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home / news releases / PDOB - Presidio Bank Reports Results for the Second Quarter of 2018

PDOB - Presidio Bank Reports Results for the Second Quarter of 2018

Presidio Bank (San Francisco)

Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited results for the second quarter ended June 30, 2018 with Net Income of $2.8 million, up $600 thousand (27%) from the first quarter of 2018 and up $1.2 million (78%) from the second quarter of 2017. Total Assets were $853 million at June 30, 2018, up $3 million from March 31, 2018 and up $107 million from June 30, 2017.

“While asset growth was modest in the second quarter, the Bank continues to significantly improve its profitability and efficiency,” said Presidio Bank CEO Steve Heitel. “Our Return on Assets and Return on Equity are both up more than 50% from the same period a year ago.”

Financial Highlights

  • Total Loans Outstanding were up $3 million from the quarter ending March 31, 2018 and up $50 million from June 30, 2017 or 8%. New Loan Originations were $50 million, down from $80 million in the exceptionally strong first quarter of 2018. Loan growth was centered in Commercial Real Estate and Multi Family loans, which offset a decline in Commercial and Industrial loans. The decline in Commercial and Industrial loans was due to seasonal pay downs and several borrowers that sold assets during the quarter and reduced line of credit balances with the proceeds.
  • Total Deposits decreased by $1 million from the quarter ended March 31, 2018 and increased by $98 million from June 30, 2017 or 15%. Year-to-date, deposits are up $53 million. During the quarter ended June 30, 2018, the decline in Non-Interest Bearing Demand Deposits was offset by a like increase in Money Market Deposits. Despite the decline, Non-Interest Bearing Demand Deposits still represent 39% of Total Deposits.
  • Net Interest Income of $8.3 million in the second quarter of 2018 was up 3% from the first quarter of 2018 and up 21% from the second quarter of 2017. This increase is due to higher average loan balances, increased loan yields, and increased interest rates on liquid assets invested by the Bank. Net Interest Margin decreased during the quarter to 4.20% from 4.27% in the first quarter of 2018 due to higher deposit costs and higher levels of liquid assets maintained during the quarter which more than offset higher loan yields. Cost of Deposits increased from 0.16% to 0.27% as the Bank increased rates on deposits in response to market forces. In June, the Bank increased its investment securities portfolio by $30 million which should increase the yield on liquid assets in future quarters.
  • Operating Expenses decreased by 2% over the first quarter of 2018. This decrease was largely due to a reduction in Employer Paid Taxes and Employee Benefits Expense from the seasonal high in the first quarter, which more than offset an increase in incentive compensation due to above budget deposit growth in the first half of the year. Operating Expenses increased 17% over the second quarter of 2017 due to growth related increases in Compensation and Benefits, higher occupancy costs due to the lease and leasehold improvements on our new Walnut Creek facility and higher data processing costs. The Bank’s efficiency ratio improved from 62% in the first quarter of 2018 to 59% in the second quarter of 2018.
  • Year-over-year revenue growth is 24% while year-over-year expense growth is 14%.
  • Credit Quality remains stable and strong with a Classified to Capital Ratio of 2.6% at June, 30 2018. The Loan Loss Provision Expense for the second quarter was zero due to modest growth in the loan portfolio and a $500 thousand reduction in Classified Loans. Total Criticized and Classified Loans are up $5 million from March 31, 2018 and represent 5% of Loan Commitments and 4% of Loans Outstanding at June 30, 2018. The Bank has no Non-Performing Loans.
  • Diluted Earnings per Common Share were $0.44 for the quarter, up from $0.34 in the first quarter of 2018 and up from $0.26 in the second quarter of 2017
  • Book Value per Share increased to $13.06 per share at June 30, 2018 from $12.68 per share at March 31, 2018 and $11.75 per share at June 30, 2017.

“With the recent promotions of Clay Jones to President and Karol Watson to Executive Vice President, Chief Operations Officer, the Bank has internally filled two important roles and evidenced its management depth,” said Presidio Bank Chairman and Founder, Jim Woolwine. “These moves reward two executives that have been instrumental in our success and position the Bank for continued growth.”

