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Pacific Continental Corporation Reports First Quarter 2015 Results

Organic growth and successful acquisition drive first quarter results.


News provided by

Pacific Continental Corporation

Apr 29, 2015, 04:35 ET

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EUGENE, Ore., April 29, 2015 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today reported financial results for the first quarter 2015.

Recent highlights:

  • Completed acquisition and core system integration of Capital Pacific Bank during first quarter.
  • Achieved organic growth in average core deposits of $63.2 million or 5.84% during first quarter.
  • Achieved organic loan growth of $10.0 million during the first quarter 2015.
  • Generated $52.9 million of approved and unfunded loan commitments during first quarter.
  • Declared first quarter 2015 regular quarterly cash dividend of $0.10 per share.
  • Awarded the Raymond James Community Bankers Cup that recognizes the top 10% community banks based on various profitability, operational efficiency, and balance sheet metrics.
  • Recognized for the sixteenth consecutive year by the Oregon Business magazine as one of the 100 Best Companies to Work For in Oregon.

Capital Pacific Bank acquisition
The Capital Pacific Bank acquisition, announced on November 19, 2014, was successfully closed on March 6, 2015.  System integration was also successfully completed during the weekend of March 20, 2015.  A summary of the assets and liabilities acquired through the transaction is provided in the financial tables accompanying this press release. 

Net income
Net income for first quarter 2015 was $2.8 million or $0.15 per diluted share compared to net income of $3.8 million or $0.21 per diluted share in first quarter 2014. Merger expense related to the acquisition of Capital Pacific Bank totaled $1.8 million in the first quarter and reduced net income by approximately $1.2 million or $0.07 per share. 

"Our first quarter results, combined with the completion of the Capital Pacific Bank acquisition in Portland, Oregon and successful integration of systems demonstrated our continued progress toward achievement of our strategic initiatives," said Roger Busse, chief executive officer. "Further, the Capital Pacific transaction will provide meaningful scale to our Portland operations, as well as add to our financial performance during the year and be accretive to our shareholders."

Core deposits
Period-end Company-defined core deposits at March 31, 2015, were $1.42 billion and included $223.0 million of deposits acquired in the Capital Pacific transaction.  Organically, outstanding core deposits were up $83.5 million or 7.52% during the first quarter 2015.  Average core deposits, which removes daily volatility in balances, for the first quarter 2015 were $1.20 billion compared to $1.08 billion and $992.5 million for fourth quarter 2015 and first quarter 2014, respectively.  Removing the $54.4 million in outstanding average Capital Pacific deposits, organic average core deposits in first quarter 2015 were up $63.2 million or 5.84% over the prior quarter.  At period-end March 31, 2015, noninterest-bearing demand deposits totaled $503.7 million and represented 35.54% of core deposits.

"Our bankers continued to effectively execute our business strategies and were successful in developing new relationships," said Casey Hogan, chief operating officer. "Our pipelines continue to be strong, and we anticipate loan and deposit growth to continue."

Loans
Outstanding gross loans at March 31, 2015, were $1.26 billion and included $199.9 million of loans (net of fair value marks) acquired in the Capital Pacific transaction.  Organic loan growth during the first quarter 2015 of $10.00 million was primarily attributable to increased commercial and industrial lending and local real estate lending.  In addition to organic loan growth, during the first quarter, the Company originated loans with unfunded commitments at March 31, 2015 totaling $52.9 million, which were primarily centered in construction.  This is up from the $21.1 million in originated unfunded loan commitments in the first quarter 2014.  Loans to dental professionals were up $4.6 million from the previous quarter.   The Company continued to see expansion of its national dental lending, but the more seasoned local dental portfolio remained relatively unchanged as new production was offset by normal principal payments.  At March 31, 2015, loans to dental practitioners totaled $311.0 million and represented 24.76% of the loan portfolio compared to 29.29% at December 31, 2014.  The reduction in the concentration of dental loans during the first quarter 2015 was the result of loans added to the portfolio from the acquisition of Capital Pacific Bank.

