Pacific Continental Corporation, the holding company for Pacific Continental Bank, has reported that its net income for the first quarter of 2008 was $3.1 million, a 2.8% increase over 2007 first quarter net income of $3 million.
Return on average assets, average equity, and average tangible equity for the quarter were 1.28%, 11.27% and 14.27%, respectively, compared to 1.39%, 12.27% and 16.11%, respectively, for the comparable period in 2007.
Operating revenue, which consists of net interest income plus non-interest income, was $12.6 million during the quarter, up 12.1% from $11.3 million reported during the corresponding quarter of 2007.
Pacific Continental said that the improvement in its operating revenue was primarily the result of loan growth while maintaining a strong and stable net interest margin.
Average loans increased $72.2 million, or 9.4%, while the net interest margin, of 5.23%, was equal to that achieved in the first quarter 2007. Operating revenue in the first quarter of 2008 also benefited from a 7.3% increase in non-interest income when compared to the same quarter of 2007.