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Last $7.19 USD
Change Today +0.125 / 1.77%
Volume 5.6K
As of 8:10 PM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).

pacific mercantile bancorp (PMBC) Key Developments

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 and Pacific Mercantile Bank Appoints Romir Bosu and Denis P. Kalscheur to the Board of Directors

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

Pacific Mercantile Bancorp Presents at FIG Partners 6th Annual West Coast CEO Forum, Feb-04-2015 . Venue: Palace Hotel, San Francisco, California, United States.

Pacific Mercantile Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Pacific Mercantile Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $10,205,000 against $9,285,000 a year ago. Net interest income was $8,681,000 against $8,106,000 a year ago. Net interest income after provision for loan losses was $8,681,000 against $4,751,000 a year ago. Income from continuing operations before income taxes was $337,000 against loss from continuing operations before income taxes of $2,686,000 a year ago. Net income from continuing operations was $377,000 or $0.01 diluted per share against net loss of $9,786,000 or $0.53 diluted per share a year ago. Net income allocable to common shareholders was $139,000 or $0.01 diluted per share against net loss of $15,067,000 or $0.79 diluted per share a year ago. The increase in earnings as compared to the third quarter of 2014 is primarily attributable to a decrease in the provision for loan and lease losses as a result of significant recoveries during the fourth quarter, an increase in net gain on sale of small business administration loans, and a decrease in the carrying costs and other costs associated with real properties acquired by or in lieu of loan foreclosures. Revenue was $10 million, up from $8.7 million in the prior year period. For the year, the company reported total interest income of $38,290,000 against $35,651,000 a year ago. Net interest income was $32,461,000 against $30,334,000 a year ago. Net interest income after provision for loan losses was $30,961,000 against $25,829,000 a year ago. Loss from continuing operations before income taxes was $1,477,000 against $9,324,000 a year ago. Net loss from continuing operations was $1,477,000 or $0.14 diluted per share against $14,934,000 or $0.88 diluted per share a year ago. Net loss allocable to common shareholders was $703,000 or $0.04 diluted per share against $23,298,000 or $1.28 diluted per share a year ago. Tangible book value per share was $5.53 compared to $5.47 a year ago. Tangible book value per share as adjusted was $5.54 compared to $5.50 a year ago.

 

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Price/Earnings NM Not Meaningful
Price/Sales 3.9x
Price/Book 1.2x
Price/Cash Flow NM Not Meaningful
TEV/Sales NM Not Meaningful
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