Credit quality and statistics
For the eighth consecutive quarter, the Company made no provision for loan losses, reflecting the credit quality of the loan  portfolio. With the acquisition of the Capital Pacific loan portfolio, the allowance for loan losses as a percentage of outstanding loans at March 31, 2015, declined to 1.25% compared to 1.50% at December 31, 2014.  This was a result of the Capital Pacific acquired loans included at their fair value, net of any credit risk adjustments.  The allowance for loan losses as a percentage of nonperforming loans net of guarantees remained very strong at 569.74%. During the first quarter 2015, the Company recorded net loan recoveries totaling $87 thousand. 

At March 31, 2015, nonperforming assets, net of government guarantees, totaled $16.8 million, or 0.94% of total assets, compared to $15.4 million or 1.02% of total assets at December 31, 2014. Nonperforming assets at March 31, 2015 were comprised of $2.6 million of nonperforming loans, net of government guarantees, and $14.2 million in other real estate owned. Loans past-due 30-89 days were 0.35% of total loans at March 31, 2015, compared to 0.15% of total loans at December 31, 2014.

Net interest margin
The first quarter 2015 net interest margin averaged 4.27%, an increase of 3 basis points over the fourth quarter 2014 net interest margin, and a 5 basis point decline from the first quarter 2014 net interest margin.  The improvement in the linked-quarter net interest margin was primarily due to accretion of loan fair value marks, which added 11 basis points to the core margin.  During the first quarter 2015, the net accretion of loan fair value marks was $387 thousand of which $138 thousand was related to the 2013 acquisition of Century Bank and $249 thousand related to the first quarter 2015 acquisition of Capital Pacific Bank.

Noninterest income and expense
First quarter 2015 noninterest income was $1.3 million, down $42 thousand from fourth quarter 2014, and down $47 thousand from first quarter 2014. First quarter 2015 noninterest income included $53 thousand of gains on the sale of securities and a $23 thousand increase in service charge income, which was offset by a decline in bankcard income when compared to the prior quarter.

Noninterest expense in first quarter 2015 was up $2.2 million over fourth quarter 2014, primarily due to the $1.8 million of merger expense recorded during the current quarter.  Increased personnel expense of $705 thousand in first quarter 2015 over fourth quarter 2014 accounted for the majority of the remaining linked-quarter expense increase.  This was primarily due to the salary and benefit costs of former Capital Pacific employees who will continue on with Pacific Continental. 

Capital levels
The Company's consolidated capital ratios continued to be above the minimum for the FDIC's minimum "well-capitalized" designation. At March 31, 2015, the Company's Tier 1 leverage ratio, Common Equity Tier 1 risk-based capital ratio, Tier 1 risk-based capital ratio, and Total risk-based capital ratios were 11.31%, 11.41%, 11.97%, and 13.08%, respectively.  This is after the application of the Basel III regulatory capital framework.  The FDIC's minimum "well-capitalized" designation ratios for these metrics were 5.00%, 6.50%, 8.00% and 10.00%, respectively.

Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company's financial performance; however, readers of this release are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported.

Financial measures such as tangible shareholders' equity are considered non-GAAP measures. Management believes including non-GAAP measures along with GAAP measures provides investors with a broader understanding of capital adequacy. Tangible shareholders' equity is calculated as total shareholders' equity less goodwill and core deposit intangible assets. Additionally, tangible assets are calculated as total assets less goodwill and core deposit intangible assets.

The following table presents a reconciliation of ending shareholders' equity (GAAP) to ending tangible shareholders' equity (non-GAAP), and total assets (GAAP) to total assets (non-GAAP)






March 31,


December 31,


March 31,



2015


2014


2014



(In thousands)








Total shareholders' equity

$    210,651


$    184,161


$    181,398

Subtract:







Goodwill

39,032


22,881


22,881


Core deposit intangible assets

4,274


614


704

Tangible shareholders' equity (non-GAAP)

$    167,345


$    160,666


$    157,813








Total assets

$ 1,780,849


$ 1,504,325


$ 1,471,591

Subtract:







Goodwill

39,032


22,881


22,881


Core deposit intangible assets

4,274


614


704

Tangible assets (non-GAAP)

