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home / news releases / PDOB - Presidio Bank Reports Results for the Fourth Quarter and Full Year 2017

PDOB - Presidio Bank Reports Results for the Fourth Quarter and Full Year 2017

Presidio Bank (San Francisco)

Pretax Income up 53% for the year.

Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited results for the fourth quarter and full year ended December 31, 2017 with Net Income for the year of $5.5 million, up 22% from 2016, despite a $1.5 million revaluation of Deferred Tax Assets and Low Income Housing Investments in the fourth quarter due to the recently passed tax reform legislation. Pretax Income for the 2017 was $11.3 million, up 53% from 2016. Pretax Income for the quarter ending December 31, 2017 was $3.4 million, flat to the quarter ending September 30, 2017, but up 75% from the quarter ending December 31, 2016. Total Assets were a record high $794 million at December 31, 2017, up $8 million from September 30, 2017 and up $47 million or 6% from December 31, 2016.

“A combination of continued growth, improved efficiency and higher Net Interest Margin driven by higher short-term interest rates resulted in disproportionate growth in profitability,” said Presidio Bank President and CEO Steve Heitel. “These factors along with a lower federal income tax rate make us optimistic about 2018.”

Financial Highlights

  • Total Loans Outstanding were up $9 million from the quarter ending September 30, 2017 and up $53 million for the year or 9%. Growth for the year was centered in Land and Construction Loans, up $32 million and Commercial and Industrial Loans, up $17 million. The growth in Land and Construction Loans represents the return to a more normalized level after a decline of $30 million in the category in 2016 due to the timing of projects financed. Growth in Commercial Real Estate loans of $8 million was modest compared to prior years and is related to intense rate competition in the category, which has slowed originations and accelerated prepayments. Loan Originations for the fourth quarter of 2017 were $69 million, up from $44 million in the third quarter. For the year, Loan Originations were $259 million, up from $221 million in 2016.
  • Total Deposits increased by $7 million from the quarter ended September 30, 2017. Total Deposits increased $41 million for the year or 6%. Demand Deposits declined $10 million in the fourth quarter but were up $37 million or 14.5% for the year. Demand Deposits now total 42% of total deposits. Money Market deposits declined by $21 million during the year. This was due largely to a $30 million escrow deposit that originated in 2016 and was distributed out in the third quarter of 2017.
  • Net Interest Income of $7.7 million in the fourth quarter of 2017 was down 2% from the third quarter of 2017 and up 23% from the fourth quarter of 2016. The third quarter of 2017 included recognition of $420 thousand in interest and fees related to collection of a non-performing loan. For the year, Net Interest Income was up 20% over 2016. Net Interest Margin decreased during the quarter to 4.11% from 4.34% in the third quarter of 2017 due to the aforementioned collection of interest and fees. Adjusted for that, Net Interest Margin was flat for the quarter. Net Interest Margin for the full year was 4.05%, up from 3.63% in 2016. Loan Yields for the quarter declined to 5.05% from 5.14% in the third quarter of 2017. For the year, Loan Yields increased to 4.91% from 4.65%. Cost of Funds and Cost of Deposits were essentially flat for the quarter and the year at 0.28% and 0.15% respectively.
  • Operating Expenses were essentially flat from the third quarter of 2017 and increased 7.6% from the fourth quarter of 2016. For the full year, Operating Expenses were up 8% primarily due to growth related increases in Salary and Benefits Expenses, an increase in Occupancy Expense due to the lease on our new Walnut Creek location that opened in the 2nd half of the year, and an increase in Loan Loss Provision Expense on the Undisbursed Loans due to a high level of unfunded Construction Loan Commitments. The expense growth is compared to revenue growth of 20% for the year. The Bank’s efficiency ratio improved from 68% in 2016 to 61.7% in 2017
  • Credit Quality remains strong with a Classified to Capital Ratio of 3.7% at December 31, 2017 which improved from 5.9% at December 31, 2016. The number of classified relationships has been reduced to two from five at the end of 2016. This improvement has been somewhat offset by an increase in Special Mention relationships from three at December 31, 2016 to eleven at December 31, 2017. Total Criticized and Classified Loans still represents only 3% of Loan Commitments and 4% of Loans Outstanding at December 31, 2017. At year end, the Bank had no Non-Performing Loans.
  • Diluted Earnings per Common Share were $0.09 for the quarter compared to $0.32 in the third quarter of 2017 and $0.19 in the fourth quarter of 2016. Diluted Earnings per Common Share were $0.87 for the year, up from $0.75 in 2016.
  • Book Value per Share increased to $12.29 per share at December 31, 2017 from $12.15 per share at September 30, 2017 and $11.31 per share at December 31, 2016.

