Pacific Continental Reports Third Quarter 2009 Results
Profitability led by Exceptional Core Deposit Growth, Strong Net Interest Margin, Expense Control, and a Contraction in Nonperforming Assets Characterize the Quarter.
- Press Release
- Source: Pacific Continental Corporation
- On 4:05 pm EDT, Thursday October 8, 2009
EUGENE, Ore., Oct. 8 /PRNewswire-FirstCall/ -- Pacific Continental Corporation (Nasdaq: PCBK - News), the bank holding company for Pacific Continental Bank, today reported financial results for the current quarter and nine months ended September 30, 2009.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| PCBK | 10.34 | -0.29 |
"Business fundamentals improved for the quarter as indicated by growth in core earnings, a strong and stable net interest margin, and exceptional growth in core deposits all of which contributed to a return to profitability," said Hal Brown, chief executive officer. "These strong fundamentals should contribute to improved future profitability for the Company and we believe demonstrate the effectiveness of our business model and strategies," added Brown.
Net income for the third quarter 2009 was $279 thousand, compared to net income of $3.0 million for the third quarter 2008. Net income per diluted share was $0.02 for the third quarter 2009, compared to net income of $0.25 per diluted share reported for the prior year third quarter. For the first nine months of 2009 the net loss was $4.9 million compared to net income of $9.1 million for the same period during 2008. Net loss per diluted share was $0.38 for the first nine months of 2009, compared to net income of $0.76 per diluted share for the first nine months of 2008.
Core earnings, revenue growth, net interest margin and expense control drive improved efficiency
Core earnings ("earnings before loan loss provisions and taxes") expanded significantly reflecting a continued increase in the Company's earnings power. Core earnings for the third quarter were $7.8 million an increase of 33.5% over the $5.9 million reported for the similar period in 2008. This increase is the result of both increased operating revenue and continued expense control while achieving an expansion in an already stable and strong net interest margin. This result was achieved despite increased FDIC premium rates.
Operating revenue, which consists of net interest income plus noninterest income, was $14.8 million during the third quarter 2009, up $1.5 million or 11.1% over the $13.4 million reported during the third quarter 2008. Contributing to the improvement in operating revenue was an 8.9% quarter-over-quarter growth in average earning assets and an improvement in the net interest margin to 5.19%, up 11 basis points over third quarter 2008. On a linked-quarter basis, the third quarter 2009 net interest margin was up 5 basis points from the prior quarter. Interest reversals on approximately $197 thousand for loans placed on nonaccrual status during the quarter negatively impacted the net interest margin by approximately 7 basis points.
Noninterest expense for third quarter 2009 was $7.0 million, a decrease of $483 thousand from the third quarter 2008, and on a linked quarter basis was $1.6 million lower than the second quarter 2009 expenses. Comparing the two most recent quarters, the third quarter 2009 expense decline was primarily attributable to lower FDIC assessments as the second quarter included a one-time $510 thousand special assessment, a $447 thousand decrease in other real estate expense, and a $417 thousand decline in personnel expense, primarily related to lower accruals for incentive compensation and for the Company's self-insured medical plan. Combined, the Company's revenue growth and active expense management resulted in an efficiency ratio of 47.31% for the third quarter 2009 compared to 56.16% for the third quarter 2008.
Exceptionally strong core deposit growth
During the third quarter 2009, the Company continued the strong core deposit growth experienced during the first half of the year. At September 30, 2009, period-end core deposits totaled $751.7 million, up $45.8 million over period-end core deposits at June 30, 2009, and for the first nine months of 2009 core deposits were up $135.8 million, an annualized growth rate of 29.5%. Quarterly average core deposit figures, a measure which reduces daily deposit volatility, show similar strong results with third quarter 2009 average core deposits of $724.8 million, an increase of $43.6 million over the second quarter 2009 average. Deposit growth occurred in all three of the bank's primary markets, but was most evident in Portland and Eugene.
Loan growth continued to abate from the prior year's activity reflecting continuing weak economic conditions and management's planned contraction in the residential construction and land development portfolios. Since the end of the third quarter 2008, these portfolios have contracted $47.0 million, or 39% to $73.7 million, and now constitute 7.7% of total gross loans versus 13.0% at the end of third quarter 2008. At September 30, 2009, period-end gross loans declined by approximately $3.1 million from the end of the second quarter 2009 and have increased just $2.1 million during the first nine months of the current year.
