Byline: The Register-Guard
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 bank·card
A card issued by a bank authorizing the holder to receive bank services and often functioning as a debit card. fees and residential mortgage origination fees A charge imposed by a lending institution or a bank for the service of processing a loan.
For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. .
Obie Media Corp. loses
$407,000 in third quarter
Obie Media Corp., affected by lagging Lagging
Strategy used by a firm to stall payments, normally in response to exchange rate projections. 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 North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , sells ads for public transit districts A transit district or transit authority is a special-purpose district organized as either a corporation chartered by statute, or a government agency, created for the purpose of providing public transportation within a specific region. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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.