Pacific Mercantile Bancorp Reports First Quarter 2020 Operating Results
Pacific Mercantile Bancorp (PMBC)
Last pacific mercantile bancorp earnings: 4/30 04:30 pm
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US:NASDAQ Investor Relations:
investors.pmbank.com
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Source: GlobeNewswire
First Quarter Summary Net loss of $2.4 million, or $(0.10) per fully diluted shareTotal new loan commitments of $52.5 million and loan fundings of $33.3 millionTotal loans increased $16.8 million, or 1.5%, from December 31, 2019Provision for loan and lease losses of $6.2 million primarily as a result of net charge-offs of $2.3 million, an increase in classified and non-performing loans, and qualitative factor increases related to the COVID-19 pandemic ("COVID")Borrowings increased to $120.0 million in preparation of the Bank's participation in the Paycheck Protection Program ("PPP") for small businesses created under the CARES Act in response to COVID COSTA MESA, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- 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 ended March 31, 2020. For the first quarter of 2020, the C
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