COSTA MESA, Calif., March 7, 2014 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC) today reported its results of operations for the fourth quarter and year ended December 31, 2013.
Financial results for the three months ended December 31, 2013 include the following items:
- A $5.0 million charge related to our exit from the mortgage banking business, which primarily includes severance and fees related to contract and lease terminations;
- A $3.4 million provision for loan and lease losses primarily reflecting the impact of a credit quality downgrade of one legacy commercial loan relationship; and
- A $7.1 million tax provision related to an increase in the valuation allowance held against our deferred tax assets.
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