

Total real estate loans

1,755

318

-

4,945

7,018

454,222

461,240

Construction

    Multi-family residential

-

-

-

-

-

17,022

17,022

    Residential 1-4 family

234

-

-

-

234

20,156

20,390

    Commercial real estate

-

-

-

-

-

23,235

23,235

    Commercial bare land and acquisition & development

-

-

-

-

-

10,668

10,668

    Residential bare land and acquisition & development

-

-

-

101

101

8,304

8,405

Total construction loans

234

-

-

101

335

79,385

79,720

Commercial and other

264

-

-

4,315

4,579

322,137

326,716

Consumer

8

-

-

-

8

3,573

3,581

Total

$          2,261

$             318

$                -

$          9,361

$        11,940

$               859,317

$            871,257

 

PACIFIC CONTINENTAL CORPORATION

Credit Quality Indicators (Unaudited)

(In thousands)

As of December 31, 2013

Loan Grade

Pass

Special Mention

Substandard

Doubtful

Total

Real estate loans

Multi-family residential

$            44,677

$                    -

$              1,540

$                    -

$            46,217

Residential 1-4 family

37,831

-

8,607

-

46,438

Owner-occupied commercial

239,539

4,278

5,494

-

249,311

Nonowner-occupied commercial

153,055

-

5,731

-

158,786

Total real estate loans

475,102

4,278

21,372

-

500,752

Construction

  Multi-family residential

23,419

-

-

-

23,419

  Residential 1-4 family

26,145

-

367

-

26,512

  Commercial real estate

28,978

-

1,538

-

30,516

  Commercial bare land and acquisition & development

11,223

-

250

-

11,473

  Residential bare land and acquisition & development

4,346

-

2,644

-

6,990

  Total  construction loans

94,111

-

4,799

-

98,910

Commercial and other

378,828

-

12,401

-

391,229

Consumer

3,856

-

22

-

3,878

Total

$          951,897

$              4,278

$            38,594

$                    -

$          994,769

PACIFIC CONTINENTAL CORPORATION

Credit Quality Indicators (Unaudited)

(In thousands)

As of December 31, 2012

Loan Grade

Pass

Special Mention

Substandard

Doubtful

Total

Real estate loans

Multi-family residential

$            43,883

$                    -

$              1,329

$                    -

$            45,212

Residential 1-4 family

43,458

-

7,979

-

51,437

Owner-occupied commercial

208,713

-

10,563

-

219,276

Nonowner-occupied commercial

141,762

-

3,553

-

145,315

Total real estate loans

437,816

-

23,424

-

461,240

Construction

  Multi-family residential

17,022

-

-

-

17,022

  Residential 1-4 family

20,278

-

112

-

20,390

  Commercial real estate

21,646

-

1,589

-

23,235

  Commercial bare land and acquisition & development

10,668

-

-

-

10,668

  Residential bare land and acquisition & development

5,449

-

2,956

-

8,405

  Total  construction loans

75,063

-

4,657

-

79,720

Commercial and other

317,250

-

9,466

-

326,716

Consumer

3,544

-

37

-

3,581

Total

$          833,673

$                    -

$            37,584

$                    -

$          871,257

 

SOURCE Pacific Continental Corporation



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