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, 2017 with Net Income for the year of $5.5 million, up 22% from 2016, despite a $1.5 million revaluation of Deferred Tax Assets and Low Income Housing Investments in the fourth quarter due to the recently passed tax reform legislation. Pretax Income for the 2017 was $11.3 million, up 53% from 2016. Pretax Income for the quarter ending December 31, 2017 was $3.4 million, flat to the quarter ending September 30, 2017, but up 75% from the quarter ending December 31, 2016. Total Assets were a record high $794 million at December 31, 2017, up $8 million from September 30, 2017 and up $47 million or 6% from December 31, 2016.
“A combination of continued growth, improved efficiency and higher Net Interest Margin driven by higher short-term interest rates resulted in disproportionate growth in profitability,” said Presidio Bank President and CEO Steve Heitel. “These factors along with a lower federal income tax rate make us optimistic about 2018.”
Financial Highlights
- Total Loans Outstanding were up $9 million from the quarter ending September 30, 2017 and up $53 million for the year or 9%. Growth for the year was centered in Land and Construction Loans, up $32 million and Commercial and Industrial Loans, up $17 million. The growth in Land and Construction Loans represents the return to a more normalized level after a decline of $30 million in the category in 2016 due to the timing of projects financed. Growth in Commercial Real Estate loans of $8 million was modest compared to prior years and is related to intense rate competition in the category, which has slowed originations and accelerated prepayments. Loan Originations for the fourth quarter of 2017 were $69 million, up from $44 million in the third quarter. For the year, Loan Originations were $259 million, up from $221 million in 2016.
- Total Deposits increased by $7 million from the quarter ended September 30, 2017. Total Deposits increased $41 million for the year or 6%. Demand Deposits declined $10 million in the fourth quarter but were up $37 million or 14.5% for the year. Demand Deposits now total 42% of total deposits. Money Market deposits declined by $21 million during the year. This was due largely to a $30 million escrow deposit that originated in 2016 and was distributed out in the third quarter of 2017.
- Net Interest Income of $7.7 million in the fourth quarter of 2017 was down 2% from the third quarter of 2017 and up 23% from the fourth quarter of 2016. The third quarter of 2017 included recognition of $420 thousand in interest and fees related to collection of a non-performing loan. For the year, Net Interest Income was up 20% over 2016. Net Interest Margin decreased during the quarter to 4.11% from 4.34% in the third quarter of 2017 due to the aforementioned collection of interest and fees. Adjusted for that, Net Interest Margin was flat for the quarter. Net Interest Margin for the full year was 4.05%, up from 3.63% in 2016. Loan Yields for the quarter declined to 5.05% from 5.14% in the third quarter of 2017. For the year, Loan Yields increased to 4.91% from 4.65%. Cost of Funds and Cost of Deposits were essentially flat for the quarter and the year at 0.28% and 0.15% respectively.
- Operating Expenses were essentially flat from the third quarter of 2017 and increased 7.6% from the fourth quarter of 2016. For the full year, Operating Expenses were up 8% primarily due to growth related increases in Salary and Benefits Expenses, an increase in Occupancy Expense due to the lease on our new Walnut Creek location that opened in the 2nd half of the year, and an increase in Loan Loss Provision Expense on the Undisbursed Loans due to a high level of unfunded Construction Loan Commitments. The expense growth is compared to revenue growth of 20% for the year. The Bank’s efficiency ratio improved from 68% in 2016 to 61.7% in 2017
- Credit Quality remains strong with a Classified to Capital Ratio of 3.7% at December 31, 2017 which improved from 5.9% at December 31, 2016. The number of classified relationships has been reduced to two from five at the end of 2016. This improvement has been somewhat offset by an increase in Special Mention relationships from three at December 31, 2016 to eleven at December 31, 2017. Total Criticized and Classified Loans still represents only 3% of Loan Commitments and 4% of Loans Outstanding at December 31, 2017. At year end, the Bank had no Non-Performing Loans.
- Diluted Earnings per Common Share were $0.09 for the quarter compared to $0.32 in the third quarter of 2017 and $0.19 in the fourth quarter of 2016. Diluted Earnings per Common Share were $0.87 for the year, up from $0.75 in 2016.
- Book Value per Share increased to $12.29 per share at December 31, 2017 from $12.15 per share at September 30, 2017 and $11.31 per share at December 31, 2016.