$ 1,737,543


$ 1,480,830


$ 1,448,006

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 2015 on Thursday, April 30, 2015, at 11:00 a.m. Pacific / 2:00 p.m. Eastern. To listen to the conference call, interested parties should call: (855) 215-7498  Passcode: 1554389. 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 fifteen banking offices in Oregon and Washington. The Bank also operates loan production offices in Tacoma, Washington and Denver, Colorado. Pacific Continental, with $1.8 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" 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, competition and economic conditions generally and the impact and effects of recent acquisitions. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions and 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 concentration in loans to dental professionals; adverse economic trends in the United States and the markets we serve affecting the Bank's borrower base; 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


Linked 


Year over



March 31,


December 31,


March 31,


Quarter


Year  



2015


2014


2014


% Change


% Change

Interest and dividend income











Loans


$      14,185


$      13,464


$      13,174


5.36%


7.67%

Taxable securities


1,375


1,499


1,532


-8.27%


-10.25%

Tax-exempt securities


503


500


483


0.60%


4.14%

Federal funds sold & interest-bearing deposits with banks


5


3


2


66.67%


150.00%



16,068


15,466


15,191


3.89%


5.77%












Interest expense











Deposits


810


782


806


3.58%


0.50%

Federal Home Loan Bank & Federal Reserve borrowings


228


251


280


-9.16%


-18.57%

Junior subordinated debentures


56


57


56


-1.75%


0.00%

Federal funds purchased


2


2


5


0.00%


-60.00%



1,096


1,092


1,147


0.37%


-4.45%












Net interest income


14,972


14,374


14,044


4.16%


6.61%












Provision for loan losses


-


-


-


NA


NA

Net interest income after provision for loan losses


14,972


14,374


14,044


4.16%


6.61%












Noninterest income











Service charges on deposit accounts


575


552


518


4.17%


11.00%

Bankcard income


197


294


217


-32.99%


-9.22%

Bank-owned life insurance income


109


120


117


-9.17%


-6.84%

Gain on sale of investment securities


53


-


63


NA


-15.87%

Other noninterest income


342


352


408


-2.84%


-16.18%



1,276


1,318


1,323


-3.19%


-3.55%












Noninterest expense











Salaries and employee benefits


6,409


5,704


5,819


12.36%


10.14%

Premises and equipment


980


910


943


7.69%


3.92%

Data processing


684


701


670


-2.43%


2.09%

Legal and professional fees


400


364


487


9.89%


-17.86%

Business development


353


472


375


-25.21%


-5.87%

FDIC insurance assessment


212


221


220


-4.07%


-3.64%

Other real estate expense


241


111


223


117.12%


8.07%

Merger related expenses (1)


1,836


470


-


290.64%


NA

Other noninterest expense


857


845


774


1.42%


10.72%



11,972


9,798


9,511


22.19%


25.88%












Income before provision for income taxes


4,276


5,894


5,856


-27.45%


-26.98%

Provision for income taxes


1,474


2,263


2,024


-34.87%


-27.17%












Net income


$        2,802


$        3,631


$        3,832


-22.83%


-26.88%












Earnings per share:











Basic


$          0.15


$          0.20


$          0.21


-25.00%


-28.57%

Diluted


$          0.15


$          0.20


$          0.21


-25.00%


-28.57%












Weighted average shares outstanding:











Basic


18,232,076


17,717,270


17,897,593
















Common stock equivalents attributable to stock-based awards


212,895


222,482


228,595





Diluted


18,444,971


17,939,752


18,126,188
















PERFORMANCE RATIOS











Return on average assets 


0.72%


0.97%


1.06%





Return on average equity (book) 


5.91%


7.85%


8.61%





Return on average equity (tangible) (2)


7.05%


9.01%


9.90%





Net interest margin - fully tax-equivalent yield (3)


4.27%


4.24%


4.32%





Efficiency ratio (4)


72.47%


61.39%


60.86%











.





(1) Represents expenses associated with the acquisition of Capital Pacific Bank, completed during the first quarter 2015.

(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 as a percent of net interest income (on a tax-equivalent basis) plus noninterest income.

