Last $6.41 USD
Change Today +0.04 / 0.63%
Volume 13.1K
PMBC On Other Exchanges
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As of 8:10 PM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

pacific mercantile bancorp (PMBC) Key Developments

Pacific Mercantile Bancorp and Pacific Mercantile Bank Appoint Robert J. Stevens as Executive Vice President and Chief Credit Officer

Pacific Mercantile Bancorp and its wholly-owned subsidiary Pacific Mercantile Bank announced that Robert J. Stevens has been named Executive Vice President and Chief Credit Officer of the company and the bank. Mr. Stevens joins the company and the bank after having spent three years as Chief Credit Officer of Mission Community Bancorp and its wholly-owned subsidiary, Mission Community Bank, both of San Luis Obispo, California. Prior to accepting the current position with the company and the bank, Mr. Stevens served as Executive Vice President and Chief Credit Officer of Mission Community Bancorp and Mission Community Bank from April 2011 through April 2014. Robert. W. Bartlett, the immediate past Chief Credit Officer, will continue to serve as Senior Executive Vice President of the Bank with responsibilities including business development.

Pacific Mercantile Bancorp Announces Auditor Changes

Pacific Mercantile Bancorp dismissed its independent registered public accounting firm, Squar, Milner, Peterson, Miranda & Williamson, LLP. The decision to replace Squar Milner was approved by the Audit Committee of the Board of Directors of the company. Squar Milner has served as the company's independent registered public accounting firm since 2009. On April 2, 2014, the company's Audit Committee engaged McGladrey LLP as the company's new independent registered public accounting firm for the company's 2014 fiscal year.

Pacific Mercantile Bancorp Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Pacific Mercantile Bancorp reported un-audited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $9,285,000 against $9,046,000 a year ago. Net interest income was $8,106,000 against $7,238,000 a year ago. The increase in interest income was primarily attributable to an increase in interest earned on loans as a result of a higher average loan balance during the three months ended December 31, 2013 as compared to the three months ended December 31, 2012. Net interest income after provision for loan losses was $4,751,000 against $7,238,000 a year ago. Loss from continuing operations before income taxes was $2,686,000 against $2,179,000 a year ago. Net loss from continuing operations was $9,786,000 or $0.53 diluted per share against $500,000 or $0.04 diluted per share a year ago. Net loss allocable to common shareholders was $15,067,000 or $0.79 diluted per share against $1,123,000 or $0.06 diluted per share a year ago. For the year, the company reported total interest income of $35,651,000 against $38,426,000 a year ago. Net interest income was $30,334,000 against $30,377,000 a year ago. The decrease in interest income was primarily attributable to a decline in interest earned on loans as a result of actions taken by the Federal Reserve Board (FRB) to keep interest rates low partially offset by the increase in the average loan balance. Net interest income after provision for loan losses was $25,829,000 against $28,427,000 a year ago. Loss from continuing operations before income taxes was $9,324,000 against $4,281,000 a year ago. Net loss from continuing operations was $14,934,000 or $0.88 diluted per share against net income from continuing operations of $2,639,000 or $0.15 diluted per share a year ago. Net loss allocable to common shareholders was $23,298,000 or $1.28 diluted per share against net income allocable to common shareholders of $8,696,000 or $0.55 diluted per share a year ago. The net losses were primarily attributable to increases in provision for loan losses, increases in noninterest expense, an increase in income tax provision, and a charge related to the discontinuation of mortgage banking business. Another factor contributing to net loss for the year ended December 31, 2013 was the operating loss company suffered from operations of mortgage banking business during 2013, which is discussed further under results of operations - discontinued operations.

Pacific Mercantile Bancorp Announces Amendments to Bylaws

Pacific Mercantile Bancorp announced that on and effective January 22, 2014, the board of directors approved amendments to the company's Bylaws to add Article II, Section 11, which establishes advance notice requirements for shareholders who propose business or make nominations of persons for election to the board of directors at any annual or special meeting of shareholders of the company.

Pacific Mercantile Bancorp Appoints Jill Fatal as Senior Vice President and Relationship Manager

Pacific Mercantile Bancorp announced that the appointment of Jill Fatal as the new senior vice president and relationship manager of the Bank's commercial banking division. Ms. Fatál will be furthering the Bank's growth of its core deposit base throughout the Los Angeles and Orange County marketplace.

 

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