Pacific Mercantile Bancorp (PMBC) 2008年年度報告「NASDAQ」.pdf

1、40550:5 A N N U A L R E P D R T A N D 1DK ZOOS il Filings Services APR 2 8 2009 SNL Financial,LC 1-800-969-4121 PACIFIC MERCANTILE BANK I PACIFIC MERCANTILE BANK REMAINS THE SOLID BANKING SOLUTION FOR ALL YOUR BUSINESS NEEDS-NEWPORT BEACH 949-467-22DD CDSTA MESA 7 14-43S-Z6DD LOS ANGELES COUNTY INLA

2、ND ORANGE COUNTY BEVERLY HILLS 3 1D-B6D-3DDD LONB BEACH 5 6 2-9 8 3-5 4 0 0 fiP SAN JUAN CAPISTRANO 9 4 9-4 8 7-4 2 0 0 LA HABRA 562-690-7 100 P A C I F I C M E R C A N T I L E B C D R P D R A T E H E A D Q U A R T E R S 9 4 9 S O U T H C O A S T D R I V E T H I R D F L O O R C O S T A M E S A,CA 9

3、2 6 2 6 P H O N E 7 1 4-4 3 3-2 5 0 0 DIEGO c o u NTY ONTARIO 909-937-7260 r i i p i m if LA JOLLA 858-320-8400 /A Ls I r I LJ MERCANTILE BANK M e m b e r W W W.P M B A N K.C D M B 7 V-4 5 a-B A N K(B V 7-4 5 D-Z 2 S 5)N A S D A C -P M B C t=J Message from the President:Pacific Mercantile Bank again

4、 grew its total loan portfolio last year.However,due to the troubled economy,the Bank sustained its first yearly loss since its first year ofoperations in 1999.This was the result of the downward spiraling economy and a worsening recession that resulted in the instability of the credit markets and w

5、hich,to a degree,were influenced by the reductions in the interest rates the Federal Reserve implemented to stem the tide of the deteriorating conditions.No one anticipated the depths the present recession would reach.These economic conditions and the weakened credit markets caused a number of real

6、estate loan defaults and late payments by our borrowers who previously had been meeting their loan payment obligations.This decline in the businesses of some of our borrowers also resulted in an increased risk to our loan portfolio.Thus,in 2008 we were forced to take loan charge offs and substantial

7、ly add to our loan loss reserves,resulting in a loss for the year.Recognizing the need to closely monitor any further risk in our loan portfolio and to work even more closely with our customers,while continuing to abide by our high underwriting standards for incoming loans,we decided to enlarge our

8、credit department to swiftly recognize any new issues and to provide for the extra work and scrutiny required by the deteriorating and challenging economy.As a result,in the third quarter of 2008 we hired a new Senior Credit Administrator and a new Real Estate and Construction Workout professional.I

9、n the fourth quarter of 2008,we added a very experienced Chief Operating Officer,who was also a former Chief Credit Officer and,in April of 2009,we hired a highly skilled new Chief Credit Officer.With this excellent,very experienced credit team in place,we expect to be able to mitigate future risks

10、to our loan portfolio.As well as enhancing our credit department,we have taken additional positive steps to see us through what we expect will be a difficult year in 2009.We have established tactical initiatives spearheaded by Bob Bartlett,our new Chef Operating Officer,who has been successfiil in i

11、mplementing such initiatives at his prior banks.We are implementing new strategies and tactics to increase eamings,which include the implementation of improved procedures for the collection of fees,improved lending rates,enhanced DDA gathering methods,and enhanced Intemet and cash management systems

12、.1 am assisting,and will continue to personally assist,with the disposifion of properties that the Bank has acquired on foreclosure of defaulted loans(OREO).Addifionally,we are developing new strategies designed to enable us to raise additional capital in this difficult economic and market environme

13、nt,if and to the extent needed to support increased growth.Our technical and operations departments are hard at work replacing our old core operating system with a new,state-of-the art system,Metavante,to greatly enhance our present technical and operating capabilities and to provide us with enhance