PACIFIC CONTINENTAL CORPORATION

Consolidated Balance Sheets

(In thousands, except share amounts)

(Unaudited)









Linked 

Year over



March 31,


December 31,


March 31,


Quarter

Year  



2015


2014


2014


% Change

% Change

ASSETS










Cash and due from banks


$      25,718


$      20,929


$      24,455


22.88%

5.16%

Interest-bearing deposits with banks


12,491


4,858


3,129


157.12%

299.20%

Total cash and cash equivalents


38,209


25,787


27,584


48.17%

38.52%











Securities available-for-sale


379,497


351,946


341,992


7.83%

10.97%

Loans, less allowance for loan losses and net deferred fees


1,238,982


1,029,384


1,004,751


20.36%

23.31%

Interest receivable


5,387


4,773


4,693


12.86%

14.79%

Federal Home Loan Bank stock


10,531


10,019


10,327


5.11%

1.98%

Property and equipment, net of accumulated depreciation


17,932


17,820


18,621


0.63%

-3.70%

Goodwill and intangible assets


43,306


23,495


23,585


84.32%

83.62%

Deferred tax asset


4,887


4,464


8,572


9.48%

-42.99%

Taxes receivable


656


-


-


NA

NA

Other real estate owned


14,167


13,374


11,531


5.93%

22.86%

Bank-owned life insurance


22,401


16,609


16,253


34.87%

37.83%

Other assets


4,894


6,654


3,682


-26.45%

32.92%











Total assets


$ 1,780,849


$ 1,504,325


$ 1,471,591


18.38%

21.02%











LIABILITIES AND SHAREHOLDERS' EQUITY










Deposits










Noninterest-bearing demand


$    503,735


$    407,311


$    340,464


23.67%

47.96%

Savings and interest-bearing checking


833,325


646,101


588,822


28.98%

41.52%

Core time deposits


80,337


57,449


61,647


39.84%

30.32%

Total core deposits (2)


1,417,397


1,110,861


990,933


27.59%

43.04%











Non-core time deposits


79,350


98,232


106,422


-19.22%

-25.44%

Total deposits


1,496,747


1,209,093


1,097,355


23.79%

36.40%











Federal funds and overnight funds purchased


-


-


5,620


NA

-100.00%

Federal Home Loan Bank borrowings


61,000


96,000


175,000


-36.46%

-65.14%

Junior subordinated debentures


8,248


8,248


8,248


0.00%

0.00%

Accrued interest and other payables


4,203


6,823


3,970


-38.40%

5.87%

Total liabilities


1,570,198


1,320,164


1,290,193


18.94%

21.70%











Shareholders' equity










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










and outstanding: 19,496,920 at March 31, 2015, 17,717,676










at December 31, 2014 and 17,909,906 at March 31, 2014


155,298


131,375


134,293


18.21%

15.64%

Retained earnings


50,014


48,984


45,503


2.10%

9.91%

Accumulated other comprehensive income


5,339


3,802


1,602


40.43%

233.27%



210,651


184,161


181,398


14.38%

16.13%











Total liabilities and shareholders' equity


$ 1,780,849


$ 1,504,325


$ 1,471,591


18.38%

21.02%





















CAPITAL RATIOS










Total capital (to risk weighted assets) (3)


13.08%


15.73%


16.21%




Tier I capital (to risk weighted assets)(3)


11.97%


14.48%


14.95%




Common equity tier 1 capital (to risk weighted assets)(3)


11.41%


NA


NA




Tier I capital (to leverage assets) (3)


11.31%


11.33%


11.44%




Tangible common equity (to tangible assets)(1)


9.63%


10.85%


10.90%




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


11.58%


14.11%


14.37%














OTHER FINANCIAL DATA










Shares outstanding at end of period


19,496,920


17,717,676


17,909,906




Tangible shareholders' equity(1)


$    167,345


$    160,666


$    157,813




Book value per share


$        10.80


$        10.39


$        10.13




Tangible book value per share


$          8.58


$          9.07


$          8.81














(1)Tangible common equity excludes goodwill and core deposit intangible assets related to acquisitions.

(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)In first quarter 2015 Basel III capital framework methodology was implemented for all banks.  The current period capital ratios have been compiled based on the new methodology.  The prior period capital ratios have not been restated in conformity with the new methodology.  

