Pacific Mercantile Bancorp (Nasdaq: PMBC), the holding company of
Pacific Mercantile Bank (the “Bank”), a wholly owned banking
subsidiary, today reported its financial results for the three
months and year ended December 31, 2019.
For the fourth quarter of 2019, the Company
reported net income of $440 thousand, or $0.02 per fully diluted
share. This compares to net income of $1.63 million, or $0.07 per
fully diluted share, in the third quarter of 2019, and net income
of $4.36 million, or $0.19 per fully diluted share, in the fourth
quarter of 2018. The decrease in net income, as compared to the
three months ended September 30, 2019, is primarily
attributable to an increase in our provision for loan and lease
losses as a result of net charge-offs of $2.2 million and an
increase in classified and non-performing loans, in addition to
decreased interest income resulting from the reversal of interest
on loans placed on nonaccrual and the declining interest rate
environment in the fourth quarter. The decrease in net income, as
compared to the three months ended December 31, 2018, is
primarily attributable to the provision for loan and lease losses
of $3.8 million for the three months ended December 31, 2019,
compared to no provision taken for the three months ended December
31, 2018, as well as increased non-interest expense in comparison
to the fourth quarter of 2018, which included a recovery of legal
fees attributable to a loan relationship that was fully charged off
in a previous year.
Brad R. Dinsmore, President & CEO of Pacific
Mercantile Bancorp, said, “During the fourth quarter, we continued
to evaluate all areas of our operations to identify opportunities
for improved performance. As part of our review of credit
administration, we identified the need to take actions on a number
of loans that resulted in elevated charge-offs and provision
expense that impacted our earnings for the quarter. We are
committed to having a conservative approach in evaluating all of
our credit processes to ensure that they meet our targeted risk
profile.
“We continued to see positive trends in many other areas during
the fourth quarter including managing our deposit costs and
maintaining disciplined expense control. Our success in lowering
our deposit costs helped us to maintain a relatively stable net
interest margin despite the impact of the Fed Funds rate cuts in
September and October. We believe our balance sheet is well
positioned for the Company to see a stable to increasing net
interest margin this year, assuming no additional changes in the
Fed Funds rate.
“Our focus in 2020 will be enhancing the productivity of our
relationship managers, continuing to build our roster of commercial
clients, improving our efficiency ratio, and maintaining pricing
and credit discipline in our new loan production. As we
successfully execute on these strategies, we believe we can deliver
improved profitability and a higher level of returns for our
shareholders,” said Mr. Dinsmore.
Results of Operations
The following table shows our operating results
for the three months and year ended December 31, 2019, as
compared to the three months ended September 30, 2019 and the
three months and year ended December 31, 2018. The discussion
below highlights the key factors contributing to the changes shown
in the following table.
|
Three Months Ended |
|
Year Ended December 31, |
|
December 31, 2019 |
|
|
September 30, 2019 |
|
December 31, 2018 |
|
2019 |
|
2018 |
|
|
|
($ in thousands) |
Total interest income |
$ |
16,277 |
|
|
$ |
16,767 |
|
|
$ |
16,395 |
|
|
$ |
65,677 |
|
|
$ |
62,542 |
|
Total interest expense |
3,734 |
|
|
4,024 |
|
|
3,793 |
|
|
16,121 |
|
|
13,620 |
|
Net interest income |
12,543 |
|
|
12,743 |
|
|
12,602 |
|
|
49,556 |
|
|
48,922 |
|
Provision for loan and lease
losses |
3,750 |
|
|
2,100 |
|
|
— |
|
|
9,150 |
|
|
— |
|
Total noninterest income |
1,369 |
|
|
1,342 |
|
|
1,328 |
|
|
5,588 |
|
|
4,635 |
|
Total noninterest expense |
9,790 |
|
|
9,697 |
|
|
9,135 |
|
|
38,179 |
|
|
36,970 |
|
Income tax (benefit)
provision |
(68 |
) |
|
658 |
|
|
431 |
|
|
2,135 |
|
|
(10,752 |
) |
Net income |
$ |
440 |
|
|
$ |
1,630 |
|
|
$ |
4,364 |
|
|
$ |
5,680 |
|
|
$ |
27,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Q4 2019 vs Q3 2019. Net
interest income decreased $200 thousand, or 1.6%, for the three
months ended December 31, 2019 as compared to the three months
ended September 30, 2019 primarily as a result of:
- A decrease in interest income of $490 thousand, or 2.9%,
primarily attributable to a decrease in interest earned on
short-term investments as a result of a lower average balance, a
reversal of $82 thousand of interest income related to loans put on
nonaccrual, and decreased average yields on earning assets as a
result of a declining interest rate environment during the three
months ended December 31, 2019 as compared to the three months
ended September 30, 2019; partially offset by
- A decrease in interest expense of $290 thousand, or 7.2%,
primarily attributable to a decrease in the rates of interest paid
on deposits as we managed our costs in correlation with the two Fed
Funds rate cuts during the three months ended December 31,
2019 as compared to the three months ended September 30,
2019.Our net interest margin decreased to 3.57% for the three
months ended December 31, 2019 as compared to 3.62% for the
three months ended September 30, 2019. The decrease is
primarily attributable to a declining interest rate environment
during the fourth quarter, partially offset by loan growth
including a commercial real estate loan portfolio purchase which
resulted in an increase to loan interest income even though the
yield on loans decreased. Also contributing to the decrease in net
interest margin was an increase in the average balance of loans
placed on nonaccrual during the fourth quarter.
