Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited results for the third quarter ended September 30, 2018 with Net Income of $3.5 million, up $664 thousand (24%) from the second quarter of 2018 and up $1.4 million (68%) from the third quarter of 2017. Diluted Earnings per Share were $0.53 for the quarter, up from $0.44 in the second quarter of 2018 and up from $0.32 in the third quarter of 2017. Total Assets were $834 million at September 30, 2018, down $19 million from June 30, 2018 but up $49 million from September 30, 2017.
“Moderate loan growth combined with good expense control and increasing margins resulted in another quarter of strong profitability growth for the Bank,” said Presidio Bank CEO Steve Heitel. “Our Return on Assets and Return on Equity once again reached new highs.”
Financial Highlights
- Total Loans Outstanding were up $16 million from the quarter ending June 30, 2018 and up $52 million from September 30, 2017 or 8%. New Loan Originations were $42 million, down from $50 million in the second quarter of 2018. Loan growth was centered in Personal Lines of Credit and Home Equity Lines. Despite relatively soft originations in the third quarter, the loan pipeline remains solid heading into the fourth quarter.
- Total Deposits decreased by $23 million from the quarter ended June 30, 2018 and increased by $37 million from September 30, 2017 or 5%. During the quarter ended June 30, 2018, the decline in Money market Deposits and Time Deposits was partially offset by an increase in Demand Deposits which now account for 43% of total deposits. The decline in Time Deposits was due to the Bank’s decision to not renew a $10 million Certificate of Deposit from the State of California.
- Net Interest Income of $9.1 million in the third quarter of 2018 was up 9% from the second quarter of 2018 and up 15.5% from the third quarter of 2017. This increase is due to higher average loan and securities balances, increased loan yields, and increased interest rates on liquid assets invested by the Bank. Net Interest Margin increased during the quarter to 4.32% from 4.20% in the second quarter of 2018 due to lower levels of liquid assets maintained combined with higher loan yields, and a larger securities portfolio. The Bank’s Cost of Funds remained essentially flat from the second quarter.
- Operating Expenses decreased by 3.4% over the second quarter of 2018. This decrease was largely due to a reduction in Professional and Legal Expense due to some one-time expenses that were incurred in the second quarter. In addition, the Loss Reserve for Unfunded Loans was decreased by $113 thousand, booked as a contra expense. This decrease was due primarily to a decrease in unfunded construction loans. The Bank’s efficiency ratio improved from 59% in the second quarter of 2018 to 53% in the third quarter of 2018.
- Year-over-year revenue growth is 21% while year-over-year expense growth is 11%.
- Credit Quality remains stable and strong with a Classified to Capital Ratio of 2.6% at September 30, 2018. The Loan Loss Provision Expense for the third quarter was $98 thousand due to growth in the loan portfolio. The Bank has one classified relationship and thirteen criticized relationships. Balances on Classified and Criticized Loans increased by $1.2 million during the quarter. Total Criticized and Classified Loans represent 3% of Loan Commitments and 4% of Loans Outstanding at September 30, 2018. The Bank has no Non-Performing Loans.
- Book Value per Share increased to $13.59 per share at September 30, 2018 from $13.06 per share at June 30, 2018 and $12.15 per share at September 30, 2017.
“Presidio Bank is honored to be nominated as one of three finalists for the San Francisco Chamber of Commerce 2018 Excellence in Business Award,” said Presidio Bank Chairman and Founder, Jim Woolwine. “In addition, the Bank was once again recognized by the San Francisco Business Times as one of the Bay Area’s top corporate philanthropists.”
