Pacific Continental Corporation (PCBK) has reported a 19.99 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.55 million, or $0.29 a share in the quarter, compared with $5.46 million, or $0.28 a share for the same period last year. Revenue during the quarter grew 24.84 percent to $25.43 million from $20.37 million in the previous year period. Net interest income for the quarter rose 28.56 percent over the prior year period to $24.18 million. Non-interest income for the quarter rose 19.04 percent over the last year period to $2.15 million.
Pacific Continental Corporation has made provision of $0.90 million for loan losses during the quarter, up 267.35 percent from $0.24 million in the same period last year.
Net interest margin contracted 4 basis points to 4.23 percent in the quarter from 4.27 percent in the last year period. Efficiency ratio for the quarter deteriorated to 58.13 percent from 57.52 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“Our entire team did an outstanding job in the first quarter”, said Roger Busse, chief executive officer. “For our team to produce record quarterly loan growth during the period in which we announced our merger with Columbia Bank is truly remarkable. I couldn’t be more proud of our lenders, support staff and entire organization.”
Liabilities outpace assets growth
Total assets stood at $2,597.30 million as on Mar. 31, 2017, up 32.13 percent compared with $1,965.70 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,318.14 million as on Mar. 31, 2017, up 33.16 percent from $1,740.83 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,890 million as on Mar. 31, 2017, up 33.84 percent compared with $1,412.14 million on Mar. 31, 2016. Deposits stood at $2,080.27 million as on Mar. 31, 2017, up 22.61 percent compared with $1,696.59 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $832.36 million or 40.01 percent of total deposits on Mar. 31, 2017, compared with $675.30 million or 39.80 percent of total deposits on Mar. 31, 2016.
Investments stood at $472.17 million as on Mar. 31, 2017, up 23.14 percent or $88.72 million from year-ago. Shareholders equity stood at $279.17 million as on Mar. 31, 2017, up 24.14 percent or $54.29 million from year-ago.
Return on average assets moved down 9 basis points to 1.03 percent in the quarter from 1.12 percent in the last year period. At the same time, return on average equity decreased 29 basis points to 9.63 percent in the quarter from 9.92 percent in the last year period.
Nonperforming assets moved up 29.42 percent or $4.23 million to $18.62 million on Mar. 31, 2017 from $14.39 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.72 percent in the quarter, down from 0.73 percent in the last year period.
Tier-1 leverage ratio stood at 8.99 percent for the quarter, down from 9.75 percent for the previous year quarter. Book value per share was $12.32 for the quarter, up 7.50 percent or $0.86 compared to $11.46 for the same period last year.
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