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Last $7.32 USD
Change Today -0.05 / -0.68%
Volume 3.3K
PMBC On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 5:20 PM 08/3/15 All times are local (Market data is delayed by at least 15 minutes).

pacific mercantile bancorp (PMBC) Key Developments

Pacific Mercantile Bancorp Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Net Charge Offs for the Second Quarter of 2015

Pacific Mercantile Bancorp reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total interest income of $9.813 million compared to $9.134 million a year ago. Net interest income was $8.489 million compared to $7.626 million a year ago. Income from continuing operations before income taxes was $0.138 million compared to loss of $0.768 million a year ago. Net income from continuing operations was $0.138 million or $0.01 per diluted share compared to loss of $0.768 million or $0.06 per diluted share a year ago. Net loss allocable to common shareholders was $0.171 million or $0.01 per diluted common share compared to $0.304 million or $0.02 per diluted common share a year ago. Return on average assets was 0.05% compared to negative of 0.30% a year ago. Return on average equity was 0.46% compared to negative 2.64% a year ago. For six months, the company reported total interest income of $19.285 million compared to $18.421 million a year ago. Net interest income was $16.638 million compared to $15.470 million a year ago. Income from continuing operations before income taxes was $0.054 million compared to loss of $1.501 million a year ago. Net income from continuing operations was $0.054 million or $0.03 per diluted share compared to loss of $1.501 million or $0.11 per diluted share a year ago. Net loss allocable to common shareholders was $0.564 million or $0.03 per diluted common share compared to $0.149 million or $0.01 per diluted common share a year ago. Return on average assets was 0.01% compared to negative of 0.30% a year ago. Return on average equity was 0.09% compared to negative of 2.61% a year ago. For the three months ended June 30, 2015, the company had net charge-offs of $296,000. Charge-offs during the three months ended June 30, 2015 were legacy workout credits with specific reserves, and a collateral dependent loan that required a write down to properly margin the loan against the net realizable value of the collateral.

Pacific Mercantile Bancorp Presents at Keefe Bruyette & Woods Sixteenth Annual Community Bank Investor Conference, Jul-29-2015 12:30 PM

Pacific Mercantile Bancorp Presents at Keefe Bruyette & Woods Sixteenth Annual Community Bank Investor Conference, Jul-29-2015 12:30 PM. Venue: Grand Central Grand Hyatt, New York, New York, United States. Speakers: Curt A. Christianssen, Chief Financial Officer, Executive Vice President, Chief Financial Officer of Pacific Mercantile Bank, Executive Vice President of Pacific Mercantile Bank, Steven Keller Buster, Chief Executive Officer, President, Director, Member of Risk & Finance Committee, Chief Executive Officer of Pacific Mercantile Bank, President of Pacific Mercantile Bank and Director of Pacific Mercantile Bank, Thomas M. Vertin, President of Commercial Banking - Pacific Mercantile Bank.

Pacific Mercantile Bancorp Discontinues Broker-Originated Small Business Administration Lending Business

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

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

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.

 

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Price/Sales 4.0x
Price/Book 1.2x
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