Q4 2019 vs Q4 2018. Net
interest income decreased $59 thousand, or 0.5%, for the three
months ended December 31, 2019 as compared to the three months
ended December 31, 2018 primarily as a result of:
- A decrease in interest income of $118 thousand, or 0.7%,
primarily attributable to a decrease in interest earned on
short-term investments as a result of a lower average balance and a
decrease in the average yield on earning assets as a result of the
declining interest rate environment during the three months ended
December 31, 2019 as compared to the three months ended
December 31, 2018; partially offset by
- A decrease in interest expense of $59 thousand, or 1.6%,
primarily attributable to a decrease in the rates of interest paid
on our non-maturing interest bearing deposits for the three months
ended December 31, 2019 as compared to the three months ended
December 31, 2018, which was in correlation with the declining
interest rate environment in the fourth quarter of 2019 compared to
rising interest rates in the same period of 2018. Also contributing
to the decrease was a change in our mix of deposits from higher
cost certificates of deposit to non-maturing interest and
non-interest bearing deposits.
YTD 2019 vs YTD 2018. Net
interest income increased $634 thousand, or 1.3%, for the year
ended December 31, 2019 as compared to the year ended
December 31, 2018, primarily as a result of:
- An increase in interest income of $3.1 million, or 5.0%,
primarily attributable to an increase in interest earned on loans
and short-term investments as a result of higher average balances
and an increase in the average yields during the year ended
December 31, 2019 as compared to the year ended
December 31, 2018, which was primarily the result of the
rising interest rate environment through early 2019, which was
partially offset by declining interest rates in the second half of
2019, and a decrease of $1.6 million in interest recoveries on
loans that had been on nonaccrual status but were paid in full
during the twelve months ended December 31, 2018; partially offset
by
- An increase in interest expense of $2.5 million, or 18.4%,
primarily attributable to an increase in the rates of interest paid
on our deposits and other borrowings for the year ended
December 31, 2019 as compared to the year ended
December 31, 2018, which was the result of our decision to
increase the rate of interest paid on our non-maturity interest
bearing deposits and our certificates of deposit while in a rising
interest rate environment, partially offset by rate decreases when
interest rates began to fall in the latter half of the year, in
addition to increased deposits due to new client acquisition and
strong organic growth.
Provision for Loan and Lease
Losses
Q4 2019 vs Q3 2019. We recorded
a $3.8 million provision for loan and lease losses during the three
months ended December 31, 2019 as a result of net charge-offs
primarily related to one commercial loan relationship and an
increase in classified and non-performing loans during the quarter.
We recorded a $2.1 million provision for loan and lease losses
during the three months ended September 30, 2019 as a result
of net charge-offs, an increase in classified loans, and growth in
our loan portfolio during the quarter. During the three months
ended December 31, 2019, we had net charge-offs of $2.2
million compared to net charge-offs of $1.5 million for the three
months ended September 30, 2019.
Q4 2019 vs Q4 2018. We
recorded a $3.8 million provision for loan and lease losses during
the three months ended December 31, 2019 as a result of net
charge-offs primarily related to one commercial loan relationship
and an increase in classified and non-performing loans during the
quarter. We recorded no provision for loan and lease losses during
the three months ended December 31, 2018 due primarily to
reserves for new loan growth being offset by a decline in the level
of classified assets.
YTD 2019 vs YTD 2018. We
recorded a $9.2 million provision for loan and lease losses during
the year ended December 31, 2019 as a result of total net
charge-offs of $9.0 million, an increase in classified and
non-performing loans, and growth in our loan portfolio during the
year. We recorded no provision for loan and lease losses during the
year ended December 31, 2018 primarily as a result of reserves
for new loan growth being offset by a decline in the level of
classified assets.
Noninterest Income
Q4 2019 vs Q3 2019. Noninterest
income increased $27 thousand, or 2.0%, for the three months ended
December 31, 2019 as compared to the three months ended
September 30, 2019, primarily resulting from an increase in
other non-interest income, partially offset by a decrease in gain
on sale of SBA loans.
Q4 2019 vs Q4 2018. Noninterest
income increased by $41 thousand, or 3.1%, for the three months
ended December 31, 2019 as compared to the three months ended
December 31, 2018, primarily as a result of an increase of
$163 thousand in gain on sale of SBA loans and an increase of $107
thousand in service fees, partially offset by a decrease of $229
thousand of other non-interest income during the fourth quarter of
2019 as compared to the same period in 2018.
YTD 2019 vs YTD 2018.
Noninterest income increased $953 thousand, or 20.6%, for the year
ended December 31, 2019 as compared to the year ended
December 31, 2018, primarily as a result of:
- An increase of $1.0 million in gain on sale of SBA loans during
the year ended December 31, 2019 as compared to the same period in
2018; and
- An increase of $233 thousand in deposit related fees, credit
card fees and loan service fees during the year ended
December 31, 2019 as compared to the same period in 2018;
partially offset by
- A decrease of $223 thousand in other non-interest income during
the year ended December 31, 2019 as compared to the same period in
2018; and
- A gain of $48 thousand on the sale of securities available for
sale during the year ended December 31, 2018 that did not occur in
the same period in 2019.
Noninterest Expense
Q4 2019 vs Q3 2019. Noninterest
expense increased $93 thousand, or 1.0%, for the three months ended
December 31, 2019 as compared to the three months ended
September 30, 2019, primarily as a result of:
- An increase of $94 thousand in salaries and employee benefits
primarily related to severance payments made to former executives
during the fourth quarter, partially offset by a decrease in our
accrual for incentive compensation; and
- An increase of $97 thousand in other non-interest expense
primarily related to increased data processing expenses as a result
of higher credit card and deposit volume in the fourth quarter;
offset by
- A decrease of $240 thousand in our professional fees primarily
related to higher legal fees during the third quarter compared to
legal fees partially offset by recoveries during the fourth quarter
of 2019; and
- A decrease of $71 thousand in our FDIC expense during the three
months ended December 31, 2019 as compared to the three months
ended September 30, 2019 as the result of a lower rate and
rebate.
