Presidio Bank (OTCBB:PDOB), a Bay Area business bank, today reported unaudited results for the first quarter ended March 31, 2018 with Net Income of $2.2 million, up $1.6 million from the fourth quarter of 2017 and up $1 million (85%) from the first quarter of 2017. The fourth quarter of 2017 included a $1.5 million revaluation of Deferred Tax Assets and Low Income Housing Investments due to tax reform legislation. Net Income in the first quarter of 2018 benefited from a lower Federal Income Tax rate which resulted in a savings of approximately $330 thousand. Total Assets were $850 million at March 31, 2018, up 7% from December 31, 2017. Both Total Loans and Total Deposits grew to record high levels during the quarter.
“We were pleased to achieve such strong growth in the traditionally slow first quarter of the year,” said Presidio Bank President and CEO Steve Heitel. “In addition, our Net Interest Margin continues to expand resulting in a solid year over year increase in profitability.”
Financial Highlights
- Total Loans Outstanding were up $24 million from the quarter ending December 31, 2017 and up $72 million from March 31, 2017 or 12%. New Loan Originations were strong at $80 million up from $69 million in the fourth quarter of 2017. Loan growth was centered in Commercial Real Estate, $12 million and Land and Construction, $9 million. Commercial and Industrial loans were also up modestly.
- Total Deposits increased by $54 million from the quarter ended December 31, 2017 and increased by $150 million from March 31, 2017 or 25%. This type of deposit growth is unusual for the first quarter of the year when the Bank tends to see modest growth or even net outflows. While the Bank continues to add new deposit relationships, a significant portion of the growth in the first quarter was transactional in nature and will likely normalize during the next two quarters.
- Net Interest Income of $8 million in the first quarter of 2018 was up 4% from the fourth quarter of 2017 and up 26% from the first 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 increased during the quarter to 4.27% from 4.11% in the fourth quarter of 2017 due to higher Loan Yields and flat Cost of Funds.
- Operating Expenses increased by 13% over the fourth quarter of 2017. This increase was largely due to the seasonal increase in Employer Paid Taxes and Employee Benefits Expense along with an increase in the Loan Loss Provision for Unfunded Loans as a result of growth in unfunded construction loans during the quarter. Operating Expenses increased 11% over the first 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 71% in the first quarter of 2017 to 62% in the first quarter of 2018.
- Year-over-year revenue growth is 27% while year-over-year expense growth is 11%.
- Credit Quality remains stable and strong with a Classified to Capital Ratio of 3.4% at March 31, 2018. The Loan Loss Provision Expense for the first quarter was $159 thousand driven by growth in the loan portfolio. Total Criticized and Classified Loans are flat from December 31, 2017 and represents only 3% of Loan Commitments and 4% of Loans Outstanding at March 31, 2018. The Bank has no Non-Performing Loans.
- Diluted Earnings per Common Share were $0.34 for the quarter, up from $0.09 in the fourth quarter of 2017 and up from $0.19 in the first quarter of 2017.
- Book Value per Share increased to $12.68 per share at March 31, 2018 from $12.29 per share at December 31, 2017 and $11.50 per share at March 31, 2017.
“While we are proud of our financial results, we are equally proud of our commitment to giving back to the communities we serve as evidenced by our Outstanding rating in Community Reinvestment and our perennial inclusion on the San Francisco Business Times list of top corporate philanthropists,” said Presidio Bank Chairman and Founder, Jim Woolwine.”
