SAN FRANCISCO--(BUSINESS WIRE)--Presidio Bank (OTCBB:PDOB), a Bay Area business bank, today reported unaudited results for the fourth quarter and full year ended December 31, 2016 with Net Income for the year of $4.5 million, up 76% from 2015. Net Income for the quarter was $1.2 million, up 2% from the quarter ended September 30, 2016 and up 71% from the fourth quarter 2015. Total Assets were a record high $748 million at December 31, 2016, up $9 million from September 30, 2016 and up $93 million or 14% from December 31, 2015.
“Presidio Bank had a solid year in 2016,” said Presidio Bank President and CEO Steve Heitel. “We are particularly pleased to have achieved our goal of growing revenues twice as fast as expenses which resulted in a significant improvement in our profitability metrics.”
Financial Highlights
- Total Loans Outstanding were up $30 million from the quarter ending September 30, 2016 and up $49 million for the year or 9%. Growth in Commercial and Industrial Loans, Commercial Real Estate Loans and Multifamily Loans helped offset a $30 million decline in Construction and Land Development Loans during the year. New Loan Originations were strong with New Loan Commitments of $73 million in the fourth quarter, up from $68 million in the third quarter and $44 million in the second quarter.
- Total Deposits increased by $8 million from the quarter ended September 30, 2016. The growth occurred in spite of a large money market deposit of $75 million, which came in at the end of August and left as expected early in the fourth quarter. Total Deposits increased $84 million for the year or 15%. Demand Deposits increased by $35 million during the quarter and now total 39% of Total Deposits.
- Net Interest Income of $6.3 million in the fourth quarter of 2016 was up 3% from the third quarter of 2016 and up 15% from the fourth quarter of 2015. For the year Net Interest Income is up 22% over 2015. Net Interest Margin decreased during the quarter to 3.45% from 3.59% in the third quarter of 2016, due primarily to higher levels of lower yielding Liquid Assets carried during the quarter. Loan Yields and Deposit Costs were essentially flat for the quarter. For the year, Net Interest Margin was 3.63% compared to 3.48% in 2015.
- Operating Expenses increased by 4.6% over the third quarter of 2016. As in the prior quarter, the majority of this increase came in Compensation and Benefits Expense and was related to growth-driven additions to staff and an increase to the accrual for Incentive Compensation due to higher than planned deposit balances. For the year, Operating Expenses were up 10% compared to Revenue growth of 21%. The Bank’s efficiency ratio improved from 74.7% in 2015 to 67.9% in 2016. Net Income Applicable to Common Shareholders was up 117% for the year, as 2015 included $475,000 of dividends on preferred stock retired in September of 2015.
- Credit Quality remains strong with a Classified to Capital Ratio of 5.9% at December 31, 2016. The number of classified relationships totals five. The Allowance for Loans Losses increased by $226 thousand to $6.9 million due to the increase in Loans during the quarter along with an $86 thousand impairment reserve on the Bank’s one Non-Performing Loan. The Allowance for Loan Losses covers Non-Performing Loans by more than six times.
- Diluted Earnings per Common Share were $0.20 for the quarter compared to $0.19 in the third quarter of 2016 and $0.13 in the fourth quarter of 2015. Diluted Earnings per Common Share were $0.75 for the year, up from $0.41 in 2015.
- Book Value per Share increased to $11.31 per share at December 31, 2016 from $11.04 per share at September 30, 2016 and $10.51 per share at December 31, 2015.
“I am very proud of what our Presidio Bank team achieved in 2016 and am grateful to our clients, shareholders and friends for their continued support,” said Presidio Bank Chairman and Founder, Jim Woolwine.
