Stable earnings, strong credit quality and solid loan growth supports continued dividend payment
EUGENE, Ore., Aug. 20 /PRNewswire-FirstCall/ -- Pacific Continental
Corporation (Nasdaq: PCBK), the bank holding company for Pacific Continental
Bank, today announced that its board of directors declared a quarterly cash
dividend payable September 15, 2008 to shareholders of record on September 5,
2008. The $0.10 per share dividend is unchanged from the dividends declared in
the first and second quarters of the year and when annualized the 2008
dividends equate to a 14.3% increase over the 2007 cash dividend payments. The
2007 cash dividend payments have been retroactively adjusted to reflect the
10% stock dividend declared in June of 2007.
Overall, this is the twenty-fourth year in a row the Company has paid cash
dividends; and importantly, since moving to a quarterly cash dividend practice
in 2002, marks the 7th consecutive year that Pacific Continental has increased
its cash dividend. Pacific Continental's board will continue to review
dividend considerations so that cash dividends, when and if declared, will
typically be paid in mid-March, June, September and December of each year.
As with all of Pacific Continental's dividends, the board reviews a broad
range of balance sheet and other performance metrics, including recent and
prospective operating performance, the level of accumulated retained earnings,
payout ratios, loan concentrations as a percentage of capital, and competitive
yield assessments.
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 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 metropolitan areas
including Seattle, Portland, and Eugene. Pacific Continental targets the
banking needs of community-based businesses, professional service providers,
and nonprofit organizations; and provides private banking services for
business owners and executives. Pacific Continental has rewarded its
shareholders with consecutive cash dividends for twenty-four years.
Since its founding in 1972 Pacific Continental Bank has been honored with
numerous awards from business and community organizations: in June 2008 -- for
the seventh consecutive year -- the Seattle Times named Pacific Continental to
its 'Northwest 100' ranking of top publicly rated companies in the Pacific
Northwest; in February 2008, Oregon Business magazine recognized Pacific
Continental as the top ranked financial institution to work for in the state,
marking the eighth consecutive year Pacific Continental has been recognized as
one of the Top 100 Companies to Work for In Oregon; and in 2007, The Portland
Business Journal recognized Pacific Continental 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'; additionally, PCBK is listed in the
Russell 2000 Index. Supplementary information about Pacific Continental can be
found online at http://www.therightbank.com.
Pacific Continental 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 concentration of loans of the company's
banking subsidiary, particularly with respect to commercial and residential
real estate lending; a continued decline in the housing and real estate
market, changes in the regulatory environment and increases in associated
costs, particularly ongoing compliance expenses and resource allocation needs
in response to the Sarbanes-Oxley Act and related rules and regulations;
vendor quality and efficiency; employee recruitment and retention,
specifically in the Bank's Portland and Seattle markets; 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 similar matters. Readers are cautioned not
to place undue reliance on the forward-looking statements. 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. Readers should carefully review any risk factors
described in Pacific Continental's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and other documents, including any Current Reports on
Form 8-K furnished to or filed from time to time with the Securities Exchange
Commission. This statement is included for the express purpose of invoking
PSLRA's safe harbor provisions.
SOURCE Pacific Continental Corporation