“I am pleased that the Bank continues to demonstrate improved performance by executing its disciplined growth strategy,” said Presidio Bank Chairman and Founder, Jim Woolwine.
4(th) Quarter 2017 Financial Results | ||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) |
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Condensed Balance Sheet | ||||||||||||||||||
12/31/2017 | 9/30/2017 | Change | 12/31/2016 | Change | ||||||||||||||
Cash and due from banks | 7,613 | 10,677 | (28.7 | %) | 6,035 | 26.1 | % | |||||||||||
Interest bearing due from banks | 129,952 | 126,277 | 2.9 | % | 150,159 | (13.5 | %) | |||||||||||
Total cash and equivalents | 137,565 | 136,954 | 0.4 | % | 156,194 | (11.9 | %) | |||||||||||
Investment securities | 12,313 | 12,801 | (3.8 | %) | 13,249 | (7.1 | %) | |||||||||||
Loans, net of fees | 626,282 | 617,269 | 1.5 | % | 572,780 | 9.3 | % | |||||||||||
Allowance for loan losses | (7,166 | ) | (7,166 | ) | 0.0 | % | (6,868 | ) | (4.3 | %) | ||||||||
Net loans | 619,116 | 610,103 | 1.5 | % | 565,912 | 9.4 | % | |||||||||||
Premises and equipment, net | 2,627 | 2,452 | 7.1 | % | 1,020 | 157.6 | % | |||||||||||
Other assets and interest receivable | 22,237 | 23,312 | (4.6 | %) | 11,128 | 99.8 | % | |||||||||||
Total assets | 793,858 | 785,622 | 1.0 | % | 747,503 | 6.2 | % | |||||||||||
Non-interest-bearing demand | 295,070 | 304,726 | (3.2 | %) | 257,757 | 14.5 | % | |||||||||||
Interest bearing transaction | 120,109 | 98,019 | 22.5 | % | 99,604 | 20.6 | % | |||||||||||
Money market and savings accounts | 238,706 | 247,857 | (3.7 | %) | 259,711 | (8.1 | %) | |||||||||||
Time deposits | 50,269 | 46,871 | 7.3 | % | 46,412 | 8.3 | % | |||||||||||
Total deposits | 704,154 | 697,473 | 1.0 | % | 663,484 | 6.1 | % | |||||||||||
Borrowings | 10,174 | 10,346 | (1.7 | %) | 9,845 | 3.3 | % | |||||||||||
Other liabilities | 4,767 | 4,001 | 19.2 | % | 6,812 | (30.0 | %) | |||||||||||
Total liabilities | 719,095 | 711,820 | 1.0 | % | 680,140 | 5.7 | % | |||||||||||
Common stock | 65,960 | 65,585 | 0.6 | % | 64,122 | 2.9 | % | |||||||||||
Retained earnings | 8,854 | 8,252 | 7.3 | % | 3,377 | 162.2 | % | |||||||||||
Other comprehensive income | (51 | ) | (35 | ) | (47.8 | %) | (137 | ) | 62.5 | % | ||||||||
Total shareholder’s equity | 74,763 | 73,802 | 1.3 | % | 67,362 | 11.0 | % | |||||||||||
Total liabilities and equity | 793,858 | 785,622 | 1.0 | % | 747,503 | 6.2 | % | |||||||||||
Book value per share | ||||||||||||||||||
Book value per share | $ | 12.29 | $ | 12.15 | $ | 11.31 | ||||||||||||
Total shares outstanding EOP | 6,084 | 6,074 | 5,957 | |||||||||||||||
Capital Ratios | ||||||||||||||||||
Tier 1 leverage ratio | 9.7 | % | 9.9 | % | 9.1 | % | ||||||||||||
Tier 1 risk-based capital ratio | 9.8 | % | 9.8 | % | 10.1 | % | ||||||||||||
Tangible common risk-based ratio | 9.8 | % | 9.8 | % | 10.1 | % | ||||||||||||
Total risk-based capital ratio | 12.1 | % | 12.2 | % | 12.7 | % |
Condensed Statement of Income | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) |
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For the three months ended | For the twelve months ended | ||||||||||||||||||||||||||||
