<PAGE>
As Filed with the Securities & Exchange Commission on October 26, 2000
SECURITIES & EXCHANGE COMMISSION
-----------------------------
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended September 30, 2000.
------------------
[_] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the transition period from _______________ to
________________
SEC File Number: 0-30106
-----------------
PACIFIC CONTINENTAL CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
OREGON 93-1269184
---------------------------------- ------------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
111 West 7th Avenue
Eugene, Oregon 97401
(address of Principal Executive Offices) (Zip Code)
(541) 686-8685
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes ___ No X
-
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date:
Common Stock, $1.00 par value, outstanding as of September 30, 2000: 4,535,621
---------
<PAGE>
PACIFIC CONTINENTAL CORPORATION
FORM 10-Q
QUARTERLY REPORT
TABLE OF CONTENTS
_____________
<TABLE>
<CAPTION>
PART I FINANCIAL INFORMATION Page
<S> <C>
Item 1. Financial Statements
Consolidated Statements of Income:
Nine months ended September 30, 2000, and September 30, 1999 3
Consolidated Statements of Comprehensive Income:
Nine months ended September 30, 2000 and September 30, 1999 4
Consolidated Balance sheets:
September 30, 2000, December 31, 1999 and September 30, 1999 5
Consolidated Statements of Cash Flows:
Nine months ended September 30, 2000 and September 30, 1999 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Item 3. Market Risk and Balance Sheet Management 10
PART II OTHER INFORMATION
Item 1. Legal Proceedings none
Item 2. Changes in Securities none
Item 3. Defaults Upon Senior Securities none
Item 4. Submission of Matters to a Vote of Security Holders none
Item 5. Other Information none
Item 6. Exhibits and Reports on Form 8-K 12
SIGNATURES 13
</TABLE>
Page 2
<PAGE>
PART I
Item 1. Financial Statements
CONSOLIDATED STATEMENTS OF INCOME
Amounts in $1,000's
(Unaudited)
<TABLE>
<CAPTION>
Quarter ended Year-to-date
September 30, September 30,
2000 1999 2000 1999
-------------------------- ----------------------------
<S> <C> <C> <C> <C>
Interest income
Loans $6,302 $5,147 $17,834 $14,945
Securities 528 524 1,597 1,454
Dividends on Federal Home Loan Bank stock 36 38 107 113
Federal funds sold 14 12 33 26
-------------------------- ----------------------------
6,880 5,721 19,570 16,538
-------------------------- ----------------------------
Interest expense
Deposits 2,179 1,446 5,834 4,100
Federal Home Loan Bank borrowings 243 153 634 454
Federal funds purchased 68 41 358 250
-------------------------- ----------------------------
2,490 1,640 6,826 4,804
-------------------------- ----------------------------
Net interest income 4,390 4,081 12,744 11,734
Provision for loan losses 225 200 925 700
-------------------------- ----------------------------
Net interest income after provision 4,165 3,881 11,819 11,034
========================== ============================
Noninterest income
Service charges on deposit accounts 278 285 778 741
Other fee income, principally bankcard 453 342 1,245 1,005
Loan servicing fees 64 133 184 430
Mortgage banking income and gains
on loan sales 210 111 390 678
Gain (loss) on sale of securities 0 14 (24) 31
Other noninterest income 60 82 201 200
-------------------------- ----------------------------
1,065 967 2,774 3,085
========================== ============================
Noninterest expense
Salaries and employee benefits 1,548 1,358 4,475 4,064
Premises and equipment 329 368 907 985
Bankcard processing 377 296 1,033 775
Business development 152 190 666 532
Other noninterest expense 532 462 1,757 1,390
-------------------------- ----------------------------
2,938 2,674 8,838 7,746
-------------------------- ----------------------------
Income before income taxes 2,292 2,174 5,755 6,373
Provision for income taxes 879 832 2,243 2,451
========================== ============================
Net income $1,413 $1,342 $ 3,512 $ 3,922
========================== ============================
</TABLE>
Page 3
<PAGE>
<TABLE>
Earnings per share
<S> <C> <C> <C> <C>
Basic $0.31 $0.28 $0.77 $0.82
---------------------------- ---------------------------
Diluted $0.31 0.28 $0.77 0.81
---------------------------- ---------------------------
Weighted average shares outstanding
Basic 4,536 4,728 4,549 4,788
Common stock equivalents
attributable to stock options 0 57 0 44
