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Pacific Continental Reports First Quarter 2011 Results

Improved Profitability and Growth in Commercial Loans Characterize the Quarter


News provided by

Pacific Continental Corporation

Apr 13, 2011, 04:30 ET

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EUGENE, Ore., April 13, 2011 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today reported financial results for the first quarter ended March 31, 2011.

Recent highlights:

  • Improved net income on both a year-over-year and linked-quarter basis and seventh consecutive quarter of profitability.
  • Achieved eight percent year-over-year growth in the commercial loan portfolio.
  • Loan loss provisioning expense reduced for the seventh consecutive quarter.
  • Total risk-based capital ratio of 18.18%, significantly above the 10.0% minimum for "well-capitalized" designation.
  • Recognized for the eleventh consecutive year by the Oregon Business magazine as one of the 100 Best Companies to Work for in Oregon.
  • Announced plans to open Business Banking Center in Tacoma, Washington.

"We are continuing to make progress in this challenging economic environment in improving our bottom line income and in reducing our credit risk exposure," said Hal Brown, chief executive officer. "We are particularly pleased with the growth in our commercial loan portfolio which demonstrates our commitment to meet the credit needs of businesses in our communities and suggests further improvement in revenues and profitability," added Brown.

Net income for the first quarter 2011 was $1.4 million, up 31% over net income of $1.1 million for the first quarter 2010; and on a linked-quarter basis, net income was up $258 thousand from the fourth quarter 2010. Earnings per diluted share were $0.08 for the first quarter 2011, compared to $0.06 and $0.07 for the first and fourth quarters of 2010, respectively.

Non-performing assets, provisioning and loan statistics

Non-performing assets ("NPAs") at March 31, 2011, totaled $44.1 million, or 3.67% of total assets, a decrease of $2.1 million for the quarter from $46.3 million, or 3.82% of total assets, at December 31, 2010.

The Company's first quarter 2011 provision for loan losses was $2.2 million, down $1.1 million and $2.1 million from fourth and first quarters 2010, respectively. While the provision remains elevated when compared to pre-recession periods, it has generally been trending down over the past seven quarters. During the first quarter of 2011, the Company recognized net loan charge-offs of $3.5 million, down from the $4.4 million recorded in the fourth quarter 2010. The allowance for loan losses as a percentage of outstanding loans net of loans held-for-sale at March 31, 2011, was 1.81%, compared to 1.93% and 1.60% at December 31, 2010, and March 31, 2010, respectively.

"While we had only a modest reduction in our nonperforming assets in the quarter due to delays in the final disposition of certain problem assets, we were successful in several important negotiations and now have a number of pending resolutions in the queue," said Roger Busse, president and chief operating officer. "We are optimistic reductions in problem assets will accelerate as the year progresses," added Busse.

Property appraisals continue to reflect a weakness in the Northwest real estate markets and during the quarter the Company recorded other real estate expense of $955 thousand, of which $843 thousand represented valuation charges on foreclosed real estate.

Core deposit growth continues and commercial loan activity strengthens

During the first quarter 2011, the Company continued to experience growth in its company-defined core deposit base. Quarterly average core deposit figures, a measure which reduces daily deposit volatility, showed first quarter 2011 average core deposits of $877.2 million, an increase of $6.9 million over the fourth quarter 2010 average. First quarter 2011 average core deposits were up $100.1 million or 13% over first quarter 2010 with average noninterest bearing demand deposits increasing 27% during the same period.

Outstanding commercial loans increased $10.8 million or 4% and $18.5 million or 8% over outstanding loans at December 31, 2010, and March 31, 2010, respectively. This growth continues to validate the Company's business model and focused strategy on meeting the credit needs of community-based businesses, nonprofit organizations, and professional service providers. However, weak real estate markets in the Northwest and the planned contraction in the construction and land development portfolios led to a net decline in period-end gross loans. Outstanding loans at March 31, 2011, were $842.3 million, down $14.7 million from the end of fourth quarter 2010 and down $85.4 million from that of a year ago. Planned contraction in the Company's construction and land development portfolio continued during the first quarter 2011 declining $8.7 million at March 31, 2011, from year end 2010 and have declined $77.7 million over the past year. Construction and land development loans at March 31, 2011, were $74.8 million and represented 8.9% of total outstanding loans.