1st Quarter 2018 Financial Results | ||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||||||||||
Condensed Balance Sheet | ||||||||||||||||||
3/31/2018 | 12/31/2017 | Change | 3/31/2017 | Change | ||||||||||||||
Cash and due from banks | 14,682 | 7,613 | 92.9% | 6,239 | 135.3% | |||||||||||||
Interest bearing due from banks | 154,434 | 129,952 | 18.8% | 88,944 | 73.6% | |||||||||||||
Total cash and equivalents | 169,116 | 137,565 | 22.9% | 95,183 | 77.7% | |||||||||||||
Investment securities | 11,810 | 12,313 | (4.1%) | 12,893 | (8.4%) | |||||||||||||
Loans, net of fees | 649,994 | 626,282 | 3.8% | 578,033 | 12.4% | |||||||||||||
Allowance for loan losses | (7,325) | (7,166) | (2.2%) | (6,868) | (6.7%) | |||||||||||||
Net loans | 642,669 | 619,116 | 3.8% | 571,165 | 12.5% | |||||||||||||
Premises and equipment, net | 2,537 | 2,627 | (3.5%) | 1,005 | 152.4% | |||||||||||||
Other assets and interest receivable | 23,796 | 22,237 | 7.0% | 11,610 | 105.0% | |||||||||||||
Total assets | 849,928 | 793,858 | 7.1% | 691,856 | 22.8% | |||||||||||||
Non-interest-bearing demand | 337,201 | 295,070 | 14.3% | 233,059 | 44.7% | |||||||||||||
Interest bearing transaction | 108,399 | 120,109 | (9.7%) | 98,560 | 10.0% | |||||||||||||
Money market and savings accounts | 262,503 | 238,706 | 10.0% | 228,801 | 14.7% | |||||||||||||
Time deposits | 50,082 | 50,269 | (0.4%) | 48,016 | 4.3% | |||||||||||||
Total deposits | 758,185 | 704,154 | 7.7% | 608,436 | 24.6% | |||||||||||||
Borrowings | 10,059 | 10,174 | (1.1%) | 9,860 | 2.0% | |||||||||||||
Other liabilities | 4,466 | 4,767 | (6.3%) | 4,233 | 5.5% | |||||||||||||
Total liabilities | 772,710 | 719,095 | 7.5% | 622,529 | 24.1% | |||||||||||||
Common stock | 66,241 | 65,960 | 0.4% | 64,801 | 2.2% | |||||||||||||
Retained earnings | 11,079 | 8,854 | 25.1% | 4,581 | 141.8% | |||||||||||||
Other comprehensive income | (102) | (51) | (98.3%) | (55) | (85.4%) | |||||||||||||
Total shareholder’s equity | 77,218 | 74,763 | 3.3% | 69,327 | 11.4% | |||||||||||||
Total liabilities and equity | 849,928 | 793,858 | 7.1% | 691,856 | 22.8% | |||||||||||||
Book value per share | ||||||||||||||||||
Book value per share | $ | 12.68 | $ | 12.29 | $ | 11.50 | ||||||||||||
Total shares outstanding EOP | 6,090 | 6,084 | 6,030 | |||||||||||||||
Capital Ratios | ||||||||||||||||||
Tier 1 leverage ratio | 9.7% | 9.7% | 9.7% | |||||||||||||||
Tier 1 risk-based capital ratio | 9.5% | 9.8% | 10.1% | |||||||||||||||
Tangible common risk-based ratio | 9.5% | 9.8% | 10.1% | |||||||||||||||
Total risk-based capital ratio | 11.7% | 12.1% | 12.6% | |||||||||||||||
Condensed Statement of Income | ||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||||||||||
For the three months ended | ||||||||||||||||||
Change | Change | |||||||||||||||||
3/31/2018 | 12/31/2017 | Fav./ | 3/31/2017 | Fav./ | ||||||||||||||
|
| (Unfav.) |
| (Unfav.) | ||||||||||||||
Interest income | 8,570 | 8,236 | 4.1% | 6,853 | 25.1% | |||||||||||||