“I am pleased that the Bank continues to demonstrate improved performance by executing its disciplined growth strategy,” said Presidio Bank Chairman and Founder, Jim Woolwine.

 
4(th) Quarter 2017 Financial Results

(Dollars in thousands, except per share amounts, unaudited)

 
Condensed Balance Sheet
 
 
 
 
 
12/31/2017
 
9/30/2017
 
Change
 
12/31/2016
 
Change
 
Cash and due from banks
7,613
10,677
(28.7
%)
6,035
26.1
%
Interest bearing due from banks
 
129,952
 
 
 
126,277
 
2.9
%
 
150,159
 
(13.5
%)
Total cash and equivalents
137,565
136,954
0.4
%
156,194
(11.9
%)
Investment securities
12,313
12,801
(3.8
%)
13,249
(7.1
%)
Loans, net of fees
626,282
617,269
1.5
%
572,780
9.3
%
Allowance for loan losses
 
(7,166
)
 
 
(7,166
)
0.0
%
 
(6,868
)
(4.3
%)
Net loans
619,116
610,103
1.5
%
565,912
9.4
%
Premises and equipment, net
2,627
2,452
7.1
%
1,020
157.6
%
Other assets and interest receivable
 
22,237
 
 
 
23,312
 
(4.6
%)
 
11,128
 
99.8
%
Total assets
793,858
785,622
1.0
%
747,503
6.2
%
 
Non-interest-bearing demand
295,070
304,726
(3.2
%)
257,757
14.5
%
Interest bearing transaction
120,109
98,019
22.5
%
99,604
20.6
%
Money market and savings accounts
238,706
247,857
(3.7
%)
259,711
(8.1
%)
Time deposits
 
50,269
 
 
 
46,871
 
7.3
%
 
46,412
 
8.3
%
Total deposits
704,154
697,473
1.0
%
663,484
6.1
%
Borrowings
10,174
10,346
(1.7
%)
9,845
3.3
%
Other liabilities
 
4,767
 
 
 
4,001
 
19.2
%
 
6,812
 
(30.0
%)
Total liabilities
719,095
711,820
1.0
%
680,140
5.7
%
 
Common stock
65,960
65,585
0.6
%
64,122
2.9
%
Retained earnings
8,854
8,252
7.3
%
3,377
162.2
%
Other comprehensive income
 
(51
)
 
 
(35
)
(47.8
%)
 
(137
)
62.5
%
Total shareholder’s equity
 
74,763
 
 
 
73,802
 
1.3
%
 
67,362
 
11.0
%
Total liabilities and equity
 
793,858
 
 
785,622
 
1.0
%
 
747,503
 
6.2
%
 
Book value per share
Book value per share
$
12.29
$
12.15
$
11.31
Total shares outstanding EOP
6,084
6,074
5,957
 
Capital Ratios
Tier 1 leverage ratio
9.7
%
9.9
%
9.1
%
Tier 1 risk-based capital ratio
9.8
%
9.8
%
10.1
%
Tangible common risk-based ratio
9.8
%
9.8
%
10.1
%
Total risk-based capital ratio
12.1
%
12.2
%
12.7
%
Condensed Statement of Income

(Dollars in thousands, except per share amounts, unaudited)

 
 
For the three months ended
For the twelve months ended
12/31/2017
 
9/30/2017
 

Change
Fav./
(Unfav.)

 
12/31/2016
 

Change
Fav./
(Unfav.)

12/31/2017
 
12/31/2016
 

Change
Fav./
(Unfav.)