3rd Quarter 2018 Financial Results | ||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||||||||||||||||||
Condensed Balance Sheet | ||||||||||||||||||||||||||
9/30/2018 | 6/30/2018 | Change | 9/30/2017 | Change | 12/31/2017 | Change | ||||||||||||||||||||
Cash and due from banks | 9,041 | 8,842 | 2.3% | 10,677 | -15.3% | 7,613 | 18.8% | |||||||||||||||||||
Interest bearing due from banks | 78,598 | 130,412 | -39.7% | 126,277 | -37.8% | 129,952 | -39.5% | |||||||||||||||||||
Total cash and equivalents | 87,639 | 139,254 | -37.1% | 136,954 | -36.0% | 137,565 | -36.3% | |||||||||||||||||||
Investment securities | 59,282 | 41,326 | 43.4% | 12,801 | 363.1% | 12,313 | 381.5% | |||||||||||||||||||
Loans, net of fees | 668,934 | 653,226 | 2.4% | 617,269 | 8.4% | 626,282 | 6.8% | |||||||||||||||||||
Allowance for loan losses | (7,423) | (7,325) | 1.3% | (7,166) | 3.6% | (7,166) | 3.6% | |||||||||||||||||||
Net loans | 661,511 | 645,901 | 2.4% | 610,103 | 8.4% | 619,116 | 6.8% | |||||||||||||||||||
Premises and equipment, net | 2,371 | 2,464 | -3.8% | 2,452 | -3.3% | 2,627 | -9.8% | |||||||||||||||||||
Other assets and interest receivable | 23,366 | 24,373 | -4.1% | 23,312 | 0.2% | 22,237 | 5.1% | |||||||||||||||||||
Total assets | 834,169 | 853,318 | -2.2% | 785,622 | 6.2% | 793,858 | 5.1% | |||||||||||||||||||
Non-interest-bearing demand | 315,493 | 298,354 | 5.7% | 304,726 | 3.5% | 295,070 | 6.9% | |||||||||||||||||||
Interest bearing transaction | 101,712 | 108,338 | -6.1% | 98,019 | 3.8% | 120,109 | -15.3% | |||||||||||||||||||
Money market and savings accounts | 278,867 | 302,077 | -7.7% | 247,857 | 12.5% | 238,706 | 16.8% | |||||||||||||||||||
Time deposits | 38,400 | 48,698 | -21.1% | 46,871 | -18.1% | 50,269 | -23.6% | |||||||||||||||||||
Total deposits | 734,472 | 757,467 | -3.0% | 697,473 | 5.3% | 704,154 | 4.3% | |||||||||||||||||||
Borrowings | 9,928 | 9,961 | -0.3% | 10,346 | -4.0% | 10,174 | -2.4% | |||||||||||||||||||
Other liabilities | 5,014 | 5,152 | -2.7% | 4,001 | 25.3% | 4,767 | 5.2% | |||||||||||||||||||
Total liabilities | 749,414 | 772,580 | -3.0% | 711,820 | 5.3% | 719,095 | 4.2% | |||||||||||||||||||
Common stock | 67,783 | 66,995 | 1.2% | 65,585 | 3.4% | 65,960 | 2.8% | |||||||||||||||||||
Retained earnings | 17,401 | 13,908 | 25.1% | 8,252 | 110.9% | 8,854 | 96.5% | |||||||||||||||||||
Other comprehensive income | (429) | (165) | 160.3% | (35) | 1131.9% | (51) | 733.6% | |||||||||||||||||||
Total shareholder’s equity | 84,755 | 80,738 | 5.0% | 73,802 | 14.8% | 74,763 | 13.4% | |||||||||||||||||||
Total liabilities and equity | 834,169 | 853,318 | -2.2% | 785,622 | 6.2% | 793,858 | 5.1% | |||||||||||||||||||
Book value per share | ||||||||||||||||||||||||||
Book value per share | $ | 13.59 | $ | 13.06 | $ | 12.15 | $ | 12.29 | ||||||||||||||||||
Total shares outstanding EOP | 6,238 | 6,184 | 6,074 | 6,084 | ||||||||||||||||||||||
Capital Ratios | ||||||||||||||||||||||||||
Tier 1 leverage ratio | 9.9% | 9.8% | 9.9% | 9.7% | ||||||||||||||||||||||
Tier 1 risk-based capital ratio | 10.0% | 9.9% | 9.8% | 9.8% | ||||||||||||||||||||||
Tangible common risk-based ratio | 10.0% | 9.9% | 9.8% | 9.8% | ||||||||||||||||||||||
Total risk-based capital ratio | 12.2% | 12.1% | 12.2% | 12.1% | ||||||||||||||||||||||