Interest expense | 487 | 483 | (1.0%) | 422 | (15.5%) | |||||||||||||
Net interest income | 8,083 | 7,753 | 4.2% | 6,431 | 25.7% | |||||||||||||
Provision for loan loss | 159 | - | NM | - | NM | |||||||||||||
Net interest income after provision | 7,924 | 7,753 | 2.2% | 6,431 | 23.2% | |||||||||||||
Other income | 320 | 287 | 11.3% | 202 | 58.2% | |||||||||||||
Compensation and benefit expenses | 3,283 | 2,814 | (16.7%) | 2,938 | (11.8%) | |||||||||||||
Occupancy and equipment expenses | 616 | 617 | 0.1% | 520 | (18.5%) | |||||||||||||
Data processing | 385 | 388 | 0.9% | 306 | (25.7%) | |||||||||||||
Professional and legal | 147 | 155 | 5.0% | 139 | (5.8%) | |||||||||||||
Other operating expenses | 777 | 627 | (23.9%) | 801 | 3.0% | |||||||||||||
Total operating expenses | 5,208 | 4,601 | (13.2%) | 4,704 | (10.7%) | |||||||||||||
Net income before taxes | 3,036 | 3,439 | (11.7%) | 1,929 | 57.4% | |||||||||||||
Income taxes | 811 | 2,838 | 71.4% | 725 | (11.9%) | |||||||||||||
Net income | 2,225 | 601 | 270.0% | 1,204 | 84.8% | |||||||||||||
Earnings Per Share | ||||||||||||||||||
Basic earnings per share | $ | 0.36 | $ | 0.10 | $ | 0.20 | ||||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.09 | $ | 0.19 | ||||||||||||
Average shares outstanding | 6,025 | 6,009 | 5,932 | |||||||||||||||
Average diluted shares | 6,398 | 6,328 | 6,185 | |||||||||||||||
Performance Ratios | ||||||||||||||||||
Return on average assets | 1.14% | 0.32% | 0.69% | |||||||||||||||
Return on average common equity | 11.78% | 3.25% | 7.09% | |||||||||||||||
Net interest margin | 4.27% | 4.11% | 3.74% | |||||||||||||||
Cost of funds | 0.28% | 0.28% | 0.27% | |||||||||||||||
Efficiency ratio | 62.1% | 57.4% | 71.0% | |||||||||||||||
Average Balances | ||||||||||||||||||
Total assets | 794,442 | 774,015 | 712,119 | |||||||||||||||
Earning assets | 768,150 | 747,679 | 698,171 | |||||||||||||||
Total loans | 635,039 | 608,584 | 567,792 | |||||||||||||||
Total deposits | 703,081 | 684,233 | 628,228 | |||||||||||||||
Common equity | 76,591 | 75,531 | 68,760 | |||||||||||||||
NM = Not Meaningful | ||||||||||||||||||
Condensed Balance Sheet (5 Quarter Data) | ||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||||||||||||
3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | ||||||||||||||||
Cash and due from banks | 14,682 | 7,613 | 10,677 | 9,789 | 6,239 | |||||||||||||||
Interest bearing due from banks | 154,434 | 129,952 | 126,277 | 101,532 | 88,944 | |||||||||||||||
Total cash and equivalents | 169,116 | 137,565 | 136,954 | 111,321 | 95,183 | |||||||||||||||
Investment securities | 11,810 | 12,313 | 12,801 | 12,736 | 12,893 | |||||||||||||||
Loans, net of fees | 649,994 | 626,282 | 617,269 | 603,689 | 578,033 | |||||||||||||||
Allowance for loan losses | (7,325) | (7,166) | (7,166) | (7,014) | (6,868) | |||||||||||||||
Net loans | 642,669 | 619,116 | 610,103 | 596,675 | 571,165 | |||||||||||||||
Premises and equipment, net | 2,537 | 2,627 | 2,452 | 1,335 | 1,005 | |||||||||||||||