4th Quarter 2016 Financial Results |
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(Dollars in thousands, except per share amounts, unaudited) |
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Condensed Balance Sheet | ||||||||||||||||||||
12/31/2016 | 9/30/2016 | Change | 12/31/2015 | Change | ||||||||||||||||
Cash and due from banks | 6,035 | 6,743 | -10.5 | % | 6,175 | -2.3 | % | |||||||||||||
Interest bearing due from banks | 150,159 | 168,954 | -11.1 | % | 103,211 | 45.5 | % | |||||||||||||
Total cash and equivalents | 156,194 | 175,697 | -11.1 | % | 109,386 | 42.8 | % | |||||||||||||
Investment securities | 13,249 | 13,955 | -5.1 | % | 15,034 | -11.9 | % | |||||||||||||
Loans, net of fees | 572,780 | 542,867 | 5.5 | % | 523,815 | 9.3 | % | |||||||||||||
Allowance for loan losses | (6,868 | ) | (6,642 | ) | 3.4 | % | (6,301 | ) | 9.0 | % | ||||||||||
Net loans | 565,912 | 536,225 | 5.5 | % | 517,514 | 9.4 | % | |||||||||||||
Premises and equipment, net | 1,020 | 1,041 | -2.0 | % | 1,231 | -17.1 | % | |||||||||||||
Other assets and interest receivable | 11,127 | 10,952 | 1.6 | % | 11,102 | 0.2 | % | |||||||||||||
Total assets | 747,502 | 737,870 | 1.3 | % | 654,267 | 14.3 | % | |||||||||||||
Non-interest-bearing demand | 257,757 | 222,877 | 15.6 | % | 210,998 | 22.2 | % | |||||||||||||
Interest bearing transaction | 99,604 | 80,112 | 24.3 | % | 78,359 | 27.1 | % | |||||||||||||
Money market and savings accounts | 259,710 | 291,551 | -10.9 | % | 249,876 | 3.9 | % | |||||||||||||
Time deposits | 46,412 | 61,404 | -24.4 | % | 40,118 | 15.7 | % | |||||||||||||
Total deposits | 663,483 | 655,944 | 1.1 | % | 579,351 | 14.5 | % | |||||||||||||
Borrowings | 9,845 | 9,770 | 0.8 | % | 9,891 | -0.5 | % | |||||||||||||
Other liabilities | 6,812 | 6,531 | 4.3 | % | 7,472 | -8.8 | % | |||||||||||||
Total liabilities | 680,140 | 672,245 | 1.2 | % | 596,714 | 14.0 | % | |||||||||||||
Common stock | 64,122 | 63,492 | 1.0 | % | 58,795 | 9.1 | % | |||||||||||||
Retained earnings | 3,377 | 2,174 | -55.3 | % | (1,100 | ) | 407.0 | % | ||||||||||||
Other comprehensive income | (137 | ) | (41 | ) | -234.1 | % | (142 | ) | 3.5 | % | ||||||||||
Total shareholder’s equity | 67,362 | 65,625 | 2.6 | % | 57,553 | 17.0 | % | |||||||||||||
Total liabilities and equity | 747,502 | 737,870 | 1.3 | % | 654,267 | 14.3 | % | |||||||||||||
Book value per share | ||||||||||||||||||||
Book value per share | $ | 11.31 | $ | 11.04 | $ | 10.51 | ||||||||||||||
Total shares outstanding EOP | 5,957 | 5,944 | 5,477 | |||||||||||||||||
Capital Ratios | ||||||||||||||||||||
Tier 1 leverage ratio | 9.1 | % | 9.5 | % | 9.0 | % | ||||||||||||||
Common equity tier 1 capital ratio | 10.1 | % | 10.3 | % | 9.4 | % | ||||||||||||||
Tier 1 risk-based capital ratio | 10.1 | % | 10.3 | % | 9.4 | % | ||||||||||||||
Total risk-based capital ratio | 12.7 | % | 12.9 | % | 12.1 | % | ||||||||||||||
Condensed Statement of Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) |
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Interest income | 6,736 | 6,575 | 2.4 | % | 5,860 | 14.9 | % | 25,993 | 21,583 | 20.4 | % | |||||||||||||||||||||
Interest expense | 455 | 471 | 3.4 | % | 409 | (11.2 | %) | 1,775 | 1,662 | (6.8 | %) | |||||||||||||||||||||
Net interest income | 6,281 | 6,104 | 2.9 | % | 5,451 | 15.2 | % | 24,218 | 19,921 | 21.6 | % | |||||||||||||||||||||