Condensed Statement of Income | ||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||
9/30/2018 | 6/30/2018 | Change | 9/30/2017 | Change | 9/30/2018 | 9/30/2017 | Change | |||||||||||||||||||||||
Interest income | 9,866 | 9,042 | 9.1% | 8,362 | 18.0% | 27,478 | 22,563 | 21.8% | ||||||||||||||||||||||
Interest expense | 752 | 707 | (6.4%) | 472 | (59.4%) | 1,946 | 1,336 | (45.6%) | ||||||||||||||||||||||
Net interest income | 9,114 | 8,335 | 9.3% | 7,890 | 15.5% | 25,532 | 21,227 | 20.3% | ||||||||||||||||||||||
Provision for loan loss | 98 | - | NM | 100 | 2.2% | 257 | 298 | 13.7% | ||||||||||||||||||||||
Net interest income after provision | 9,016 | 8,335 | 8.2% | 7,790 | 15.7% | 25,275 | 20,929 | 20.8% | ||||||||||||||||||||||
Other income | 279 | 309 | (9.7%) | 268 | 4.1% | 907 | 660 | 37.3% | ||||||||||||||||||||||
Compensation and benefit expenses | 3,301 | 3,254 | (1.4%) | 3,036 | (8.7%) | 9,838 | 8,711 | (12.9%) | ||||||||||||||||||||||
Occupancy and equipment expenses | 625 | 602 | (3.9%) | 628 | 0.4% | 1,844 | 1,665 | (10.7%) | ||||||||||||||||||||||
Data processing | 388 | 400 | 3.1% | 346 | (12.2%) | 1,173 | 977 | (20.0%) | ||||||||||||||||||||||
Professional and legal | 145 | 278 | 48.0% | 77 | (89.0%) | 570 | 419 | (36.1%) | ||||||||||||||||||||||
Other operating expenses | 473 | 571 | 17.2% | 533 | 11.2% | 1,818 | 1,921 | 5.4% | ||||||||||||||||||||||
Total operating expenses | 4,932 | 5,105 | 3.4% | 4,620 | (6.8%) | 15,243 | 13,693 | (11.3%) | ||||||||||||||||||||||
Net income before taxes | 4,363 | 3,539 | 23.3% | 3,438 | 26.9% | 10,939 | 7,896 | 38.5% | ||||||||||||||||||||||
Income taxes | 870 | 710 | (22.5%) | 1,358 | 35.9% | 2,391 | 3,021 | 20.9% | ||||||||||||||||||||||
Net income | 3,493 | 2,829 | 23.5% | 2,080 | 67.9% | 8,548 | 4,875 | 75.3% | ||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.56 | $ | 0.46 | 21.9% | $ | 0.33 | 69.2% | $ | 1.39 | $ | 0.81 | 72.7% | |||||||||||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.44 | 22.9% | $ | 0.32 | 68.2% | $ | 1.31 | $ | 0.77 | 70.4% | |||||||||||||||||
Average shares outstanding | 6,132 | 6,053 | 6,001 | 6,070 | 5,968 | |||||||||||||||||||||||||
Average diluted shares | 6,454 | 6,419 | 6,277 | 6,424 | 6,232 | |||||||||||||||||||||||||
Performance Ratios | ||||||||||||||||||||||||||||||
Return on average assets | 1.60% | 1.38% | 1.10% | 1.37% | 0.90% | |||||||||||||||||||||||||
Return on average common equity | 16.64% | 14.31% | 11.31% | 14.27% | 9.16% | |||||||||||||||||||||||||
Net interest margin | 4.32% | 4.20% | 4.34% | 4.27% | 4.03% | |||||||||||||||||||||||||
Cost of funds | 0.39% | 0.38% | 0.28% | 0.35% | 0.28% | |||||||||||||||||||||||||
Efficiency ratio | 52.5% | 59.1% | 57.0% | 57.9% | 63.1% | |||||||||||||||||||||||||
Average Balances | ||||||||||||||||||||||||||||||
Total assets | 864,605 | 822,750 | 748,229 | 827,522 | 724,197 | |||||||||||||||||||||||||
Earning assets | 836,348 | 795,498 | 721,374 | 800,248 | 705,032 | |||||||||||||||||||||||||
Total loans | 665,655 | 642,855 | 612,493 | 647,961 | 589,918 | |||||||||||||||||||||||||
Total deposits | 763,647 | 728,532 | 660,790 | 731,975 | 638,390 | |||||||||||||||||||||||||
Common equity | 83,346 | 79,177 | 73,108 | 79,730 | 70,886 | |||||||||||||||||||||||||
NM = Not Meaningful |