Q4 2019 vs Q4 2018. Noninterest
expense increased $655 thousand, or 7.2%, for the three months
ended December 31, 2019 as compared to the three months ended
December 31, 2018, primarily as a result of:
- An increase of $451 thousand in our professional fees primarily
related to higher legal fees during the fourth quarter of 2019
compared to a credit balance for legal fees in the fourth quarter
of 2018 as the result of a recovery attributable to the payoff of a
loan relationship during that period that was fully charged off in
previous years; and
- An increase of $69 thousand in our data processing fees
primarily related to a higher credit card and deposit volume in the
fourth quarter of 2019; and
- An increase of $300 thousand in salaries and employee benefits
primarily related to severance payments made to former executives
during the fourth quarter of 2019; and
- An increase in various expense accounts related to the normal
course of operating, including expenses related to loan production
and business development during the three months ended
December 31, 2019 as compared to the three months ended
December 31, 2018; partially offset by
- A decrease of $96 thousand in our FDIC insurance expenses as
the result of a lower rate and rebate; and
- A decrease of $131 thousand in other real estate owned expenses
during the three months ended December 31, 2019 as compared to
the three months ended December 31, 2018.
YTD 2019 vs YTD 2018.
Noninterest expense increased $1.2 million, or 3.3%, for the year
ended December 31, 2019 as compared to the year ended
December 31, 2018, primarily as a result of:
- An increase of $1.5 million in our professional fees primarily
related to higher legal fees in 2019 and the recovery of legal fees
attributable to the payoff of a loan relationship in 2018 that was
previously on nonaccrual status; and
- An increase of $247 thousand in occupancy and equipment expense
related to building and equipment maintenance; and
- An increase of $503 thousand in data processing fees primarily
related to a higher credit card and deposit volume; and
- An increase in various expense accounts related to the normal
course of operating, including expenses related to loan production
and business development; partially offset by
- A decrease of $338 thousand in salaries and employee benefits
primarily related to a decrease in employee benefits and incentive
compensation partially offset by severance payments and
acceleration of equity awards of a former executive; and
- A decrease of $500 thousand in our FDIC insurance expenses as
the result of a lower rate and rebate.
Income tax provision
(benefit)
For the three months and year ended
December 31, 2019, we had an income tax benefit of $68
thousand and income tax expense of $2.1 million, respectively. The
income tax benefit during the three months ended December 31,
2019 is the result of an adjustment to our deferred tax asset
related to the true up of stock based compensation. The income tax
expense during the year ended December 31, 2019 is primarily a
result of our operating income partially offset by the adjustment
made in the fourth quarter. Accounting rules specify that
management must evaluate the deferred tax asset on a recurring
basis to determine whether enough positive evidence exists to
determine whether it is more-likely-than-not that the deferred tax
asset will be available to offset or reduce future taxes. The tax
code allows net operating losses incurred prior to December 31,
2017 to be carried forward for 20 years from the date of the loss,
and based on its evaluation, management believes that the Company
will be able to realize the deferred tax asset within the period
that our net operating losses may be carried forward. Due to the
hierarchy of evidence that the accounting rules specify, management
determined that there continued to be enough positive evidence to
support no valuation allowance on our deferred tax asset at
December 31, 2019.
For the three months and year ended
December 31, 2018, we had an income tax expense of $431
thousand and an income tax benefit of $10.8 million, respectively.
The income tax expense during the three months ended December 31,
2018 is a result of the true up of our income tax provision. The
income tax benefit during the year ended December 31, 2018 is a
result of our net income during the year and the release of our
full valuation allowance of $11.1 million on our net deferred tax
asset during the second quarter of 2018. During that period,
management performed an evaluation and determined that the
valuation allowance that was previously established on the balance
of our deferred tax asset was no longer required and the entire
$11.1 million allowance was released. Due to the hierarchy of
evidence that the accounting rules specify, management determined
that there continued to be enough positive evidence to support no
valuation allowance on our deferred tax asset at December 31,
2018.
Balance Sheet Information
Loans
As indicated in the table below, at
December 31, 2019, gross loans totaled approximately $1.13
billion, which represented a decrease of $34.2 million, or 2.9%,
compared to gross loans outstanding at September 30, 2019, and
an increase of $32.5 million, or 3.0%, compared to gross loans
outstanding at December 31, 2018. The following table sets
forth the composition, by loan category, of our loan portfolio at
December 31, 2019, September 30, 2019, and
December 31, 2018.
|
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
Amount |
|
Percent
ofTotalLoans |
|
Amount |
|
Percent
ofTotalLoans |
|
Amount |
|
Percent
ofTotalLoans |
|
|
|
($ in thousands) |
Commercial loans |
$ |
409,420 |
|
36.2 |
% |
|
$ |
434,249 |
|
|
37.4 |
% |
|
$ |
444,441 |
|
40.7 |
% |
Commercial real estate loans -
owner occupied |
219,483 |
|
19.5 |
% |
|
216,848 |
|
|
18.7 |
% |
|
211,645 |
|
19.3 |
% |
Commercial real estate loans -
all other |
208,283 |
|
18.5 |
% |
|
220,170 |
|
|
19.0 |
% |
|
226,441 |
|
20.7 |
% |
Residential mortgage loans -
multi-family |
176,523 |
|
15.7 |
% |
|
173,275 |
|
|
14.9 |
% |
|
97,173 |
|
8.9 |
% |
Residential mortgage loans -
single family |
18,782 |
|
1.7 |
% |
|
18,720 |
|
|
1.6 |
% |
|
21,176 |
|
1.9 |
% |
Construction and land
development loans |
2,981 |
|
0.3 |
% |
|
6,110 |
|
|
0.5 |
% |
|
38,496 |
|
3.5 |
% |
Consumer loans |
90,867 |
|
8.1 |
% |
|
91,198 |
|
|
7.9 |
% |
|
54,514 |
|
5.0 |
% |
Gross loans |
$ |
1,126,339 |
|
100.0 |
% |
|
$ |
1,160,570 |
|
|
100.0 |
% |
|
$ |
1,093,886 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The decrease of $34.2 million in gross loans
during the fourth quarter of 2019 was primarily a result of loan
payoffs of $81.9 million and charge offs of $2.6 million, partially
offset by total new organic loan fundings of $45.0 million. The
charge offs of $2.6 million primarily related to one commercial
loan relationship.
