Pacific Continental Corporation (NASDAQ:PCBK) currently trades at $24.80 which is about -2.17% lower than the 52-week high of $26.85. The trading volume at ready counter moved to 322,554.00 shares as compared to 317,097.00 shares average traded volume. The stock failed to get pushed above the $25.40 barrier, the intraday high, after opening at $25.25. Analysts have a consensus target price of $28.59 in the 12-month period. Its market capitalization has now reached to $550.79M.
Pacific Continental Corporation (NASDAQ:PCBK) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 4 have assigned a hold rating, Zero says it’s a buy and 1 has assigned a strong buy rating to the company.
Pacific Continental Corporation (PCBK) on January 26, 2017 reported financial results for the fourth quarter and year ended December 31, 2016.
Fourth Quarter 2016 Highlights:
- Record fourth quarter net income of $6.9 million – $0.30 per diluted share.
- Quarterly organic loan growth of $51.1 million.
- Fourth quarter tax-equivalent net interest margin of 4.38%.
- Paid fourth quarter 2016 regular quarterly cash dividend of $0.11 per share.
- Recognized by Portland Business Journal as one of Oregon’s “Most Admired Companies”.
- Recognized for the 17th consecutive year by Oregon Business magazine as one of the Top 100 Companies to Work For.
Full Year 2016 Highlights:
- Record annual net income of $19.8 million – $0.95 per diluted share.
- Annual organic loan growth of $183.2 million, or 13.03%.
- Annual organic core deposit growth of $104.6 million, or 6.82%.
- Achieved a tax-equivalent net interest margin of 4.29%.
- Acquired and integrated Foundation Bank, a $450 million institution, located in Bellevue, Washington.
Net Income Highlights
Net income for the fourth quarter 2016 was a record $6.9 million, or $0.30 per diluted share. Included in our net income were non-core costs associated with our acquisition of Foundation Bank of approximately $1.2 million, or approximately $0.03 per diluted share. Additionally, we incurred $250 thousand of legal expenses associated with our recent merger announcement with Columbia Bank. The provision for loan losses expense in the fourth quarter was $1.9 million, compared to $1.4 million for the third quarter. Annualized returns on average assets, average equity and average tangible equity for fourth quarter 2016 were 1.08%, 9.93%, and 13.35%, respectively, compared to 0.89%, 8.05%, and 10.14% for third quarter 2016.
Net income for the full year 2016 was a record $19.8 million, or $0.95 per diluted share, compared to $18.8 million, or $0.97 per diluted share for the full year 2015. Included in net income was $4.9 million of pre-tax non-core costs associated with our acquisition of Foundation Bank, compared to $1.8 million of pre-tax non-core expenses incurred in 2015 related to our acquisition of Capital Pacific Bank. Returns on average assets, average equity and average tangible equity for the full year 2016 were 0.92%, 8.23%, and 10.5%, respectively, compared to 1.05%, 8.99%, and 11.14% for full year 2015.