Pacific Continental Bank Earnings: Profits Rise on Falling Revenues
Pacific Continental Bank is a bank holding company that provides commercial banking, financing, and mortgage lending Western Oregon and Western Washington. Despite falling revenue, Pacific Continental Corporation’s (NASDAQ:PCBK) profit increased.
Pacific Continental Corporation Earnings Cheat Sheet for the First Quarter
Results: Net income for the Northwest regional bank rose to $1.4 million (8 cents/share) vs. $1.1 million (6 cents/share) YoY. A rise of 31.4% from the year earlier quarter.
Revenue: Fell 39.5% to $10.4 million YoY.
Actual vs. Wall St. Expectations: PCBK fell right in step with the Wall Street’s estimates for 8 cents/share.
Quoting Management: “We are continuing to make progress in this challenging economic environment in improving our bottom line income and in reducing our credit risk exposure,” said Hal Brown, chief executive officer. “We are particularly pleased with the growth in our commercial loan portfolio which demonstrates our commitment to meet the credit needs of businesses in our communities and suggests further improvement in revenues and profitability,” added Brown.
Today’s Performance: Shares of PCBK were unchanged in after hours trading. The stock closed at $9.63, down 3 cents. The stock is down 0.3% this morning.