Improvement in nonperforming assets, provisioning, and loan statistics
Total nonperforming assets at September 30, 2009 were $30.1 million, a decrease of $2.1 million from June 30, 2009. Nonperforming assets represent 2.62% of total assets at September 30, 2009 compared to 2.85% at the end of the prior quarter. The quarter's decline in nonperforming assets was due to the successful resolution of a number of problem loans, the sale of other real estate assets, and recognized charge-offs on certain other loans. Nonperforming assets at September 30, 2009 consist of $25.9 million of loans on nonaccrual status and $4.2 million in other real estate owned. Nonperforming loans continue to be centered in the Company's residential construction and land development portfolios. Other real estate owned consists primarily of completed consumer residential construction properties and individual residential building lots.
"Through the concerted efforts and active management by our employees, we were successful in reducing the level of our nonperforming assets and are cautiously optimistic that these trends may continue, recognizing however the uncertain economic conditions prevailing in the real estate markets in which we operate," said Roger Busse, president and chief operating officer. "Our proactive and timely approach to dealing with loan problems together with our solid underwriting practices and focus on quality portfolio niche segments, such as dental lending, will continue to differentiate us in today's challenging environment," added Busse.
As a result of continued weakness in the Pacific Northwest economy and residential real estate markets, the Company's third quarter 2009 provision for loan losses remained elevated but significantly lower than the previous quarter. The third quarter provision for loan losses was $8.3 million, compared to $19.2 million in second quarter 2009. During the third quarter, the Company recognized net loan charge offs of $8.6 million. The Company continued to maintain a historically high unallocated allowance for loan losses; and at September 30, 2009, the unallocated portion of the allowance was 8% compared to 7% at June 30, 2009. The allowance for loan losses as a percentage of outstanding loans at September 30, 2009 was 1.91%, compared to 1.94% and 1.15% at June 30, 2009 and September 30, 2008, respectively.
Improved capital levels
The Company's total risk-based capital ratio, a regulator defined indicator of strength, was 11.87% at September 30, 2009, which exceeds the "well- capitalized" minimum designation of 10.00%, and improved over the prior quarter's total risk-based capital ratio of 11.71%.
Third quarter highlights:
- Returned to profitability.
- Third quarter core earnings, earnings before taxes and loan loss provision, increased 33.5% over the same 2008 period.
- Achieved an efficiency ratio for the quarter of 47.31%.
- Strong quarterly core deposit growth of $45.8 million, an annualized growth rate of 29.5% since year-end 2008.
- Risk based capital ratio of 11.87%, up from 11.71% at June 30, 2009, and up from 10.81% at September 30, 2008, and above the "well-capitalized" designation.
- Increased an already strong and stable net interest margin to 5.19%.
- Reduced level of nonperforming assets by $2.1 million from the end of the prior quarter.
- Completed the regularly scheduled FDIC safety and soundness examination.
Conference Call and Audio Webcast:
Management will conduct a live conference call and audio Webcast for interested parties relating to its results for the third quarter 2009, on Thursday, October 8th, 2009, at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time . To listen to the conference call, interested parties should call (866) 292-1418. The Webcast will be available via Pacific Continental's Web site (http://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 will be available within twenty-four hours following the live Webcast and archived for one year on the Pacific Continental Website. Any questions regarding the conference call presentation or Webcast should be directed to Maecey Castle, vice president and director of corporate communications, 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. Pacific Continental, with $1.2 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, professional service providers and nonprofit organizations; additionally the bank provides private banking services.
Since its founding in 1972 Pacific Continental Bank has been honored with numerous awards from business and community organizations: in June 2009, for the ninth consecutive year, The Seattle Times named Pacific Continental to its "Northwest 100" ranking of top publicly rated companies in the Pacific Northwest; in February 2009, Oregon Business magazine recognized Pacific Continental as the top ranked financial institution to work for in the publication's large company category, marking it the ninth consecutive year Pacific Continental has been recognized as one of the Top 100 Companies to Work for In Oregon; and in December 2008, for the second consecutive year, the Portland Business Journal recognized Pacific Continental Bank as One of the Ten Most Admired Companies in Oregon.