Capital levels

The Company's capital ratios continue to be well above the minimum FDIC well-capitalized designated levels. At March 31, 2011, the Company's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and Total risk-based capital ratio were 13.42%, 16.93% and 18.18% as compared to 13.38%, 15.86% and 17.10% at December 31, 2010. The FDIC's minimum well-capitalized designation ratios are 5.00%, 6.00% and 10.00%, respectively.

Net interest margin

The net interest margin for the current quarter was 4.66%, up 6 basis points from the 4.60% margin reported for fourth quarter 2010, and down 20 basis points from the 4.86% margin reported for first quarter 2010. The first quarter 2011 net interest margin benefitted from a reduction in interest reversed on loans placed on nonaccrual status when compared to the prior quarter, combined with a decline in the rate paid on $8.2 million of trust preferred securities from 6.25% in fourth quarter 2010 to 1.65% in first quarter 2011. The growth in core deposits together with the net contraction in the loan portfolio continued to result in additions to the investment portfolio which at March 31, 2011, represented 22.5% of total assets versus 15.0% of total assets one year ago. This increase in investment portfolio, which has significantly lower yields than loans, as a percentage of total earning assets, is the primary reason for the decline in the net interest margin in first quarter 2011 when compared to first quarter 2010. Looking forward, loan pipelines in all three markets are more robust suggesting a stable or increasing net interest margin.

Noninterest income and expense

All categories of noninterest income in first quarter 2011 were up over first quarter 2010 with the exception of a small $9 thousand loss on the sale of securities. Merchant bankcard fees continued to show strong year-over-year growth as evidenced by the 19% increase in this category. The increase in bankcard fees is reflective of improving volumes and increased margins. On a linked-quarter basis, first quarter 2011 noninterest income was down $340 thousand, most of which was attributable to seasonal declines in merchant bankcard revenues and one-time revenues of $164 thousand in fourth quarter from other real estate rental income and fees earned on negotiated other real estate dispositions.

Noninterest expense in first quarter 2011 was up $1.1 million over first quarter 2010. This increase was entirely attributable to other real estate expenses and legal and collection expenses. Other real estate expenses totaled $955 thousand during the first quarter 2011 compared to $88 thousand during the first quarter 2010. On a linked-quarter basis, noninterest expense was up $557 thousand again almost entirely attributable to increased other real estate expense and legal and collection expenses.

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 2011 on Thursday, April 14, 2011, 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. 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. Pacific Continental, with $1.2 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 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"). Such forward-looking statements 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,


December 31,


March 31,



2011


2010


2010

Interest and dividend income







Loans


$      12,999


$        13,577


$      14,664

Securities


2,041


1,867


1,551

Federal funds sold & interest-bearing deposits with banks


2


5


1



15,042


15,449


16,216








Interest expense







Deposits


1,926


2,224


2,332

Federal Home Loan Bank & Federal Reserve borrowings


492


538


635

Junior subordinated debentures


31


116


129

Federal funds purchased


11


5


11



2,460


2,883


3,107








Net interest income


12,582


12,566


13,109








Provision for loan losses


2,150


3,250


4,250

Net interest income after provision for loan losses


10,432


9,316


8,859








Noninterest income







Service charges on deposit accounts


430


464


410

Other fee income, principally bankcard


387


427


326

Loan servicing fees


28


30


17

Mortgage banking income


42


125


35

Loss on sale of investment securities


(9)


-


-

Other noninterest income


272


444


257



1,150


1,490


1,045








Noninterest expense







Salaries and employee benefits


4,667


4,603


4,788

Premises and equipment


858


882


843

Bankcard processing


157


170


137

Business development


382


342


316

FDIC insurance assessment


508


667


473

Other real estate expense


955


413


88

Other noninterest expense


1,818


1,711


1,568



9,345


8,788


8,213








Income before provision for income taxes


2,237


2,018


1,691

Provision for income taxes


788


827


588








Net income


$        1,449


$          1,191


$        1,103








Earnings per share







Basic


$          0.08


$            0.07


$          0.06

Diluted


$          0.08


$            0.07


$          0.06








Weighted average shares outstanding







Basic


18,415,865


18,405,939


18,393,773








Common stock equivalents







attributable to stock-based awards


28,539


11,741


46,269

Diluted


18,444,404


18,417,680


18,440,042








PERFORMANCE RATIOS







Return on average assets


0.49%


0.39%


0.38%

Return on average equity (book)