 

2nd Quarter 2018 Financial Results

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

 

Condensed Balance Sheet

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2018
 
 
 
3/31/2018
 
 
Change
 
 
 
6/30/2017
 
 
Change
 
12/31/2017
 
 
Change
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
8,842
14,682
-39.8%
9,789
-9.7%
7,613
16.2%
Interest bearing due from banks
 
130,412
 
 
 
154,434
-15.6%
 
101,532
28.4%
 
129,952
0.4%
Total cash and equivalents
139,254
169,116
-17.7%
111,321
25.1%
137,565
1.2%
Investment securities
41,326
11,810
249.9%
12,736
224.5%
12,313
235.6%
Loans, net of fees
653,226
649,994
0.5%
603,689
8.2%
626,282
4.3%
Allowance for loan losses
 
(7,325)
 
 
 
(7,325)
0.0%
 
(7,014)
4.4%
 
(7,166)
2.2%
Net loans
645,901
642,669
0.5%
596,675
8.3%
619,116
4.3%
Premises and equipment, net
2,464
2,537
-2.9%
1,335
84.6%
2,627
-6.2%
Other assets and interest receivable
 
24,373
 
 
 
23,796
2.4%
 
24,159
0.9%
 
22,237
9.6%
Total assets
853,318
849,928
0.4%
746,226
14.4%
793,858
7.5%
 
Non-interest-bearing demand
298,354
337,201
-11.5%
250,344
19.2%
295,070
1.1%
Interest bearing transaction
108,338
108,399
-0.1%
103,727
4.4%
120,109
-9.8%
Money market and savings accounts
302,077
262,503
15.1%
258,564
16.8%
238,706
26.5%
Time deposits
 
48,698
 
 
 
50,082
-2.8%
 
47,293
3.0%
 
50,269
-3.1%
Total deposits
757,467
758,185
-0.1%
659,928
14.8%
704,154
7.6%
Borrowings
9,961
10,059
-1.0%
10,152
NM
10,174
-2.1%
Other liabilities
 
5,152
 
 
 
4,466
15.4%
 
4,837
6.5%
 
4,767
8.1%
Total liabilities
772,580
772,710
0.0%
674,917
14.5%
719,095
7.4%
 
Common stock
66,995
66,241
1.1%
65,185
2.8%
65,960
1.6%
Retained earnings
13,908
11,079
25.5%
6,173
125.3%
8,854
57.1%
Other comprehensive income
 
(165)
 
 
 
(102)
61.4%
 
(49)
236.1%
 
(51)
220.2%
Total shareholder’s equity
 
80,738
 
 
 
77,218
4.6%
 
71,309
13.2%
 
74,763
8.0%
Total liabilities and equity
 
853,318
 
 
 
849,928
0.4%
 
746,226
14.4%
 
793,858
7.5%
 
Book value per share
Book value per share
$
13.06
$
12.68
$
11.75
$
12.29
Total shares outstanding EOP
6,184
6,090
6,069
6,084
 
Capital Ratios
Tier 1 leverage ratio
9.8%
9.7%
10.0%
9.7%
Tier 1 risk-based capital ratio
9.9%
9.5%
9.6%
9.8%
Tangible common risk-based ratio
9.9%
9.5%
9.6%
9.8%
Total risk-based capital ratio
12.1%
11.7%
12.0%
12.1%
 
 

Condensed Statement of Income

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

 
 
 
 
 
For the three months ended
For the six months ended
 
6/30/2018
 
 
 
3/31/2018
 
 

Change
Fav./
(Unfav.)

 
 
 
6/30/2017
 
 

Change
Fav./
(Unfav.)

 
6/30/2018
 
 
 
6/30/2017
 
 

Change
Fav./
(Unfav.)