During the fourth quarter of 2019, we secured
new client relationships with commercial loan commitments of $25.6
million, of which $12.9 million were funded at December 31,
2019. Our total commercial loan commitments decreased to $690.6
million at December 31, 2019 from $725.4 million at
September 30, 2019, while the utilization rate of commercial
loan commitments decreased to 59.1% at December 31, 2019 from
59.7% at September 30, 2019.
Deposits
|
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
|
Type of
Deposit |
($ in thousands) |
Noninterest-bearing checking accounts |
$ |
397,000 |
|
$ |
425,596 |
|
$ |
340,406 |
Interest-bearing checking accounts |
108,941 |
|
106,325 |
|
64,144 |
Money market and savings deposits |
416,751 |
|
418,807 |
|
460,355 |
Certificates of deposit |
276,878 |
|
262,368 |
|
271,097 |
Totals |
$ |
1,199,570 |
|
$ |
1,213,096 |
|
$ |
1,136,002 |
|
|
|
|
|
|
|
|
|
The increase in total deposits of $63.6 million,
or 5.6%, during the year ended December 31, 2019 from December 31,
2018 is primarily attributable to our strategy to focus on
operating companies and helping them succeed. Deposit growth was
driven by an increase of $101.4 million, or 25.1%, in total
checking accounts, partially offset by a decrease of $37.8 million,
or 5.2%, in higher costing money market, savings, and certificates
of deposit accounts.
The decrease in total deposits from
September 30, 2019 to December 31, 2019 is primarily
attributable to a decrease of $26.0 million in total checking
accounts and a decrease of $2.1 million in money market and savings
deposits, partially offset by a $14.5 million increase in
certificates of deposit accounts. The increase in our certificates
of deposit accounts is primarily the result of our decision to
offer a higher rate of interest in order to increase liquidity.
Lower priced core deposits decreased to 77% of total deposits,
while higher priced certificates of deposits increased to 23% of
total deposits at December 31, 2019, as compared to 78% and
22%, respectively at September 30, 2019.
Asset Quality
Nonperforming Assets
|
2019 |
|
2018 |
December 31 |
|
September 30 |
|
December 31 |
|
|
|
($ in
thousands) |
Total non-performing loans |
$ |
15,682 |
|
|
$ |
13,209 |
|
|
$ |
4,226 |
|
Other real estate owned |
— |
|
|
— |
|
|
1,173 |
|
Other non-performing assets |
164 |
|
|
138 |
|
|
91 |
|
Total non-performing assets |
$ |
15,846 |
|
|
$ |
13,347 |
|
|
$ |
5,490 |
|
90-day past due loans |
$ |
533 |
|
|
$ |
86 |
|
|
$ |
4,273 |
|
Total classified assets |
$ |
32,594 |
|
|
$ |
32,024 |
|
|
$ |
7,937 |
|
Allowance for loan and lease losses |
$ |
13,611 |
|
|
$ |
12,086 |
|
|
$ |
13,506 |
|
Allowance for loan and lease losses /gross loans |
1.21 |
% |
|
1.04 |
% |
|
1.23 |
% |
Allowance for loan and lease losses /total assets |
0.96 |
% |
|
0.84 |
% |
|
1.00 |
% |
Ratio of allowance for loan and lease losses to non-performing
loans |
86.79 |
% |
|
91.50 |
% |
|
319.59 |
% |
Ratio of non-performing assets to total assets |
1.12 |
% |
|
0.93 |
% |
|
0.41 |
% |
Net quarterly charge-offs (recoveries) to gross loans |
0.20 |
% |
|
0.13 |
% |
|
— |
% |
|
|
|
|
|
|
|
|
|
December 31, 2019 vs September 30,
2019. Non-performing assets at December 31, 2019
increased $2.5 million from September 30, 2019 primarily as a
result of an increase in non-performing loans. The increase in our
non-performing loans during the three months ended
December 31, 2019 resulted from the addition of $5.7 million
of commercial and consumer loans, partially offset by principal
payments of $594 thousand and charge-offs of $2.6 million. As a
result of this increase to non-performing loans, the ratio of
nonperforming assets to total assets increased from 0.93% at
September 30, 2019 to 1.12% at December 31, 2019. The
ratio of allowance for loan and lease losses to non-performing
loans decreased to 86.79% at December 31, 2019, from 91.50% at
September 30, 2019, as a result of a greater increase to
non-performing loans than the increase to allowance for loan and
lease losses during the fourth quarter.
Our classified assets increased by $570 thousand
from $32.0 million at September 30, 2019 to $32.6 million at
December 31, 2019. The increase this quarter is primarily
related to additions of $8.9 million during the three months ended
December 31, 2019, partially offset by principal payments of
$5.7 million, charge-offs of $2.7 million, and the transfer to
other assets of $26 thousand during the same period. The additions
to classified loans during the three months ended December 31,
2019 represented the migration of loans to classified rating from
loans that were previously rated as Special Mention, or "Watch"
within our Pass category in the previous quarter.
December 31, 2019 vs December 31,
2018. Non-performing assets at December 31, 2019
increased $7.2 million from December 31, 2018 primarily as a
result of an increase in non-performing loans to $15.7 million in
the current quarter from $4.2 million the prior year. As a result
of this increase to non-performing loans, the ratio of
nonperforming assets to total assets increased from 0.41% at
December 31, 2018 to 1.12% at December 31, 2019. The
ratio of allowance for loan and lease losses to non-performing
loans decreased to 86.79% at December 31, 2019, from 319.59%
at December 31, 2018, as a result of the significant increase
to non-performing loans compared to an increase of $105 thousand to
the allowance for loan and lease losses for the same period.
Our classified assets increased by $24.7 million
from $7.9 million at December 31, 2018 to $32.6 million at
December 31, 2019. The additions to classified loans during
the three months ended December 31, 2019 represented the
migration of loans to classified rating from loans that were
previously rated as Special Mention, or “Watch” within our Pass
category in the previous quarter.