3.40%


2.73%


2.67%

Return on average equity (tangible) (1)


3.90%


3.13%


3.08%

Net interest margin


4.66%


4.60%


4.86%

Efficiency ratio (2)


68.05%


62.52%


58.03%















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

(2)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,


December 31,


March 31,



2011


2010


2010

ASSETS







Cash and due from banks


$      17,333


$        25,424


$      18,140

Interest-bearing deposits with banks


273


267


264

Total cash and cash equivalents


17,606


25,691


18,404








Securities available-for-sale


270,792


253,907


178,638

Loans held-for-sale


360


2,116


1,219

Loans, less allowance for loan losses and net deferred fees


826,466


839,815


911,617

Interest receivable


4,458


4,371


4,396

Federal Home Loan Bank stock


10,652


10,652


10,652

Property and equipment, net of accumulated depreciation


20,597


20,883


20,512

Goodwill and intangible assets


22,402


22,458


22,625

Deferred tax asset


9,869


10,188


6,385

Taxes receivable


-


-


2,339

Other real estate owned


13,740


14,293


3,890

Prepaid FDIC assessment


3,907


4,387


5,791

Other assets


1,686


1,415


1,916








Total assets


$ 1,202,535


$   1,210,176


$ 1,188,384








LIABILITIES AND SHAREHOLDERS' EQUITY







Deposits







Noninterest-bearing demand


$    247,223


$      234,331


$    211,846

Savings and interest-bearing checking


541,833


574,333


471,358

Time $100,000 and over


62,385


63,504


63,554

Other time


74,929


86,791


115,342

Total deposits


926,370


958,959


862,100








Federal funds and overnight funds purchased


-


-


49,810

Federal Home Loan Bank borrowings


91,500


67,000


96,500

Junior subordinated debentures


8,248


8,248


8,248

Accrued interest and other payables


2,667


3,731


3,918

Total liabilities


1,028,785


1,037,938


1,020,576








Shareholders' equity







Common stock, shares authorized:  50,000,000 at March 31,







2011 and December 31, 2010.  25,000,000 at March 31, 2010.







shares issued and outstanding:  18,421,132 at March 31,







2011, 18,415,132 at December 31, 2010 and 18,393,773 at March 31, 2010







March 31, 2010.


137,221


137,062


136,453

Retained earnings


35,234


33,969


30,532

Accumulated other comprehensive gain


1,295


1,207


823



173,750


172,238


167,808








Total liabilities and shareholders’ equity


$ 1,202,535


$   1,210,176


$ 1,188,384















CAPITAL RATIOS







Total capital (to risk weighted assets)


18.18%


17.10%


16.22%

Tier I capital (to risk weighted assets)


16.93%


15.86%


14.97%

Tier I capital (to leverage assets)


13.42%


13.38%


13.03%

Tangible common equity (to tangible assets)


12.82%


12.61%


12.45%

Tangible common equity (to risk-weighted assets)


16.21%


15.18%


14.27%








OTHER FINANCIAL DATA







Shares outstanding at end of period


18,421,132


18,415,132


18,393,773

Tangible shareholders' equity(1)


$    151,348


$      149,780


$    145,183

Book value per share


$          9.43


$            9.35


$          9.12

Tangible book value per share


$          8.22


$            8.13


$          7.89








(1)Tangible shareholders' 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)











March 31,


December 31,  


March 31,



2011


2010


2010

LOANS BY TYPE







Real estate secured loans:







Permanent loans:







Multifamily residential


$   48,111


$           57,850


$   65,995

Residential 1-4 family


72,926


76,692


86,234

Owner-occupied commercial


205,701


201,286


200,593

Non-owner-occupied commercial


157,828


163,071


145,847

Other loans secured by real estate


21,057


23,950


28,223

Total permanent real estate loans


505,623


522,849


526,892

Construction loans:







Multifamily residential


1,114


6,192


17,167

Residential 1-4 family


21,774


22,683


36,174

Commercial real estate


12,332


11,730


39,480

Commercial bare land and acquisition & development


25,072


25,587


32,769

Residential bare land and acquisition & development


14,506


17,263


26,934

Other  


-


-


-

Total construction real estate loans


74,798


83,455


152,524

Total real estate loans


580,421


606,304


679,416

Commercial loans


253,810


243,034


235,357

Consumer loans


5,966


5,900


6,579

Other loans


2,119


1,730


6,369

Gross loans


842,316


856,968


927,721

Deferred loan origination fees


(623)


