pacific mercantile bancorp (PMBC) Key Developments
Pacific Mercantile Bancorp Discontinues Broker-Originated Small Business Administration Lending Business
Apr 28 15
Pacific Mercantile Bancorp decided to discontinue its business of funding broker-originated Small Business Administration loans. The company noted that it employed a group, originally hired in May 2012, to focus on originating loans through the SBA 504 and 7(a) lending programs. As a result of the decision, the company terminated the 15 employees within the SBA Group and incurred total personnel expense including severance pay of $611,000, which is recorded within noninterest expense for the quarter ended March 31.
Pacific Mercantile Bancorp Reports Un-Audited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Charge-Offs for the First Quarter Ended March 31, 2015
Apr 24 15
Pacific Mercantile Bancorp reported un-audited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total interest income of $9.3 million compared to $10.2 million, net interest income of $8.1 million compared to $7.8 million, loss from continuing operations before income taxes of $85,000 or $0.02 per diluted share compared to $733,000 or $0.05 per diluted share, net loss allocable to common shareholders of $394,000 or $0.02 per diluted share compared to net income allocable to common shareholders of $155,000 or $0.01 per diluted share for the last year. For the first quarter of 2015, the company reported a net loss of $85,000, or $0.00 per share. This compares with net income of $287,000, or $0.01 per share, in the fourth quarter of 2014. The decrease in earnings as compared to the fourth quarter of 2014 is primarily attributable to no net gains on sale of small business administration loans and a decrease in net interest income as a result of lower loan yield for the first quarter of 2015, partially offset by a decrease in noninterest expense for the same period. During Tangible book value per share as on March 31, 2015 was $5.49 compared to $5.47 as on December 31, 2014. Negative return on average assets was 0.03% compared to 0.29% and negative return on average equity was 0.29% compared to 2.58% for the last year.
The company announced net charge-offs of $1.2 million for the three months ended March 31, 2015.
Pacific Mercantile Bancorp, Annual General Meeting, May 20, 2015
Apr 15 15
Pacific Mercantile Bancorp, Annual General Meeting, May 20, 2015., at 14:00 Pacific Standard Time. Location: The Westin South Coast Plaza. Agenda: To elect each of the following eleven nominees to serve as the company's directors until the 2016 annual meeting of shareholders and until their successors are elected and qualified; to consider the ratification of the appointment of McGladrey LLP as independent registered public accounting firm for the fiscal year ending December 31, 2015; to approve, by a non-binding advisory vote, the compensation of the company’s named executive officers; and to transact such other business as may properly come before the meeting or any adjournment or postponement thereof.
Pacific Mercantile Bancorp and Pacific Mercantile Bank Appoints Romir Bosu and Denis P. Kalscheur to the Board of Directors
Feb 20 15
Pacific Mercantile Bancorp announced that Romir Bosu and Denis P. Kalscheur have been appointed to the board of directors of both Pacific Mercantile Bancorp and Pacific Mercantile Bank. The addition of the two new members expands the board to 12 directors. Romir Bosu is the founder of Compushare.
Pacific Mercantile Bancorp Presents at FIG Partners 6th Annual West Coast CEO Forum, Feb-04-2015
Jan 29 15
Pacific Mercantile Bancorp Presents at FIG Partners 6th Annual West Coast CEO Forum, Feb-04-2015 . Venue: Palace Hotel, San Francisco, California, United States.