Condensed Balance Sheet (5 Quarter Data) | ||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||||||||||||
9/30/2018 | 6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | ||||||||||||||||
Cash and due from banks | 9,041 | 8,842 | 14,682 | 7,613 | 10,677 | |||||||||||||||
Interest bearing due from banks | 78,598 | 130,412 | 154,434 | 129,952 | 126,277 | |||||||||||||||
Total cash and equivalents | 87,639 | 139,254 | 169,116 | 137,565 | 136,954 | |||||||||||||||
Investment securities | 59,282 | 41,326 | 11,810 | 12,313 | 12,801 | |||||||||||||||
Loans, net of fees | 668,934 | 653,226 | 649,994 | 626,282 | 617,269 | |||||||||||||||
Allowance for loan losses | (7,423) | (7,325) | (7,325) | (7,166) | (7,166) | |||||||||||||||
Net loans | 661,511 | 645,901 | 642,669 | 619,116 | 610,103 | |||||||||||||||
Premises and equipment, net | 2,371 | 2,464 | 2,537 | 2,627 | 2,452 | |||||||||||||||
Other assets and interest receivable | 23,366 | 24,373 | 23,796 | 22,237 | 23,312 | |||||||||||||||
Total assets | 834,169 | 853,318 | 849,928 | 793,858 | 785,622 | |||||||||||||||
Non-interest-bearing demand | 315,493 | 298,354 | 337,201 | 295,070 | 304,726 | |||||||||||||||
Interest bearing transaction | 101,712 | 108,338 | 108,399 | 120,109 | 98,019 | |||||||||||||||
Money market and savings accounts | 278,867 | 302,077 | 262,503 | 238,706 | 247,857 | |||||||||||||||
Time deposits | 38,400 | 48,698 | 50,082 | 50,269 | 46,871 | |||||||||||||||
Total deposits | 734,472 | 757,467 | 758,185 | 704,154 | 697,473 | |||||||||||||||
Borrowings | 9,928 | 9,961 | 10,059 | 10,174 | 10,346 | |||||||||||||||
Other liabilities | 5,014 | 5,152 | 4,466 | 4,767 | 4,001 | |||||||||||||||
Total liabilities | 749,414 | 772,580 | 772,710 | 719,095 | 711,820 | |||||||||||||||
Common stock | 67,783 | 66,995 | 66,241 | 65,960 | 65,585 | |||||||||||||||
Retained earnings | 17,401 | 13,908 | 11,079 | 8,854 | 8,252 | |||||||||||||||
Other comprehensive income | (429) | (165) | (102) | (51) | (35) | |||||||||||||||
Total shareholder’s equity | 84,755 | 80,738 | 77,218 | 74,763 | 73,802 | |||||||||||||||
Total liabilities and equity | 834,169 | 853,318 | 849,928 | 793,858 | 785,622 | |||||||||||||||
Book value per share | ||||||||||||||||||||
Book value per share | $ | 13.59 | $ | 13.06 | $ | 12.68 | $ | 12.29 | $ | 12.15 | ||||||||||
Total shares outstanding EOP | 6,238 | 6,184 | 6,090 | 6,084 | 6,074 | |||||||||||||||
Capital Ratios | ||||||||||||||||||||
Tier 1 leverage ratio | 9.9% | 9.8% | 9.7% | 9.7% | 9.9% | |||||||||||||||
Common equity tier 1 capital ratio | 10.0% | 9.9% | 9.5% | 9.8% | 9.8% | |||||||||||||||
Tier 1 risk-based capital ratio | 10.0% | 9.9% | 9.5% | 9.8% | 9.8% | |||||||||||||||
Total risk-based capital ratio | 12.2% | 12.1% | 11.7% | 12.1% | 12.2% | |||||||||||||||
Condensed Statement of Income (5 Quarter Data) | ||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
9/30/2018 | 6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | ||||||||||||||||
Interest income | 9,866 | 9,042 | 8,570 | 8,236 | 8,362 | |||||||||||||||
Interest expense | 752 | 707 | 487 | 483 | 472 | |||||||||||||||
Net interest income | 9,114 | 8,335 | 8,083 | 7,753 | 7,890 | |||||||||||||||
Provision for loan loss | 98 | - | 159 | - | 100 | |||||||||||||||
Net interest income after provision | 9,016 | 8,335 | 7,924 | 7,753 | 7,790 | |||||||||||||||