Provision for loan loss | 226 | 274 | 17.5 | % | 707 | 68.0 | % | 567 | 1,129 | (49.8 | %) | |||||||||||||||||||||
Net interest income after provision | 6,055 | 5,830 | 3.9 | % | 4,744 | 27.6 | % | 23,651 | 18,792 | 25.9 | % | |||||||||||||||||||||
Other income | 189 | 177 | 6.8 | % | 158 | 19.6 | % | 698 | 701 | (0.4 | %) | |||||||||||||||||||||
Compensation and benefit expenses | 2,657 | 2,546 | (4.4 | %) | 2,441 | (8.8 | %) | 10,671 | 9,668 | (10.4 | %) | |||||||||||||||||||||
Occupancy and equipment expenses | 547 | 531 | (3.0 | %) | 441 | (24.0 | %) | 2,124 | 1,765 | (20.3 | %) | |||||||||||||||||||||
Data processing | 340 | 320 | (6.3 | %) | 299 | (13.7 | %) | 1,287 | 1,152 | (11.7 | %) | |||||||||||||||||||||
Professional and legal | 121 | 142 | 14.8 | % | 114 | (6.1 | %) | 539 | 531 | (1.5 | %) | |||||||||||||||||||||
Other operating expenses | 612 | 548 | (11.7 | %) | 575 | (6.4 | %) | 2,310 | 2,212 | (4.4 | %) | |||||||||||||||||||||
Total operating expenses | 4,277 | 4,087 | (4.6 | %) | 3,870 | (10.5 | %) | 16,931 | 15,328 | (10.5 | %) | |||||||||||||||||||||
Net income before taxes | 1,967 | 1,920 | 2.4 | % | 1,032 | 90.6 | % | 7,418 | 4,165 | 78.1 | % | |||||||||||||||||||||
Income taxes | 763 | 736 | (3.7 | %) | 329 | (131.9 | %) | 2,941 | 1,623 | (81.2 | %) | |||||||||||||||||||||
Net income | 1,204 | 1,184 | 1.7 | % | 703 | 71.3 | % | 4,477 | 2,542 | 76.1 | % | |||||||||||||||||||||
Preferred dividends and accretion | - | - | - | - | 475 | |||||||||||||||||||||||||||
Net income to common | 1,204 | 1,184 | 1.7 | % | 703 | 71.3 | % | 4,477 | 2,067 | 116.6 | % | |||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.20 | $ | 0.20 | $ | 0.13 | $ | 0.77 | $ | 0.43 | ||||||||||||||||||||||
Diluted earnings per share | $ | 0.20 | $ | 0.19 | $ | 0.13 | $ | 0.75 | $ | 0.41 | ||||||||||||||||||||||
Average shares outstanding | 5,946 | 5,926 | 5,328 | 5,788 | 4,773 | |||||||||||||||||||||||||||
Average diluted shares | 6,126 | 6,096 | 5,598 | 5,987 | 5,022 | |||||||||||||||||||||||||||
Performance Ratios | ||||||||||||||||||||||||||||||||
Return on average assets | 0.65 | % | 0.68 | % | 0.41 | % | 0.66 | % | 0.43 | % | ||||||||||||||||||||||
Return on average common equity | 7.15 | % | 7.22 | % | 4.62 | % | 7.04 | % | 4.25 | % | ||||||||||||||||||||||
Net interest margin | 3.45 | % | 3.59 | % | 3.48 | % | 3.63 | % | 3.48 | % | ||||||||||||||||||||||
Cost of funds | 0.27 | % | 0.29 | % | 0.28 | % | 0.29 | % | 0.31 | % | ||||||||||||||||||||||
Efficiency ratio | 66.1 | % | 65.1 | % | 70.0 | % | 68.0 | % | 74.7 | % | ||||||||||||||||||||||
Average Balances | ||||||||||||||||||||||||||||||||
Total assets | 738,307 | 694,088 | 638,063 | 680,565 | 585,174 | |||||||||||||||||||||||||||
Earning assets | 725,247 | 679,353 | 623,229 | 666,298 | 572,116 | |||||||||||||||||||||||||||
Total loans | 537,641 | 547,748 | 484,925 | 534,930 | 444,418 | |||||||||||||||||||||||||||
Total deposits | 655,149 | 603,428 | 564,380 | 596,303 | 514,833 | |||||||||||||||||||||||||||
Common equity | 66,788 | 65,228 | 56,198 | 63,275 | 54,148 | |||||||||||||||||||||||||||
Condensed Balance Sheet (5 Quarter Data) | ||||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) |
