Pacific Mercantile Bancorp reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest income of $15,015,000 compared to $11,604,000 a year ago. Net interest income was $12,185,000 compared to $10,071,000 a year ago. Net interest income after provision for loan and lease losses was $12,185,000 compared to $10,071,000 a year ago. Income before income taxes was $3,707,000 compared to $1,830,000 a year ago. Net income was $3,707,000 compared to $1,781,000 a year ago. Basic and diluted income per common share was $0.16 compared to $0.08 a year ago. Return on average assets was 1.15% against 0.64% a year ago. Return on average equity was 12.94% against 7.02% a year ago. Tangible book value per share was $4.99 as on March 31, 2018. Tangible book value per share, as adjusted was $5.05 as on March 31, 2018. The increase in net income, as compared to the three months ended December 31, 2017, is primarily attributable to an increase in net interest income and a decrease in noninterest expense. An increase in interest income of $3.4 million, or 29.4%, primarily attributable to an increase in interest earned on loans and short-term investments as a result of higher average balances and an increase in the average yields during the three months March 31, 2018 as compared to the three months ended March 31, 2017, which was primarily the result of the rising interest rate environment; partially offset by.

For the first quarter of 2018, net charge-offs of $791,000 compared with net charge-offs of $852,000 for the three months ended December 31, 2017.