This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Pacific Mercantile Bancorp Reports Third Quarter 2013 Operating Results

Stocks in this article: PMBC

COSTA MESA, Calif., Nov. 22, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC) today reported its results of operations for the third quarter and nine months ended September 30, 2013.

Overview

In the three months ended September 30, 2013, we incurred a net loss of $1.1 million, or $0.07 per diluted share, as compared to net income of $3.4 million, or $0.18 per diluted share in the same three months of 2012. In the nine months ended September 30, 2013, we incurred a net loss of $7.4 million, or $0.45 per share, as compared to net income of $10.5 million, or $0.61 per diluted share in the same nine months of 2012. The net losses were primarily attributable to decreases in noninterest income of $8.4 million, or 83.9%, and $20.1 million, or 80.0%, in the three and nine month periods ended September 30, 2013, respectively, and declines in net interest income of $1.4 million, or 15.4%, and $2.8 million, or 11.0% in the three and nine month periods ended September 30, 2013, respectively, in each case as compared to the same respective periods of 2012.

Additionally, non-performing loans declined to $11.9 million at September 30, 2013, down from $17.7 million at December 31, 2012 and $17.1 million at September 30, 2012. This decrease was primarily attributable to, among other things, restoration to accrual status of a commercial real estate loan, the foreclosure of certain nonperforming loans and impairment write downs based on our loan impairment analyses.

"The Bank has very successfully reduced its non-performing loans in 2013 in accordance with our plan," stated President and CEO Steve Buster. "Significant progress has been made to cleanse the balance sheet during 2013, positioning PMB well for 2014."

"The mortgage industry has been facing difficulty with the downturn in refinancing opportunity, and, consequently, the Bank's mortgage loan production has been lower than expected," continued Mr. Buster.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs