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 | 6/30/2017 | Change | 6/30/2018 | 6/30/2017 | Change | |||||||||||||||||||||||
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