Pacific Continental Corp (PCBK) has reported a 24.10 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $6.86 million, or $0.30 a share in the quarter, compared with $5.53 million, or $0.28 a share for the same period last year.
Revenue during the quarter grew 25.32 percent to $25.45 million from $20.31 million in the previous year period. Net interest income for the quarter rose 32.74 percent over the prior year period to $24.98 million. Non-interest income for the quarter rose 16.63 percent over the last year period to $2.34 million.
Pacific Continental Corp has made provision of $1.88 million for loan losses during the quarter, up 260.58 percent from $0.52 million in the same period last year.
Net interest margin improved 2 basis points to 4.38 percent in the quarter from 4.36 percent in the last year period. Efficiency ratio for the quarter deteriorated to 57.35 percent from 55.50 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"I am extremely proud of our entire team on a successful 2016, which included record net income, the successful acquisition and integration of Foundation Bank, and double-digit organic loan growth", said Roger Busse, chief executive officer. "Our 2016 accomplishments illustrate the legacy of Pacific Continental Bank: outstanding results driven by outstanding people. This should provide solid momentum as we move towards our merger with Columbia Bank."
Liabilities outpace assets growth
Total assets stood at $2,541.44 million as on Dec. 31, 2016, up 33.10 percent compared with $1,909.48 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,267.68 million as on Dec. 31, 2016, up 34.10 percent from $1,690.99 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,835.31 million as on Dec. 31, 2016, up 32.31 percent compared with $1,387.18 million on Dec. 31, 2015. Deposits stood at $2,148.10 million as on Dec. 31, 2016, up 34.50 percent compared with $1,597.09 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $859 million or 39.99 percent of total deposits on Dec. 31, 2016, compared with $568.69 million or 35.61 percent of total deposits on Dec. 31, 2015.
Investments stood at $471 million as on Dec. 31, 2016, up 28.48 percent or $104.40 million from year-ago. Shareholders equity stood at $273.76 million as on Dec. 31, 2016, up 25.29 percent or $55.26 million from year-ago.
Return on average assets moved down 8 basis points to 1.08 percent in the quarter from 1.16 percent in the last year period. At the same time, return on average equity decreased 17 basis points to 9.93 percent in the quarter from 10.10 percent in the last year period.
Nonperforming assets moved up 48.95 percent or $7.08 million to $21.55 million on Dec. 31, 2016 from $14.47 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.85 percent in the quarter, up from 0.76 percent in the last year period.
Tier-1 leverage ratio stood at 9.01 percent for the quarter, down from 9.93 percent for the previous year quarter. Book value per share was $12.11 for the quarter, up 8.61 percent or $0.96 compared to $11.15 for the same period last year.
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