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. Supplementary information about Pacific Continental can be found online at www.therightbank.com
Forward-Looking Statement Safe Harbor
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected, including but not limited to the following: the high concentration of loans of the company's banking subsidiary in commercial and residential real estate lending; 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 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; increased competition among financial institutions; fluctuating interest rate environments; a tightening of available credit and other risks and uncertainties discussed in the sections titled "Risk Factors", "Business" and "Management Discussion and Analysis of Financial Condition and Results of Operations", as applicable, from Pacific Continental's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. Pacific Continental Corporation undertakes no obligation to publicly revise or update the forward-looking statements to reflect 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
Amounts in $ 000's, Except for Per Share Data
(Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Interest and dividend income
Loans $15,658 $16,019 $46,308 $47,181
Securities 1,322 647 3,484 2,070
Dividends on Federal Home
Loan Bank stock - 9 - 132
Federal funds sold & Interest-
bearing deposits with banks 2 5 4 18
- - - --
16,982 16,680 49,796 49,401
------ ------ ------ ------
Interest expense
Deposits 2,481 2,696 7,080 7,844
Federal Home Loan Bank &
Federal Reserve borrowings 633 1,463 2,005 4,552
Junior subordinated
debentures 128 127 380 373
Federal funds purchased 23 91 76 555
--- --- --- ---
3,265 4,377 9,541 13,324
----- ----- ----- ------
Net interest income 13,717 12,303 40,255 36,077
Provision for loan losses 8,300 1,050 29,000 2,550
----- ----- ------ -----
Net interest income after
provision for loan losses 5,417 11,253 11,255 33,527
----- ------ ------ ------
Noninterest income
Service charges on deposit
accounts 472 421 1,414 1,217
Other fee income, principally
bankcard 461 470 1,310 1,378
Loan servicing fees 17 20 54 68
Mortgage banking income 98 72 366 291
Other noninterest income 61 64 182 273
--- --- --- ---
1,109 1,047 3,326 3,227
----- ----- ----- -----
Noninterest expense
Salaries and employee
benefits 3,810 4,670 12,908 13,705
Premises and equipment 1,030 995 3,118 2,967
Bankcard processing 135 143 381 421
Business development 333 315 1,247 966
FDIC insurance assessment 291 130 1,508 388
Other real estate expense 32 2 597 32
Other noninterest expense 1,383 1,242 3,951 3,648
----- ----- ----- -----
7,014 7,497 23,710 22,127
----- ----- ------ ------
Income (loss) before provision
(benefit) for income taxes (488) 4,803 (9,129) 14,627
Provision (benefit) for
income taxes (767) 1,783 (4,226) 5,521
---- ----- ------ -----
Net income (loss) $279 $3,020 $(4,903) $9,106
==== ====== ======= ======
Earnings (loss) per share
Basic $0.02 $0.25 $(0.38) $0.76
----- ----- ------ -----
Diluted $0.02 $0.25 $(0.38) $0.76
----- ----- ------ -----
Weighted average shares
outstanding
Basic 12,873 11,978 12,852 11,960
Common stock equivalents
attributable to stock-
based awards 36 55 - 60
--- --- --- ---
Diluted 12,909 12,033 12,852 12,020
====== ====== ====== ======
PERFORMANCE RATIOS
Return on average assets 0.10% 1.16% -0.59% 1.21%
Return on average equity
(book) 0.92% 10.68% -5.25% 10.97%
Return on average equity
(tangible) (1) 1.14% 13.42% -6.42% 13.86%
Net interest margin 5.19% 5.08% 5.18% 5.18%
Efficiency ratio (2) 47.31% 56.16% 54.40% 56.30%
PACIFIC CONTINENTAL CORPORATION
CONSOLIDATED BALANCE SHEETS
Amounts in $ 000's
(Unaudited)
September 30, September 30,
2009 2008
---- ----
ASSETS
Cash and due from banks $17,624 $21,510
Interest-bearing deposits with
banks 266 290
--- ---
Total cash and cash
equivalents 17,890 21,800
Securities available-for-sale 115,585 49,848
Loans held for sale 453 447
Loans, less allowance for loan
losses 940,754 913,430
Interest receivable 4,110 4,096
Federal Home Loan Bank stock 10,652 9,198
Property, net of accumulated
depreciation 20,132 21,000