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12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | ||||||||||||||||||
Cash and due from banks | 6,035 | 6,743 | 9,430 | 12,723 | 6,175 | |||||||||||||||||
Interest bearing due from banks | 150,159 | 168,954 | 73,324 | 96,867 | 103,211 | |||||||||||||||||
Total cash and equivalents | 156,194 | 175,697 | 82,754 | 109,590 | 109,386 | |||||||||||||||||
Investment securities | 13,249 | 13,955 | 14,456 | 14,548 | 15,034 | |||||||||||||||||
Loans, net of fees | 572,780 | 542,867 | 544,577 | 522,942 | 523,815 | |||||||||||||||||
Allowance for loan losses | (6,868 | ) | (6,642 | ) | (6,368 | ) | (6,301 | ) | (6,301 | ) | ||||||||||||
Net loans | 565,912 | 536,225 | 538,209 | 516,641 | 517,514 | |||||||||||||||||
Premises and equipment, net | 1,020 | 1,041 | 1,101 | 1,155 | 1,231 | |||||||||||||||||
Other assets and interest receivable | 11,127 | 10,952 | 11,264 | 11,274 | 11,102 | |||||||||||||||||
Total assets | 747,502 | 737,870 | 647,784 | 653,208 | 654,267 | |||||||||||||||||
Non-interest-bearing demand | 257,757 | 222,877 | 201,121 | 210,872 | 210,997 | |||||||||||||||||
Interest bearing transaction | 99,604 | 80,112 | 83,121 | 104,147 | 78,359 | |||||||||||||||||
Money market and savings accounts | 259,710 | 291,551 | 213,227 | 220,936 | 249,876 | |||||||||||||||||
Time deposits | 46,412 | 61,404 | 42,755 | 40,827 | 40,118 | |||||||||||||||||
Total deposits | 663,483 | 655,944 | 540,224 | 576,782 | 579,350 | |||||||||||||||||
Borrowings | 9,845 | 9,770 | 37,510 | 9,773 | 9,891 | |||||||||||||||||
Other liabilities | 6,812 | 6,531 | 6,272 | 6,629 | 7,472 | |||||||||||||||||
Total liabilities | 680,140 | 672,245 | 584,006 | 593,184 | 596,713 | |||||||||||||||||
Common stock | 64,122 | 63,492 | 62,807 | 60,248 | 58,796 | |||||||||||||||||
Retained earnings | 3,377 | 2,174 | 989 | (160 | ) | (1,100 | ) | |||||||||||||||
Other comprehensive income | (137 | ) | (41 | ) | (18 | ) | (64 | ) | (142 | ) | ||||||||||||
Total shareholder’s equity | 67,362 | 65,625 | 63,778 | 60,024 | 57,554 | |||||||||||||||||
Total liabilities and equity | 747,502 | 737,870 | 647,784 | 653,208 | 654,267 | |||||||||||||||||
- | - | - | ||||||||||||||||||||
Book value per share | ||||||||||||||||||||||
Book value per share | $ | 11.31 | $ | 11.04 | $ | 10.82 | $ | 10.75 | $ | 10.51 | ||||||||||||
Total shares outstanding EOP | 5,957 | 5,944 | 5,893 | 5,581 | 5,477 | |||||||||||||||||
Capital Ratios | ||||||||||||||||||||||
Tier 1 leverage ratio | 9.1 | % | 9.5 | % | 9.8 | % | 9.5 | % | 9.0 | % | ||||||||||||
Common equity tier 1 capital ratio | 10.1 | % | 10.3 | % | 10.1 | % | 9.8 | % | 9.4 | % | ||||||||||||
Tier 1 risk-based capital ratio | 10.1 | % | 10.3 | % | 10.1 | % | 9.8 | % | 9.4 | % | ||||||||||||
Total risk-based capital ratio | 12.7 | % | 12.9 | % | 12.8 | % | 12.5 | % | 12.2 | % | ||||||||||||
Condensed Statement of Income (5 Quarter Data) | ||||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) |
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For the three months ended | ||||||||||||||||||||||
12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | ||||||||||||||||||
Interest income | 6,736 | 6,575 | 6,309 | 6,372 | 5,860 | |||||||||||||||||
Interest expense | 455 | 471 | 436 | 413 | 409 | |||||||||||||||||
Net interest income | 6,281 | 6,104 | 5,873 | 5,959 | 5,451 | |||||||||||||||||