12/31/2017 | 9/30/2017 |
Change |
12/31/2016 |
Change |
12/31/2017 | 12/31/2016 |
Change |
||||||||||||||||||||||
Interest income | 8,236 | 8,362 | (1.5 | %) | 6,736 | 22.3 | % | 30,799 | 25,993 | 18.5 | % | ||||||||||||||||||
Interest expense | 483 | 472 | (2.3 | %) | 455 | (6.0 | %) | 1,819 | 1,775 | (2.5 | %) | ||||||||||||||||||
Net interest income | 7,753 | 7,890 | (1.7 | %) | 6,281 | 23.4 | % | 28,980 | 24,218 | 19.7 | % | ||||||||||||||||||
Provision for loan loss | - | 100 | 100.0 | % | 226 | 100.0 | % | 298 | 567 | 47.4 | % | ||||||||||||||||||
Net interest income after provision | 7,753 | 7,790 | (0.5 | %) | 6,055 | 28.0 | % | 28,682 | 23,651 | 21.3 | % | ||||||||||||||||||
Other income | 287 | 268 | 7.3 | % | 189 | 51.9 | % | 948 | 698 | 35.8 | % | ||||||||||||||||||
Compensation and benefit expenses | 2,814 | 3,036 | 7.3 | % | 2,657 | (5.9 | %) | 11,525 | 10,671 | (8.0 | %) | ||||||||||||||||||
Occupancy and equipment expenses | 617 | 628 | 1.8 | % | 547 | (12.7 | %) | 2,282 | 2,124 | (7.4 | %) | ||||||||||||||||||
Data processing | 388 | 346 | (12.3 | %) | 340 | (14.2 | %) | 1,366 | 1,287 | (6.1 | %) | ||||||||||||||||||
Professional and legal | 155 | 77 | (102.0 | %) | 121 | (27.9 | %) | 574 | 539 | (6.4 | %) | ||||||||||||||||||
Other operating expenses | 627 | 533 | (17.7 | %) | 612 | (2.5 | %) | 2,547 | 2,310 | (10.3 | %) | ||||||||||||||||||
Total operating expenses | 4,601 | 4,620 | 0.4 | % | 4,277 | (7.6 | %) | 18,294 | 16,931 | (8.1 | %) | ||||||||||||||||||
Net income before taxes | 3,439 | 3,438 | 0.0 | % | 1,967 | 74.8 | % | 11,336 | 7,418 | 52.8 | % | ||||||||||||||||||
Income taxes | 2,838 | 1,358 | (109.1 | %) | 763 | (272.0 | %) | 5,859 | 2,941 | (99.2 | %) | ||||||||||||||||||
Net income | 601 | 2,080 | (71.1 | %) | 1,204 | (50.0 | %) | 5,477 | 4,477 | 22.3 | % | ||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.10 | $ | 0.33 | $ | 0.20 | $ | 0.91 | $ | 0.77 | |||||||||||||||||||
Diluted earnings per share | $ | 0.09 | $ | 0.32 | $ | 0.19 | $ | 0.87 | $ | 0.75 | |||||||||||||||||||
Average shares outstanding | 6,009 | 6,001 | 5,906 | 5,979 | 5,788 | ||||||||||||||||||||||||
Average diluted shares | 6,328 | 6,277 | 6,146 | 6,259 | 5,987 | ||||||||||||||||||||||||
Performance Ratios | |||||||||||||||||||||||||||||
Return on average assets | 0.32 | % | 1.10 | % | 0.65 | % | 0.75 | % | 0.66 | % | |||||||||||||||||||
Return on average common equity | 3.25 | % | 11.31 | % | 7.15 | % | 7.67 | % | 7.04 | % | |||||||||||||||||||
Net interest margin | 4.11 | % | 4.34 | % | 3.45 | % | 4.05 | % | 3.63 | % | |||||||||||||||||||
Cost of funds | 0.28 | % | 0.28 | % | 0.27 | % | 0.28 | % | 0.29 | % | |||||||||||||||||||
Efficiency ratio | 57.4 | % | 57.0 | % | 66.1 | % | 61.7 | % | 68.0 | % | |||||||||||||||||||
Average Balances | |||||||||||||||||||||||||||||
Total assets | 774,015 | 748,229 | 738,307 | 736,754 | 680,565 | ||||||||||||||||||||||||
Earning assets | 747,679 | 721,374 | 725,247 | 715,782 | 666,298 | ||||||||||||||||||||||||
Total loans | 608,584 | 612,493 | 537,641 | 594,624 | 534,930 | ||||||||||||||||||||||||