Other assets and interest receivable | 23,796 | 22,237 | 23,312 | 24,159 | 11,610 | |||||||||||||||
Total assets | 849,928 | 793,858 | 785,622 | 746,226 | 691,856 | |||||||||||||||
Non-interest-bearing demand | 337,201 | 295,070 | 304,726 | 250,344 | 233,059 | |||||||||||||||
Interest bearing transaction | 108,399 | 120,109 | 98,019 | 103,727 | 98,560 | |||||||||||||||
Money market and savings accounts | 262,503 | 238,706 | 247,857 | 258,564 | 228,801 | |||||||||||||||
Time deposits | 50,082 | 50,269 | 46,871 | 47,293 | 48,016 | |||||||||||||||
Total deposits | 758,185 | 704,154 | 697,473 | 659,928 | 608,436 | |||||||||||||||
Borrowings | 10,059 | 10,174 | 10,346 | 10,152 | 9,860 | |||||||||||||||
Other liabilities | 4,466 | 4,767 | 4,001 | 4,837 | 4,233 | |||||||||||||||
Total liabilities | 772,710 | 719,095 | 711,820 | 674,917 | 622,529 | |||||||||||||||
Common stock | 66,241 | 65,960 | 65,585 | 65,185 | 64,801 | |||||||||||||||
Retained earnings | 11,079 | 8,854 | 8,252 | 6,173 | 4,581 | |||||||||||||||
Other comprehensive income | (102) | (51) | (35) | (49) | (55) | |||||||||||||||
Total shareholder’s equity | 77,218 | 74,763 | 73,802 | 71,309 | 69,327 | |||||||||||||||
Total liabilities and equity | 849,928 | 793,858 | 785,622 | 746,226 | 691,856 | |||||||||||||||
Book value per share | ||||||||||||||||||||
Book value per share | $ | 12.68 | $ | 12.29 | $ | 12.15 | $ | 11.75 | $ | 11.50 | ||||||||||
Total shares outstanding EOP | 6,090 | 6,084 | 6,074 | 6,069 | 6,030 | |||||||||||||||
Capital Ratios | ||||||||||||||||||||
Tier 1 leverage ratio | 9.7% | 9.7% | 9.9% | 10.0% | 9.7% | |||||||||||||||
Common equity tier 1 capital ratio | 9.5% | 9.8% | 9.8% | 9.6% | 10.1% | |||||||||||||||
Tier 1 risk-based capital ratio | 9.5% | 9.8% | 9.8% | 9.6% | 10.1% | |||||||||||||||
Total risk-based capital ratio | 11.7% | 12.1% | 12.2% | 12.0% | 12.6% | |||||||||||||||
Condensed Statement of Income (5 Quarter Data) | ||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||||||||||||
For the three months ended | ||||||||||||||||||||
3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | ||||||||||||||||
Interest income | 8,570 | 8,236 | 8,362 | 7,349 | 6,853 | |||||||||||||||
Interest expense | 487 | 483 | 472 | 442 | 422 | |||||||||||||||
Net interest income | 8,083 | 7,753 | 7,890 | 6,907 | 6,431 | |||||||||||||||
Provision for loan loss | 159 | - | 100 | 198 | - | |||||||||||||||
Net interest income after provision | 7,924 | 7,753 | 7,790 | 6,709 | 6,431 | |||||||||||||||
Other income | 320 | 287 | 268 | 191 | 202 | |||||||||||||||
Compensation and benefit expenses | 3,283 | 2,814 | 3,036 | 2,736 | 2,938 | |||||||||||||||
Occupancy and equipment expenses | 616 | 617 | 628 | 518 | 520 | |||||||||||||||
Data processing | 385 | 388 | 346 | 326 | 306 | |||||||||||||||
Professional and legal | 147 | 155 | 77 | 203 | 139 | |||||||||||||||
Other operating expenses | 777 | 627 | 533 | 586 | 801 | |||||||||||||||
Total operating expenses | 5,208 | 4,601 | 4,620 | 4,369 | 4,704 | |||||||||||||||
