0001084717
|
93-1269184
|
|||||||
(Commission File Number)
|
IRS Employer Identification No.
|
|
Section 2 – Financial Information
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits
|
|
99.1
|
Press Release dated April 13, 2011, announcing earnings for the first quarter ending March 31, 2011.
|
PACIFIC CONTINENTAL CORPORATION
By: /s/ Michael A. Reynolds
Michael A. Reynolds
Executive Vice President
Chief Financial Officer
|
||
FOR MORE INFORMATION CONTACT:
|
Hal Brown
|
Mick Reynolds
|
||
CEO
|
Executive Vice President/CFO
|
|||
541 686-8685
|
541 686-8685
|
|||
http://www.therightbank.com
|
||||
E-mail: banking@therightbank.com
|
·
|
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.
|
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.
|
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 | ||||||
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.
|
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
|
Transfers
|
Balance at
|
|||||||||||||||||||||||
December 31, 2010
|
Non-performing
|
Paydowns
|
Performing
|
Charge-offs
|
to OREO
|
March 31, 2011
|
||||||||||||||||||||||
Commercial and other
|
$ | 8,033 | $ | - | $ | (393 | ) | $ | - | $ | (365 | ) | $ | - | $ | 7,275 | ||||||||||||
Real estate loans
|
||||||||||||||||||||||||||||
Multifamily residentail
|
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 | ||||||||||