Costa Mesa-based Pacific Mercantile Bancorp reported profits of $12.1 million, or $0.53 per share in its most recent quarter, up from $287,000 in the same period last year.
The bank holding company said increased earnings were due to a reversal of $11.6 million in allowance of deferred tax assets.
Full-year profits for Pac Merc were $12.4 million, compared with $357,000 year-over-year.
Pacific Mercantile shares traded about 4% higher recently for a market cap of $165 million.
