Pacific Continental, a bank holding company, has reported a net income of $3 million for the second quarter of 2008, a 6.4% decline from 2007 second quarter net income of $3.2 million.
Return on average assets, return on average equity, and return on average tangible equity for the second quarter 2008 were 1.20%, 11.02%, and 13.95%, respectively, compared to 1.42%, 12.66%, and 16.48%, respectively, for the comparable period in 2007.
Net income for the first six months of 2008 was $6.1 million, a decrease of 1.9% from the $6.2 million reported for the comparable period of 2007. Return on average assets for year-to-date June 30, 2008 and 2007 were 1.24% and 1.40%, respectively.
Return on average book equity and return on average tangible equity for year-to-date June 30, 2008 were 11.15% and 14.11%, respectively, compared to 12.47% and 16.30%, respectively, for the comparable period of 2007.
Hal Brown, CEO of Pacific Continental, said: Considering the current economic climate, I continue to be pleased with our relative performance and prospects for the remainder of the year. The ability to grow and remain opportunistic during challenging times can be attributed to our business model, our professional bankers, and the consistently strong practices they employ.