Total deposits | 684,233 | 660,790 | 655,149 | 649,793 | 596,303 | ||||||||||||||||||||||||
Common equity | 75,531 | 73,108 | 66,788 | 72,056 | 63,275 |
Condensed Balance Sheet (5 Quarter Data) | ||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) |
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12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | ||||||||||||||||
Cash and due from banks | 7,613 | 10,677 | 9,789 | 6,239 | 6,035 | |||||||||||||||
Interest bearing due from banks | 129,952 | 126,277 | 101,532 | 88,944 | 150,159 | |||||||||||||||
Total cash and equivalents | 137,565 | 136,954 | 111,321 | 95,183 | 156,194 | |||||||||||||||
Investment securities | 12,313 | 12,801 | 12,736 | 12,893 | 13,249 | |||||||||||||||
Loans, net of fees | 626,282 | 617,269 | 603,689 | 578,033 | 572,780 | |||||||||||||||
Allowance for loan losses | (7,166 | ) | (7,166 | ) | (7,014 | ) | (6,868 | ) | (6,868 | ) | ||||||||||
Net loans | 619,116 | 610,103 | 596,675 | 571,165 | 565,912 | |||||||||||||||
Premises and equipment, net | 2,627 | 2,452 | 1,335 | 1,005 | 1,020 | |||||||||||||||
Other assets and interest receivable | 22,237 | 23,312 | 24,159 | 11,610 | 11,128 | |||||||||||||||
Total assets | 793,858 | 785,622 | 746,226 | 691,856 | 747,503 | |||||||||||||||
Non-interest-bearing demand | 295,070 | 304,726 | 250,344 | 233,059 | 257,757 | |||||||||||||||
Interest bearing transaction | 120,109 | 98,019 | 103,727 | 98,560 | 99,604 | |||||||||||||||
Money market and savings accounts | 238,706 | 247,857 | 258,564 | 228,801 | 259,711 | |||||||||||||||
Time deposits | 50,269 | 46,871 | 47,293 | 48,016 | 46,412 | |||||||||||||||
Total deposits | 704,154 | 697,473 | 659,928 | 608,436 | 663,484 | |||||||||||||||
Borrowings | 10,174 | 10,346 | 10,152 | 9,860 | 9,845 | |||||||||||||||
Other liabilities | 4,767 | 4,001 | 4,837 | 4,233 | 6,812 | |||||||||||||||
Total liabilities | 719,095 | 711,820 | 674,917 | 622,529 | 680,140 | |||||||||||||||
Common stock | 65,960 | 65,585 | 65,185 | 64,801 | 64,122 | |||||||||||||||
Retained earnings | 8,854 | 8,252 | 6,173 | 4,581 | 3,377 | |||||||||||||||
Other comprehensive income | (51 | ) | (35 | ) | (49 | ) | (55 | ) | (137 | ) | ||||||||||
Total shareholder’s equity | 74,763 | 73,802 | 71,309 | 69,327 | 67,362 | |||||||||||||||
Total liabilities and equity | 793,858 | 785,622 | 746,226 | 691,856 | 747,503 | |||||||||||||||
Book value per share | ||||||||||||||||||||
Book value per share | $ | 12.29 | $ | 12.15 | $ | 11.75 | $ | 11.50 | $ | 11.31 | ||||||||||
Total shares outstanding EOP | 6,084 | 6,074 | 6,069 | 6,030 | 5,957 | |||||||||||||||
Capital Ratios | ||||||||||||||||||||
Tier 1 leverage ratio | 9.7 | % | 9.9 | % | 10.0 | % | 9.7 | % | 9.1 | % | ||||||||||
Common equity tier 1 capital ratio | 9.8 | % | 9.8 | % | 9.6 | % | 10.1 | % | 10.1 | % | ||||||||||
Tier 1 risk-based capital ratio | 9.8 | % | 9.8 | % | 9.6 | % | 10.1 | % | 10.1 | % | ||||||||||
Total risk-based capital ratio | 12.1 | % | 12.2 | % | 12.0 | % | 12.6 | % | 12.7 | % |
Condensed Statement of Income (5 Quarter Data) | ||||||||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) |
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For the three months ended | ||||||||||||||||||||
