Oct 18 - Pacific Continental Corp. (Nasdaq: PCBK), the holding company of Pacific Continental Bank in Eugene, Ore., has announced that its board of directors approved an increase in the regular cash dividend and declared a special cash dividend. The regular cash dividend was increased 1 cent to 7 cents per share. Additionally, the board declared a special cash dividend of 4 cents per share. Both dividends are payable Nov. 13, 2012, to shareholders of record on Oct. 31, 2012.
"The improving performance metrics and strong equity position provide the board with considerable dividend and capital management flexibility," said Hal Brown, CEO. "Prudent incremental leveraging of our shareholders' investment is being driven through a combination of balance sheet growth and share repurchases as well as regular and special cash dividends," added Brown.
Pacific Continental's board will continue to review dividend considerations so that regular cash dividends, when and if declared, will typically be paid in February, May, August and November of each year. When and if declared, regular cash dividend payments will be announced simultaneously with the quarterly earnings release. Pacific Continental's board of directors takes a broad perspective in its dividend deliberations including a review of recent operating performance, current and projected capital levels, current and projected earnings, risk profile, including loan concentrations as a percentage of capital, planned market expansion, liquidity available at the Corporation, and other metrics, including dividend payout ratios and dividend yield before establishing an annual dividend expectation and before declaring a quarterly dividend.
About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific Continental Corporation, delivers highly personalized services through 14 banking offices in Oregon and Washington. The bank also operates a loan production office in Tacoma, Washington. With $1.3 billion in assets, Pacific Continental has established one of the most unique and attractive metropolitan branch networks in the Northwest with offices in three of the region's largest markets including Seattle, Portland and Eugene. Pacific Continental targets the banking needs of community-based businesses, health care professionals, professional service providers and nonprofit organizations.