---------------------------- ----------------------------
Diluted 4,536 4,785 4,549 4,832
---------------------------- ----------------------------
</TABLE>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Amounts in $1,000's
(Unaudited)
<TABLE>
<CAPTION>
Quarter ended Year-to-date
September 30, September 30,
2000 1999 2000 1999
------------------------------- -------------------------------
<S> <C> <C> <C> <C>
Net income $1,413 $1,342 $3,512 $3,922
------------------------------- -------------------------------
Unrealized gains (losses) on Investment Securities
Unrealized gains (losses) arising during the
period 483 47 150 (536)
Reclassification for (gains) losses included in
statement of income 0 (14) 24 (31)
------------------------------- -------------------------------
483 33 174 (567)
Income tax (expense) benefit (186) (13) (67) 218
------------------------------- -------------------------------
Net unrealized gains (losses) on securities
available for sale 297 20 107 (369)
------------------------------- -------------------------------
Comprehensive Income $1,710 $1,362 $3,619 $3,553
=============================== ===============================
</TABLE>
Page 4
<PAGE>
CONSOLIDATED BALANCE SHEETS
Amounts in $1,000's
(Unaudited)
<TABLE>
<CAPTION>
September 30, December, 31, September 30,
2000 1999 1999
-----------------------------------------------------------
<S> <C> <C> <C>
Assets
Cash and due from banks $ 11,517 $ 9,269 $ 12,113
Federal funds sold 581 683 911
-----------------------------------------------------------
Total cash and cash equivalents 12,098 9,952 13,024
Securities available-for-sale 35,192 34,850 36,848
Loans held for sale 3,033 2,767 3,991
Loans, less allowance for loan losses 227,661 206,765 197,604
Interest receivable 1,620 1,553 1,488
Federal home loan bank stock 2,262 2,156 2,117
Property, net of accumulated depreciation 12,539 11,764 11,366
Deferred income taxes 540 594 167
Other assets 1004 687 556
-----------------------------------------------------------
Total assets 295,949 271,088 267,161
===========================================================
Liabilities and stockholders' equity
Deposits
Noninterest-bearing demand 69,286 62,532 63,265
Savings and interest-bearing checking 119,150 108,757 115,280
Time $100,000 and over 37,982 27,568 14,914
Other time 27,164 25,318 27,215
-----------------------------------------------------------
253,582 224,175 220,674
===========================================================
Federal funds purchased 0 5,800 7,000
Federal Home Loan Bank term advances 11,500 13,000 11,000
Accrued interest and other liabilities 1,641 1,002 1,341
-----------------------------------------------------------
Total liabilities 266,723 243,977 240,015
===========================================================
Stockholders' equity
Common stock 4,536 4,596 4,642
Surplus 14,042 14,135 14,221
Retained earnings 11,035 8,874 8,560
Accumulated other comprehensive loss (387) (494) (277)
-----------------------------------------------------------
Total stockholders' equity 29,226 27,111 27,146
===========================================================
$295,949 $271,088 $267,161
===========================================================
</TABLE>
Page 5
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
Amounts in $1,000's
(Unaudited)
<TABLE>
<CAPTION>
For nine months ended September 30,
2000 1999
------------- ------------
<S> <C> <C>
Cash flows from operating activity:
Net income $ 3,512 $ 3,922
Adjustments to reconcile net income to net cash provided
By operating activities
Depreciation 562 571
Amortization 74 97
Provision for loan losses 925 700
Deferred income taxes 579 (254)
Origination of loans held for sale (14,856) (27,517)
Proceeds from sale of loans held for sale 14,759 24,433
Gain on sales of loans (169) (291)
(Gain) loss on sales of securities 24 (31)
Stock dividends from federal home loan bank (107) (113)
Change in interest receivable and other assets (155) (557)
Change in payables and other liabilities 303 452
Other adjustments (135) (83)
------------------- -------------------
Net cash provided by operating activities 5,316 1,329
=================== ===================
Cash flows from investing activities
Proceeds from sales and maturities of securities 7,326 15,230
Purchase of securities (7,766) (21,014)
Loans made net of principal collections (21,996) (17,219)
Proceeds from sales of loans - 3,748
Purchase of property (1,337) (1,220)
