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Pacific Continental Corporation Reports Fourth Quarter and Full Year 2013 Results

Loan Growth and Acquisition Produce Record Net Income

EUGENE, Ore., Jan. 22, 2014 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today reported financial results for the fourth quarter and full year 2013.

Recent highlights:

  • Record net income of $13.8 million for the year 2013.
  • Organic loan growth continued for the eighth consecutive quarter.
  • Continued improvement in credit quality statistics.
  • Declared first quarter 2014 regular quarterly cash dividend of $0.10 per share and special cash dividend of $0.10 per share.
  • Total risk-based capital ratio of 16.15%, significantly above the 10.00% minimum for "well-capitalized" designation.
  • Recognized as one of Oregon's most admired companies by the Portland Business Journal for the fifth consecutive year.

Net income
Net income for fourth quarter 2013 was $3.7 million or $0.20 per diluted share compared to net income of $3.4 million or $0.19 per diluted share in fourth quarter 2012. Return on average assets, average book equity, and average tangible equity were 1.00%, 8.06%, and 9.28%, respectively, in fourth quarter 2013, compared to 0.99%, 7.33%, and 8.33% for the same quarter last year.

Net income for the full year 2013 was a record $13.8 million or $0.76 per diluted share compared to net income of $12.7 million or $0.69 per share for the year 2012.  Included in 2013 full year results was $1.2 million of one-time merger related expenses related to the Century Bank acquisition, which reduced current year net income by $822 thousand or $0.05 per diluted share.

"We are certainly pleased with our 2013 results and the shareholder returns for the year both in terms of share appreciation and dividends," said Hal Brown, chief executive officer. "Our strong capital position, liquidity and credit quality, together with the improving economic conditions, support our optimistic outlook as we begin 2014," added Brown.

Loan growth
Outstanding gross loans at December 31, 2013, were $994.8 million, up $16.1 million over the prior quarter end and up $123.5 million from year-end 2012. Excluding the loans acquired in the Century Bank transaction, organic loan growth for 2013 was $80.5 million for an annualized growth rate of 9.24%. Loan growth for the fourth quarter and full year was primarily centered in owner-occupied commercial real estate, construction lending and commercial loans.

At December 31, 2013, loans to dental professionals totaled $307.3 million, representing 30.9% of the total loan portfolio. Outstanding loans to dental professionals grew by $36.5 million or 13.5% over December 31, 2012.

"Our sustained loan growth was attributable to an improving economy, our niche focus and a strong team of relationship bankers that successfully retained and added several client relationships during the year," said Roger Busse, president and chief operating officer. "Our dental lending program continued to be very successful both in terms of  growth and credit quality," added Busse.

Core deposits
Period-end Company-defined core deposits were $990.3 million, an increase of $51.7 million or 5.5% over the prior year end.  At period-end December 31, 2013, noninterest-bearing demand deposits totaled $366.9 million and represented 37.0% of core deposits.

Net interest margin
The fourth quarter 2013 net interest margin, on a tax equivalent basis, was 4.39%, representing an increase of 28 basis points over the 4.11% reported for the fourth quarter 2012. Included in the fourth quarter net interest margin was a $220 thousand prepayment penalty from an early payoff of a loan, which contributed 7 basis points to the current quarter's margin. In addition, the accretion of the Century Bank loan fair value market adjustment positively impacted the net interest margin by 4 basis points.

The net interest margin for the full year 2013, on a tax equivalent basis, was 4.37%, an increase of 13 basis points over the 4.24% net interest margin reported for 2012.  Earning asset yields remained relatively unchanged in 2013 when compared to 2012, primarily due to an increase in yield on the securities portfolio.  Most of the improvement in the annual net interest margin was attributable to a lower cost of funds as the cost of interest-bearing liabilities was down 17 basis points in 2013 from 2012. 

Classified assets, provisioning and loan statistics
At December 31, 2013, classified assets totaled $52.0 million and represented 29.02% of regulatory capital, compared to $56.1 million and 31.18% of regulatory capital at December 31, 2012.  Classified asset levels increased by $5.8 million as a result of the Century Bank acquisition. Fourth quarter 2013 classified assets were lower than pre-acquisition levels.

