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Pacific Mercantile Bancorp Reports Fourth Quarter and Fiscal 2020 Operating Results


Net Interest Income  
Q4 2020 vs Q3 2020. Net interest income decreased $1.3 million, or 9.2%, for the three months ended December 31, 2020 as compared to the three months ended September 30, 2020 primarily as a result of:
A decrease in interest income of $1.8 million, or 11.1%, primarily attributable to the decrease in the balance of the loan portfolio and an adjustment to the accretion of PPP fee income that resulted in a deferral of income to the next quarter, decreasing the fee income for the three months ended December 31, 2020 as compared to the three months ended September 30, 2020; partially offset by
A decrease in interest expense of $465 thousand, or 26.4%, primarily attributable to our ongoing focus on reducing costs of deposits by monitoring and lowering interest rates in response to the current interest rate environment and actively managing our deposit portfolio away from higher costing money market deposits and certificates of deposit and into noni ....

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