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Pacific Mercantile Bancorp Reports Second Quarter 2013 Operating Results

COSTA MESA, Calif., Aug. 12, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC) today reported its results of operations for the second quarter and six months ended June 30, 2013.

Overview

In the three months ended June 30, 2013, we incurred a net loss of $3.1 million, or $0.18 per diluted share, as compared to net income of $5.8 million, or $0.35 per diluted share in the same three months of 2012. In the six months ended June 30, 2013, we incurred a net loss of $6.3 million, or $0.38 per share, as compared to net income of $7.2 million, or $0.47 per diluted share. The net losses were primarily attributable to decreases in noninterest income of $7.7 million, or 84.7%, and $11.8 million, or 77.4%, respectively, and declines in net interest income of $700,000, or 8.6%, and $1.4 million, or 8.4%, respectively, in the three and six month periods ended June 30, 2013, in each case as compared to the same respective periods of 2012.

The declines in noninterest income were primarily due to decreases in mortgage banking revenues of $6.8 million, or 79.7%, in the three months ended June 30, 2013 and $9.7 million, or 74.5%, in the six months ended June 30, 2013, which were primarily attributable to our exit from the wholesale residential mortgage loan business in late August 2012. The declines in net interest income were due primarily to decreases in interest income of $1.6 million, or 14.8%, and $2.9 million, or 13.8%, in the three and six months ended June 30, 2013, respectively, partially offset by decreases of $827,000, or 37.4%, and $1.5 million, or 33.2%, respectively, in interest expense.

Partially offsetting the decreases in noninterest income and net interest income were decreases in noninterest expense of $1.7 million, or 12.5%, and $605,000, or 2.3%, in the three and six months ended June 30, 2013, as compared to the same respective periods of 2012. Those decreases were attributable to, among other things, decreases in the carrying costs of and other expenses we incurred in connection with foreclosed real properties and reductions in contingency reserves due to the resolution of certain lawsuits.

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