Pacific Continental reports increased earnings, assets.

Byline: Joe Mosley The Register-Guard

The parent company of Eugene-based Pacific Continental Bank reported second-quarter net income of $3.2 million - a 38.3 percent increase over the same quarter in 2005.

Total assets when the most recent quarter ended June 30 were $832 million - up 50.3 percent over last year's second-quarter total.

The earnings and asset growth were attributed largely to Pacific Continental's acquisition of Seattle-based Northwest Business Bank last November. The purchase resulted in an immediate jump of nearly $200 million in Pacific Continental's assets.

"The second quarter results were very much in line with our expectations and historic experience," Pacific Continental President and CEO Hal Brown said in a written statement.

"With the successful integration and conversion of the Seattle operations complete, we were able to fully recognize ... expected expense reductions in the acquired Seattle market," he said. "We also continued our expansion efforts with the successful opening of our Vancouver, Wash., office."

The bank reported earnings of 30 cents per share for the most recent quarter, up from 26 cents per share a year earlier.

For the first six months of fiscal 2006, Pacific Continental had total net income of $6.1 million, compared with $4.4 million for the same period in 2005. Earnings per share for this year's first two quarters totaled 58 cents, compared with 49 cents for the first two quarters of 2005.

Pacific Continental purchased Northwest Business Bank in a deal valued at $39 million, including stock options. The acquisition gave Pacific Continental one branch each in Seattle and its suburb Bellevue, and opened the door for its expansion into Vancouver.

Pacific Continental already operated four branches in the Portland area and seven in Lane County.