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Saturday, June 19, 2021

How Pacific Mercantile Bancorp (PMBC) stock turnaround on Thursday?

Pacific Mercantile Bancorp (PMBC) stock shed 2.88% in the normal trading session on Thursday, April 22, 2021, but in the after-hours, it flipped and gained 9.73%.


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PMBC shares have gained 139.49% over the last 12 months, and they have moved down 5.07% in the past week. Over the past three months, the stock has surged 45.34%, while over the past six months, it has added 125.40%.

Banc Of California Snaps Up Pacific Mercantile Bancorp

On March 23, 2021, Banc of California, Inc announced a merger deal with Costa Mesa, CA-based Pacific Mercantile Bancorp to Snap Up Pacific Mercantile Bancorp.

The transaction is valued at approximately $235 million or $9.77 per share and expected to close in the third quarter of 2021.

Credit Facility to Winc, Inc.

On March 02, 2021, Pacific Mercantile Bank announced to provide a $7.0 million credit facility to Winc, Inc. Winc will also utilize a full suite of Pacific Mercantile Bank’s depository products and treasury management services.

Pacific Mercantile Bank is a wholly-owned subsidiary of Pacific Mercantile Bancorp.

Credit facility to CRU Data Security Group

On Feb. 17, 2021, Pacific Mercantile Bank provided a $4.0 million revolving line of credit to CRU Data Security Group. The facility provided is part of a debt infusion into CDSG made alongside Merion Partners, Veber Partners.

Pacific Mercantile Bancorp Facing legal battles

Pacific Mercantile Bancorp is facing several investigations and lawsuits about its merger with Banc of California. The law firms accusing the corporation of potential violations of the federal securities laws and/or breaches of fiduciary duties

Latest financial results

Pacific Mercantile Bancorp announced its Fourth quarter and fiscal 2020 financial results on January 25, 2021.

Q4 2020 financial highlights

  • For the fourth quarter of 2020, Pacific Mercantile Bancorp reported net income of $3.7 million, or $0.16 per fully diluted share compared to net income of $440 thousand, or $0.02 per fully diluted share, in the fourth quarter of 2019.
  • net interest income increased $394 thousand, for the reported quarter compared to the three months ended December 31, 2019 
  • Non-interest income increased by $458 thousand for Q4 2020 compared to the three months ended December 31, 2019
  • Noninterest expense decreased $870 thousand for Q4 2020 as compared to Q4 2019.

FY2020 financial results

  • For FY 2020, PMBC reported a net income of $8.3 million or $0.35 per fully diluted share.
  • Net interest income increased $2.4 million, for FY 2020 as compared to the fiscal year 2019.
  • Noninterest expense decreased $1.3 million, for FY 2020 as compared to the year ended December 31, 2019.

Conclusion

As of this writing, we were unable to find any latest development which could justify PMBC stock gains in the after-market on Thursday. its stock can go either way on Friday.

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