Shifts More Personnel Towards Business Development
Costa Mesa-based Pacific Mercantile Bancorp reported fourth-quarter net income jumped to $3.7 million from $440,000 in the same period a year ago.
“Our strong fourth-quarter operating results reflect the continuation of improved financial performance resulting from our efforts to lower our cost of deposits, reduce our cost structure, and improve our ability to attract new operating companies to the Bank,” CEO Brad Dinsmore said in a statement.
In 2020, the bank eliminated $3 million in annual expenses, shifted more of its personnel towards business development roles and expanded its commercial banking team.
Its shares were relatively unchanged on the days following the results’ release. Its shares have almost doubled to around $6.70 since the third-quarter results were announced.