PACIFIC CONTINENTAL CORPORATION

Loans by Type

(In thousands)

(Unaudited)




















Linked 


Year over



March 31,


December 31,


March 31,


Quarter


Year  



2015


2014


2014


% Change


% Change

LOANS BY TYPE











Real estate secured loans:











Permanent loans:











Multi-family residential


$      69,968


$      51,586


$      51,182


35.63%


36.70%

Residential 1-4 family


55,702


47,222


46,557


17.96%


19.64%

Owner-occupied commercial


337,058


259,805


250,211


29.73%


34.71%

Nonowner-occupied commercial


256,119


201,558


168,888


27.07%


51.65%

Total permanent real estate loans


718,847


560,171


516,838


28.33%


39.09%

Construction loans:











Multi-family residential


7,318


8,472


22,717


-13.62%


-67.79%

Residential 1-4 family


28,913


28,109


25,859


2.86%


11.81%

Commercial real estate


25,477


18,595


34,936


37.01%


-27.08%

Commercial bare land and acquisition & development


11,987


12,159


11,456


-1.41%


4.64%

Residential bare land and acquisition & development


6,272


6,632


7,011


-5.43%


-10.54%

Total construction real estate loans


79,967


73,967


101,979


8.11%


-21.58%

Total real estate loans


798,814


634,138


618,817


25.97%


29.09%

Commercial loans


449,793


406,568


397,738


10.63%


13.09%

Consumer loans


3,528


3,862


3,518


-8.65%


0.28%

Other loans


3,742


1,443


1,042


159.32%


259.12%

Gross loans


1,255,877


1,046,011


1,021,115


20.06%


22.99%

Deferred loan origination fees


(1,171)


(990)


(970)


18.28%


20.72%



1,254,706


1,045,021


1,020,145


20.07%


22.99%

Allowance for loan losses


(15,724)


(15,637)


(15,394)


0.56%


2.14%



$ 1,238,982


$ 1,029,384


$ 1,004,751


20.36%


23.31%












SELECTED MARKET LOAN DATA











  Eugene market gross loans, period-end


$    358,129


$    363,953


$    347,233


-1.60%


3.14%

  Portland market gross loans, period-end


612,762


407,466


400,537


50.38%


52.99%

  Seattle market gross loans, period-end


119,306


119,095


131,492


0.18%


-9.27%

  National health care gross loans, period-end (1)


165,680


155,497


141,853


6.55%


16.80%

    Total gross loans, period-end


$ 1,255,877


$ 1,046,011


$ 1,021,115


20.06%


22.99%












DENTAL LOAN DATA (2)











  Local Dental gross loans, period-end


$    159,726


$    159,427


$    172,022


0.19%


-7.15%

  National Dental gross loans, period-end


151,280


146,965


133,733


2.94%


13.12%

    Total gross dental loans, period-end


$    311,006


$    306,392


$    305,755


1.51%


1.72%























(1) National health care loans include loans to health 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.  

(2)Dental loans include loans to dental professionals for the purpose of practice expansion, acquisition or other 

purpose, supported by the cash flows of a dental practice.

PACIFIC CONTINENTAL CORPORATION

Selected Other Financial Information and Ratios

(In thousands)

(Unaudited)










Three months ended



March 31,


December 31,


March 31,



2015


2014


2014

BALANCE SHEET AVERAGES







  Loans, net of deferred fees


$ 1,093,381


$ 1,028,724


$ 1,008,561

  Allowance for loan losses


(15,675)


(15,675)


(15,906)

    Loans, net of allowance


1,077,706


1,013,049


992,655

  Securities and short-term deposits


371,061


356,389


350,774

   Earning assets


1,448,767


1,369,438


1,343,429

  Noninterest-earning assets


125,000


115,104


117,666

        Assets


$ 1,573,767


$ 1,484,542


$ 1,461,095








  Interest-bearing core deposits(1)


$    760,838


$    678,381


$    647,114

  Noninterest-bearing core deposits(1)


439,780


404,569


345,369

    Core deposits(1)