Goodwill and other intangible
assets 22,737 22,960
Deferred tax asset 6,301 3,231
Taxes receivable 4,707 -
Other real estate owned 4,247 3,186
Other assets 2,940 2,688
----- -----
Total assets $1,150,508 $1,051,884
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-bearing demand $196,320 $178,632
Savings and interest-bearing
checking 461,723 413,688
Time $100,000 and over 71,526 61,850
Other time 96,951 57,470
------ ------
Total deposits 826,520 711,640
Federal funds purchased 10,000 38,460
Federal Home Loan Bank and Federal
Reserve borrowings 181,000 176,000
Junior subordinated debentures 8,248 8,248
Accrued interest and other payables 4,430 4,338
----- -----
Total liabilities 1,030,198 938,686
--------- -------
Stockholders' equity
Common stock, 25,000 shares
authorized 90,522 78,900
Retained earnings 29,773 35,140
Accumulated other comprehensive
loss 15 (842)
--- ----
120,310 113,198
------- -------
Total liabilities and
stockholders' equity $1,150,508 $1,051,884
========== ==========
CAPITAL RATIOS
Total capital (to risk weighted
assets) 11.87% 10.81%
Tier I capital (to risk weighted
assets) 10.61% 9.73%
Tier I capital (to leverage assets) 9.65% 9.62%
Tangible common equity (to tangible
assets) 8.65% 8.77%
Tangible common equity (to risk
weighted assets) 9.74% 8.91%
OTHER FINANCIAL DATA
Shares outstanding at end of period 12,873 11,994
Stockholder's equity (tangible) (1) $97,573 $90,238
Book value $9.35 $9.44
Tangible book value (1) $7.58 $7.52
PACIFIC CONTINENTAL CORPORATION
SELECTED OTHER FINANCIAL INFORMATION AND RATIOS
Amounts in $ 000's
(Unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
LOANS BY TYPE
Real estate
secured loans:
Permanent Loans:
Multifamily
residential $67,654 $53,925
Residential 1-4
family 95,761 70,728
Owner-occupied
commercial 200,569 184,961
Non-owner-
occupied
commercial 182,521 145,415
------- -------
Total permanent
real estate
loans 546,505 455,029
Construction
Loans:
Multifamily
residential 20,994 29,903
Residential 1-4
family 42,813 86,563
Commercial real
estate 40,914 54,648
Commercial bare
land and
acquisition &
development 28,907 33,567
Residential bare
land and
acquisition &
development 30,879 34,111
Other 5,198 7,894
----- -----
Total
construction
real estate
loans 169,705 246,686
Total real
estate loans 716,210 701,715
Commercial loans 229,881 210,054
Consumer loans 7,125 7,998
Other loans 7,420 6,005
----- -----
Gross loans 960,636 925,772
Deferred loan
origination fees (1,534) (1,670)
------ ------
959,102 924,102
Allowance for loan
losses (18,348) (10,672)
------- -------
$940,754 $913,430
======== ========
Real estate loans
held for sale $453 $447
ALLOWANCE FOR LOAN
LOSSES
Balance at
beginning of
period $18,680 $9,896 $10,980 $8,675
Provision for loan
losses 8,300 1,050 29,000 2,550
Loan charge offs (8,822) (310) (21,872) (723)
Loan recoveries 190 36 240 170
--- --- --- ---
Net charge offs (8,632) (274) (21,632) (553)
------ ---- ------- ----
Balance at end of
period $18,348 $10,672 $18,348 $10,672
======= ======= ======= =======
NONPERFORMING ASSETS
Nonaccrual loans
Real estate
secured loans:
Permanent Loans:
Multifamily
residential $- $-
Residential 1-4
family 1,283 60
Owner-occupied
commercial 2,204 -
Non-owner-
occupied
commercial - -
--- ---
Total permanent
real estate
loans 3,487 60
Construction
Loans:
Multifamily
residential - -
Residential 1-4
family 2,817 1,277
Commercial real
estate 7,551 -
Commercial bare
land and
acquisition &
development - 1,660
Residential bare
land and
acquisition &
development 8,141 -
Other - -
--- ---
Total
construction
real estate
loans 18,509 2,937
Total real
estate loans 21,996 2,997
Commercial loans 4,036 319
Consumer loans - -
Other loans - -
--- ---
Total nonaccrual
loans 26,032 3,316
90 days past due and
accruing interest - -
Total nonperforming
loans 26,032 3,316
------ -----
Nonperforming loans
guaranteed by
government (136) (239)
Net nonperforming
loans 25,896 3,077
------ -----
Foreclosed assets 4,247 3,186
----- -----
Total nonperforming
assets, net of
guaranteed loans $30,143 $6,263
======= ======
LOAN QUALITY RATIOS
Allowance for
loan losses as
a percentage
of total loans