 
 
 
 
 
 
Interest income
8,236
8,362
(1.5
%)
6,736
22.3
%
30,799
25,993
18.5
%
Interest expense
 
483
 
 
 
472
 
(2.3
%)
 
455
 
(6.0
%)
 
1,819
 
 
 
1,775
 
 
(2.5
%)
Net interest income
7,753
7,890
(1.7
%)
6,281
23.4
%
28,980
24,218
19.7
%
Provision for loan loss
 
-
 
 
 
100
 
100.0
%
 
226
 
100.0
%
 
298
 
 
 
567
 
 
47.4
%
Net interest income after provision
7,753
7,790
(0.5
%)
6,055
28.0
%
28,682
23,651
21.3
%
 
Other income
287
268
7.3
%
189
51.9
%
948
698
35.8
%
 
Compensation and benefit expenses
2,814
3,036
7.3
%
2,657
(5.9
%)
11,525
10,671
(8.0
%)
Occupancy and equipment expenses
617
628
1.8
%
547
(12.7
%)
2,282
2,124
(7.4
%)
Data processing
388
346
(12.3
%)
340
(14.2
%)
1,366
1,287
(6.1
%)
Professional and legal
155
77
(102.0
%)
121
(27.9
%)
574
539
(6.4
%)
Other operating expenses
 
627
 
 
 
533
 
(17.7
%)
 
612
 
(2.5
%)
 
2,547
 
 
 
2,310
 
 
(10.3
%)
Total operating expenses
 
4,601
 
 
 
4,620
 
0.4
%
 
4,277
 
(7.6
%)
 
18,294
 
 
 
16,931
 
 
(8.1
%)
Net income before taxes
3,439
3,438
0.0
%
1,967
74.8
%
11,336
7,418
52.8
%
Income taxes
 
2,838
 
 
 
1,358
 
(109.1
%)
 
763
 
(272.0
%)
 
5,859
 
 
 
2,941
 
 
(99.2
%)
Net income
 
601
 
 
 
2,080
 
(71.1
%)
 
1,204
 
(50.0
%)
 
5,477
 
 
 
4,477
 
22.3
%
 
Earnings Per Share
Basic earnings per share
$
0.10
$
0.33
$
0.20
$
0.91
$
0.77
Diluted earnings per share
$
0.09
$
0.32
$
0.19
$
0.87
$
0.75
Average shares outstanding
6,009
6,001
5,906
5,979
5,788
Average diluted shares
6,328
6,277
6,146
6,259
5,987
 
Performance Ratios
Return on average assets
0.32
%
1.10
%
0.65
%
0.75
%
0.66
%
Return on average common equity
3.25
%
11.31
%
7.15
%
7.67
%
7.04
%
Net interest margin
4.11
%
4.34
%
3.45
%
4.05
%
3.63
%
Cost of funds
0.28
%
0.28
%
0.27
%
0.28
%
0.29
%
Efficiency ratio
57.4
%
57.0
%
66.1
%
61.7
%
68.0
%
 
Average Balances
Total assets
774,015
748,229
738,307
736,754
680,565
Earning assets
747,679
721,374
725,247
715,782
666,298
Total loans
608,584
612,493
537,641
594,624
534,930
Total deposits
684,233
660,790
655,149
649,793
596,303
Common equity
75,531
73,108
66,788
72,056
63,275
Condensed Balance Sheet (5 Quarter Data)

(Dollars in thousands, except per share amounts, unaudited)

 
 
 
 
 
 
 
 
 
 
12/31/2017
 
9/30/2017
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
 
 
 
Cash and due from banks
7,613
10,677
9,789
6,239
6,035
Interest bearing due from banks
 
129,952
 
 
 
126,277
 
 
 
101,532
 
 
 
88,944
 
 
 
150,159
 
Total cash and equivalents
137,565
136,954
111,321
95,183
156,194
Investment securities
12,313
12,801
12,736
12,893
13,249
Loans, net of fees
626,282
617,269
603,689
578,033
572,780
Allowance for loan losses
 
(7,166
)
 
 
(7,166
)
 
 
(7,014
)
 
 
(6,868
)
 
 
(6,868
)
Net loans
619,116
610,103
596,675
571,165
565,912
Premises and equipment, net
2,627
2,452
1,335
1,005
1,020
Other assets and interest receivable
 
22,237
 
 
 
23,312
 
 
 
24,159
 
 
 
11,610
 
 
 
11,128
 
Total assets
793,858
785,622
746,226
691,856
747,503
 
Non-interest-bearing demand
295,070
304,726
250,344
233,059
257,757
Interest bearing transaction
120,109
98,019
103,727
98,560
99,604
Money market and savings accounts
238,706
247,857
258,564
228,801
259,711
Time deposits
 
50,269
 
 
 
46,871
 
 
 
47,293
 
 
 