Allowance for loan and lease losses
|
2019 |
|
2018 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
|
|
|
|
|
|
($ in
thousands) |
Balance at
beginning of quarter |
$ |
12,086 |
|
|
$ |
11,474 |
|
|
$ |
11,514 |
|
|
$ |
13,506 |
|
|
$ |
13,463 |
|
Charge offs |
(2,608 |
) |
|
(1,551 |
) |
|
(127 |
) |
|
(5,698 |
) |
|
(922 |
) |
Recoveries |
383 |
|
|
63 |
|
|
87 |
|
|
406 |
|
|
965 |
|
Provision |
3,750 |
|
|
2,100 |
|
|
— |
|
|
3,300 |
|
|
— |
|
Balance at end of quarter |
$ |
13,611 |
|
|
$ |
12,086 |
|
|
$ |
11,474 |
|
|
$ |
11,514 |
|
|
$ |
13,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2019, the allowance for
loan and lease losses (“ALLL”) totaled $13.6 million, which was
approximately $1.5 million more than at September 30, 2019 and
$105 thousand more than at December 31, 2018. The ALLL
activity during the three months ended December 31, 2019
included net charge-offs of $2.2 million. There was a $3.8 million
provision for loan and lease losses during the period, primarily
attributable to the net charge-offs during the quarter and an
increase in classified loans, partially offset by a favorable
change in the composition of loan categories during the three
months ended December 31, 2019. The ratio of the ALLL-to-total
loans outstanding as of December 31, 2019 was 1.21% as
compared to 1.04% and 1.23% as of September 30, 2019 and
December 31, 2018, respectively.
Capital Resources
At December 31, 2019, the Bank had total
regulatory capital of $171.6 million. The ratio of the Bank’s total
capital-to-risk weighted assets, which is a principal federal bank
regulatory measure of the financial strength of banking
institutions, was 13.8% which exceeds the minimum for a bank to be
classified under federal bank regulatory guidelines as a
“well-capitalized” banking institution, which is the highest of the
capital standards established by federal banking regulatory
authorities.
The following table sets forth the regulatory
capital and capital ratios of the Bank at December 31, 2019,
as compared to the regulatory requirements that must be met for a
banking institution to be rated as a well-capitalized
institution.
|
ActualAt December 31, 2019 |
|
Federal Regulatory Requirementto be Rated
Well-Capitalized |
|
Amount |
|
Ratio |
|
Amount |
|
Ratio |
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
Total Capital to Risk Weighted Assets |
$ |
171,613 |
|
13.8 |
% |
|
$ |
123,938 |
|
At least 10.0 |
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital to
Risk Weighted Assets |
$ |
157,652 |
|
12.7 |
% |
|
$ |
80,560 |
|
At least 6.5 |
|
|
|
|
|
|
|
|
Tier 1 Capital to Risk Weighted
Assets |
$ |
157,652 |
|
12.7 |
% |
|
$ |
99,151 |
|
At least 8.0 |
|
|
|
|
|
|
|
|
Tier 1 Capital to Average
Assets |
$ |
157,652 |
|
11.0 |
% |
|
$ |
71,566 |
|
At least 5.0 |
|
|
|
|
|
|
|
|
|
|
|
About Pacific Mercantile
Bancorp
Pacific Mercantile Bancorp (Nasdaq: PMBC) is the
parent holding company of Pacific Mercantile Bank, which opened for
business March 1, 1999. The Bank, which is an FDIC insured,
California state-chartered bank and a member of the Federal Reserve
System, provides a wide range of commercial banking services to
businesses, business professionals and individual clients. The Bank
is headquartered in Orange County and operates a total of seven
offices in Southern California, located in Orange, Los Angeles, San
Diego, and San Bernardino counties. The Bank offers tailored
flexible solutions for its clients including an array of loan and
deposit products, sophisticated cash management services, and
comprehensive online banking services accessible at
www.pmbank.com.
Forward-Looking Information
This news release contains statements regarding
our expectations, beliefs and views about our future financial
performance and our business, trends and expectations regarding the
markets in which we operate, and our future plans. Those
statements, which include the quotation from management, constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, can be identified by
the fact that they do not relate strictly to historical or current
facts. Often, they include words such as “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” “project,” or words of
similar meaning, or future or conditional verbs such as “will,”
“would,” “should,” “could,” or “may.” Forward-looking statements
are based on current information available to us and our
assumptions about future events over which we do not have control.
Moreover, our business and our markets are subject to a number of
risks and uncertainties which could cause our actual financial
performance in the future, and the future performance of our
markets (which can affect both our financial performance and the
market prices of our shares), to differ, possibly materially, from
our expectations as set forth in the forward-looking statements
contained in this news release.
In addition to the risk of incurring loan losses
and provision for loan losses, which is an inherent risk of the
banking business, these risks and uncertainties include, but are
not limited to, the following: the risk that the credit quality of
our borrowers declines; potential declines in the value of the
collateral for secured loans; the risk that steps we have taken to
strengthen our overall credit administration are not effective; the
risk of a downturn in the United States economy, and domestic or
international economic conditions, which could cause us to incur
additional loan losses and adversely affect our results of
operations in the future; the risk that our interest margins and,
therefore, our net interest income will be adversely affected by
changes in prevailing interest rates; the risk of increases in our
nonperforming assets, in which event we would face the prospect of
further loan charge-offs and write-downs of assets; the risk that
we will not be able to manage our interest rate risks effectively,
in which event our operating results could be harmed; the prospect
of changes in government regulation of banking and other financial
services organizations, which could impact our costs of doing
business and restrict our ability to take advantage of business and
growth opportunities; the risk that our efforts to develop a robust
commercial banking platform may not succeed; and the risk that we
may be unable to realize our expected level of increasing deposit
inflows. Readers of this news release are encouraged to review the
additional information regarding these and other risks and
uncertainties to which our business is subject that is contained in
our Annual Report on Form 10-K for the year ended December 31,
2018, which is on file with the Securities and Exchange Commission
(“SEC”). Additional information will be set forth in our Annual
Report on Form 10-K for the year ended December 31, 2019, which we
expect to file with the SEC during the first quarter of 2020, and
readers of this release are urged to review the additional
information that will be contained in that report.