 
 
 
 
 
 
 
 
 
 
 
 
Interest income
9,042
8,570
5.5%
7,349
23.0%
17,612
14,202
24.0%
Interest expense
 
707
 
 
 
487
(45.0%)
 
442
(59.9%)
 
1,194
 
 
 
865
 
 
(38.1%)
Net interest income
8,335
8,083
3.1%
6,907
20.7%
16,418
13,337
23.1%
Provision for loan loss
 
-
 
 
 
159
NM
 
198
NM
 
159
 
 
 
198
 
 
19.7%
Net interest income after provision
8,335
7,924
5.2%
6,709
24.2%
16,259
13,139
23.7%
 
Other income
309
320
(3.5%)
191
61.5%
629
393
60.1%
 
Compensation and benefit expenses
3,254
3,283
0.9%
2,736
(18.9%)
6,537
5,674
(15.2%)
Occupancy and equipment expenses
602
616
2.3%
518
(16.2%)
1,218
1,038
(17.4%)
Data processing
400
385
(4.1%)
326
(22.6%)
785
632
(24.1%)
Professional and legal
278
147
(89.2%)
203
(37.1%)
425
342
(24.3%)
Other operating expenses
 
571
 
 
 
777
26.5%
 
586
2.5%
 
1,348
 
 
 
1,387
 
 
2.8%
Total operating expenses
 
5,105
 
 
 
5,208
2.0%
 
4,369
(16.9%)
 
10,313
 
 
 
9,073
 
 
(13.7%)
Net income before taxes
3,539
3,036
16.6%
2,531
39.8%
6,575
4,459
47.5%
Income taxes
 
710
 
 
 
811
12.5%
 
939
24.4%
 
1,521
 
 
 
1,663
 
 
8.5%
Net income
 
2,829
 
 
 
2,225
27.2%
 
1,592
77.7%
 
5,054
 
 
 
2,796
80.8%
 
Earnings Per Share
Basic earnings per share
$
0.46
$
0.36
26.6%
$
0.27
73.2%
$
0.83
$
0.47
76.0%
Diluted earnings per share
$
0.44
$
0.34
26.8%
$
0.26
70.5%
$
0.78
$
0.45
73.0%
Average shares outstanding
6,053
6,025
5,899
6,038
5,881
Average diluted shares
6,419
6,398
6,157
6,409
6,136
 
Performance Ratios
Return on average assets
1.38%
1.14%
0.90%
1.26%
0.79%
Return on average common equity
14.31%
11.78%
9.03%
13.06%
8.07%
Net interest margin
4.20%
4.27%
3.98%
4.23%
3.86%
Cost of funds
0.38%
0.28%
0.28%
0.33%
0.27%
Efficiency ratio
59.1%
62.1%
61.6%
60.6%
66.3%
 
Average Balances
Total assets
822,750
794,442
711,847
808,674
711,982
Earning assets
795,498
768,150
695,297
781,899
696,726
Total loans
642,855
635,039
588,980
638,968
578,445
Total deposits
728,532
703,081
627,004
715,877
627,310
Common equity
79,177
76,591
70,741
77,891
69,756
 
 

NM = Not Meaningful

 

Condensed Balance Sheet (5 Quarter Data)

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2018
 
 
 
3/31/2018
 
 
 
12/31/2017
 
 
 
9/30/2017
 
 
 
6/30/2017
 
 
 
 
 
 
 
 
Cash and due from banks
8,842
14,682
7,613
10,677
9,789
Interest bearing due from banks
 
130,412
 
 
 
154,434
 
 
 
129,952
 
 
 
126,277
 
 
 
101,532
Total cash and equivalents
139,254
169,116
137,565
136,954
111,321
Investment securities
41,326
11,810
12,313
12,801
12,736
Loans, net of fees
653,226
649,994
626,282
617,269
603,689
Allowance for loan losses
 
(7,325)
 
 
 
(7,325)
 
 
 
(7,166)
 
 
 
(7,166)
 
 
 