Nonperforming assets, a subcategory of classified assets, totaled $21.0 million at December 31, 2013, or 1.45% of total assets, a decrease from the December 31, 2012 ratio of 1.92%. Nonperforming assets were comprised of $4.6 million in nonperforming loans, net of government guarantees, and $16.4 million in other real estate owned. Loans past-due 30-89 days were 0.23% of total loans at December 31, 2013, compared to 0.30% at December 31, 2012.

"This is the fourth consecutive year of improvement in our credit quality statistics and we are optimistic this trend will continue in 2014," said Casey Hogan, executive vice president and chief credit officer.

The Company made no provision for loan losses during the fourth quarter 2013 and provisioned $250 thousand for the full year 2013.  Net loan charge offs for the year 2013 were $678 thousand or 0.07% of average outstanding loans.  The allowance for loan losses as a percentage of outstanding loans at December 31, 2013, was 1.60% compared to 1.88% at December 31, 2012. The allowance for loan losses as a percentage of total nonperforming loans, net of government guarantees, improved to 345.42% at December 31, 2013, from 193.29% reported one year ago, reflecting both a reduction in nonperforming loans and an overall general improvement in the quality of the loan portfolio.

Capital levels
The Company's capital ratios continued to be well above the minimum FDIC "well-capitalized" designated levels. At December 31, 2013, the Company's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and Total risk-based capital ratios were 11.49%, 14.90% and 16.15%, respectively, as compared to 12.33%, 16.90% and 18.15% at December 31, 2012, reflecting improved capital leverage. The FDIC's minimum "well-capitalized" ratios are 5.00%, 6.00% and 10.00%, respectively.

Noninterest income and expense
Noninterest income for the fourth quarter was $1.6 million, up $181 thousand over fourth quarter 2012.  Noninterest expense in fourth quarter 2013 was up $1.1 million over fourth quarter 2012, with a portion of the increase centered in other real estate expense, primarily attributable to valuation write-downs. In addition, employee compensation was up, reflecting the addition of business development personnel who have increased calling efforts during 2013, resulting in part in  the Bank's loan growth during the period. The fourth quarter 2013 efficiency ratio was 62.97% compared to 64.26% for fourth quarter 2012.

Conference call and audio webcast
Management will conduct a live conference call and audio webcast for interested parties relating to the Company's results for the fourth quarter and full-year 2013 on Thursday, January 23, 2014, at 11:00 a.m. Pacific / 2:00 p.m. Eastern. To listen to the conference call, interested parties should call 866-292-1418. Following the formal remarks, a question and answer session will be open to all interested parties. The webcast will be available via Pacific Continental's website www.therightbank.com. To listen to the live audio webcast, click on the webcast presentation link on the Company's home page a few minutes before the presentation is scheduled to begin. An audio webcast replay is typically available within twenty-four hours following the live webcast and will be archived for one year on the Pacific Continental website. Any questions regarding the conference call presentation or webcast should be directed to Shannon Coffin, executive administrative assistant, at 541-686-8685.

About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific Continental Corporation, delivers highly personalized services through fourteen banking offices in Oregon and Washington. The Bank also operates loan production offices in Tacoma, Washington and Denver, Colorado. Pacific Continental, with $1.4 billion in assets, has established one of the most unique and attractive metropolitan branch networks in the Pacific Northwest with offices in three of the region's largest markets including Seattle, Portland and Eugene. Pacific Continental targets the banking needs of community-based businesses, health care professionals, professional service providers and nonprofit organizations.

Since its founding in 1972, Pacific Continental Bank has been honored with numerous awards and recognitions from highly regarded third-party organizations including The Seattle Times, the Portland Business Journal, the Seattle Business magazine and Oregon Business magazine. A complete list of the company's awards and recognitions – as well as supplementary information about Pacific Continental Bank – can be found online at www.therightbank.com. Pacific Continental Corporation's shares are listed on the Nasdaq Global Select Market under the symbol "PCBK" and are a component of the Russell 2000 Index.