------------------- -------------------
Net cash used in investing activities (23,773) (20,475)
=================== ===================
Cash flows from financing activities
Net increase in deposits 29,407 26,346
Decrease in fed funds purchased (5,800) (1,600)
Decrease in other borrowings (1,500) -
Repurchase of shares (987) (3,198)
Proceeds from stock options exercised 164 261
Dividends paid, net of reinvestment (681) (628)
------------------- -------------------
Net cash provided by financing activities 20,603 21,181
=================== ===================
Net increase (decrease) in cash and cash equivalents 2,146 2,034
Cash and cash equivalents, beginning of period 9,952 10,990
------------------- -------------------
Cash and cash equivalents, end of period $ 12,098 $ 13,024
=================== ===================
</TABLE>
Page 6
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operation
The following discussion contains a review of Pacific Continental Corporation
(the "Company") and its wholly-owned subsidiary Pacific Continental Bank (the
"Bank") operating results and financial condition for the third quarter of 2000.
When warranted, comparisons are made to the same period in 1999 and to the
previous year ended December 31, 1999. The discussion should be read in
conjunction with the financial statements (unaudited) contained elsewhere in
this report. The reader is assumed to have access to the Company's Form 10-K
and portions of the Annual Report to Shareholders incorporated into the 10-K for
the previous year ended December 31, 1999, which contains additional statistics
and explanations. All numbers, except per share data, are expressed in
thousands of dollars.
This discussion may contain certain forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
stated. Readers are cautioned not to place undue reliance on these forward-
looking statements.
Highlights
Net income in the third quarter 2000 was $1,413, an increase of 5% from third
quarter 1999 income of $1,342. Return on average assets and return on average
equity in the current quarter were 1.89% and 19.75%, respectively compared to
2.06% and 18.97% in the same quarter one year ago.
For the first nine months of 2000 the Company earned $3,512, a 10% decline from
nine month 1999 earnings of $3,922 primarily due to increased provision for loan
losses, lower noninterest income and increased operating expenses. Per share
earnings on a diluted basis for the first nine months of 2000 and 1999 were
$0.77 and $0.81, respectively, a decline of 5%. Average shares outstanding for
the first nine months of 2000 were 4,548,934 compared to 4,787,795 for the same
period one year ago. The decline in average outstanding shares resulted from
the Company's share repurchase plan instituted in June 1999. Comparing the first
nine months of 2000 to the same period in 1999, return on average assets was
1.63% and 2.10%, while return on average equity decreased to 16.62% from 18.47%.
At September 30, 2000 total assets were $295,949 or 9% more than December 31,
1999 and 11% more than September 30, 1999.
On July 3, 2000, the Company commenced trading on the NASDAQ National Market
System under the symbol PCBK. Pacific Continental Bank, the Company's sole
subsidiary, operates ten offices in the state of Oregon including its newest
office on West 11/th/ Avenue in Eugene, Oregon which opened in June of this
year.
Results of Operations
Net Interest Income
Net interest income is the primary source of the Company's revenue. For the
quarter ended September 30, 2000, net interest income, prior to the provision
for loan loss, totaled $4,390 an 8% increase from the same period in 1999.
Average earning assets in the current quarter increased 15% over last year. Net
interest income for the current quarter as a percent of earning assets was 6.47%
down from 6.87% for the same period in 1999. Overall, the cost of liabilities
rose faster than the yield on earning assets. The cost of liabilities was up
0.88%, while the yield on earning assets increased 0.48%. Liability costs
increased due to the use of higher rate funding sources to fund the growth in
earning assets. Yields on earning assets did not increase as rapidly due to
lower loan fees, down $7 or 0.05% of average earning assets combined with
Page 7
<PAGE>
higher levels of nonperforming loans during the second quarter. Interest lost on
nonaccrual loans was approximately $65 or 0.10% of average earning assets.