1,200,618


1,082,950


992,483

  Noncore interest-bearing deposits


82,986


93,988


101,421

    Deposits


1,283,604


1,176,938


1,093,904

  Borrowings


91,051


116,567


181,381

  Other noninterest-bearing liabilities


6,772


7,580


5,280

       Liabilities


1,381,427


1,301,085


1,280,565

  Shareholders' equity (book)


192,340


183,457


180,530

       Liabilities and equity


$ 1,573,767


$ 1,484,542


$ 1,461,095








  Shareholders' equity (tangible)(2)


$    161,247


$    159,947


$    156,929








Period-end earning assets


$ 1,630,970


$ 1,386,188


$ 1,349,872








SELECTED MARKET DEPOSIT DATA







  Eugene market core deposits, period-end(1)


$    742,397


$    672,527


$    604,505

  Portland market core deposits, period-end(1)


516,976


276,453


234,631

  Seattle market core deposits, period-end(1)


158,024


161,881


151,797

    Total core deposits, period-end(1)


1,417,397


1,110,861


990,933

  Other deposits, period-end


79,350


98,232


106,422

      Total


$ 1,496,747


$ 1,209,093


$ 1,097,355








  Eugene market core deposits, average(1)


$    711,718


$    668,927


$    602,977

  Portland market core deposits, average(1)


332,791


263,757


236,945

  Seattle market core deposits, average(1)


156,109


150,266


152,561

    Total core deposits, average(1)


1,200,618


1,082,950


992,483

  Other deposits, average


82,986


93,988


101,421

      Total


$ 1,283,604


$ 1,176,938


$ 1,093,904








NET INTEREST MARGIN RECONCILIATION







  Yield on average loans (3)


5.34%


5.27%


5.38%

  Yield on average securities(4)


2.35%


2.53%


2.63%

    Yield on average earning assets(4)


4.57%


4.56%


4.66%








  Rate on average interest-bearing core deposits


0.28%


0.28%


0.31%

  Rate on average interest-bearing non-core deposits


1.41%


1.29%


1.26%

    Rate on average interest-bearing deposits


0.39%


0.40%


0.44%








  Rate on average borrowings


1.27%


1.06%


0.76%

    Cost of interest-bearing funds


0.48%


0.49%


0.50%








    Interest rate spread(4)


4.10%


4.07%


4.16%








       Net interest margin- fully tax equivalent yield(4)


4.27%


4.24%


4.32%








Acquired loan fair value accretion impact to net interest margin (5)


0.11%


0.03%


0.07%








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

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

(3) Interest income includes recognized loan origination fees of $147, $149 and $129 for the three months ended March 31, 2015, December 31, 2014 and March 31, 2014, respectively.

(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 $271, $269 and $260 for the three months ended March 31, 2015, December 31, 2014, and March 31, 2014, respectively.

(5)During the three months ended March 31, 2015, December 31, 2014 and March 31, 2014, accretion of the fair value adjustment on acquired loans contributed to interest income of $387, $90, and $225, respectively.

PACIFIC CONTINENTAL CORPORATION

Nonperforming Assets, Asset Quality Ratios and Allowance for Loan Losses

(Dollars in thousands, except per share data)

(Unaudited)





















March 31,


December 31,


March 31,









2015


2014


2014





NONPERFORMING ASSETS







Non-accrual loans








Real estate secured loans:









Permanent loans:










Multi-family residential

$             -


$                   -


$           -





Residential 1-4 family

830


321


752





Owner-occupied commercial

1,117


599


1,651





Nonowner-occupied commercial

897


906


136






Total permanent real estate loans

2,844


1,826


2,539




Construction loans:










Multi-family residential

-


-


-





Residential 1-4 family

166


-


-





Commercial real estate

-


-


-





Commercial bare land and acquisition & development

-


-


-





Residential bare land and acquisition & development

-


-


-






Total construction real estate loans

166


-


-







Total real estate loans

3,010


1,826


2,539



Commercial loans

1,067


869


2,623








Total nonaccrual loans

4,077


2,695


5,162


90-days past due and accruing interest

-


-


-



Total nonperforming loans

4,077


2,695


5,162




Nonperforming loans guaranteed by government

(1,442)