Provision for loan loss | 226 | 274 | 67 | - | 707 | |||||||||||||||||
Net interest income after provision | 6,055 | 5,830 | 5,806 | 5,959 | 4,744 | |||||||||||||||||
Other income | 189 | 177 | 161 | 171 | 158 | |||||||||||||||||
Compensation and benefit expenses | 2,657 | 2,546 | 2,424 | 3,044 | 2,441 | |||||||||||||||||
Occupancy and equipment expenses | 547 | 531 | 531 | 516 | 441 | |||||||||||||||||
Data processing | 340 | 320 | 304 | 323 | 299 | |||||||||||||||||
Professional and legal | 121 | 142 | 141 | 136 | 114 | |||||||||||||||||
Other operating expenses | 612 | 548 | 593 | 553 | 575 | |||||||||||||||||
Total operating expenses | 4,277 | 4,087 | 3,993 | 4,572 | 3,870 | |||||||||||||||||
Net income before taxes | 1,967 | 1,920 | 1,974 | 1,558 | 1,032 | |||||||||||||||||
Income taxes | 763 | 736 | 825 | 618 | 329 | |||||||||||||||||
Net income | 1,204 | 1,184 | 1,149 | 940 | 703 | |||||||||||||||||
Preferred dividends | - | - | - | - | - | |||||||||||||||||
Net income to common | 1,204 | 1,184 | 1,149 | 940 | 703 | |||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||
Basic earnings per share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.17 | $ | 0.13 | ||||||||||||
Diluted earnings per share | $ | 0.20 | $ | 0.19 | $ | 0.19 | $ | 0.16 | $ | 0.13 | ||||||||||||
Average shares outstanding | 5,946 | 5,926 | 5,713 | 5,693 | 5,328 | |||||||||||||||||
Average diluted shares | 6,126 | 6,096 | 5,922 | 5,922 | 5,598 | |||||||||||||||||
Performance Ratios | ||||||||||||||||||||||
Return on average assets | 0.65 | % | 0.68 | % | 0.71 | % | 0.59 | % | 0.41 | % | ||||||||||||
Return on average common equity | 7.15 | % | 7.22 | % | 7.46 | % | 6.38 | % | 4.62 | % | ||||||||||||
Net interest margin | 3.45 | % | 3.59 | % | 3.70 | % | 3.86 | % | 3.48 | % | ||||||||||||
Cost of funds | 0.27 | % | 0.29 | % | 0.30 | % | 0.29 | % | 0.29 | % | ||||||||||||
Efficiency ratio | 66.1 | % | 65.1 | % | 66.2 | % | 74.6 | % | 70.0 | % | ||||||||||||
Average Balances | ||||||||||||||||||||||
Total assets | 738,307 | 694,088 | 653,042 | 636,043 | 638,063 | |||||||||||||||||
Earning assets | 725,247 | 679,353 | 638,560 | 621,240 | 623,229 | |||||||||||||||||
Total loans | 537,641 | 547,748 | 531,739 | 522,422 | 484,925 | |||||||||||||||||
Total deposits | 655,149 | 603,428 | 568,518 | 558,000 | 564,380 | |||||||||||||||||
Common equity | 66,788 | 65,228 | 61,945 | 59,117 | 56,198 | |||||||||||||||||
Loans (5 Quarter Data) | |||||||||||||||||
(Dollars in Thousands, unaudited) |
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12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | |||||||||||||
Commercial real estate | 263,463 | 248,646 | 244,457 | 226,555 | 224,220 | ||||||||||||
Land and construction | 12,298 | 20,025 | 38,714 | 47,960 | 42,493 | ||||||||||||
Commercial | 180,412 | 161,783 | 150,613 | 145,127 | 153,853 | ||||||||||||
Personal | 31,352 | 31,411 | 35,376 | 30,465 | 27,103 | ||||||||||||
Residential | 30,510 | 30,977 | 26,852 | 25,013 | 30,212 | ||||||||||||
Multifamily | 55,593 | 50,832 | 49,379 | 48,659 | 46,827 | ||||||||||||
Deferred loan fees | (848 | ) | (806 | ) | (813 | ) | (837 | ) | (893 | ) | |||||||
Loans | 572,779 | 542,867 | 544,577 | 522,942 | 523,814 | ||||||||||||
Allowance for loan losses | (6,868 | ) | (6,642 | ) | (6,368 | ) | (6,301 | ) | (6,301 | ) | |||||||
