Pacific Continental profits rise in third quarter to $1.8 million
The holding company of Pacific Continental Bank, free from three troublesome loans and helped by increased bank fees, on Wednesday reported a $1.4 million gain in third-quarter profits.
Pacific Continental Corp. said it earned a record $1.8 million profit, or 27 cents a share, in the three months ended Sept. 30, up from $400,000, or 6 cents a share, in the year-earlier quarter.
The bank's bottom line last year was depressed because the bank had to boost reserves to cover losses related to three motels that defaulted on loans. The bank, which earlier this year sold a motel in Garibaldi, said it sold a Tillamook motel in July for a $30,000 gain, and sold a Shiloh Inn in Gresham last Thursday for a $270,000 loss.
During the most recent quarter, Pacific Continental said it benefited from increases in bank service charges, merchant bankcard fees and residential mortgage origination fees.
Obie Media Corp. loses
$407,000 in third quarter
Obie Media Corp., affected by lagging advertising sales in the summer, on Wednesday reported a third quarter loss of $407,000.
The Eugene-based outdoor advertising firm said it lost 7 cents a share in the three months ended Aug. 31, compared with a $22,000 profit in the same period a year ago.
Obie, with about 69 employees in Eugene and 229 in North America, sells ads for public transit districts in the United States and Canada, and has 1,200 billboards in six states.
A drop in transit advertising led to a 2 percent decline in revenue, to $11.3 million, the company said.
Chief Executive Brian Obie said the firm's efforts at boosting sales and controlling expenses should improve results in the fourth quarter and into next year.