Net interest income for the first nine months showed results similar to the
quarter to quarter comparison. For the first nine months of 2000, net interest
income, prior to the provision for loan loss, totaled $12,744, an increase of 9%
over $11,734 for the same period in 1999. Year-to-date average earning assets
increased 14% as compared to the same period in 1999. However, net interest
income as a percent of earning assets declined from 6.88% in 1999 to 6.50% in
2000. This decline results from rates on interest bearing liabilities rising
faster than loan yields. A rate volume analysis indicates that net interest
income increased by $1,400 due to higher volumes, which was offset by a decline
in net interest income of $390 due to lower rates.
Provision for Loan Losses
Below is a summary of the Company's allowance for loan losses for the first nine
months of 2000 compared to the first nine months of 1999.
2000 1999
-----------------------------
Balance January 1 $2,448 $2,070
Provision charged to income 925 700
Loans charged off 1,183 121
Recoveries credited to allowance 29 16
-----------------------------
Balance September 30 $2,219 $2,665
---------- ----------
The third quarter 2000 provision for loan losses was $225 compared to $200 for
the same quarter last year. The year-to-date September 30, 2000 loan loss
provision was $925 compared to $700 for the same period in 1999. The higher
provision for the first nine months of the current year was due to a growing
loan portfolio and replenishment of the allowance because of increased loan
losses during the first and second quarters of the year. Net charge offs were
$654 during the first quarter 2000 and $485 during the second quarter of 2000.
This compares to net charge offs of $15 during the third quarter of the current
year. Year-to-date net charge offs of $1,154 were significantly above last
year's net charge offs of $105 for the same time period.
Below is a summary of nonperforming assets at September 30, 2000 compared to
prior periods. Nonperforming assets consist of nonaccrual loans, loans past due
90 days or more and still accruing interest, and other real estate owned.
<TABLE>
<CAPTION>
Sept. 30, 2000 Dec. 31, 1999 Sept. 30, 1999
--------------- -------------- ---------------
<S> <C> <C> <C>
Nonaccrual loans $1,082 $1,422 $1,107
90 days past due and accruing interest $ 365 $ 464 $ 20
Other real estate owned $ 428 $ 125 $ 129
------ ------ ------
Total nonperforming assets $1,875 $2,011 $1,256
Nonperforming loans guaranteed by government $ (780) $ (160) $( 215)
------ ------ ------
Total nonperforming assets, net of guarantee $1,095 $1,851 $ 887
</TABLE>
Noninterest Income
Year-to-date noninterest income of $2,774 was down 10% from 1999 noninterest
income for the same time period. The decline in noninterest income is
attributable to three categories. Loan servicing fees of $184 were down $246 or
57% due to an overall decline in the loan-servicing portfolio. Part of this
decline resulted from a pay down of a serviced loan that required a $62
writedown of a servicing asset booked in 1999. Mortgage banking income and gains
on the sales of loans dropped significantly from $678 in the
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<PAGE>
first nine months of 1999 to $390 in the first nine months of 2000. Mortgage
banking income was down $159, while gains on the sales of loans were down $129.
A general softening of the residential mortgage market, higher interest rates,
and lower levels of refinancing contributed to the lower mortgage revenues for
the first nine months of 2000. During the current quarter, the Company sold
approximately $2,500 in government guaranteed loans resulting in gains of $113.
In the first nine months of 1999, the Company sold approximately $4,300 in
government guaranteed loans. These declines in noninterest income were partially
offset by increased account service charge revenues, up $37 or 5% and increased
bankcard processing revenues, up $243 or 26%.
Noninterest Expense
Year-to-date September 30, 2000 noninterest expense increased $1,092 or 14% from
the same period in 1999. Salaries and employee benefits increased $411 or 10%.