(7,014)
Net loans
645,901
642,669
619,116
610,103
596,675
Premises and equipment, net
2,464
2,537
2,627
2,452
1,335
Other assets and interest receivable
 
24,373
 
 
 
23,796
 
 
 
22,237
 
 
 
23,312
 
 
 
24,159
Total assets
853,318
849,928
793,858
785,622
746,226
 
Non-interest-bearing demand
298,354
337,201
295,070
304,726
250,344
Interest bearing transaction
108,338
108,399
120,109
98,019
103,727
Money market and savings accounts
302,077
262,503
238,706
247,857
258,564
Time deposits
 
48,698
 
 
 
50,082
 
 
 
50,269
 
 
 
46,871
 
 
 
47,293
Total deposits
757,467
758,185
704,154
697,473
659,928
Borrowings
9,961
10,059
10,174
10,346
10,152
Other liabilities
 
5,152
 
 
 
4,466
 
 
 
4,767
 
 
 
4,001
 
 
 
4,837
Total liabilities
772,580
772,710
719,095
711,820
674,917
 
Common stock
66,995
66,241
65,960
65,585
65,185
Retained earnings
13,908
11,079
8,854
8,252
6,173
Other comprehensive income
 
(165)
 
 
 
(102)
 
 
 
(51)
 
 
 
(35)
 
 
 
(49)
Total shareholder’s equity
 
80,738
 
 
 
77,218
 
 
 
74,763
 
 
 
73,802
 
 
 
71,309
Total liabilities and equity
 
853,318
 
 
 
849,928
 
 
 
793,858
 
 
 
785,622
 
 
 
746,226
 
Book value per share
Book value per share
$
13.06
$
12.68
$
12.29
$
12.15
$
11.75
Total shares outstanding EOP
6,184
6,090
6,084
6,074
6,069
 
Capital Ratios
Tier 1 leverage ratio
9.8%
9.7%
9.7%
9.9%
10.0%
Common equity tier 1 capital ratio
9.9%
9.5%
9.8%
9.8%
9.6%
Tier 1 risk-based capital ratio
9.9%
9.5%
9.8%
9.8%
9.6%
Total risk-based capital ratio
12.1%
11.7%
12.1%
12.2%
12.0%
 
 

Condensed Statement of Income (5 Quarter Data)

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

 
 
For the three months ended
 
6/30/2018
 
 
3/31/2018
 
 
12/31/2017
 
 
9/30/2017
 
 
6/30/2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
9,042
8,570
8,236
8,362
7,349
Interest expense
 
707
 
 
 
487
 
 
 
483
 
 
 
472
 
 
 
442
Net interest income
8,335
8,083
7,753
7,890
6,907
Provision for loan loss
 
-
 
 
 
159
 
 
 
-
 
 
 
100
 
 
 
198
Net interest income after provision
8,335
7,924
7,753
7,790
6,709
 
Other income
309
320
287
268
191
 
Compensation and benefit expenses
3,254
3,283
2,814
3,036
2,736
Occupancy and equipment expenses
602
616
617
628
518
Data processing
400
385
388
346
326
Professional and legal
278
147
155
77
203
Other operating expenses
 
571
 
 
 
777
 
 
 
627
 
 
 
533
 
 
 
586
Total operating expenses
 
5,105
 
 
 
5,208
 
 
 
4,601
 
 
 
4,620
 
 
 
4,369
Net income before taxes
3,539
3,036
3,439
3,438
2,531
Income taxes
 
710
 
 
 
811
 
 
 
2,838
 
 
 
1,358
 
 
 
939
Net income
 
2,829
 
 
 
2,225
 
 
 
601
 
 
 
2,080
 
 
 
1,592
 
Earnings Per Share
Basic earnings per share
$
0.46
$
0.36
$
0.10
$
0.33
$
0.27
Diluted earnings per share
$
0.44
$
0.34
$
0.09
$
0.32
$
0.26
Average shares outstanding
6,053
6,025
6,009
6,001
5,899
Average diluted shares
6,419
6,398
6,328
6,277
6,157
 