14、d tools for measuring the efficacy of our new strategic initiatives and programs.Anticipating a flat commercial loan market in year 2009,we recently completed a thorough review of recent market trends to identify other sources of revenues and eamings for the Bank.Those trends,we believe,indicate tha

15、t prices for homes are likely to stabilize and the economy is likely to show signs of recovery in the coming months and,as a result,we expect to see an increase in home purchases and a corresponding increase in the demand for residential mortgage loan products.Additionally,we believe that the credit

16、 quality of prospective borrowers will be much improved,because credit underwriting standards are being tightened and sub-prime and other high-risk mortgage loan products have been discontinued.As a result,we are planning to re-enter the wholesale and retail mortgage loan origination business,which

17、we believe will provide us with an opportunity to increase our revenues and profitability.We plan to pursue this opportunity in a conservative manner by,among other things,building on the experience we gained from our previous wholesale and retail mortgage loan operations,which enabled us to increas

18、e revenues and improve our profitability throughout the years of,and following,the bust in 2000 and again after 9-11,when the commercial lending market slowed for several years,and by applying stringent underwriting standards when making credit decisions.Our plan initially is to offer mortgage loan

19、products consisting of govemment and agency-quality one-to-four family first mortgage loans,which,in most instances we would fiind at the time of origination and then sell to investors in the secondary market.In conjunction with that business,we will follow up with a retail residential mortgage loan

20、 division later in 2009.Please remember that we had the foresight to completely close down our wholesale mortgage division in 2005,thereby avoiding the financial problems plaguing the industry and economy today and allowing us to weather the mortgage meltdown and,at the same time,maintain our strong

21、 financial condition.As a result,we have been able to hire a highly professional and experienced bank trained mortgage team with licensed govemment underwriters and bank experienced mortgage compliance professionals to put the systems into place that will allow us to start accepting loans in our mor

22、tgage department in the second quarter of 2009.To address the decreasing interest rate market,we decided to aggressively compete in the market place by offering an innovative and exciting deposit product,the PMB Premium Interest Checking Account.This consumer account pays a premium interest rate for

23、 accounts with deposit balances ranging from$1,500 to$100,000,although customers will be able to open such accounts with an inifial deposit ofonly$100.There are some requirements for keeping the premium rate in effect;and customers are advised to call their local office for details.Another very impo

24、rtant product we rolled out in 2007,for which the demand continues to grow is the Remote Deposit Capture product,which we call our PMB Xpress Deposit.This product enables our business customers to deposit checks electronically,using a desktop scanner that connects to their computer and the Intemet.T

25、his allows customer checks to be deposited electronically to the Bank day or night.The product allows us to stay very competitive in the electronic banking arena and has proven to be a much desired product by our customers.We have also recently added a seasoned cash management professional whose pri

26、mary responsibilities will be to bring new core deposit customers to the Bank and to augment the deposit and cash management relationships ofour present customers.We are proud of our excellent and experienced commercial loan and business development officers and thank them for the strong growth ofou

27、r commercial loan portfolio.Our operations staff is first rate and strongly supports the safe and sound banking practices we are committed to,while also supporting the loan officers efforts and providing excellent service to our Banks customers.Our credit,finance,administration and technical staff h

28、as worked tirelessly supporting all of the Banks growth,efforts and products.Our unprecedented growth during the 10 years since our inception could not have been achieved without their dedication and tireless efforts,and 1 am ever grateful for their loyalty and support,especially through this diffic

29、ult fime.In closing,I would like to extend a personal invitation to each of you to stop by one ofour Financial Centers to try our banking services firsthand,if you have not already done so.Please remember that your utilization of Pacific Mercantile Banks services will directly enhance your sharehold

30、er value.For the Financial Center nearest you,please tum to the inside cover ofthis Annual Report,and call any ofour offices to set up an appointment to talk with one of our knowledgeable banking officers to discuss your financial needs.Sincerely,/-Raymond E.Dellerba President and CEO PACIFIC MERCAN