Due to these and other risks and uncertainties
to which our business is subject, you are cautioned not to place
undue reliance on the forward-looking statements contained in this
news release, which speak only as of its date, or to make
predictions about our future financial performance based solely on
our historical financial performance. We disclaim any obligation to
update or revise any of the forward-looking statements as a result
of new information, future events or otherwise, except as may be
required by law.
CONSOLIDATED STATEMENTS OF
OPERATIONS(Dollars and numbers of shares in
thousands, except per share
data)(Unaudited)
|
Three Months Ended |
|
Twelve Months Ended |
|
December31, 2019 |
|
September30, 2019 |
|
December31, 2018 |
|
Dec '19 vsSept '19%
Change |
|
Dec '19 vsDec '18 % Change |
|
December31, 2019 |
|
December31, 2018 |
|
% Change |
Total interest income |
$ |
16,277 |
|
$ |
16,767 |
|
$ |
16,395 |
|
(2.9 |
)% |
|
(0.7 |
)% |
|
$ |
65,677 |
|
$ |
62,542 |
|
5.0 |
% |
Total interest expense |
3,734 |
|
4,024 |
|
3,793 |
|
(7.2 |
)% |
|
(1.6 |
)% |
|
16,121 |
|
13,620 |
|
18.4 |
% |
Net interest income |
12,543 |
|
12,743 |
|
12,602 |
|
(1.6 |
)% |
|
(0.5 |
)% |
|
49,556 |
|
48,922 |
|
1.3 |
% |
Provision for loan and lease
losses |
3,750 |
|
2,100 |
|
— |
|
78.6 |
% |
|
100.0 |
% |
|
9,150 |
|
— |
|
— |
% |
Net interest income after provision for loan and lease losses |
8,793 |
|
10,643 |
|
12,602 |
|
(17.4 |
)% |
|
(30.2 |
)% |
|
40,406 |
|
48,922 |
|
(17.4 |
)% |
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees on deposits and other banking services |
479 |
|
463 |
|
372 |
|
3.5 |
% |
|
28.8 |
% |
|
1,782 |
|
1,549 |
|
15.0 |
% |
Net gain on sale of securities available for sale |
— |
|
— |
|
— |
|
— |
% |
|
— |
% |
|
— |
|
48 |
|
(100.0 |
)% |
Net gain on sale of small business administration loans |
163 |
|
265 |
|
— |
|
(38.5 |
)% |
|
100.0 |
% |
|
1,029 |
|
— |
|
— |
% |
Net loss on sale of other assets |
— |
|
(6 |
|
— |
|
(100.0 |
)% |
|
— |
% |
|
(42 |
|
(4 |
|
950.0 |
% |
Other non-interest income |
727 |
|
620 |
|
956 |
|
17.3 |
% |
|
(24.0 |
)% |
|
2,819 |
|
3,042 |
|
(7.3 |
)% |
Total non-interest income |
1,369 |
|
1,342 |
|
1,328 |
|
2.0 |
% |
|
3.1 |
% |
|
5,588 |
|
4,635 |
|
20.6 |
% |
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
6,164 |
|
6,070 |
|
5,864 |
|
1.5 |
% |
|
5.1 |
% |
|
23,411 |
|
23,749 |
|
(1.4 |
)% |
Occupancy and equipment |
1,123 |
|
1,099 |
|
1,050 |
|
2.2 |
% |
|
7.0 |
% |
|
4,437 |
|
4,190 |
|
5.9 |
% |
Professional Fees |
878 |
|
1,118 |
|
427 |
|
(21.5 |
)% |
|
105.6 |
% |
|
3,982 |
|
2,468 |
|
61.3 |
% |
OREO expenses, net |
— |
|
— |
|
131 |
|
— |
% |
|
(100.0 |
)% |
|
69 |
|
123 |
|
(43.9 |
)% |
FDIC Expense |
94 |
|
165 |
|
190 |
|
(43.0 |
)% |
|
(50.5 |
)% |
|
427 |
|
927 |
|
(53.9 |
)% |
Other non-interest expense |
1,531 |
|
1,434 |
|
1,473 |
|
6.8 |
% |
|
3.9 |
% |
|
5,853 |
|
5,513 |
|
6.2 |
% |
Total non-interest
expense |
9,790 |
|
9,697 |
|
9,135 |
|
1.0 |
% |
|
7.2 |
% |
|
38,179 |
|
36,970 |
|
3.3 |
% |
Income before income taxes |
372 |
|
2,288 |
|
4,795 |
|
(83.7 |
)% |
|
(92.2 |
)% |
|
7,815 |
|
16,587 |
|
(52.9 |
)% |
Income tax expense
(benefit) |
(68 |
|
658 |
|
431 |
|
(110.3 |
)% |
|
(115.8 |
)% |
|
2,135 |
|
(10,752 |
|
(119.9 |
)% |
Net income from continuing operations |
440 |
|
1,630 |
|
4,364 |
|
(73.0 |
)% |
|
(89.9 |
)% |
|
5,680 |
|
27,339 |
|
(79.2 |
)% |
Net income |
$ |
440 |
|
$ |
1,630 |
|
$ |
4,364 |
|
(73.0 |
)% |
|
(89.9 |
)% |
|
$ |
5,680 |
|
$ |
27,339 |
|
(79.2 |
)% |
Net income allocable to common shareholders |
$ |
440 |
|
$ |
1,630 |
|
$ |
4,364 |
|
(73.0 |
)% |
|
(89.9 |
)% |
|
$ |
5,680 |
|
$ |
27,339 |
|
(79.2 |
)% |
Basic income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders |
$ |
0.02 |
|
$ |
0.07 |
|
$ |
0.19 |
|
(71.4 |
)% |
|
(89.5 |
)% |
|
$ |
0.24 |
|
$ |
1.17 |
|
(79.5 |
)% |
Diluted income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders |
$ |
0.02 |
|
$ |
0.07 |
|
$ |
0.19 |
|
(71.4 |
)% |
|
(89.5 |
)% |
|
$ |
0.24 |
|
$ |
1.16 |
|
(79.3 |
)% |
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
23,549 |
|
23,356 |
|
21,800 |
|
0.8 |
% |
|
8.0 |
% |
|
23,499 |
|
22,788 |
|
3.1 |
% |
Diluted |
23,714 |
|
23,657 |
|
23,498 |
|
0.2 |
% |
|
0.9 |
% |
|
23,632 |
|
23,527 |
|
0.4 |
% |
Ratios from continuing
operations(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
0.12 |
|
0.45 |
|
1.27 |
|
|
|
|
|
0.40 |
|
2.04 |
|
|
Return on average equity |
1.16 |
|
4.36 |
|
12.46 |
|
|
|
|
|
3.87 |
|
21.40 |
|
|
Efficiency ratio |
70.37 |
|
68.85 |
|
65.58 |
|
|
|
|
|
69.24 |
|
69.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________
(1) Ratios for the three months ended December 31, 2019,
September 30, 2019 and December 31, 2018 have been
annualized.