Performance Ratios
Return on average assets
1.38%
1.14%
0.32%
1.10%
0.90%
Return on average common equity
14.31%
11.78%
3.25%
11.31%
9.03%
Net interest margin
4.20%
4.27%
4.11%
4.34%
3.98%
Cost of funds
0.38%
0.28%
0.28%
0.28%
0.28%
Efficiency ratio
59.1%
62.1%
57.4%
57.0%
61.6%
 
Average Balances
Total assets
822,750
794,442
774,015
748,229
711,847
Earning assets
795,498
768,150
747,679
721,374
695,297
Total loans
642,855
635,039
608,584
612,493
588,980
Total deposits
728,532
703,081
684,233
660,790
627,004
Common equity
79,177
76,591
75,531
73,108
70,741
 
 

Loans (5 Quarter Data)

(Dollars in Thousands, unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2018
 
 
3/31/2018
 
 
12/31/2017
 
 
9/30/2017
 
 
6/30/2017
 
 
 
 
 
 
 
 
Commercial real estate
303,444
283,238
271,346
268,357
275,189
Land and construction
53,771
54,088
44,714
39,599
22,657
Commercial
180,783
201,094
197,748
194,884
187,537
Personal
13,709
17,172
16,295
21,292
23,008
Residential
31,011
33,114
34,174
34,389
33,671
Multifamily
71,505
62,325
63,024
59,764
62,634
Deferred loan fees
(997)
 
 
(1,037)
 
 
(1,019)
 
 
(1,016)
 
 
(1,007)
Loans
653,226
649,994
626,282
617,269
603,689
Allowance for loan losses
(7,325)
 
 
(7,325)
 
 
(7,166)
 
 
(7,166)
 
 
(7,015)
Net loans
645,901
642,669
619,116
610,103
596,675
 
 

Non-Performing Assets (5 Quarter Data)

(Dollars in Thousands, unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2018
 
 
3/31/2018
 
 
12/31/2017
 
 
9/30/2017
 
 
6/30/2017
 
 
 
 
 
 
 
 
Non-Accrual Loans
-
-
-
-
991
 
Non-Performing Loans (NPL)
-
-
-
-
991
Other Real Estate Owned
-
-
-
-
-
Non-Performing Assets (NPA)
-
-
-
-
991
90+ Days Delinquent
-
-
-
-
-
NPAs & 90 Day Delinquent
-
-
-
-
991
Quarterly Net Charge-off's
-
-
-
(51)
51
 
NPAs / Assets %
0.00%
0.00%
0.00%
0.00%
0.13%
NPAs & 90 Day / Assets %
0.00%
0.00%
0.00%
0.00%
0.13%
NPAs / Actual Loans and OREO %
0.00%
0.00%
0.00%
0.00%
0.13%
Loan Loss Reserves / Loans (%)
1.12%
1.13%
1.14%
1.16%
1.16%
 
 
 

Net Interest Income (Quarterly Data)

(Dollars in Thousands, unaudited)

 
For the Three Months Ended
 
6/30/2018
 
 
 
3/31/2018
 
 
Interest
 
 
 
 
Interest
 
 
Average
Income/
Average
Average
Income/
Average
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-bearing deposits
$
135,803
$
569
1.68
%
$
121,072
$
501
1.68
%
Federal Reserve and Federal Home Loan Bank stock
4,806
76
6.35
4,655
77
6.70
Investment Securities
12,034
78
2.59
7,384
31
1.69
Loans: (2)
Commercial
190,167
2,589
5.46
199,340
2,579
5.25
Land and Construction
52,828
762
5.79
45,791
772
6.83
Commercial Real Estate
288,246
3,619
5.04
278,540
3,317
4.83
Residential
31,297
426
5.46
32,592
412
5.12
Multifamily
67,247
776
4.63
62,715
708
4.58
Personal
13,070
147
4.51
16,061
173
4.37
Total Loans
642,855
8,319
5.19
635,039
7,961
5.08
Total Earning Assets
795,498
9,042
4.56
768,150
8,570
4.52
Allowance for loan losses
(7,325)
(7,219)
Cash and cash equivalents
9,295
9,543
Other assets
25,282
23,968
Total Assets
$
822,750
$
794,442
 