Forward-Looking Statement Safe Harbor
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "anticipates," "targets," "expects," "estimates," "intends," "plans," "goals," "believes" "anticipates" and other similar expressions or future or conditional verbs such as "will," "should," "would" and "could." The forward-looking statements made represent Pacific Continental's current estimates, projections, expectations, plans or forecasts of its future results and revenues, including but not limited to statements about performance, loan growth, capital position, liquidity, credit quality, credit quality trends and economic conditions generally. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Pacific Continental's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under "Risk Factors", "Business", and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Pacific Continental's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in any of Pacific Continental's subsequent SEC filings, including the high concentration of loans of the Company's banking subsidiary in commercial and residential real estate lending and our significant concentration in loans to dental professionals; adverse economic trends in the United States and the markets we serve affecting the Bank's borrower base; a continued decline in the housing and real estate market; a continued increase in unemployment or sustained high levels of unemployment; continued erosion or sustained low levels of consumer confidence; changes in the Federal Reserve's monetary policies and the regulatory environment and increases in associated costs, particularly ongoing compliance expenses and resource allocation needs; vendor quality and efficiency; the Company's ability to control risks associated with rapidly changing technology both from an internal perspective as well as for external providers operational systems or infrastructure failures; increased competition; fluctuating interest rates; a tightening of available credit; the potential adverse impact of legal or regulatory proceedings; and risks related to acquisitions, including integration, retention of key personnel and business, anticipated cost savings and results and performance of the acquired company or the combined entity. Pacific Continental Corporation undertakes no obligation to publicly revise or update any forward-looking statement to reflect the impact of events or circumstances that arise after the date of this release. This statement is included for the express purpose of invoking PSLRA's safe harbor provisions.

 

PACIFIC CONTINENTAL CORPORATION

Consolidated Income Statements

(In thousands, except share and per share amounts)

(Unaudited)












Three months ended


Twelve months ended



December 31,


December 31,


December 31,


December 31,



2013


2012


2013


2012

Interest and dividend income









Loans


$             13,482


$             12,002


$             53,275


$             48,091

Taxable securities


1,566


1,285


5,730


6,171

Tax-exempt securities


489


464


1,918


1,626

Federal funds sold & interest-bearing deposits with banks


2


2


10


6



15,539


13,753


60,933


55,894










Interest expense









Deposits


803


909


3,389


4,059

Federal Home Loan Bank & Federal Reserve borrowings


284


325


1,189


1,584

Junior subordinated debentures


60


35


200


151

Federal funds purchased


4


3


16


24



1,151


1,272


4,794


5,818










Net interest income


14,388


12,481


56,139


50,076










Provision for loan losses


-


-


250


1,900

Net interest income after provision for loan losses


14,388


12,481


55,889


48,176










Noninterest income









Service charges on deposit accounts


490


468


1,926


1,827

Other fee income, principally bankcard


407


389


1,624


1,595

Mortgage banking income


-


-


-


72

Bank-owned life insurance income


128


152


515


583

Loss on sale of investment securities


-


-


(8)


-

    Impairment losses on investment securities (OTTI)


(7)


-


(23)


-

Other noninterest income


545


373


1,792


1,664



1,563


1,382


5,826


5,741










Noninterest expense









Salaries and employee benefits


5,776


4,855


22,120


19,576

Premises and equipment


938


820


3,684


3,373

Data processing


651


553


2,605


2,096

Legal and professional fees


407


357


1,867


1,735

Business development


430


470


1,805


1,558

FDIC insurance assessment


238


271


912


1,085

Bankcard processing


109


140


527


580

Other real estate expense


639


412


2,401


1,494

Merger related expenses(1)


-


203


1,246


203

Other noninterest expense


857


827


3,565


3,405



10,045


8,908


40,732


35,105










Income before provision for income taxes


5,906


4,955


20,983


18,812

Provision for income taxes


2,254


1,572


7,216


6,159










Net income


$               3,652


$               3,383


$             13,767


$             12,653










Earnings per share:









Basic


$                 0.20


$                 0.19


$                 0.77


$                 0.70

Diluted


$                 0.20


$                 0.19


$                 0.76


$                 0.69










Weighted average shares outstanding:









Basic


17,888,818


17,845,645


17,871,439


18,085,607










Common stock equivalents









attributable to stock-based awards


237,455


152,564


188,484


152,553

Diluted


18,126,273


17,998,209


18,059,923


18,238,160










PERFORMANCE RATIOS









Return on average assets 


1.00%


0.99%


0.96%


0.96%

Return on average equity (book) 


8.06%


7.33%


7.61%


6.97%

Return on average equity (tangible) (2)


9.28%


8.33%


8.75%


7.94%

Net interest margin (3)


4.39%


4.11%


4.37%


4.24%

Efficiency ratio (4)


62.97%


64.26%


65.73%


62.89%



(1)

Represents expenses associated with the acquisition of Century Bank.

