Costa Mesa-based bank holding company Pacific Mercantile Bancorp reported net income of $284,000 for the quarter ended March 31.
The company reported a net loss of $85,000 for the same period a year ago, when it ended funding of broker-originated Small Business Administration loans, terminated 15 employees from its SBA group, and issued $611,000 in severance pay.
First-quarter net interest income was $8.7 million, up 7% year-over-year. Noninterest income was $754,000, down 15%.
Assets totaled $1.1 billion as of March 31, about flat, and loans totaled $840.2 million, up 1.4%.
Deposits totaled $934 million, up 5%. Noninterest-bearing deposits made up about 29% of that, up from 27%.
Shares in PacMerc traded recently at a market cap of about $172 million.