(706)


(623)





Net nonperforming loans

2,635


1,989


4,539


Other real estate owned

14,167


13,374


11,531





Total nonperforming assets, net of guaranteed loans

$   16,802


$         15,363


$   16,070















ASSET QUALITY RATIOS








Allowance for loan losses as a percentage of total loans 

outstanding








1.25%


1.49%


1.51%



Allowance for loan losses as a percentage of total 

nonperforming loans, net of government guarantees








596.74%


786.17%


339.15%



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

loans, annualized








-0.03%


0.03%


0.21%



Net nonperforming loans as a percentage of total loans

0.21%


0.19%


0.44%



Nonperforming assets as a percentage of total assets

0.94%


1.02%


1.09%



Consolidated classified asset ratio(1)

27.60%


24.54%


26.82%



Past due as a percentage of total loans(2)

0.35%


0.15%


0.20%












Three months ended




March 31,


December 31,


March 31,




2015


2014


2014


ALLOWANCE FOR LOAN LOSSES







Balance at beginning of period

$   15,637


$         15,722


$   15,917


Provision for loan losses

-


-


-


Loan charge offs

(73)


(181)


(601)


Loan recoveries

160


96


78


Net recoveries (charge offs)

87


(85)


(523)


Balance at end of period

$   15,724


$         15,637


$   15,394









(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

Consolidated Financial Highlights

(Dollars in thousands, except per share data)

(Unaudited)








1st Quarter

4th Quarter

3rd Quarter

2nd Quarter

1st Quarter


2015

2014

2014

2014

2014

EARNINGS






Net interest income

$      14,972

$      14,374

$      14,572

$      14,457

$      14,044

Provision for loan loss

$                -

$                -

$                -

$                -

$                -

Noninterest income

$        1,276

$        1,318

$        1,197

$        1,156

$        1,323

Noninterest expense

$      11,972

$        9,798

$        9,149

$        9,269

$        9,511

Net income

$        2,802

$        3,631

$        4,431

$        4,148

$        3,832

Basic earnings per share

$          0.15

$          0.20

$          0.25

$          0.23

$          0.21

Diluted earnings per share

$          0.15

$          0.20

$          0.25

$          0.23

$          0.21

Average shares outstanding

18,232,076

17,717,270

17,749,217

17,889,562

17,897,593

Average diluted shares outstanding

18,444,971

17,939,752

17,970,458

18,119,412

18,126,188







PERFORMANCE RATIOS






Return on average assets

0.72%

0.97%

1.18%

1.13%

1.06%

Return on average equity (book)

5.91%

7.85%

9.69%

9.16%

8.61%

Return on average equity (tangible) (1)

7.05%

9.01%

11.13%

10.53%

9.90%

Net interest margin - fully tax equivalent yield (2)

4.27%

4.24%

4.28%

4.34%

4.32%

Efficiency ratio (tax equivalent) (3)

72.47%

61.39%

57.04%

58.38%

60.86%

Full-time equivalent employees

317

288

289

283

285







CAPITAL






Tier 1 leverage ratio

11.31%

11.33%

11.20%

11.26%

11.44%

Tier 1 risk based ratio

11.97%

14.48%

14.44%

14.48%

14.95%

Total risk based ratio

13.08%

15.73%

15.69%

15.73%

16.21%

Book value per share

$        10.80

$        10.39

$        10.30

$        10.20

$        10.13

Regular cash dividend per share

$          0.10

$          0.10

$          0.10

$          0.10

$          0.10

Special cash dividend per share

 NA 

$          0.05

$          0.03

$          0.11

$          0.10







ASSET QUALITY






Allowance for loan losses (ALL)

$      15,724

$      15,637

$      15,722

$      15,675

$      15,394

Non performing loans (NPLs) net of government guarantees

$        2,635

$        1,989

$        2,932

$        4,606

$        4,539

Non performing assets (NPAs) net of government guarantees

$      16,802

$      15,363

$      16,109

$      16,137

$      16,070

Net loan (recoveries) charge offs 

$           (87)

$             85

$           (47)

$         (281)