Net loans |
565,912 | 536,225 | 538,209 | 516,641 | 517,514 | ||||||||||||
Non-Performing Assets (5 Quarter Data) | |||||||||||||||||
(Dollars in Thousands, unaudited) |
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12/31/2016 | 9/30/2016 | 6/30/2016 | 3/31/2016 | 12/31/2015 | |||||||||||||
Non-Accrual Loans | 1,055 | 1,068 | 1,074 | 1,094 | 1,213 | ||||||||||||
Non-Performing Loans (NPL) | 1,055 | 1,068 | 1,074 | 1,094 | 1,213 | ||||||||||||
Other Real Estate Owned | - | - | - | - | - | ||||||||||||
Non-Performing Assets (NPA) | 1,055 | 1,068 | 1,074 | 1,094 | 1,213 | ||||||||||||
90+ Days Delinquent | - | - | - | - | - | ||||||||||||
NPAs & 90 Day Delinquent | 1,055 | 1,068 | 1,074 | 1,094 | 1,213 | ||||||||||||
Quarterly Net Charge-offs | - | - | - | - | - | ||||||||||||
NPAs / Assets % | 0.14 | % | 0.14 | % | 0.17 | % | 0.17 | % | 0.19 | % | |||||||
NPAs & 90 Day / Assets % | 0.14 | % | 0.14 | % | 0.17 | % | 0.17 | % | 0.19 | % | |||||||
NPAs / Actual Loans and OREO % | 0.14 | % | 0.14 | % | 0.17 | % | 0.17 | % | 0.19 | % | |||||||
Loan Loss Reserves / Loans (%) | 1.20 | % | 1.22 | % | 1.17 | % | 1.20 | % | 1.20 | % | |||||||
Net Interest Income (Quarter Data) | ||||||||||||||||||||||||
(Dollars in Thousands, unaudited) |
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For the Three Months Ended | ||||||||||||||||||||||||
12/31/2016 | 12/31/2015 | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 174,024 | $ | 213 | 0.49 | % | $ | 124,773 | $ | 91 | 0.29 | % | ||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 4,216 | 160 | 15.12 | 3,775 | 71 | 7.45 | ||||||||||||||||||
Investment Securities | 9,367 | 34 | 1.44 | 9,757 | 48 | 1.95 | ||||||||||||||||||
Loans: (2) | ||||||||||||||||||||||||
Commercial | 157,595 | 1,905 | 4.81 | 142,328 | 1,642 | 4.58 | ||||||||||||||||||
Land and Construction | 15,524 | 267 | 6.84 | 37,580 | 495 | 5.22 | ||||||||||||||||||
Commercial Real Estate | 250,071 | 2,912 | 4.63 | 208,961 | 2,463 | 4.68 | ||||||||||||||||||
Residential | 30,500 | 320 | 4.17 | 26,936 | 287 | 4.23 | ||||||||||||||||||
Multifamily | 52,092 | 613 | 4.68 | 43,628 | 509 | 4.63 | ||||||||||||||||||
Personal | 31,858 | 312 | 3.90 | 25,492 | 255 | 3.96 | ||||||||||||||||||
Total Loans | 537,641 | 6,329 | 4.68 | 484,925 | 5,650 | 4.62 | ||||||||||||||||||
Total Earning Assets | 725,247 | 6,736 | 3.70 | 623,229 | 5,860 | 3.73 | ||||||||||||||||||
Allowance for loan losses | (6,642 | ) | (5,679 | ) | ||||||||||||||||||||
Cash and cash equivalents | 8,640 | 9,289 | ||||||||||||||||||||||
Other assets | 11,061 | 11,223 | ||||||||||||||||||||||
Total Assets | $ | 738,307 | $ | 638,063 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||
Interest-bearing NOW deposits | $ | 93,846 | $ | 43 | 0.18 | % | $ | 80,069 | $ | 37 | 0.18 | % | ||||||||||||
Money market deposits | 264,975 | 147 | 0.22 | 227,963 | 122 | 0.21 | ||||||||||||||||||
Savings deposits | 3,221 | 1 | 0.08 | 2,540 | 1 | 0.11 | ||||||||||||||||||
Certificates and other time deposits | 50,966 | 53 | 0.41 | 43,538 | 38 | 0.35 | ||||||||||||||||||
Total Interest-bearing Deposits | 413,008 | 244 | 0.23 | 354,108 | 198 | 0.22 | ||||||||||||||||||
Borrowings | 9,886 | 211 | 8.48 | 9,794 | 211 | 8.55 | ||||||||||||||||||
