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Pacific Mercantile Bancorp Reports Fiscal 2012 Operating Results

Stocks in this article: PMBC

COSTA MESA, Calif., March 7, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC) today reported its results of operation for the fiscal year and fourth quarter ended December 31, 2012.

Fiscal 2012 vs. Fiscal 2011.

Pretax Income. In the year ended December 31, 2012, pre-tax income increased by $1.5 million, or 28.7%, to nearly $6.7 million from $5.2 million in the year ended December 31, 2011. That increase was primarily attributable to a $20.3 million increase in noninterest income, which more than offset a $16.0 million increase in noninterest expense and a $2.8 million increase in the provision for loan losses in 2012, as compared to 2011.

Net Income and Income per Diluted Share. Notwithstanding the increase in pre-tax income, net income declined by 17.0% to approximately $9.7 million in the year ended December 31, 2012 from $11.6 million in the year ended December 31, 2011. That decrease was due to a $3.4 million reduction in income tax benefits to $3.0 million in 2012 from $6.4 million in 2011. These income tax benefits were attributable to reductions, in both 2012 and 2011, in a reserve established in prior years against our deferred tax asset. Of the $9.7 million of net income earned in 2012, approximately $8.7 million was allocable to the holders of our common stock and approximately $1.0 million was allocable to the holders of our preferred stock.

Income per diluted share of common stock was $0.55 for 2012, as compared to $0.98 per diluted share in 2011. That decrease was due not only to the lower income tax benefits in 2012, but also to a 55% increase in the weighted average number of shares outstanding in 2012, as compared to 2011, which was primarily attributable to our sale, in a private placement, of a total of 4,201,278 shares of our common stock in April 2012 at a price of $6.26 per share.

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