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.
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.
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