Pacific Continental reports fall in Q3 net income

Wed. October 15, 2008; Posted: 05:01 AM

Oct 15, 2008 (Datamonitor via COMTEX) -- PCBK | Quote | Chart | News | PowerRating -- Pacific Continental, a bank holding company, has reported that its net income for the third quarter of 2008 was $3 million or $0.25 diluted earnings per share, a decline from 2007 third quarter net income of $3.4 million or $0.29 diluted earnings per share.

Return on average assets, return on average equity, and return on average tangible equity for the third quarter of 2008 were 1.16%, 10.68% and 13.42%, respectively, as compared to 1.51%, 13.03% and 16.77%, respectively, for the comparable period in 2007.

Operating revenue, which consists of net interest income plus non-interest income, was $13.4 million during the third quarter 2008, up 11.7% from the $12 million reported during the corresponding quarter in the previous year.

Net income for the first nine months of 2008 was $9.1 million or $0.76 diluted earnings per share, a decrease when compared with $9.6 million or $0.80 diluted earnings per share reported for the comparable period of 2007.

Return on average assets for year-to-date September 30, 2008 and 2007 were 1.21% and 1.44%, respectively. Year-to-date September 30, 2008, return on average book equity and return on average tangible equity were 10.97% and 13.86%, respectively, compared to 12.66% and 16.46%, respectively, for the prior year period.

Casey Hogan, executive vice president and chief credit officer of Pacific Continental, said: "Nevertheless, and despite minimal losses and the reduction in nonperforming assets during the quarter, we determined it was prudent to continue to add to the allowance to maintain an appropriate unallocated reserve level. The uncertainty and apparent weakening in the regional and national economies combined with our conservative and cautious risk rating discipline, underscore the need for additional reserves."

http://www.datamonitor.com

Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon

For full details for PCBK click here.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.