Net income before taxes | 3,036 | 3,439 | 3,438 | 2,531 | 1,929 | |||||||||||||||
Income taxes | 811 | 2,838 | 1,358 | 939 | 725 | |||||||||||||||
Net income | 2,225 | 601 | 2,080 | 1,592 | 1,204 | |||||||||||||||
Earnings Per Share | ||||||||||||||||||||
Basic earnings per share | $ | 0.36 | $ | 0.10 | $ | 0.33 | $ | 0.27 | $ | 0.20 | ||||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.09 | $ | 0.32 | $ | 0.26 | $ | 0.19 | ||||||||||
Average shares outstanding | 6,025 | 6,009 | 6,001 | 5,899 | 5,932 | |||||||||||||||
Average diluted shares | 6,398 | 6,328 | 6,277 | 6,157 | 6,185 | |||||||||||||||
Performance Ratios | ||||||||||||||||||||
Return on average assets | 1.14% | 0.32% | 1.10% | 0.90% | 0.69% | |||||||||||||||
Return on average common equity | 11.78% | 3.25% | 11.31% | 9.03% | 7.09% | |||||||||||||||
Net interest margin | 4.27% | 4.11% | 4.34% | 3.98% | 3.74% | |||||||||||||||
Cost of funds | 0.28% | 0.28% | 0.28% | 0.28% | 0.27% | |||||||||||||||
Efficiency ratio | 62.1% | 57.4% | 57.0% | 61.6% | 71.0% | |||||||||||||||
Average Balances | ||||||||||||||||||||
Total assets | 794,442 | 774,015 | 748,229 | 711,847 | 712,119 | |||||||||||||||
Earning assets | 768,150 | 747,679 | 721,374 | 695,297 | 698,171 | |||||||||||||||
Total loans | 635,039 | 608,584 | 612,493 | 588,980 | 567,792 | |||||||||||||||
Total deposits | 703,081 | 684,233 | 660,790 | 627,004 | 628,228 | |||||||||||||||
Common equity | 76,591 | 75,531 | 73,108 | 70,741 | 68,760 | |||||||||||||||
Loans (5 Quarter Data) | |||||||||||||||
(Dollars in Thousands, unaudited) | |||||||||||||||
3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | |||||||||||
Commercial real estate | 283,238 | 271,346 | 268,357 | 275,189 | 268,334 | ||||||||||
Land and construction | 54,088 | 44,714 | 39,599 | 22,657 | 13,629 | ||||||||||
Commercial | 201,094 | 197,748 | 194,884 | 187,537 | 176,073 | ||||||||||
Personal | 17,172 | 16,295 | 21,292 | 23,008 | 30,992 | ||||||||||
Residential | 33,114 | 34,174 | 34,389 | 33,671 | 27,077 | ||||||||||
Multifamily | 62,325 | 63,024 | 59,764 | 62,634 | 62,898 | ||||||||||
Deferred loan fees | (1,037) | (1,019) | (1,016) | (1,007) | (970) | ||||||||||
Loans | 649,994 | 626,282 | 617,269 | 603,689 | 578,033 | ||||||||||
Allowance for loan losses | (7,325) | (7,166) | (7,166) | (7,015) | (6,868) | ||||||||||
Net loans | 642,669 | 619,116 | 610,103 | 596,675 | 571,165 | ||||||||||
Non-Performing Assets (5 Quarter Data) | |||||||||||||||
(Dollars in Thousands, unaudited) | |||||||||||||||
3/31/2018 | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | |||||||||||
Non-Accrual Loans | - | - | - | 991 | 1,042 | ||||||||||
Non-Performing Loans (NPL) | - | - | - | 991 | 1,042 | ||||||||||
Other Real Estate Owned | - | - | - | - | - | ||||||||||
Non-Performing Assets (NPA) | - | - | - | 991 | 1,042 | ||||||||||
90+ Days Delinquent | - | - | - | - | - | ||||||||||
NPAs & 90 Day Delinquent | - | - | - | 991 | 1,042 | ||||||||||
Quarterly Net Charge-offs | - | - | (51) | 51 | - | ||||||||||