(2)

Tangible equity excludes goodwill and core deposit intangible assets related to acquisitions.

(3)

Net interest margin is reported on a tax-equivalent yield basis at a 35% tax rate

(4)

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)








December 31,


December 31,



2013


2012

ASSETS





Cash and due from banks


$             21,053


$             28,607

Interest-bearing deposits with banks


55


94

Total cash and cash equivalents


21,108


28,701






Securities available-for-sale


347,386


389,885

Loans, less allowance for loan losses and net deferred fees


977,928


854,071

Interest receivable


4,703


4,520

Federal Home Loan Bank stock


10,425


10,462

Property and equipment, net of accumulated depreciation


18,836


19,238

Goodwill and intangible assets


23,616


22,031

Deferred tax asset


9,598


6,230

Taxes receivable


80


-

Other real estate owned


16,355


17,972

Prepaid FDIC assessment


-


1,746

Bank-owned life insurance


16,136


15,621

Other assets


3,555


3,010






Total assets


$        1,449,726


$        1,373,487






LIABILITIES AND SHAREHOLDERS' EQUITY





Deposits





Noninterest-bearing demand


$           366,891


$           329,825

Savings and interest-bearing checking


559,632


554,693

Time $100,000 and over


79,081


73,610

Other time


85,377


88,026

Total deposits


1,090,981


1,046,154






Federal funds and overnight funds purchased


5,150


11,570

Federal Home Loan Bank borrowings


160,000


118,000

Junior subordinated debentures


8,248


8,248

Accrued interest and other payables


6,163


6,134

Total liabilities


1,270,542


1,190,106






Shareholders' equity





Common stock: 50,000,000 shares authorized.  Shares issued





and outstanding:  17,891,687 at December 31, 2013 and 17,835,088





at December 31, 2012 


133,835


133,017

Retained earnings


45,250


44,533

Accumulated other comprehensive income


99


5,831



179,184


183,381






Total liabilities and shareholders' equity


$        1,449,726


$        1,373,487











CAPITAL RATIOS





Total capital (to risk weighted assets)


16.15%


18.15%

Tier I capital (to risk weighted assets)


14.90%


16.90%

Tier I capital (to leverage assets)


11.49%


12.33%

Tangible common equity (to tangible assets)(1)


10.91%


11.94%

Tangible common equity (to risk-weighted assets)(1)


14.18%


16.67%






OTHER FINANCIAL DATA





Shares outstanding at end of period


17,891,687


17,835,088

Tangible shareholders' equity(1)


$           155,568


$           161,350

Book value per share


$               10.01


$               10.28

Tangible book value per share


$                 8.69


$                 9.05



(1)

Tangible common equity excludes goodwill and core deposit intangible assets related to acquisitions.

 

PACIFIC CONTINENTAL CORPORATION





Loans by Type and Allowance for Loan Losses





(In thousands)





(Unaudited)

























December 31,


December 31,







2013


2012





LOANS BY TYPE









Real estate secured loans:









Permanent loans:









Multi-family residential


$             46,217


$             45,212





Residential 1-4 family


46,438


51,437





Owner-occupied commercial


249,311


219,276





Nonowner-occupied commercial


158,786


145,315





Total permanent real estate loans


500,752


461,240





Construction loans:









Multi-family residential


23,419


17,022





Residential 1-4 family


26,512


20,390





Commercial real estate


30,516


23,235





Commercial bare land and acquisition & development


11,473


10,668





Residential bare land and acquisition & development


6,990


8,405





Total construction real estate loans


98,910


79,720





Total real estate loans


599,662


540,960





Commercial loans


390,301


325,604





Consumer loans


3,878


3,581





Other loans


928


1,112





Gross loans


994,769


871,257





Deferred loan origination fees


(924)


(841)







993,845


870,416





Allowance for loan losses


(15,917)


(16,345)







$           977,928


$           854,071

















Three months ended


Twelve months ended

ALLOWANCE FOR LOAN LOSSES


December 31,
2013


December 31,
2012


December 31,
2013


December 31,
2012

  Balance at beginning of period


$             16,802


$             16,283


$             16,345


$             14,941

   Provision for loan losses


-


-


250


1,900

   Loan charge offs


(1,039)