(583)


(1,247)



841,693


856,385


926,474

Allowance for loan losses


(15,227)


(16,570)


(14,857)



$ 826,466


$         839,815


$ 911,617








Real estate loans held-for-sale


$        360


$             2,116


$     1,219

















Three months ended



March 31,


December 31,


March 31,

ALLOWANCE FOR LOAN LOSSES


2011


2010


2010

 Balance at beginning of period


$   16,570


$           17,769


$   13,367

  Provision for loan losses


2,150


3,250


4,250

  Loan charge offs


(3,613)


(5,325)


(4,911)

  Loan recoveries


120


876


2,151

    Net charge offs


(3,493)


(4,449)


(2,760)

 Balance at end of period


$   15,227


$           16,570


$   14,857

PACIFIC CONTINENTAL CORPORATION

Selected Other Financial Information and Ratios

(In thousands)

(Unaudited)




Three months ended



March 31,


December 31,


March 31,



2011


2010


2010

BALANCE SHEET AVERAGES







 Loans(1)


$    850,806


$       868,044


$    936,644

 Allowance for loan losses


(17,189)


(19,278)


(15,771)

   Loans, net of allowance


833,617


848,766


920,873

 Securities and short-term deposits


261,272


234,405


173,278

  Earning assets


1,094,889


1,083,171


1,094,151

 Non-interest-earning assets


106,368


113,863


97,694

       Assets


$ 1,201,257


$    1,197,034


$ 1,191,845








 Interest-bearing core deposits(2)


$    630,327


$       640,777


$    583,833

 Non-interest-bearing core deposits(2)


246,882


229,526


194,646

   Core deposits(2)


877,209


870,303


778,479

 Non-core interest-bearing deposits


52,714


68,663


86,525

   Deposits


929,923


938,966


865,004

 Borrowings


94,832


80,077


157,224

 Other non-interest-bearing liabilities


3,526


4,671


1,883

      Liabilities


1,028,281


1,023,714


1,024,111

 Shareholders' equity (book)


172,976


173,320


167,734

      Liabilities and equity


$ 1,201,257


$    1,197,034


$ 1,191,845








 Shareholders' equity (tangible)(3)


$    150,544


$       150,834


$    145,078








SELECTED MARKET DATA







 Eugene market loans, net of fees, period end


$    254,719


$       256,979


$    260,754

 Portland market loans, net of fees, period end


403,575


404,965


429,064

 Seattle market loans, net of fees, period end


183,399


194,441


236,656

   Total loans, net of fees, period end


$    841,693


$       856,385


$    926,474








 Eugene market core deposits, period end(2)


$    509,572


$       538,011


$    492,326

 Portland market core deposits, period end(2)


246,339


239,991


168,475

 Seattle market core deposits, period end(2)


117,873


117,836


114,482

   Total core deposits, period end(2)


873,784


895,838


775,283

 Other deposits, period end


52,586


63,121


86,817

     Total


$    926,370


$       958,959


$    862,100








 Eugene market core deposits, average(2)


$    515,264


$       525,937


$    497,747

 Portland market core deposits, average(2)


245,911


225,769


164,991

 Seattle market core deposits, average(2)


116,034


118,597


114,385

   Total core deposits, average(2)


877,209


870,303


777,123

 Other deposits, average


52,714


68,663


86,525

     Total


$    929,923


$       938,966


$    863,648








NET INTEREST MARGIN RECONCILIATION







 Yield on average loans


6.32%


6.35%


6.46%

 Yield on average securities


3.17%


3.17%


3.63%

   Yield on average earning assets


5.57%


5.66%


6.01%








 Rate on average interest-bearing core deposits


1.08%


1.15%


1.37%

 Rate on average interest-bearing non-core deposits


1.85%


2.13%


1.71%

   Rate on average interest-bearing deposits


1.14%


1.24%


1.41%








 Rate on average borrowings


2.28%


3.26%


2.00%

   Cost of interest-bearing funds


1.28%


1.45%


1.52%








   Interest rate spread


4.29%


4.21%


4.49%








      Net interest margin


4.66%


4.60%


4.86%








(1)Includes loans held-for sale and loans held-for-investment.