outstanding,
excluding of
loans held for
sale 1.91% 1.15%
Allowance for
loan losses as
a percentage
of total
nonperforming
loans, net of
government
guarantees 70.85% 346.83%
Net loan charge
offs
(recoveries) as
a percentage of
average loans,
annualized 3.58% 0.12% 3.01% 0.08%
Nonperforming loans
as a percentage of
total loans 2.70% 0.33%
Nonperforming assets
as a percentage of
total assets 2.62% 0.60%
PACIFIC CONTINENTAL CORPORATION
SELECTED OTHER FINANCIAL INFORMATION AND RATIOS (Continued)
Amounts in $ 000's
(Unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
BALANCE SHEET
AVERAGES
Loans $957,602 $913,356 $961,704 $876,491
Allowance for
loan losses (19,309) (10,115) (14,869) (9,456)
------- ------- ------- ------
Loans, net of
allowance 938,293 903,241 946,835 867,035
Securities and
short-term
deposits 110,217 59,862 91,350 62,932
------- ------ ------ ------
Earning assets 1,048,510 963,103 1,038,185 929,967
Non-interest-
earning assets 78,743 74,112 76,437 72,037
------ ------ ------ ------
Assets $1,127,253 $1,037,215 $1,114,622 $1,002,004
========== ========== ========== ==========
Interest-
bearing core
deposits (3) $536,764 $455,363 $506,543 $441,931
Non-interest-
bearing core
deposits (3) 187,996 171,103 177,047 169,421
------- ------- ------- -------
Core deposits (3) 724,760 626,466 683,590 611,352
Non-core
interest-
bearing
deposits 84,908 71,799 84,810 51,118
------ ------ ------ ------
Deposits 809,668 698,265 768,400 662,470
Borrowings 193,841 222,003 217,567 224,504
Other non-
interest-
bearing
liabilities 3,617 4,416 3,802 4,200
----- ----- ----- -----
Liabilities 1,007,126 924,684 989,769 891,174
--------- ------- ------- -------
Stockholders'
equity (book) 120,127 112,531 124,853 110,830
------- ------- ------- -------
Liabilities
and equity $1,127,253 $1,037,215 $1,114,622 $1,002,004
========== ========== ========== ==========
Stockholders'
equity
(tangible) (1) $97,359 $89,540 $102,030 $87,784
SELECTED MARKET
DATA
Eugene market
loans, net of
fees $256,291 $224,327
Portland market
loans, net of
fees 437,674 423,194
Seattle market
loans, net of
fees 265,137 276,581
------- -------
Total loans,
net of fees $959,102 $924,102
======== ========
Eugene market
core deposits (3) $480,033 $413,240
Portland market
core deposits (3) 162,574 122,310
Seattle market
core deposits (3) 109,046 103,889
------- -------
Total core
deposits (3) 751,653 639,439
Other deposits 74,869 72,201
------ ------
Total $826,522 $711,640
======== ========
Eugene market
core
deposits,
average (3) $458,122 $400,461 $442,219 $402,132
Portland market
core deposits,
average (3) 159,670 117,472 137,437 113,364
Seattle market
core
deposits,
average (3) 106,968 108,533 103,934 95,856
------- ------- ------- ------
Total core
deposits,
average (3) 724,760 626,466 683,590 611,352
Other deposits,
average 84,908 71,799 84,810 51,118
------ ------ ------ ------
Total $809,668 $698,265 $768,400 $662,470
======== ======== ======== ========
NET INTEREST
MARGIN
RECONCILIATION
Yield on
average loans 6.62% 7.06% 6.54% 7.27%
Yield on
average
securities 4.77% 4.39% 5.11% 4.71%
---- ---- ---- ----
Yield on
average
earning
assets 6.43% 6.89% 6.41% 7.10%
Rate on
average
interest-
bearing core
deposits 1.57% 1.85% 1.56% 1.94%
Rate on
average
interest-
bearing non-
core deposits 1.67% 3.21% 1.85% 3.69%
---- ---- ---- ----
Rate on
average
interest-
bearing
deposits 1.58% 2.03% 1.60% 2.13%
Rate on average
borrowings 1.60% 3.01% 1.51% 3.26%
---- ---- ---- ----
Cost of
interest-
bearing
funds 1.59% 2.32% 1.58% 2.48%
---- ---- ---- ----
Interest rate
spread 4.84% 4.57% 4.84% 4.62%
---- ---- ---- ----
Net
interest
margin 5.19% 5.08% 5.18% 5.18%
==== ==== ==== ====
(1) Tangible equity excludes goodwill and core deposit intangible related
to acquisitions.
(2) Efficiency ratio is noninterest expense divided by operating revenues.
Operating revenues are net interest income plus noninterest income.
(3) Core deposits include all demand, savings, & interest checking
accounts, plus all local time deposits including local time deposits
in excess of $100,000.
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