48,016
 
 
 
46,412
 
Total deposits
704,154
697,473
659,928
608,436
663,484
Borrowings
10,174
10,346
10,152
9,860
9,845
Other liabilities
 
4,767
 
 
 
4,001
 
 
 
4,837
 
 
 
4,233
 
 
 
6,812
 
Total liabilities
719,095
711,820
674,917
622,529
680,140
 
Common stock
65,960
65,585
65,185
64,801
64,122
Retained earnings
8,854
8,252
6,173
4,581
3,377
Other comprehensive income
 
(51
)
 
 
(35
)
 
 
(49
)
 
 
(55
)
 
 
(137
)
Total shareholder’s equity
 
74,763
 
 
 
73,802
 
 
 
71,309
 
 
 
69,327
 
 
 
67,362
 
Total liabilities and equity
 
793,858
 
 
 
785,622
 
 
 
746,226
 
 
 
691,856
 
 
 
747,503
 
 
Book value per share
Book value per share
$
12.29
$
12.15
$
11.75
$
11.50
$
11.31
Total shares outstanding EOP
6,084
6,074
6,069
6,030
5,957
 
Capital Ratios
Tier 1 leverage ratio
9.7
%
9.9
%
10.0
%
9.7
%
9.1
%
Common equity tier 1 capital ratio
9.8
%
9.8
%
9.6
%
10.1
%
10.1
%
Tier 1 risk-based capital ratio
9.8
%
9.8
%
9.6
%
10.1
%
10.1
%
Total risk-based capital ratio
12.1
%
12.2
%
12.0
%
12.6
%
12.7
%
Condensed Statement of Income (5 Quarter Data)

(Dollars in thousands, except per share amounts, unaudited)

 
For the three months ended
12/31/2017
 
9/30/2017
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
 
 
 
Interest income
8,236
8,362
7,349
6,853
6,736
Interest expense
 
483
 
 
 
472
 
 
 
442
 
 
 
422
 
 
 
455
 
Net interest income
7,753
7,890
6,907
6,431
6,281
Provision for loan loss
 
-
 
 
 
100
 
 
 
198
 
 
 
-
 
 
 
226
 
Net interest income after provision
7,753
7,790
6,709
6,431
6,055
 
Other income
287
268
191
202
189
 
Compensation and benefit expenses
2,814
3,036
2,736
2,938
2,657
Occupancy and equipment expenses
617
628
518
520
547
Data processing
388
346
326
306
340
Professional and legal
155
77
203
139
121
Other operating expenses
 
627
 
 
 
533
 
 
 
586
 
 
 
801
 
 
 
612
 
Total operating expenses
 
4,601
 
 
 
4,620
 
 
 
4,369
 
 
 
4,704
 
 
 
4,277
 
Net income before taxes
3,439
3,438
2,531
1,929
1,967
Income taxes
 
2,838
 
 
 
1,358
 
 
 
939
 
 
 
725
 
 
 
763
 
Net income
 
601
 
 
 
2,080
 
 
 
1,592
 
 
 
1,204
 
 
 
1,204
 
 
Earnings Per Share
Basic earnings per share
$
0.10
$
0.33
$
0.27
$
0.20
$
0.20
Diluted earnings per share
$
0.09
$
0.32
$
0.26
$
0.19
$
0.19
Average shares outstanding
6,009
6,001
5,899
5,932
5,906
Average diluted shares
6,328
6,277
6,157
6,185
6,146
 
Performance Ratios
Return on average assets
0.32
%
1.10
%
0.90
%
0.69
%
0.65
%
Return on average common equity
3.25
%
11.31
%
9.03
%
7.09
%
7.15
%
Net interest margin
4.11
%
4.34
%
3.98
%
3.74
%
3.45
%
Cost of funds
0.28
%
0.28
%
0.28
%
0.27
%
0.27
%
Efficiency ratio
57.4
%
57.0
%
61.6
%
71.0
%
66.1
%
 
Average Balances
Total assets
774,015
748,229
711,847
712,119
738,307
Earning assets
747,679
721,374
695,297
698,171
725,247
Total loans
608,584
612,493
588,980
567,792
537,641
Total deposits
684,233
660,790
627,004
628,228
655,149
Common equity
75,531
73,108
70,741
68,760
66,788
 
 
 
 
 
Loans (5 Quarter Data)

(Dollars in Thousands, unaudited)

