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Pacific Mercantile Bancorp Reports Net Income Of $5.8 Million In The Second Quarter Of 2012

COSTA MESA, Calif., Aug. 13, 2012 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC) today reported its results of operations for the second quarter and six months ended June 30, 2012.

Overview

The Company's net income improved in this year's second quarter to $5.8 million, and $0.35 per diluted share, from $1.2 million, and 0.08 per diluted share, in the second quarter of 2011. This improvement was primarily attributable to an increase of $7.2 million in mortgage banking revenues to $8.5 million and a non cash income tax benefit of $4.1 million, in each case in the three months ended June 30, 2012. By comparison, we generated $1.3 million of mortgage banking revenues and we made a provision of $630,000 for income taxes in the three months ended June 30, 2011. Partially offsetting the increase in mortgage banking revenues and the income tax benefit were (i) a $448,000 decline in net interest income, (ii) a $1.9 million increase in the provision made for loan losses, and (iii) a $5.1 million increase in non-interest expense, in each case in the three months ended June 30, 2012, as compared to the same three months of 2011. 

Net income for the six months ended June 30, 2012 increased to $7.2 million, or $0.47 per diluted share, from $2.9 million or $0.19 per diluted share in the same six months of 2011, due to (i) a $10.8 million increase in mortgage banking revenues to $13.0 million, (ii) a $1.1 million increase in net gains on sales of securities to $1.2 million, and (iii) a non-cash income tax benefit of $3.2 million, as compared to, respectively, mortgage banking revenues of $2.2 million, net gains of $40,000 on sales of securities, and a $630,000 provision for income taxes in the first six months of 2011. The positive effect of the increases in mortgage banking revenues and in net gains on sales of securities and the income tax benefit on our operating results for the six months ended June 30, 2012 was partially offset by a $1.0 million decline in net interest income, a $1.5 million increase in the provision made for loan losses, and a $9.0 million increase in non-interest expense to $25.9 million, in each case in the six months ended June 30, 2012, as compared to the same six months of 2011.

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