31、TILE BANK&PACIFIC MERCANTILE BANCDRP B O A R D C F DIRECTORS GEORGE H.WELLS CHAIRMAN DF T H E BDARD RETIRED,INVESTOR M E M B E R S RAYMOND E.DELLERBA PRESIDENT&CHIEF EXECUTIVE OFFICER,PACIFIC MERCANTILE B A N K WARREN T.FINLEY ATTORNEY AT LAW MATTHEW F.BCHAFNITZ GED,BRAKKE-SCHAFNITZ INSURANCE BROKER

32、S,INC.C O R P O R A T E I N F O R M A T I O N LEGAL C O U N S E L STRADLING YOCCA CARLSON&RAUTH 6 6 0 NEWPORT CENTER DRIVE,1 5 T H FLOOR NEWPORT BEACH,CA 9 2 6 6 0 CERTIFIED PUBLIC A C C O U N T A N T S GRANT THORNTON,LLP 1 B30D V O N KARMAN,SUITE BDO IRVINE,CA 9 2 6 1 2-1 0 5 5 S T O C K TRANSFER A

33、 B E N T A N D REGISTRAR COMPUTERSHARE 1 7 4 5 GARDENA AVENUE GLENDALE,CA 9 1 2 0 4-2 9 9 1 J O H N THOMAS,M.D.PRESIDENT&MEDICAL DIRECTOR,RED BLUFF TUMOR INSTITUTE GARY M.WILLIAMS PRESIDENT&CED,GARCHER ENTERPRISES,INC,C O R P O R A T E O F F I C E R S PACIFIC MERCANTILE B A N C O R P RAYMOND E.DELLE

34、RBA PRESIDENT&CHIEF EXECUTIVE OFFICER NANCY A.GRAY SR.EXECUTIVE VICE PRESIDENT&CHIEF FINANCIAL OFFICER BARBARA I.PALERMO EXECUTIVE VICE PRESIDENT,ADMINISTRATION&CORPORATE SECRETARY A N N U A L S T O C K H O L D E R S M E E T I N G T H E FAIRMONT HOTEL(FORMERLY SUTTON PLACE)45DO MAC ARTHUR BOULEVARD

35、NEWPORT BEACH,C A 9 2 6 6 0 MAY 1 9,2DD9,2:DD PM S T O C K LISTING THE COMPANYS COMMON STOCK IS TRADED ON NASDAQ NATIONAL MARKETS UNDER THE SYMBOL P M B C INQUIRIES/FINANCIAL INFORMATION STOCKHOLDERS OR MEMBERS O F T H E INVESTMENT COMMUNITY SEEKING INFORMATION ABOUT PACIFIC MERCANTILE B A N K OR PA

36、CIFIC MERCANTILE BANCORP,SHOULD DIRECT THEIR INQUIRIES TO THE BANKS WEBSITE AT WWW,PMBANK,CaM,DR TO BARBARA I,PALERMO,EVP,AT 7 1 4-43B-25DD,OR IN WRITING TO CORPORATE HEADQUARTERS.PACIFIC MERCANTILE B A N K RAYMOND E.DELLERBA PRESIDENT&CHIEF EXECUTIVE OFFICER ROBERT W.BARTLETT SR,EXECUTIVE VICE PRES

37、IDENT&CHIEF DPERATINE OFFICER CHARLES L.DOW EXECUTIVE VICE PRESIDENT&CHIEF TECHNDLDGY OFFICER NANCY A.GRAY SR.EXECUTIVE VICE PRESIDENT&CHIEF FINANCIAL OFFICER MICHAEL G.GREEN EXECUTIVE VICE PRESIDENT&CHIEF CREDIT OFFICER J O H N A,JOHNSTON SR,EXECUTIVE VICE PRESIDENT&MANAGER,MORTGAGE DIVISION BARBAR

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