Salary increases for existing employees combined with staff increases as a
result of the opening of the new West 11th full service banking office accounted
for the higher level of salaries. Bankcard processing expense of $1,033 through
September 30, 2000 was up $258 or 33%. Business development expenses increased
$134 or 25% over 1999 due to the Company's significant nonrecurring expenditures
in business expansion during the first half of the year. These included the
production and promotional costs related to the Company's new on-line banking
product and promotional costs of the new West 11th office. Other noninterest
expense increased $367 or 26% over 1999. These increases in noninterest expense
were partially offset by a $78 decline in premises and equipment expense
primarily related to increased lease income on the Company's three story Gateway
office building located in Springfield, Oregon.
Liquidity
Liquidity is the term used to define the Company's ability to meet its financial
commitments. The Company maintains sufficient liquidity to ensure funds are
available for both lending needs and the withdrawal of deposit funds. The
Company derives liquidity primarily through core deposit growth, the maturity of
investment securities, and loan payments. Core deposits include demand, interest
checking, money market, savings and local time deposits. Additional liquidity is
provided through sales of loans, access to national CD markets, public deposits
and both secured and unsecured borrowings. Because of seasonal construction and
economic activity and client payment of various tax obligations, the Company
traditionally experiences slower growth of core deposits during the first
quarter of each year typically resulting in funding and liquidity pressures. In
the first quarter 2000, core deposits were unchanged from December 31, 1999.
During the second and third quarters of 2000, core deposits grew approximately
$17,000 or 9% over March 31, 2000 levels. As a percentage of total deposits,
core deposits were 87% at September 30, 2000 compared to 85% at June 30, 2000,
and 90% at December 31, 1999. This core deposit growth has allowed the company
to reduce the level of funding from national time deposits, public time
deposits, and overnight unsecured borrowings. At September 30, 2000 the Bank had
secured and unsecured overnight and term borrowing capacity of approximately
$63,800 of which $11,500 was used.
Capital Resources
Capital is the shareholder's investment in the Company. Capital grows through
the retention of earnings and the issuance of new stock through the exercise of
stock options and decreases through the payment of dividends and share
repurchase programs. Capital formation allows the Company to grow assets and
provides flexibility in times of adversity.
Banking regulations require the Company to maintain minimum levels of capital.
The Company manages its capital to maintain a "well capitalized" designation
(the FDIC's highest rating). At September 30, 2000, the Company's total capital
to risk weighted assets was 12.78%, compared to 13.45% at September 30, 1999
Page 9
<PAGE>
During 1999, the Company announced plans to purchase up to 390,000 shares of its
stock in the open market. Through September 30, 2000, the Company had purchased
320,555 of its own shares on the open market at an average price per share of
$14.98, leaving approximately 69,000 shares still authorized to be repurchased.
Below is a summary of share activity during the first six months of 2000 and
shares outstanding at September 30, 2000.
Outstanding shares January 1, 2000 4,595,622
New shares issued through stock options 17,499
Shares repurchased during 2000 (77,500)
---------
Outstanding shares September 30, 2000 4,535,621
The Company projects that earnings retention and existing capital will be
sufficient to fund anticipated asset growth and the stock repurchase plan, while
maintaining a well-capitalized designation from the FDIC.
Item 3. Market Risk and Balance Sheet Management
The Company's results of operations are largely dependent upon its ability to
manage market risks. Changes in interest rates can have significant effects on
the Company's financial condition and results of operations. Other types of
market risk such as foreign currency exchange rate risk and commodity price risk
do not arise in the normal course of the Company's business activities. The
Company does not use derivatives such as forward and futures contracts, options,
or interest rate swaps to manage interest rate risk.
Interest rate risk generally arises when the maturity or repricing structure of
the Company's assets and liabilities differ significantly. Asset and liability
management, which among other things, addresses such risk, is the process of
developing, testing and implementing strategies that seek to maximize net
interest income while maintaining sufficient liquidity. This process includes
monitoring contractual maturity and prepayment expectations together with
expected repricing of assets and liabilities under different interest rate
scenarios. Generally the Company seeks a structure that insulates net interest
income from large deviations attributable to changes in market rates by
balancing the repricing characteristics of assets and liabilities.
Interest rate risk is managed through the monitoring of the Company's balance
sheet by subjecting various asset and liability categories to interest rate
shocks and gradual interest rate movements over a one year period of time.