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION(Dollars in thousands, except share and
book value data)(Unaudited)
ASSETS |
December 31,2019 |
|
December 31,2018 |
|
Increase/(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
17,409 |
|
|
$ |
13,250 |
|
|
31.4 |
% |
Interest bearing deposits with financial institutions(1) |
202,729 |
|
|
174,468 |
|
|
16.2 |
% |
Interest bearing time deposits |
2,420 |
|
|
2,420 |
|
|
— |
% |
Investment securities (including stock) |
36,254 |
|
|
40,053 |
|
|
(9.5 |
)% |
Loans (net of allowances of $13,611 and $13,506,
respectively) |
1,117,511 |
|
|
1,083,240 |
|
|
3.2 |
% |
Other real estate owned |
— |
|
|
1,173 |
|
|
(100.0 |
)% |
Net deferred tax assets |
8,434 |
|
|
10,935 |
|
|
(22.9 |
)% |
Other assets |
31,397 |
|
|
23,799 |
|
|
31.9 |
% |
Total assets |
$ |
1,416,154 |
|
|
$ |
1,349,338 |
|
|
5.0 |
% |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits |
$ |
397,000 |
|
|
$ |
340,406 |
|
|
16.6 |
% |
Interest bearing deposits |
|
|
|
|
|
Interest checking |
108,941 |
|
|
64,144 |
|
|
69.8 |
% |
Savings/money market |
416,751 |
|
|
460,355 |
|
|
(9.5 |
)% |
Certificates of deposit |
276,878 |
|
|
271,097 |
|
|
2.1 |
% |
Total interest bearing deposits |
802,570 |
|
|
795,596 |
|
|
0.9 |
% |
Total deposits |
1,199,570 |
|
|
1,136,002 |
|
|
5.6 |
% |
Other borrowings |
30,000 |
|
|
40,000 |
|
|
(25.0 |
)% |
Other liabilities |
20,009 |
|
|
14,435 |
|
|
38.6 |
% |
Junior subordinated debentures |
17,527 |
|
|
17,527 |
|
|
— |
% |
Total liabilities |
1,267,106 |
|
|
1,207,964 |
|
|
4.9 |
% |
Shareholders’ equity |
149,048 |
|
|
141,374 |
|
|
5.4 |
% |
Total Liabilities and Shareholders’ Equity |
$ |
1,416,154 |
|
|
$ |
1,349,338 |
|
|
5.0 |
% |
Book value per share |
$ |
6.32 |
|
|
$ |
6.06 |
|
|
4.3 |
% |
Shares outstanding, common |
23,573,529 |
|
|
21,916,195 |
|
|
7.6 |
% |
____________________
(1) Interest bearing deposits held in the Bank’s account
maintained at the Federal Reserve Bank.
CONSOLIDATED AVERAGE BALANCES AND YIELD
DATA(Dollars in
thousands)(Unaudited)
|
Three Months
Ended |
|
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
AverageBalance |
|
InterestEarned/Paid |
|
AverageYield/Rate |
|
AverageBalance |
|
InterestEarned/Paid |
|
AverageYield/Rate |
|
Average Balance |
|
Interest Earned/ Paid |
|
Average Yield/ Rate |
Interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments(1) |
$ |
198,349 |
|
$ |
825 |
|
1.65 |
% |
|
$ |
263,219 |
|
$ |
1,465 |
|
2.21 |
% |
|
$ |
199,990 |
|
$ |
1,141 |
|
2.26 |
% |
Securities available for sale and stock(2) |
|
35,733 |
|
257 |
|
2.85 |
% |
|
|
35,105 |
|
257 |
|
2.90 |
% |
|
|
39,023 |
|
|
359 |
|
3.65 |
% |
Loans(3) |
|
1,158,852 |
|
15,196 |
|
5.20 |
% |
|
|
1,097,646 |
|
15,045 |
|
5.44 |
% |
|
|
1,085,151 |
|
|
14,895 |
|
5.45 |
% |
Total interest-earning assets |
|
1,392,934 |
|
16,278 |
|
4.64 |
% |
|
|
1,395,970 |
|
16,767 |
|
4.77 |
% |
|
|
1,324,164 |
|
|
16,395 |
|
4.91 |
% |
Noninterest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
16,667 |
|
|
|
|
|
|
16,551 |
|
|
|
|
|
|
19,955 |
|
|
|
|
|
All other assets |
|
25,586 |
|
|
|
|
|
|
25,295 |
|
|
|
|
|
|
20,602 |
|
|
|
|
Total assets |
$ |
1,435,187 |
|
|
|
|
|
$ |
1,437,816 |
|
|
|
|
|
$ |
1,364,721 |
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
121,012 |
|
141 |
|
0.46 |
% |
|
$ |
111,614 |
|
163 |
|
0.58 |
% |
|
$ |
71,257 |
|
|
99 |
|
0.55 |
% |
Money market and savings accounts |
|
404,608 |
|
1,511 |
|
1.48 |
% |
|
|
432,397 |
|
1,904 |
|
1.75 |
% |
|
|
443,149 |
|
|
1,940 |
|
1.74 |
% |
Certificates of deposit |
|
269,722 |
|
1,626 |
|
2.39 |
% |
|
|
259,830 |
|
1,562 |
|
2.39 |
% |
|
|
277,551 |
|
|
1,299 |
|
1.86 |
% |
Other borrowings |
|
48,261 |
|
249 |
|
2.05 |
% |
|
|
28,804 |
|
177 |
|
2.44 |
% |
|
|
40,000 |
|
|
231 |
|
2.29 |
% |
Junior subordinated debentures |