Total Interest-bearing Liabilities | 422,894 | 455 | 0.43 | 363,902 | 409 | 0.45 | ||||||||||||||||||
Noninterest-bearing deposits | 242,141 | 210,271 | ||||||||||||||||||||||
Other liabilities | 6,483 | 7,692 | ||||||||||||||||||||||
Total Liabilities | 671,518 | 581,866 | ||||||||||||||||||||||
Stockholders' Equity | 66,788 | 56,198 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 738,307 | $ | 638,063 | ||||||||||||||||||||
Net Interest Income | $ | 6,281 | $ | 5,451 | ||||||||||||||||||||
Net Interest Margin | 3.44 | % | 3.47 | % | ||||||||||||||||||||
Cost of funds | 0.27 | % | 0.28 | % | ||||||||||||||||||||
Net Interest Income (YTD) | ||||||||||||||||||||||||
(Dollars in Thousands, unaudited) |
||||||||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||||||||
12/31/2016 | 12/31/2015 | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 117,087 | $ | 592 | 0.51 | % | $ | 113,656 | $ | 292 | 0.26 | % | ||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 4,016 | 373 | 9.30 | 3,434 | 310 | 9.02 | ||||||||||||||||||
Investment Securities | 10,265 | 143 | 1.39 | 10,607 | 154 | 1.45 | ||||||||||||||||||
Loans: (2) | ||||||||||||||||||||||||
Commercial | 153,918 | 7,221 | 4.69 | 135,740 | 6,256 | 4.61 | ||||||||||||||||||
Land and Construction | 33,487 | 1,754 | 5.24 | 25,902 | 1,368 | 5.28 | ||||||||||||||||||
Commercial Real Estate | 238,263 | 11,205 | 4.70 | 199,211 | 9,547 | 4.79 | ||||||||||||||||||
Residential | 28,281 | 1,186 | 4.19 | 25,133 | 1,048 | 4.17 | ||||||||||||||||||
Multifamily | 48,843 | 2,248 | 4.60 | 38,434 | 1,803 | 4.69 | ||||||||||||||||||
Personal | 32,137 | 1,272 | 3.96 | 19,999 | 805 | 4.03 | ||||||||||||||||||
Total Loans | 534,930 | 24,884 | 4.65 | 444,418 | 20,828 | 4.69 | ||||||||||||||||||
Total Earning Assets | 666,298 | 25,993 | 3.90 | 572,116 | 21,583 | 3.77 | ||||||||||||||||||
Allowance for loan losses | (6,452 | ) | (5,314 | ) | ||||||||||||||||||||
Cash and cash equivalents | 9,272 | 8,147 | ||||||||||||||||||||||
Other assets | 11,446 | 10,225 | ||||||||||||||||||||||
Total Assets | $ | 680,565 | $ | 585,174 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||
Interest-bearing NOW deposits | $ | 88,330 | $ | 173 | 0.20 | % | $ | 73,822 | $ | 152 | 0.21 | % | ||||||||||||
Money market deposits | 237,624 | 541 | 0.23 | 206,587 | 450 | 0.22 | ||||||||||||||||||
Savings deposits | 3,335 | 4 | 0.11 | 2,375 | 3 | 0.11 | ||||||||||||||||||
Certificates and other time deposits | 47,003 | 195 | 0.41 | 48,880 | 213 | 0.44 | ||||||||||||||||||
Total Interest-bearing Deposits | 376,293 | 912 | 0.24 | 331,663 | 818 | 0.25 | ||||||||||||||||||
Borrowings | 14,088 | 863 | 6.12 | 9,855 | 844 | 8.56 | ||||||||||||||||||
Total Interest-bearing Liabilities | 390,382 | 1,775 | 0.45 | 341,518 | 1,662 | 0.49 | ||||||||||||||||||
Noninterest-bearing deposits | 220,010 | 183,170 | ||||||||||||||||||||||
Other liabilities | 6,898 | 6,338 | ||||||||||||||||||||||
Total Liabilities | 617,289 | 531,026 | ||||||||||||||||||||||
Stockholders' Equity | 63,275 | 54,148 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 680,565 | $ | 585,174 | ||||||||||||||||||||
Net Interest Income | $ | 24,218 | $ | 19,921 | ||||||||||||||||||||
Net Interest Margin | 3.63 | % | 3.48 | % | ||||||||||||||||||||
Cost of funds | 0.29 | % | 0.32 | % |
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.