Costa Mesa-based Pacific Mercantile Bank, the largest based in the county by assets, climbed back into profitability in the first quarter.
The bank said Friday it earned $126,000 in the quarter, versus a loss $2.1 million a year earlier.
Pacific Mercantile credited most of its first-quarter gains to a 57% increase to $3 million in interest income from loans and investments.
At the same time, Pacific Mercantile said it cut the amount it provisioned for bad loans to $2.3 million, or some 65% less than a year earlier.
The improved financial picture for the bank had been anticipated.
Through public filings, Pacific Mercantile has been releasing bits and pieces of its first-quarter financial situation this week.
Investors have been pushing up Pacific Mercantile’s stock.
The shares are up about 33% so far this year with a recent market value of $50 million.
The shares were off about 5% in afternoon New York trading Friday with some investors likely cashing out gains.
On Thursday, shares hit a new 52-week high.