|
17,527 |
|
208 |
|
4.71 |
% |
|
|
17,527 |
|
218 |
|
4.93 |
% |
|
|
17,527 |
|
|
224 |
|
5.07 |
% |
Total interest bearing liabilities |
|
861,130 |
|
3,735 |
|
1.72 |
% |
|
|
850,172 |
|
4,024 |
|
1.88 |
% |
|
|
849,484 |
|
|
3,793 |
|
1.77 |
% |
Noninterest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
404,411 |
|
|
|
|
|
|
421,524 |
|
|
|
|
|
|
363,263 |
|
|
|
|
Accrued expenses and other liabilities |
|
19,606 |
|
|
|
|
|
|
17,739 |
|
|
|
|
|
|
13,013 |
|
|
|
|
Shareholders' equity |
|
150,040 |
|
|
|
|
|
|
148,381 |
|
|
|
|
|
|
138,961 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,435,187 |
|
|
|
|
|
$ |
1,437,816 |
|
|
|
|
|
$ |
1,364,721 |
|
|
|
|
Net interest income |
|
|
|
|
$ |
12,543 |
|
|
|
|
|
$ |
12,743 |
|
|
|
|
|
$ |
12,602 |
|
|
Net interest income/spread |
|
|
|
|
2.92 |
% |
|
|
|
|
|
2.89 |
% |
|
|
|
|
|
3.14 |
% |
Net interest margin |
|
|
|
|
3.57 |
% |
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
3.78 |
% |
(1) Short-term investments consist of federal funds sold and
interest bearing deposits that we maintain at other financial
institutions.
(2) Stock consists of FHLB stock and Federal Reserve Bank of San
Francisco stock.
(3) Loans include the average balance of nonaccrual loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
December 31, 2019 |
|
December 31, 2018 |
|
AverageBalance |
|
InterestEarned/Paid |
|
AverageYield/Rate |
|
AverageBalance |
|
InterestEarned/Paid |
|
AverageYield/Rate |
Interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
Short-term investments(1) |
$ |
239,268 |
|
$ |
5,264 |
|
2.20 |
% |
|
$ |
195,736 |
|
$ |
3,756 |
|
1.92 |
% |
Securities available for sale and stock(2) |
36,716 |
|
1,065 |
|
2.90 |
% |
|
39,744 |
|
1,160 |
|
2.92 |
% |
Loans(3) |
1,100,082 |
|
59,348 |
|
5.39 |
% |
|
1,071,874 |
|
57,626 |
|
5.38 |
% |
Total interest-earning assets |
1,376,066 |
|
65,677 |
|
4.77 |
% |
|
1,307,354 |
|
62,542 |
|
4.78 |
% |
Noninterest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
15,975 |
|
|
|
|
|
16,785 |
|
|
|
|
All other assets |
26,528 |
|
|
|
|
|
14,577 |
|
|
|
|
Total assets |
1,418,569 |
|
|
|
|
|
1,338,716 |
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
109,234 |
|
$ |
645 |
|
0.59 |
% |
|
$ |
69,841 |
|
$ |
363 |
|
0.52 |
% |
Money market and savings accounts |
438,814 |
|
7,635 |
|
1.74 |
% |
|
412,366 |
|
6,358 |
|
1.54 |
% |
Certificates of deposit |
265,859 |
|
6,002 |
|
2.26 |
% |
|
315,189 |
|
5,349 |
|
1.70 |
% |
Other borrowings |
39,315 |
|
947 |
|
2.41 |
% |
|
36,209 |
|
705 |
|
1.95 |
% |
Junior subordinated debentures |
17,527 |
|
892 |
|
5.09 |
% |
|
17,527 |
|
845 |
|
4.82 |
% |
Total interest bearing liabilities |
870,749 |
|
16,121 |
|
1.85 |
% |
|
851,132 |
|
13,620 |
|
1.60 |
% |
Noninterest bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
382,198 |
|
|
|
|
|
348,923 |
|
|
|
|
Accrued expenses and other liabilities |
19,032 |
|
|
|
|
|
10,931 |
|
|
|
|
Shareholders' equity |
146,590 |
|
|
|
|
|
127,730 |
|
|
|
|
Total liabilities and shareholders' equity |
1,418,569 |
|
|
|
|
|
1,338,716 |
|
|
|
|
Net interest income |
|
|
$ |
49,556 |
|
|
|
|
|
$ |
48,922 |
|
|
Net interest income/spread |
|
|
|
|
2.92 |
% |
|
|
|
|
|
3.18 |
% |
Net interest margin |
|
|
|
|
3.60 |
% |
|
|
|
|
|
3.74 |
% |
(1) Short-term investments consist of federal funds sold and
interest bearing deposits that we maintain at other financial
institutions.
(2) Stock consists of FHLB stock and Federal Reserve Bank of San
Francisco stock.
(3) Loans include the average balance of nonaccrual loans.
For more information contactCurt Christianssen, Chief Financial
Officer, 714-438-2500
Pacific Mercantile Bancorp (NASDAQ:PMBC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Pacific Mercantile Bancorp (NASDAQ:PMBC)
Historical Stock Chart
From Sep 2023 to Sep 2024