Other income | 279 | 309 | 320 | 287 | 268 | |||||||||||||||
Compensation and benefit expenses | 3,301 | 3,254 | 3,283 | 2,814 | 3,036 | |||||||||||||||
Occupancy and equipment expenses | 625 | 602 | 616 | 617 | 628 | |||||||||||||||
Data processing | 388 | 400 | 385 | 388 | 346 | |||||||||||||||
Professional and legal | 145 | 278 | 147 | 155 | 77 | |||||||||||||||
Other operating expenses | 473 | 571 | 777 | 627 | 533 | |||||||||||||||
Total operating expenses | 4,932 | 5,105 | 5,208 | 4,601 | 4,620 | |||||||||||||||
Net income before taxes | 4,363 | 3,539 | 3,036 | 3,439 | 3,438 | |||||||||||||||
Income taxes | 870 | 710 | 811 | 2,838 | 1,358 | |||||||||||||||
Net income | 3,493 | 2,829 | 2,225 | 601 | 2,080 | |||||||||||||||
Earnings Per Share | ||||||||||||||||||||
Basic earnings per share | $ | 0.56 | $ | 0.46 | $ | 0.36 | $ | 0.10 | $ | 0.33 | ||||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.44 | $ | 0.34 | $ | 0.09 | $ | 0.32 | ||||||||||
Average shares outstanding | 6,132 | 6,053 | 6,025 | 6,009 | 6,001 | |||||||||||||||
Average diluted shares | 6,454 | 6,419 | 6,398 | 6,328 | 6,277 | |||||||||||||||
Performance Ratios | ||||||||||||||||||||
Return on average assets | 1.60% | 1.38% | 1.14% | 0.32% | 1.10% | |||||||||||||||
Return on average common equity | 16.64% | 14.31% | 11.78% | 3.25% | 11.31% | |||||||||||||||
Net interest margin | 4.32% | 4.20% | 4.27% | 4.11% | 4.34% | |||||||||||||||
Cost of funds | 0.39% | 0.38% | 0.28% | 0.28% | 0.28% | |||||||||||||||
Efficiency ratio | 52.5% | 59.1% | 62.1% | 57.4% | 57.0% | |||||||||||||||
Average Balances | ||||||||||||||||||||
Total assets | 864,605 | 822,750 | 794,442 | 774,015 | 748,229 | |||||||||||||||
Earning assets | 836,348 | 795,498 | 768,150 | 747,679 | 721,374 | |||||||||||||||
Total loans | 665,655 | 642,855 | 635,039 | 608,584 | 612,493 | |||||||||||||||
Total deposits | 763,647 | 728,532 | 703,081 | 684,233 | 660,790 | |||||||||||||||
Common equity | 83,346 | 79,177 | 76,591 | 75,531 | 73,108 | |||||||||||||||
Loans (5 Quarter Data) | |||||||||||||||
(Dollars in Thousands, unaudited) | |||||||||||||||
9/30/2018 | 6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | |||||||||||
Commercial real estate | 304,123 | 303,444 | 283,238 | 271,346 | 268,357 | ||||||||||
Land and construction | 55,185 | 53,771 | 54,088 | 44,714 | 39,599 | ||||||||||
Commercial | 177,747 | 180,783 | 201,094 | 197,748 | 194,884 | ||||||||||
Personal | 22,505 | 13,709 | 17,172 | 16,295 | 21,292 | ||||||||||
Residential | 36,552 | 31,011 | 33,114 | 34,174 | 34,389 | ||||||||||
Multifamily | 73,839 | 71,505 | 62,325 | 63,024 | 59,764 | ||||||||||
Deferred loan fees | (1,017) | (997) | (1,037) | (1,019) | (1,016) | ||||||||||
Loans | 668,934 | 653,226 | 649,994 | 626,282 | 617,269 | ||||||||||
Allowance for loan losses | (7,423) | (7,325) | (7,325) | (7,166) | (7,166) | ||||||||||
Net loans | 661,511 | 645,901 | 642,669 | 619,116 | 610,103 | ||||||||||
Non-Performing Assets (5 Quarter Data) | |||||||||||||||
(Dollars in Thousands, unaudited) | |||||||||||||||
9/30/2018 | 6/30/2018 | 3/31/2018 | 12/31/2017 | 9/30/2017 | |||||||||||
Non-Accrual Loans | - | - | - | - | - | ||||||||||
Non-Performing Loans (NPL) | - | - | - | - | - | ||||||||||
Other Real Estate Owned | - | - | - | - | - | ||||||||||