(2)Core deposits include all demand, savings, and interest checking accounts plus all local time deposits including local

time deposits in excess of $100,000.

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

PACIFIC CONTINENTAL CORPORATION

Nonperforming Assets and Loan Quality Ratios

(In thousands)

(Unaudited)




March 31,


December 31,


March 31,



2011


2010


2010

NONPERFORMING ASSETS







Non-accrual loans







Real estate secured loans:







 Permanent loans:







  Multifamily residential


$        64


$          1,010


$   5,615

  Residential 1-4 family


6,503


6,123


1,682

  Owner-occupied commercial


1,959


1,622


3,351

  Non-owner-occupied commercial


8,215


8,428


172

  Other loans secured by real estate


1,407


538


1,080

   Total permanent real estate loans


18,148


17,721


11,900

Construction loans:







 Multifamily residential


232


1,985


6,085

 Residential 1-4 family


1,972


2,493


5,593

 Commercial real estate


1,500


1,371


5,516

 Commercial bare land and acquisition & development


-


391


2,638

 Residential bare land and acquisition & development


2,024


1,032


7,046

 Other  


-


-


-

  Total construction real estate loans


5,728


7,272


26,878

   Total real estate loans


23,876


24,993


38,778

 Commercial loans


7,275


8,033


9,826

 Consumer loans


-


-


-

 Other loans


-


-


-

Total nonaccrual loans


31,151


33,026


48,604

90 days past due and accruing interest


-


-


2,782

Total nonperforming loans


31,151


33,026


51,386

Nonperforming loans guaranteed by government


(761)


(1,056)


(788)

Net nonperforming loans


30,390


31,970


50,598

Foreclosed assets


13,740


14,293


3,890

Total nonperforming assets, net of guaranteed loans


$ 44,130


$        46,263


$ 54,488








LOAN QUALITY RATIOS







 Allowance for loan losses as a percentage of total loans







   outstanding, net of loans held for sale


1.81%


1.93%


1.60%

 Allowance for loan losses as a percentage of total







   nonperforming loans, net of government guarantees


50.11%


51.83%


29.36%

 Net loan charge offs (recoveries) as a percentage of







   average loans, annualized


1.67%


2.03%


1.20%

 Net nonperforming loans as a percentage of total loans


3.61%


3.73%


5.46%

 Nonperforming assets as a percentage of total assets


3.67%


3.82%


4.59%

PACIFIC CONTINENTAL CORPORATION

Nonperforming Loan Rollforward

(In thousands)

(Unaudited)




















Balance at


Additions to


Net


Returns to


Charge-


Transfers


Balance at






December 31, 2010


Non-performing


Paydowns


Performing


offs


to OREO


March 31, 2011




































Commercial and other


$                   8,033


$                  -


$      (393)


$          -


$        (365)


$         -


$            7,275



















Real estate loans
















Multifamily residential


1,010


-


(872)


-


(74)


-


64


Residential 1-4 family


6,123


1,459


(233)


-


(584)


(262)


6,503


Owner-occupied commercial


1,622


356


(5)


-


(14)


-


1,959


Non owner-occupied commercial


8,428


-


(76)


-


(137)


-


8,215


Other real estate loans


538


908


(39)


-


-


-


1,407



Total real estate loans


17,721


2,723


(1,225)


-


(809)


(262)


18,148



















Construction


7,272


2,250


(2,067)


-


(1,628)


(99)


5,728



















Consumer



-


-


-


-


-


-


-






















Total


$                 33,026


$            4,973


$   (3,685)


$          -


$     (2,802)


$     (361)


$          31,151

PACIFIC CONTINENTAL CORPORATION

Other Real Estate Owned Rollforward

(In thousands)

(Unaudited)


















Balance at


Additions to


Capitalized


Paydowns/


Writedowns/


Balance at






December 31, 2010


REO


Costs


Sales


Loss/Gain


March 31, 2011
































Commercial and other


$                        38


$            -


$          -


$           -


$              -


$                 38

















Real estate loans














Multifamily residential


-


-


-


-


-


-


Residential 1-4 family


1,374


262


-


-


(12)


