Pacific Continental Corporation (PCBK) has reported 8.90 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $4.85 million, or $0.23 a share in the quarter, compared with $5.32 million, or $0.27 a share for the same period last year. Revenue during the quarter grew 9.86 percent to $21.31 million from $19.40 million in the previous year period. Net interest income for the quarter rose 13.45 percent over the prior year period to $20.77 million. Non-interest income for the quarter rose 11.96 percent over the last year period to $1.92 million.
Pacific Continental Corp has made provision of $1.38 million for loan losses during the quarter, up 120.80 percent from $0.62 million in the same period last year.
Net interest margin contracted 10 basis points to 4.22 percent in the quarter from 4.32 percent in the last year period. Efficiency ratio for the quarter deteriorated to 60.24 percent from 55.12 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"This was a milestone quarter, as we successfully completed the acquisition and integration of Foundation Bank, which has significantly increased our presence and market share in the vibrant Puget Sound region," said Roger Busse, chief executive officer. "We are proud of our management teams and leadership across all regions, as we continued to drive solid organic growth and earnings."
Liabilities outpace assets growthTotal assets stood at $2,539.06 million as on Sep. 30, 2016, up 35.18 percent compared with $1,878.28 million on Sep. 30, 2015. On the other hand, total liabilities stood at $2,262.59 million as on Sep. 30, 2016, up 36.17 percent from $1,661.61 million on Sep. 30, 2015. Loans outpace deposit growthNet loans stood at $1,786.20 million as on Sep. 30, 2016, up 33.38 percent compared with $1,339.20 million on Sep. 30, 2015. Deposits stood at $2,162.63 million as on Sep. 30, 2016, up 41.82 percent compared with $1,524.95 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $901.29 million or 41.68 percent of total deposits on Sep. 30, 2016, compared with $544.01 million or 35.67 percent of total deposits on Sep. 30, 2015.
Investments stood at $482.41 million as on Sep. 30, 2016, up 24.63 percent or $95.34 million from year-ago. Shareholders equity stood at $276.47 million as on Sep. 30, 2016, up 27.60 percent or $59.80 million from year-ago.
Return on average assets moved down 25 basis points to 0.89 percent in the quarter from 1.14 percent in the last year period. At the same time, return on average equity decreased 186 basis points to 8.05 percent in the quarter from 9.91 percent in the last year period.
Nonperforming assets moved up 62.10 percent or $8.75 million to $22.83 million on Sep. 30, 2016 from $14.08 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.90 percent in the quarter, up from 0.75 percent in the last year period.
Tier-1 leverage ratio stood at 10.33 percent for the quarter, up from 9.88 percent for the previous year quarter. Book value per share was $12.23 for the quarter, up 10.58 percent or $1.17 compared to $11.06 for the same period last year.
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