NPAs / Assets % | 0.00% | 0.00% | 0.00% | 0.13% | 0.15% | ||||||||||
NPAs & 90 Day / Assets % | 0.00% | 0.00% | 0.00% | 0.13% | 0.15% | ||||||||||
NPAs / Actual Loans and OREO % | 0.00% | 0.00% | 0.00% | 0.13% | 0.15% | ||||||||||
Loan Loss Reserves / Loans (%) | 1.13% | 1.14% | 1.16% | 1.16% | 1.19% | ||||||||||
Net Interest Income (Quarterly Data) | ||||||||||||||||||||||||||
(Dollars in Thousands, unaudited) | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
3/31/2018 | 12/31/2017 | |||||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||||
Average | Income / | Average | Average | Income/ | Average | |||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Interest-bearing deposits | $ | 121,072 | $ | 501 | 1.68 | % | $ | 126,532 | $ | 375 | 1.18 | % | ||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 4,655 | 77 | 6.70 | 4,644 | 77 | 6.56 | ||||||||||||||||||||
Investment Securities | 7,384 | 31 | 1.69 | 7,919 | 32 | 1.61 | ||||||||||||||||||||
Loans: (2) | ||||||||||||||||||||||||||
Commercial | 199,340 | 2,579 | 5.25 | 185,629 | 2,448 | 5.23 | ||||||||||||||||||||
Land and Construction | 45,791 | 772 | 6.83 | 42,055 | 655 | 6.18 | ||||||||||||||||||||
Commercial Real Estate | 278,540 | 3,317 | 4.83 | 267,166 | 3,334 | 4.95 | ||||||||||||||||||||
Residential | 32,592 | 412 | 5.12 | 33,500 | 414 | 4.90 | ||||||||||||||||||||
Multifamily | 62,715 | 708 | 4.58 | 62,002 | 712 | 4.56 | ||||||||||||||||||||
Personal | 16,061 | 173 | 4.37 | 18,232 | 189 | 4.12 | ||||||||||||||||||||
Total Loans | 635,039 | 7,961 | 5.08 | 608,584 | 7,752 | 5.05 | ||||||||||||||||||||
Total Earning Assets | 768,150 | 8,570 | 4.52 | 747,679 | 8,236 | 4.37 | ||||||||||||||||||||
Allowance for loan losses | (7,219 | ) | (7,166 | ) | ||||||||||||||||||||||
Cash and cash equivalents | 9,543 | 8,441 | ||||||||||||||||||||||||
Other assets | 23,968 | 25,061 | ||||||||||||||||||||||||
Total Assets | $ | 794,442 | $ | 774,015 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Interest-bearing NOW deposits | $ | 107,657 | $ | 41 | 0.15 | % | $ | 107,767 | $ | 41 | 0.15 | % | ||||||||||||||
Money market deposits | 236,876 | 138 | 0.24 | 241,802 | 143 | 0.23 | ||||||||||||||||||||
Savings deposits | 3,812 | 1 | 0.14 | 4,341 | 1 | 0.11 | ||||||||||||||||||||
Certificates and other time deposits | 50,230 | 96 | 0.78 | 49,965 | 87 | 0.69 | ||||||||||||||||||||
Total Interest-bearing Deposits | 398,575 | 276 | 0.28 | 403,875 | 272 | 0.27 | ||||||||||||||||||||
Borrowings | 10,088 | 211 | 8.48 | 10,161 | 211 | 8.24 | ||||||||||||||||||||
Total Interest-bearing Liabilities | 408,663 | 487 | 0.48 | 414,036 | 483 | 0.46 | ||||||||||||||||||||
Noninterest-bearing deposits | 304,506 | 280,358 | ||||||||||||||||||||||||
Other liabilities | 4,682 | 4,090 | ||||||||||||||||||||||||
Total Liabilities | 717,851 | 698,484 | ||||||||||||||||||||||||
Stockholders' Equity | 76,591 | 75,531 | ||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 794,442 | $ | 774,015 | ||||||||||||||||||||||