(855)


(2,088)


(3,664)

   Loan recoveries


154


917


1,410


3,168

     Net recoveries (charge offs)


(885)


62


(678)


(496)

  Balance at end of period


$             15,917


$             16,345


$             15,917


$             16,345

  

 

PACIFIC CONTINENTAL CORPORATION

Selected Other Financial Information and Ratios

(In thousands)

(Unaudited)













Three months ended


Twelve months ended




December 31,


December 31,


December 31,


December 31,




2013


2012


2013


2012


BALANCE SHEET AVERAGES










  Loans(1)


$         990,566


$        846,199


$        959,873


$        832,787


  Allowance for loan losses


(16,709)


(16,518)


(16,492)


(16,132)


    Loans, net of allowance


973,857


829,681


943,381


816,655


  Securities and short-term deposits


350,101


401,537


366,102


384,918


   Earning assets


1,323,958


1,231,218


1,309,483


1,201,573


  Noninterest-earning assets


122,739


126,878


123,730


115,521


        Assets


$      1,446,697


$     1,358,096


$     1,433,213


$     1,317,094












  Interest-bearing core deposits(2)


$         626,161


$        583,339


$        631,529


$        579,828


  Noninterest-bearing core deposits(2)


361,046


317,029


336,063


297,428


    Core deposits(2)


987,207


900,368


967,592


877,256


  Noncore interest-bearing deposits


101,263


103,851


106,574


95,598


    Deposits


1,088,470


1,004,219


1,074,166


972,854


  Borrowings


173,038


164,966


173,919


158,254


  Other noninterest-bearing liabilities


5,342


5,281


4,271


4,511


       Liabilities


1,266,850


1,174,466


1,252,356


1,135,619


  Shareholders' equity (book)


179,847


183,630


180,857


181,475


       Liabilities and equity


$      1,446,697


$     1,358,096


$     1,433,213


$     1,317,094












  Shareholders' equity (tangible)(3)


$         156,154


$        161,586


$        157,278


$        159,349












SELECTED MARKET DATA










  Eugene market gross loans, period-end


$         334,511


$        253,345






  Portland market gross loans, period-end


391,295


383,616






  Seattle market gross loans, period-end


132,488


154,229






  National health care gross loans, period-end (4)


136,475


80,067






    Total gross loans, period-end


$         994,769


$        871,257
















  Eugene market core deposits, period-end(2)


$         588,158


$        536,143






  Portland market core deposits, period-end(2)


249,050


258,516






  Seattle market core deposits, period-end(2)


153,107


143,970






    Total core deposits, period-end(2)


990,315


938,629






  Other deposits, period-end


100,666


107,525






      Total


$      1,090,981


$     1,046,154
















  Eugene market core deposits, average(2)


$         592,179


$        518,487


$        582,053


$        508,856


  Portland market core deposits, average(2)


242,855


241,585


244,997


236,200


  Seattle market core deposits, average(2)


152,173


140,296


140,542


132,200


    Total core deposits, average(2)


987,207


900,368


967,592


877,256


  Other deposits, average


101,263


103,851


106,574


95,598


      Total


$      1,088,470


$     1,004,219


$     1,074,166


$        972,854












NET INTEREST MARGIN RECONCILIATION










  Yield on average loans


5.49%


5.76%


5.65%


5.89%


  Yield on average securities(5)


2.63%


1.98%


2.37%


2.25%


    Yield on average earning assets(5)


4.74%


4.53%


4.73%


4.72%












  Rate on average interest-bearing core deposits


0.32%


0.41%


0.34%


0.47%


  Rate on average interest-bearing non-core deposits


1.18%


1.17%


1.17%


1.38%


    Rate on average interest-bearing deposits


0.44%


0.53%


0.46%


0.41%












  Rate on average borrowings


0.80%


0.88%


0.81%


1.11%


    Cost of interest-bearing funds


0.51%


0.59%


0.53%


0.70%












    Interest rate spread(5)


4.23%


3.93%


4.21%


4.03%












       Net interest margin(5)


4.39%


4.11%


4.37%


4.24%




(1)

Includes loans held-for-sale.