Non-Performing Assets (NPA) | - | - | - | - | - | ||||||||||
90+ Days Delinquent | - | - | - | - | - | ||||||||||
NPAs & 90 Day Delinquent | - | - | - | - | - | ||||||||||
Quarterly Net Charge-off's | - | - | - | - | (51) | ||||||||||
NPAs / Assets % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||
NPAs & 90 Day / Assets % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||
NPAs / Actual Loans and OREO % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||
Loan Loss Reserves / Loans (%) | 1.11% | 1.12% | 1.13% | 1.14% | 1.16% | ||||||||||
Net Interest Income (Quarterly Data) | ||||||||||||||||||||||||||||
(Dollars in Thousands, unaudited) | ||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||
9/30/2018 |
| 6/30/2018 | ||||||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||||||
Average | Income / | Average | Average | Income/ | Average | |||||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 116,875 | $ | 577 | 1.96 | % | $ | 135,803 | $ | 569 | 1.68 | % | ||||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 4,867 | 79 | 6.47 | 4,806 | 76 | 6.35 | ||||||||||||||||||||||
Investment Securities | 48,951 | 363 | 2.94 | 12,034 | 78 | 2.59 | ||||||||||||||||||||||
Loans: (2) | ||||||||||||||||||||||||||||
Commercial | 182,772 | 2,591 | 5.62 | 190,167 | 2,610 | 5.51 | ||||||||||||||||||||||
Land and Construction | 53,000 | 856 | 6.40 | 52,828 | 816 | 6.20 | ||||||||||||||||||||||
Commercial Real Estate | 305,632 | 3,854 | 5.00 | 288,246 | 3,546 | 4.93 | ||||||||||||||||||||||
Residential | 32,565 | 471 | 5.74 | 31,297 | 426 | 5.46 | ||||||||||||||||||||||
Multifamily | 74,251 | 872 | 4.66 | 67,247 | 776 | 4.63 | ||||||||||||||||||||||
Personal | 17,435 | 203 | 4.63 | 13,070 | 145 | 4.47 | ||||||||||||||||||||||
Total Loans | 665,655 | 8,847 | 5.27 | 642,855 | 8,319 | 5.19 | ||||||||||||||||||||||
Total Earning Assets | 836,348 | 9,866 | 4.68 | 795,498 | 9,042 | 4.56 | ||||||||||||||||||||||
Allowance for loan losses | (7,390) | (7,325) | ||||||||||||||||||||||||||
Cash and cash equivalents | 10,156 | 9,295 | ||||||||||||||||||||||||||
Other assets | 25,491 | 25,282 | ||||||||||||||||||||||||||
Total Assets | $ | 864,605 | $ | 822,750 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||
Interest-bearing NOW deposits | $ | 107,491 | $ | 64 | 0.24 | % | $ | 112,088 | $ | 67 | 0.24 | % | ||||||||||||||||
Money market deposits | 291,017 | 364 | 0.50 | 258,372 | 306 | 0.47 | ||||||||||||||||||||||
Savings deposits | 3,892 | 3 | 0.25 | 3,846 | 2 | 0.25 | ||||||||||||||||||||||
Certificates and other time deposits | 43,674 | 110 | 1.00 | 49,729 | 121 | 0.97 | ||||||||||||||||||||||
Total Interest-bearing Deposits | 446,074 | 541 | 0.48 | 424,035 | 496 | 0.47 | ||||||||||||||||||||||
Borrowings | 9,952 | 211 | 8.41 | 10,059 | 211 | 8.41 | ||||||||||||||||||||||
Total Interest-bearing Liabilities | 456,026 | 752 | 0.65 | 434,094 | 707 | 0.65 | ||||||||||||||||||||||
Noninterest-bearing deposits | 317,573 | 304,497 | ||||||||||||||||||||||||||
Other liabilities | 7,660 | 4,982 | ||||||||||||||||||||||||||
Total Liabilities | 781,259 | 743,573 | ||||||||||||||||||||||||||
Stockholders' Equity | 83,346 | 79,177 | ||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 864,605 | $ | 822,750 | ||||||||||||||||||||||||
Net Interest Income | $ | 9,114 | $ | 8,335 | ||||||||||||||||||||||||