Net Interest Income | $ | 8,083 | $ | 7,753 | ||||||||||||||||||||||
Net Interest Margin | 4.27 | % | 4.11 | % | ||||||||||||||||||||||
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 Three Months Ended | ||||||||||||||||||||||||||
3/31/2018 | 3/31/2017 | |||||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Interest-bearing deposits | $ | 121,072 | $ | 501 | 1.68 | % | $ | 117,365 | $ | 260 | 0.90 | % | ||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 4,655 | 77 | 6.70 | 4,229 | 82 | 7.83 | ||||||||||||||||||||
Investment Securities | 7,384 | 31 | 1.69 | 8,785 | 33 | 1.50 | ||||||||||||||||||||
Loans: (2) | ||||||||||||||||||||||||||
Commercial | 199,340 | 2,579 | 5.25 | 166,682 | 1,942 | 4.72 | ||||||||||||||||||||
Land and Construction | 45,791 | 772 | 6.83 | 13,628 | 199 | 5.94 | ||||||||||||||||||||
Commercial Real Estate | 278,540 | 3,317 | 4.83 | 268,000 | 3,043 | 4.61 | ||||||||||||||||||||
Residential | 32,592 | 412 | 5.12 | 27,735 | 301 | 4.40 | ||||||||||||||||||||
Multifamily | 62,715 | 708 | 4.58 | 59,453 | 675 | 4.60 | ||||||||||||||||||||
Personal | 16,061 | 173 | 4.37 | 32,294 | 318 | 4.00 | ||||||||||||||||||||
Total Loans | 635,039 | 7,961 | 5.08 | 567,792 | 6,478 | 4.63 | ||||||||||||||||||||
Total Earning Assets | 768,150 | 8,570 | 4.52 | 698,171 | 6,853 | 3.98 | ||||||||||||||||||||
Allowance for loan losses | (7,219 | ) | (6,868 | ) | ||||||||||||||||||||||
Cash and cash equivalents | 9,543 | 9,234 | ||||||||||||||||||||||||
Other assets | 23,968 | 11,582 | ||||||||||||||||||||||||
Total Assets | $ | 794,442 | $ | 712,119 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Interest-bearing NOW deposits | $ | 107,657 | $ | 41 | 0.15 | % | $ | 101,019 | $ | 44 | 0.18 | % | ||||||||||||||
Money market deposits | 236,876 | 138 | 0.24 | 234,129 | 115 | 0.20 | ||||||||||||||||||||
Savings deposits | 3,812 | 1 | 0.14 | 3,519 | 1 | 0.09 | ||||||||||||||||||||
Certificates and other time deposits | 50,230 | 96 | 0.78 | 46,494 | 51 | 0.45 | ||||||||||||||||||||
Total Interest-bearing Deposits | 398,575 | 276 | 0.28 | 385,162 | 211 | 0.22 | ||||||||||||||||||||
Borrowings | 10,088 | 211 | 8.48 | 9,786 | 211 | 8.74 | ||||||||||||||||||||
Total Interest-bearing Liabilities | 408,663 | 487 | 0.48 | 394,948 | 422 | 0.43 | ||||||||||||||||||||
Noninterest-bearing deposits | 304,506 | 243,067 | ||||||||||||||||||||||||
Other liabilities | 4,682 | 5,344 | ||||||||||||||||||||||||
Total Liabilities | 717,851 | 643,358 | ||||||||||||||||||||||||
Stockholders' Equity | 76,591 | 68,760 | ||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 794,442 | $ | 712,119 | ||||||||||||||||||||||
Net Interest Income | $ | 8,083 | $ | 6,431 | ||||||||||||||||||||||
Net Interest Margin | 4.27 | % | 3.74 | % | ||||||||||||||||||||||
Cost of Funds | 0.28 | % | 0.27 | % | ||||||||||||||||||||||
Cost of Deposits | 0.16 | % | 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/20180425005386/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