(2)

Core deposits include demand, interest checking, money market, savings, and local time deposits, including local nonpublic time deposits in excess of $100 thousand.  

(3)

Tangible equity excludes goodwill and core deposit intangible assets related to acquisitions.

(4)

National health care loans include loans to heath care professionals, primarily dental practitioners, operating outside of Pacific Continental Bank's market area.  The market area is defined as Oregon and Washington West of the Cascade Mountain Range.  

(5)

Tax-exempt income has been adjusted to a tax-equivalent basis at a 35% tax rate.  The amount of such adjustment was an addition to recorded income of approximately $263 and $236 for the three months ended December 31, 2013, and December 31, 2012, respectively, and $1,033 thousand and $875 thousand for the twelve months ended December 31, 2013, and December 31 , 2012, respectively.

 

PACIFIC CONTINENTAL CORPORATION
Nonperforming Assets and Asset Quality Ratios
(In thousands)
(Unaudited)


















December 31,


December 31,








2013


2012




NONPERFORMING ASSETS




Non-accrual loans





Real estate secured loans:






Permanent loans:







Multi-family residential

$                       -


$                       -




Residential 1-4 family

636


1,140




Owner-occupied commercial

1,685


3,805




Nonowner-occupied commercial

136


-





Total permanent real estate loans

2,457


4,945



Construction loans:







Multi-family residential

-


-




Residential 1-4 family

-


-




Commercial real estate

-


-




Commercial bare land and acquisition & development

-


-




Residential bare land and acquisition & development

-


101





Total construction real estate loans

-


101






Total real estate loans

2,457


5,046


Commercial loans

2,886


4,315







Total nonaccrual loans

5,343


9,361

90-days past due and accruing interest

-


-


Total nonperforming loans

5,343


9,361



Nonperforming loans guaranteed by government

(735)


(905)




Net nonperforming loans

4,608


8,456

Other real estate owned

16,355


17,972




Total nonperforming assets, net of guaranteed loans

$             20,963


$             26,428














ASSET QUALITY RATIOS








Allowance for loan losses as a percentage of total loans outstanding

1.60%


1.88%





Allowance for loan losses as a percentage of total nonperforming loans, net of government guarantees

345.42%


193.29%





Net loan charge offs (recoveries) as a percentage of average loans, annualized

0.07%


0.06%





Net nonperforming loans as a percentage of total loans

0.46%


0.97%





Nonperforming assets as a percentage of total assets

1.45%


1.92%





Consolidated classified asset ratio(1)

29.02%


31.18%





Past due as a percentage of total loans(2)

0.23%


0.30%



(1)

Classified asset ratio is defined as the sum of all loan-related contingent liabilities and loans internally graded substandard or worse, impaired loans (net of government guarantees), adversely classified securities, and other real estate owned, divided by total consolidated Tier 1 capital plus the allowance for loan losses.

(2)

Defined as loans past due more than 30 days and still accruing interest, as a percentage of total loans, net of deferred fees.

 

PACIFIC CONTINENTAL CORPORATION

Aged Analysis of Loans Receivable (Unaudited)

(In thousands)

As of December 31, 2013


























Greater













30-59 Days


60-89 Days


Than 90 Days




Total Past









Past Due


Past Due


Past Due




Due and 


Total


Total Loans





Still Accruing


Still Accruing


Still Accruing


Nonaccrual


Nonaccrual


Current


Receivable

















Real estate loans














Multi-family residential

$                -


$                -


$                -


$                -


$                -


$                 46,217


$              46,217

Residential 1-4 family

137


-


-


636


773


45,665


46,438

Owner-occupied commercial

488


-


-


1,685


2,173


247,138


249,311

Nonowner-occupied commercial

1,188


-


-


136


1,324


157,462


158,786


Total real estate loans

1,813


-


-


2,457


4,270


496,482


500,752


















Construction














  Multi-family residential

-


-


-


-


-


23,419


23,419

  Residential 1-4 family

-


-


-


-


-


26,512


26,512

  Commercial real estate

-


-


-


-


-


30,516


30,516

  Commercial bare land and acquisition & development

-


-


-


-


-


11,473


11,473

  Residential bare land and acquisition & development

-


-


-


-


-


6,990


6,990


  Total  construction loans

-


-


-


-


-


98,910


98,910


















Commercial and other

436


-


-


2,886


3,322


387,907


391,229


















Consumer

5


1


-


-


6


3,872


3,878




















Total

$          2,254


$                 1


$                -


$          5,343


$          7,598


$               987,171


$            994,769



















PACIFIC CONTINENTAL CORPORATION

Aged Analysis of Loans Receivable (Unaudited)