 
 
 
 
 
 
 
 
 
12/31/2017
 
9/30/2017
 
6/30/2017
 
3/31/2017
 
12/31/2016
 
Commercial real estate
271,346
268,357
275,189
268,334
263,463
Land and construction
44,714
39,599
22,657
13,629
12,298
Commercial
197,748
194,884
187,537
176,073
180,412
Personal
16,295
21,292
23,008
30,992
31,352
Residential
34,174
34,389
33,671
27,077
30,510
Multifamily
63,024
59,764
62,634
62,898
55,593
Deferred loan fees
(1,019
)
 
(1,016
)
 
(1,007
)
 
(970
)
 
(848
)
Loans
626,282
617,269
603,689
578,033
572,779
Allowance for loan losses
(7,166
)
 
(7,166
)
 
(7,015
)
 
(6,868
)
 
(6,868
)
Net loans
619,116
610,103
596,675
571,165
565,912
 
 
 
 
Non-Performing Assets (5 Quarter Data)

(Dollars in Thousands, unaudited)

 
 
 
 
 
 
 
 
12/31/2017
 
9/30/2017
 
6/30/2017
3/31/2017
 
12/31/2016
 
Non-Accrual Loans
-
-
991
 
1,042
1,055
Non-Performing Loans (NPL)
-
-
991

1,042

1,055
Other Real Estate Owned
-
-
-
-
-
Non-Performing Assets (NPA)
-
-
991
1,042
1,055
90+ Days Delinquent
-
-
-
-
-
NPAs & 90 Day Delinquent
-
-
991
1,042
1,055
Quarterly Net Charge-offs
-
(51
)
51
-
-
 
NPAs / Assets %
0.00
%
0.00
%
0.13
%
0.15
%
0.14
%
NPAs & 90 Day / Assets %
0.00
%
0.00
%
0.13
%
0.15
%
0.14
%
NPAs / Actual Loans and OREO %
0.00
%
0.00
%
0.13
%
0.15
%
0.14
%
Loan Loss Reserves / Loans (%)
1.14
%
1.16
%
1.16
%
1.19
%
1.20
%
 
Net Interest Income (Quarterly Data)

(Dollars in Thousands, unaudited)

 
For the Three Months Ended
12/31/2017
 
9/30/2017
 
Interest
 
 
 
Interest
 
 
Average
Income/
Average
Average
Income/
Average
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-bearing deposits
$
126,532
$
375
1.18
%
$
96,029
$
324
1.34
%
Federal Reserve and Federal Home Loan Bank stock
4,644
77
6.56
4,625
74
6.38
Investment Securities
7,919
32
1.61
8,227
32
1.56
Loans: (2)
Commercial
185,629
2,448
5.23
187,888
2,777
5.86
Land and Construction
42,055
655
6.18
32,792
524
6.33
Commercial Real Estate
267,166
3,334
4.95
274,847
3,278
4.73
Residential
33,500
414
4.90
33,997
420
4.90
Multifamily
62,002
712
4.56
60,424
690
4.53
Personal
18,232
189
4.12
22,545
243
4.28
Total Loans
608,584
7,752
5.05
612,493
7,932
5.14
Total Earning Assets
747,679
8,236
4.37
721,374
8,362
4.60
Allowance for loan losses
(7,166)
(7,149)
Cash and cash equivalents
8,441
8,639
Other assets
25,061
25,365
Total Assets
$
774,015
$
748,229
 
Liabilities:
Interest-bearing deposits:
Interest-bearing NOW deposits
$
107,767
$
41
0.15
%
$
103,364
$
47
0.18
%
Money market deposits
241,802
143
0.23
248,786
137
0.22
Savings deposits
4,341
1
0.11
5,066
1
0.10
Certificates and other time deposits
49,965
87
0.69
47,612
76
0.64
Total Interest-bearing Deposits
403,875
272
0.27
404,828
261
0.26
Borrowings
10,161
211
8.24
10,327
211
8.11
Total Interest-bearing Liabilities
414,036
483
0.46
415,155
472
0.45
Noninterest-bearing deposits
280,358
255,962
Other liabilities
4,090
4,004
Total Liabilities
698,484
675,121
Stockholders' Equity
75,531
73,108
Total Liabilities and Stockholders' Equity
$
774,015
$
748,229
Net Interest Income
$
7,753
$
7,890
Net Interest Margin
4.11
%
4.34
%
Cost of Funds
0.28
%
0.28
%
Cost of Deposits
0.16
%
0.16
%
 