Interest rate shocks use an instantaneous adjustment in market rates of large
magnitudes on a static balance sheet to determine the effect such a change in
interest rates would have on the Company's net interest income and capital for
the succeeding twelve-month period. Such an extreme change in interest rates
and the assumption that management would take no steps to restructure the
balance sheet does limit the usefulness of this type of analysis. This type of
analysis tends to provide a best case or worst case scenario. A more reasonable
approach utilizes gradual interest rate movements over a one-year period of time
to determine the effect on the Company's net interest income.
The Company utilizes the services of The Federal Home Loan Bank's
asset/liability modeling software to determine the effect of a simultaneous
shift in interest rates. Interest rate shock scenarios are modeled in 1 percent
increments (plus or minus) in the federal funds rate. The more realistic
forecast assumes a gradual interest rate movement of plus or minus 2.40 percent
change in the federal funds rate over a one-year period of time with rates
moving up or down 0.60 percent each quarter. The model used is based on the
concept that all rates do not move by the same amount. Although certain assets
and liabilities may have similar repricing characteristics, they may not react
correspondingly to changes in market interest rates. In the event of a change
in interest rates, prepayment of loans and early withdrawal of time deposits
would likely deviate from
Page 10
<PAGE>
those previously assumed. Increases in market rates may also affect the ability
of certain borrowers to make scheduled principal payments.
The model attempts to account for such limitations by imposing weights on the
differences between repricing assets and repricing liabilities within each time
segment. These weights are based on the ratio between the amount of rate change
of each category of asset or liability, and the amount of change in the federal
funds rate. Certain non-maturing liabilities such as checking accounts and money
market deposit accounts are allocated among the various repricing time segments
to meet local competitive conditions and management's strategies
The Company strives to manage the balance sheet so that net interest income is
not negatively impacted more than 15 percent given a change in interest rates of
plus or minus 2 percent. Current evaluations show the Bank is within its
established guidelines, and interest rate risk profile at September 30, 2000 was
not materially different from December 31, 1999.
The following table shows the estimated impact of the various interest rate
scenarios used in the software modeling based on data provided by the Company to
the Federal Home Loan Bank at September 30, 2000. The table shows estimates of
changes in net interest income. For illustrative purposes the base figure of
$17,023 used in the interest rate shock analysis is the annualized actual net
interest income for the first nine months of 2000. Due to the various
assumptions used for this modeling, no assurance can be given that projections
will reflect actual results.
Interest Rate Shock Analysis
Net Interest Income and Market Value Performance
(dollars in thousands)
<TABLE>
<CAPTION>
-------------------- ------------------------------------------------
Projected Net Interest Income
Interest Estimated $ Change % Change
Rate Change Value from Base from Base
-------------------- ------------------------------------------------
<S> <C> <C> <C>
+200 17,920 897 5.27%
+100 17,749 448 2.63%
Base 17,023 0 0.00%
-100 16,567 (456) -2.68%
-200 16,155 (868) -5.10%
--------------------------------------------------------------------------
</TABLE>
Gradual Interest Rate Movement Forecast
Net Interest Income and Market Value Performance
(dollars, in thousands)
<TABLE>
<CAPTION>
-------------------- -----------------------------------------------
Projected Net Interest Income
Interest Estimated $ Change % Change
Rate Change Value from Base from Base
-------------------- -----------------------------------------------
<S> <C> <C> <C>
Rising 2.40% 17,118 95 -0.56%
Base 17,023 0 0.00%
Declining 2.40% 16,798 (225) -1.32%
--------------------------------------------------------------------------
</TABLE>
Page 11
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
27.1 Financial Data Schedule
(b) Reports on Form 8-K
None
Page 12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PACIFIC CONTINENTAL CORPORATION
(Registrant)
Dated October 26 , 2000 /s/ J. Bruce Riddle
---------------------------- -------------------------------------
J. Bruce Riddle
President and Chief Executive Officer
Dated October 26, 2000 /s/ Michael A. Reynolds
---------------------------- -------------------------------------
Michael A. Reynolds
Vice President and Controller
Page 13