(In thousands)

As of  December 31, 2012


























Greater













30-59 Days


60-89 Days


Than 90 Days




Total Past









Past Due


Past Due


Past Due




Due and 


Total


Total Loans





Still Accruing


Still Accruing


Still Accruing


Nonaccrual


Nonaccrual


Current


Receivables

















Real estate loans














Multi-family residential

$                -


$                -


$                -


$                -


$                -


$                 45,212


$              45,212

Residential 1-4 family

351


318


-


1,140


1,809


49,628


51,437

Owner-occupied commercial

-


-


-


3,805


3,805


215,471


219,276

Nonowner-occupied commercial

1,404


-


-


-


1,404


143,911


145,315


Total real estate loans

1,755


318


-


4,945


7,018


454,222


461,240


















Construction














    Multi-family residential

-


-


-


-


-


17,022


17,022

    Residential 1-4 family

234


-


-


-


234


20,156


20,390

    Commercial real estate

-


-


-


-


-


23,235


23,235

    Commercial bare land and acquisition & development

-


-


-


-


-


10,668


10,668

    Residential bare land and acquisition & development

-


-


-


101


101


8,304


8,405


Total construction loans

234


-


-


101


335


79,385


79,720


















Commercial and other

264


-


-


4,315


4,579


322,137


326,716


















Consumer

8


-


-


-


8


3,573


3,581





















Total

$          2,261


$             318


$                -


$          9,361


$        11,940


$               859,317


$            871,257


















 

PACIFIC CONTINENTAL CORPORATION

Credit Quality Indicators (Unaudited)

(In thousands)

As of December 31, 2013
















Loan Grade






Pass


Special Mention


Substandard


Doubtful


Total













Real estate loans










Multi-family residential

$            44,677


$                    -


$              1,540


$                    -


$            46,217

Residential 1-4 family

37,831


-


8,607


-


46,438

Owner-occupied commercial

239,539


4,278


5,494


-


249,311

Nonowner-occupied commercial

153,055


-


5,731


-


158,786


Total real estate loans

475,102


4,278


21,372


-


500,752













Construction










  Multi-family residential

23,419


-


-


-


23,419

  Residential 1-4 family

26,145


-


367


-


26,512

  Commercial real estate

28,978


-


1,538


-


30,516

  Commercial bare land and acquisition & development

11,223


-


250


-


11,473

  Residential bare land and acquisition & development

4,346


-


2,644


-


6,990


  Total  construction loans

94,111


-


4,799


-


98,910













Commercial and other

378,828


-


12,401


-


391,229













Consumer

3,856


-


22


-


3,878















Total

$          951,897


$              4,278


$            38,594


$                    -


$          994,769



























PACIFIC CONTINENTAL CORPORATION

Credit Quality Indicators (Unaudited)

(In thousands)

As of December 31, 2012
















Loan Grade






Pass


Special Mention


Substandard


Doubtful


Total

























Real estate loans










Multi-family residential

$            43,883


$                    -


$              1,329


$                    -


$            45,212

Residential 1-4 family

43,458


-


7,979


-


51,437

Owner-occupied commercial

208,713


-


10,563


-


219,276

Nonowner-occupied commercial

141,762


-


3,553


-


145,315


Total real estate loans

437,816


-


23,424


-


461,240













Construction










  Multi-family residential

17,022


-


-


-


17,022

  Residential 1-4 family

20,278


-


112


-


20,390

  Commercial real estate

21,646


-


1,589


-


23,235

  Commercial bare land and acquisition & development

10,668


-


-


-


10,668

  Residential bare land and acquisition & development

5,449


-


2,956


-


8,405


  Total  construction loans

75,063


-


4,657


-


79,720













Commercial and other

317,250


-


9,466


-


326,716













Consumer

3,544


-


37


-


3,581















Total

$          833,673


$                    -


$            37,584


$                    -


$          871,257













 

SOURCE Pacific Continental Corporation

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