Net Interest Income (Annual Data)

(Dollars in Thousands, unaudited)

 
For the Twelve Months Ended
12/31/2017
 
 
12/31/2016
 
Interest
 
 
 
Interest
 
 
Average
Income/
Average
Average
Income/
Average
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-bearing deposits
$
108,324
$
1,183
1.09
%
$
117,087
$
592
0.51
%
Federal Reserve and Federal Home Loan Bank stock
4,505
302
6.70
4,016
373
9.30
Investment Securities
8,329
128
1.54
10,265
143
1.39
Loans: (2)
Commercial
180,630
9,358
5.18
153,918
7,221
4.69
Land and Construction
26,482
1,647
6.22
33,487
1,754
5.24
Commercial Real Estate
269,499
12,838
4.76
238,263
11,205
4.70
Residential
31,615
1,500
4.74
28,281
1,186
4.19
Multifamily
61,246
2,795
4.56
48,843
2,248
4.60
Personal
25,152
1,048
4.17
32,137
1,272
3.96
Total Loans
594,624
29,186
4.91
534,930
24,884
4.65
Total Earning Assets
715,782
30,799
4.30
666,298
25,993
3.90
Allowance for loan losses
(7,020)
(6,452)
Cash and cash equivalents
8,839
9,272
Other assets
19,153
11,446
Total Assets
$
736,754
$
680,565
 
Liabilities:
Interest-bearing deposits:
Interest-bearing NOW deposits
$
104,157
$
183
0.18
%
$
88,330
$
173
0.20
%
Money market deposits
239,776
515
0.21
237,624
541
0.23
Savings deposits
4,550
4
0.10
3,335
4
0.11
Certificates and other time deposits
47,569
273
0.57
47,003
195
0.41
Total Interest-bearing Deposits
396,052
975
0.25
376,293
912
0.24
Borrowings
10,066
844
8.39
14,088
863
6.12
Total Interest-bearing Liabilities
406,118
1,819
0.45
390,382
1,775
0.45
Noninterest-bearing deposits
253,741
220,010
Other liabilities
4,839
6,898
Total Liabilities
664,698
617,289
Stockholders' Equity
72,056
63,275
Total Liabilities and Stockholders' Equity
$
736,754
$
680,565
Net Interest Income
$
28,980
$
24,218
Net Interest Margin
4.05
%
3.63
%
Cost of Funds
0.28
%
0.29
%
Cost of Deposits
0.15
%
0.15
%
 

About Presidio Bank

Presidio Bank provides business banking services to small and mid-size businesses, including professional service firms, real estate developers and investors, and not-for-profit organizations, and to their owners who desire personalized, responsive service with access to local decision makers. Presidio Bank offers clients the resources of a large bank combined with the personalized services of a neighborhood bank. Presidio Bank is headquartered in San Francisco, California and currently operates five banking offices in San Francisco, Walnut Creek, San Rafael, San Mateo and Palo Alto. More information is available at www.presidiobank.com. Presidio Bank is a member of FDIC and an Equal Housing Lender.

This press release contains certain forward-looking statements that involve risk and uncertainties. These statements are identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “plan,” “estimate,” “project,” or similar expressions. The risks and uncertainties that may affect the operations, performance, development, growth projections and results of Presidio Bank’s business include, but are not limited to, the growth of the economy, interest rate movements, timely development by Presidio Bank of technology enhancements for its products and operating systems, the impact of competitive products, services and pricing, client-based requirements, Congressional legislation, changes in regulatory or generally accepted accounting principles and similar matters. Readers are cautioned not to place undue reliance on forward-looking statements which are subject to influence by the named risk factors and unanticipated future events. Actual results, accordingly, may differ materially from management expectations.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180122005385/en/

Presidio Bank
Steve Heitel, 415.229.8428
President & CEO
Ed Murphy, 415.229.8403
EVP/CFO
or
MEDIA:
Annette Gelinas, 925-287-7881 (o) / 925-787-2956 (c)
SVP/Marketing Director
agelinas@presidiobank.com

Copyright Business Wire 2018
Stock Information
Company Name: Presidio Bank (San Francisco)
Stock Symbol: PDOB
Market: OTC
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