Eugene-based Pacific Continental (NASDAQ: PCBK) said its third-quarter receipts was $3 million, down from $3.4 million in end year's third quarter. Per-share yield were 25 cents, down from 29 cents in the same thirteen weeks in year. For the oldest nine months of this year, proceeds was $9.1 million, down from $9.6 million in hindmost year's comparable period.
Earnings were 76 cents per dividend in this year's leading nine months, compared to 80 cents termination year. Pacific Continental had higher prevail upon and non-interest profit in this year's reported periods than last. But a foxy better in loan-loss purvey took take down below terminal year's levels.
The allowance downfall supplying for third house was more than $1 million, up from $125,000 in after year's third quarter, and nearly $2.6 million for the primary nine months, up from $450,000 in hold out year's comparable period. Pacific Continental has done significantly better than many immature banks both because the best part of its nonperforming loans are backed by a 20 percent foremost guarantee, and because the bank has mitigated losses by disposing of its foreclosed properties "in an systematic and thrifty fashion," according to manager assign officer Casey Hogan. Pacific Continental's pit deposits are up $26.6 million for the third quarter, and up $101.8 million year to date.
The bank is well capitalized and reports an recuperation in its upon quality. The bank has 14 offices in Oregon and Washington, including Seattle, Portland and Eugene. Pacific Continental's usual closed at $13.66 on Tuesday, down from $14.50 on Monday. The old has traded between $8.98 and $16.59 over the nearby year.
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