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. Overview 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.