Banking firm Pacific Continental (NASDAQ:PCBK) announced yesterday its third-quarter dividend of $0.10 per share, an 11% increase in the payout made to investors last quarter of $0.09 per share. The board of directors also said it would pay a special cash dividend of $0.12 per share.
Noting the special dividend rewarded investors while at the same time leveraged the bank's capital position, Pacific Continental CEO Hal Brown credited "increasing client activity and growth in the loan portfolio, together with consistent improvement in credit quality metrics, provide the basis for an increase in the regular dividend."
Both the common and the special dividends are payable Nov. 12 to shareholders of record at the close of business on Oct. 28. The regular dividend payment equates to a $0.40-per-share annual dividend, yielding 3% based on the closing price yesterday of Pacific Continental's stock.