1,624


Owner-occupied commercial


-


-


-


-


-


-


Non owner-occupied commercial


-


-


-


-


-


-


Other real estate loans


-


-


-


-


-


-



Total real estate loans


1,374


262


-


-


(12)


1,624

















Construction


12,881


99


-


(71)


(831)


12,078

















Consumer



-


-


-


-


-


-




















Total


$                 14,293


$         361


$          -


$         (71)


$         (843)


$          13,740

PACIFIC CONTINENTAL CORPORATION

Age Analysis of Past Due Financing Receivables (Unaudited)

(In thousands)

As of March 31, 2011


























Greater













30-59 Days


60-89 Days


Than




Total Past









Past Due


Past Due


90 Days




Due and


Total


Total Loans





Still Accruing


Still Accruing


Still Accruing


Nonaccrual


Nonaccrual


Current


Receivable


































Commercial and other

$           452


$              -


$              -


$      7,275


$      7,727


$ 248,202


$  255,929


















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

-


-


-


8,215


8,215


149,613


157,828

Other real estate loans

5


14


-


1,407


1,426


19,631


21,057


Total real estate loans

3,287


2,467


-


18,148


23,902


481,721


505,623


















Construction

2,411


-


-


5,728


8,139


66,659


74,798


















Consumer


22


-


-


-


22


5,944


5,966





















Total

$        6,172


$        2,467


$              -


$    31,151


$    39,790


$ 802,526


$  842,316




















































PACIFIC CONTINENTAL CORPORATION

Age Analysis of Past Due Financing Receivables

(In thousands)

As of December 31, 2010


























Greater













30-59 Days


60-89 Days


Than




Total Past









Past Due


Past Due


90 Days




Due and


Total


Total Loans





Still Accruing


Still Accruing


Still Accruing


Nonaccrual


Nonaccrual


Current


Receivable


































Commercial and other

$           102


$             32


$              -


$      8,033


$      8,167


$ 236,597


$  244,764


















Real estate loans














Multifamily residential

2,549


-


-


1,010


3,559


54,291


57,850

Residential 1-4 family

110


366


-


6,123


6,599


70,093


76,692

Owner-occupied commercial

2,694


356


-


1,622


4,672


196,614


201,286

Nonowner-occupied commercial

-


-


-


8,428


8,428


154,643


163,071

Other real estate loans

195


-


-


538


733


23,217


23,950


Total real estate loans

5,548


722


-


17,721


23,991


498,858


522,849


















Construction

175


-


-


7,272


7,447


76,008


83,455


















Consumer


7


5


-


-


12


5,888


5,900





















Total

$        5,832


$           759


$              -


$    33,026


$    39,617


$ 817,351


$  856,968

PACIFIC CONTINENTAL CORPORATION

Credit Quality Indicators (Unaudited)

(In thousands)

As of March 31, 2011
















Loan Grade






Pass


Special Mention


Substandard


Doubtful


Totals













Commercial and other

$ 244,382


$               400


$      11,147


$       -


$ 255,929













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

147,976


-


9,852


-


157,828

Other real estate loans

18,753


-


2,304


-


21,057


Total real estate loans

463,767


-


41,372


484


505,623













Construction

49,399


-


25,399


-


74,798













Consumer

5,909


-


57


-


5,966















Totals

$ 763,457


$               400


$      77,975


$    484


$ 842,316















PACIFIC CONTINENTAL CORPORATION

Credit Quality Indicators

(In thousands)

As of December 31, 2010
















Loan Grade






Pass


Special Mention


Substandard


Doubtful


Totals













Commercial and other

$ 231,358


$                  -


$      13,406


$       -


$ 244,764













Real estate loans










Multifamily residential

55,105


-


2,745


-


57,850

Residential 1-4 family

60,544


-


15,658


490


76,692

Owner-occupied commercial

185,362


-


14,274


1,650


201,286

Nonowner-occupied commercial

153,088


-


9,983


-


163,071

Other real estate loans

20,343


-


3,607


-


23,950


Total real estate loans

474,442


-


46,267


2,140


522,849













Construction

54,509


-


28,946


-


83,455













Consumer

5,860


-


-


40


5,900















Totals

$ 766,169


$                  -


$      88,619


$ 2,180


$ 856,968

SOURCE Pacific Continental Corporation

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