Net Interest Margin | 4.32 | % | 4.20 | % | ||||||||||||||||||||||||
Cost of Funds | 0.39 | % | 0.38 | % | ||||||||||||||||||||||||
Cost of Deposits | 0.28 | % | 0.27 | % | ||||||||||||||||||||||||
Net Interest Income (Annual Data) | |||||||||||||||||||||||||
(Dollars in Thousands, unaudited) | |||||||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||||
9/30/2018 | 9/30/2017 | ||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||
Average | Income / | Average | Average | Income/ | Average | ||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Interest-bearing deposits | $ | 124,568 | $ | 1,648 | 1.77 | % | $ | 102,188 | $ | 807 | 1.06 | % | |||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 4,777 | 232 | 6.50 | 4,459 | 225 | 6.75 | |||||||||||||||||||
Investment Securities | 22,942 | 472 | 2.75 | 8,467 | 96 | 1.52 | |||||||||||||||||||
Loans: (2) | |||||||||||||||||||||||||
Commercial | 190,699 | 7,779 | 5.45 | 178,945 | 6,910 | 5.16 | |||||||||||||||||||
Land and Construction | 50,566 | 2,444 | 6.46 | 21,234 | 992 | 6.25 | |||||||||||||||||||
Commercial Real Estate | 290,905 | 10,716 | 4.93 | 270,284 | 9,505 | 4.70 | |||||||||||||||||||
Residential | 32,151 | 1,309 | 5.45 | 30,980 | 1,086 | 4.69 | |||||||||||||||||||
Multifamily | 68,113 | 2,356 | 4.62 | 60,991 | 2,083 | 4.57 | |||||||||||||||||||
Personal | 15,527 | 522 | 4.49 | 27,484 | 859 | 4.18 | |||||||||||||||||||
Total Loans | 647,961 | 25,126 | 5.18 | 589,918 | 21,435 | 4.86 | |||||||||||||||||||
Total Earning Assets | 800,248 | 27,478 | 4.59 | 705,032 | 22,563 | 4.28 | |||||||||||||||||||
Allowance for loan losses | (7,311) | (6,972) | |||||||||||||||||||||||
Cash and cash equivalents | 9,667 | 8,974 | |||||||||||||||||||||||
Other assets | 24,918 | 17,163 | |||||||||||||||||||||||
Total Assets | $ | 827,522 | $ | 724,197 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||
Interest-bearing NOW deposits | $ | 109,078 | $ | 172 | 0.21 | % | $ | 102,941 | $ | 142 | 0.18 | % | |||||||||||||
Money market deposits | 262,286 | 808 | 0.41 | 239,093 | 372 | 0.21 | |||||||||||||||||||
Savings deposits | 3,850 | 6 | 0.22 | 4,620 | 3 | 0.09 | |||||||||||||||||||
Certificates and other time deposits | 47,854 | 327 | 0.91 | 46,965 | 186 | 0.53 | |||||||||||||||||||
Total Interest-bearing Deposits | 423,068 | 1,313 | 0.41 | 393,619 | 703 | 0.24 | |||||||||||||||||||
Borrowings | 10,033 | 633 | 8.44 | 10,033 | 633 | 8.44 | |||||||||||||||||||
Total Interest-bearing Liabilities | 433,101 | 1,946 | 0.60 | 403,652 | 1,336 | 0.44 | |||||||||||||||||||
Noninterest-bearing deposits | 308,907 | 244,771 | |||||||||||||||||||||||
Other liabilities | 5,784 | 4,888 | |||||||||||||||||||||||
Total Liabilities | 747,792 | 653,311 | |||||||||||||||||||||||
Stockholders' Equity | 79,730 | 70,886 | |||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 827,522 | $ | 724,197 | |||||||||||||||||||||
Net Interest Income | $ | 25,532 | $ | 21,227 | |||||||||||||||||||||
Net Interest Margin | 4.27 | % | 4.03 | % | |||||||||||||||||||||
Cost of Funds | 0.35 | % | 0.28 | % | |||||||||||||||||||||
Cost of Deposits | 0.24 | % | 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: https://www.businesswire.com/news/home/20181022005213/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