Liabilities:
Interest-bearing deposits:
Interest-bearing NOW deposits
$
112,088
$
67
0.24
%
$
107,657
$
41
0.15
%
Money market deposits
258,372
306
0.47
236,876
138
0.24
Savings deposits
3,846
2
0.25
3,812
1
0.14
Certificates and other time deposits
49,729
121
0.97
50,230
96
0.78
Total Interest-bearing Deposits
424,035
496
0.47
398,575
276
0.28
Borrowings
10,059
211
8.41
10,088
211
8.48
Total Interest-bearing Liabilities
434,094
707
0.65
408,663
487
0.48
Noninterest-bearing deposits
304,497
304,506
Other liabilities
4,982
4,682
Total Liabilities
743,573
717,851
Stockholders' Equity
79,177
76,591
Total Liabilities and Stockholders' Equity
$
822,750
$
794,442
Net Interest Income
$
8,335
$
8,083
Net Interest Margin
4.20
%
4.27
%
Cost of Funds
0.38
%
0.28
%
Cost of Deposits
0.27
%
0.16
%
 
 

Net Interest Income (Annual Data)

(Dollars in Thousands, unaudited)

 
 
 
For the Six Months Ended
 
6/30/2018
 
 
 
6/30/2017
 
 
Interest
 
 
 
 
Interest
 
 
Average
Income/
Average
Average
Income/
Average
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-bearing deposits
$
128,478
$
1,071
1.68
%
$
105,319
$
483
0.93
%
Federal Reserve and Federal Home Loan Bank stock
4,731
153
6.52
4,374
151
6.95
Investment Securities
9,722
108
2.25
8,589
64
1.50
Loans: (2)
Commercial
194,728
5,189
5.37
174,400
4,133
4.78
Land and Construction
49,329
1,588
6.49
15,360
469
6.15
Commercial Real Estate
283,420
6,862
4.88
267,966
6,227
4.69
Residential
31,941
838
5.29
29,446
666
4.56
Multifamily
64,993
1,484
4.60
61,279
1,393
4.58
Personal
14,557
319
4.41
29,994
616
4.14
Total Loans
638,968
16,280
5.14
578,445
13,504
4.71
Total Earning Assets
781,899
17,612
4.54
696,726
14,202
4.11
Allowance for loan losses
(7,272)
(6,884)
Cash and cash equivalents
9,418
9,144
Other assets
24,629
12,996
Total Assets
$
808,674
$
711,982
 
Liabilities:
Interest-bearing deposits:
Interest-bearing NOW deposits
$
109,885
$
108
0.20
%
$
102,725
$
95
0.19
%
Money market deposits
247,683
444
0.36
234,166
235
0.20
Savings deposits
3,829
4
0.20
4,393
2
0.09
Certificates and other time deposits
49,978
216
0.88
46,943
110
0.47
Total Interest-bearing Deposits
411,375
772
0.38
388,228
443
0.23
Borrowings
10,074
422
8.45
9,884
422
8.61
Total Interest-bearing Liabilities
421,449
1,194
0.57
398,113
865
0.44
Noninterest-bearing deposits
304,502
239,082
Other liabilities
4,832
5,032
Total Liabilities
730,783
642,226
Stockholders' Equity
77,891
69,756
Total Liabilities and Stockholders' Equity
$
808,674
$
711,982
Net Interest Income
$
16,418
$
13,337
Net Interest Margin
4.23
%
3.86
%
Cost of Funds
0.33
%
0.27
%
Cost of Deposits
0.22
%
0.14
%
 

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: https://www.businesswire.com/news/home/20180730005035/en/

Presidio Bank
Steve Heitel, 415-229-8428
President & CEO
or
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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