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Pacific Continental reports surge in Q1 net income

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.