$           523

ALL as a percentage of gross loans

1.25%

1.50%

1.52%

1.52%

1.51%

ALL as a % NPLs, net of government guarantees

596.74%

786.17%

536.22%

340.32%

339.15%

Net loan charge offs (recoveries) to average loans

-0.03%

0.03%

-0.02%

-0.11%

0.21%

Net NPLs as a percentage of total loans

0.21%

0.19%

0.28%

0.45%

0.44%

Nonperforming assets as a percentage of total assets

0.94%

1.02%

1.08%

1.08%

1.09%

Consolidated classified asset ratio(4)

27.60%

24.54%

24.27%

24.72%

26.82%

Past due as a percentage of total loans(5)

0.35%

0.15%

0.16%

0.08%

0.20%







END OF PERIOD BALANCES






Total securities and short term deposits

$    391,988

$    356,804

$    353,893

$    359,869

$    345,121

Total loans net of allowance

$ 1,238,982

$ 1,029,384

$ 1,019,127

$ 1,014,346

$ 1,004,751

Total earning assets

$ 1,630,970

$ 1,386,188

$ 1,373,020

$ 1,374,215

$ 1,349,872

Total assets

$ 1,780,849

$ 1,504,325

$ 1,489,719

$ 1,498,763

$ 1,471,591

Total non-interest bearing deposits

$    503,735

$    407,311

$    390,790

$    397,942

$    340,464

Core deposits(6)

$ 1,417,397

$ 1,110,861

$ 1,047,211

$ 1,026,542

$    990,933

Total deposits

$ 1,496,747

$ 1,209,093

$ 1,145,235

$ 1,132,654

$ 1,097,355







AVERAGE BALANCES






Total securities and short term deposits

$    371,061

$    356,389

$    351,695

$    348,985

$    350,774

Total loans net of allowance

$ 1,077,706

$ 1,013,049

$ 1,023,266

$ 1,011,391

$    992,655

Total earning assets

$ 1,448,767

$ 1,369,438

$ 1,374,961

$ 1,360,376

$ 1,343,429

Total assets

$ 1,573,767

$ 1,484,542

$ 1,488,747

$ 1,473,470

$ 1,461,095

Total non-interest bearing deposits

$    439,780

$    404,569

$    391,738

$    362,204

$    345,369

Core deposits(6)

$ 1,200,618

$ 1,082,950

$ 1,037,336

$ 1,010,734

$    992,482

Total deposits

$ 1,283,604

$ 1,176,938

$ 1,141,897

$ 1,115,963

$ 1,093,904







(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 as a percent of net interest income (on a tax equivalent basis) plus noninterest income.

(4)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.

(5)Defined as loans past due more than 30 days and still accruing interest, as a percentage of total loans, net of deferred fees.

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

CAPITAL PACIFIC BANCORP (1)

Opening balance sheet

(In thousands)

(Unaudited)




March 6, 2015

ASSETS


Securities available-for-sale

$         26,010



Loan unpaid principal balances

208,782

Fair Value adjustments:


Credit quality-related

(3,316)

Interest rate-related

(2,060)

Net loans

203,406



Interest receivable

547

Federal Home Loan Bank stock

627

Property and equipment

229

Goodwill

16,151

Core deposit intangible

3,721

Deferred tax asset

1,406

Taxes receivable

656

Other real estate owned

845

Bank-owned life insurance

5,683

Other asset

201



Total assets

$       259,482



LIABILITIES AND SHAREHOLDERS EQUITY


Cash and due from banks, net of consideration paid

$           3,249

Deposits

227,967

Other liabilities

4,688

Total liabilities

235,904



Common stock

23,578



Total liabilities and shareholders' equity

$       259,482



(1) On March 6, 2015 Pacific Continental Bank acquired Capital Pacific Bancorp and its wholly owned subsidiary, Capital Pacific Bank.  This table represents the opening asset and liability balances.   

FOR MORE INFORMATION CONTACT:

Michael Dunne




Public Information Officer



541-338-1428     








www.therightbank.com



Email: [email protected]









SOURCE Pacific Continental Corporation

Related Links

http://www.therightbank.com

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