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | ||||||||||||||||
Interest income | 8,236 | 8,362 | 7,349 | 6,853 | 6,736 | |||||||||||||||
Interest expense | 483 | 472 | 442 | 422 | 455 | |||||||||||||||
Net interest income | 7,753 | 7,890 | 6,907 | 6,431 | 6,281 | |||||||||||||||
Provision for loan loss | - | 100 | 198 | - | 226 | |||||||||||||||
Net interest income after provision | 7,753 | 7,790 | 6,709 | 6,431 | 6,055 | |||||||||||||||
Other income | 287 | 268 | 191 | 202 | 189 | |||||||||||||||
Compensation and benefit expenses | 2,814 | 3,036 | 2,736 | 2,938 | 2,657 | |||||||||||||||
Occupancy and equipment expenses | 617 | 628 | 518 | 520 | 547 | |||||||||||||||
Data processing | 388 | 346 | 326 | 306 | 340 | |||||||||||||||
Professional and legal | 155 | 77 | 203 | 139 | 121 | |||||||||||||||
Other operating expenses | 627 | 533 | 586 | 801 | 612 | |||||||||||||||
Total operating expenses | 4,601 | 4,620 | 4,369 | 4,704 | 4,277 | |||||||||||||||
Net income before taxes | 3,439 | 3,438 | 2,531 | 1,929 | 1,967 | |||||||||||||||
Income taxes | 2,838 | 1,358 | 939 | 725 | 763 | |||||||||||||||
Net income | 601 | 2,080 | 1,592 | 1,204 | 1,204 | |||||||||||||||
Earnings Per Share | ||||||||||||||||||||
Basic earnings per share | $ | 0.10 | $ | 0.33 | $ | 0.27 | $ | 0.20 | $ | 0.20 | ||||||||||
Diluted earnings per share | $ | 0.09 | $ | 0.32 | $ | 0.26 | $ | 0.19 | $ | 0.19 | ||||||||||
Average shares outstanding | 6,009 | 6,001 | 5,899 | 5,932 | 5,906 | |||||||||||||||
Average diluted shares | 6,328 | 6,277 | 6,157 | 6,185 | 6,146 | |||||||||||||||
Performance Ratios | ||||||||||||||||||||
Return on average assets | 0.32 | % | 1.10 | % | 0.90 | % | 0.69 | % | 0.65 | % | ||||||||||
Return on average common equity | 3.25 | % | 11.31 | % | 9.03 | % | 7.09 | % | 7.15 | % | ||||||||||
Net interest margin | 4.11 | % | 4.34 | % | 3.98 | % | 3.74 | % | 3.45 | % | ||||||||||
Cost of funds | 0.28 | % | 0.28 | % | 0.28 | % | 0.27 | % | 0.27 | % | ||||||||||
Efficiency ratio | 57.4 | % | 57.0 | % | 61.6 | % | 71.0 | % | 66.1 | % | ||||||||||
Average Balances | ||||||||||||||||||||
Total assets | 774,015 | 748,229 | 711,847 | 712,119 | 738,307 | |||||||||||||||
Earning assets | 747,679 | 721,374 | 695,297 | 698,171 | 725,247 | |||||||||||||||
Total loans | 608,584 | 612,493 | 588,980 | 567,792 | 537,641 | |||||||||||||||
Total deposits | 684,233 | 660,790 | 627,004 | 628,228 | 655,149 | |||||||||||||||
Common equity | 75,531 | 73,108 | 70,741 | 68,760 | 66,788 |
Loans (5 Quarter Data) | |||||||||||||||
(Dollars in Thousands, unaudited) |
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12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||
Commercial real estate | 271,346 | 268,357 | 275,189 | 268,334 | 263,463 | ||||||||||
Land and construction | 44,714 | 39,599 | 22,657 | 13,629 | 12,298 | ||||||||||
Commercial | 197,748 | 194,884 | 187,537 | 176,073 | 180,412 | ||||||||||
Personal | 16,295 | 21,292 | 23,008 | 30,992 | 31,352 | ||||||||||
Residential | 34,174 | 34,389 | 33,671 | 27,077 | 30,510 | ||||||||||
Multifamily | 63,024 | 59,764 | 62,634 | 62,898 | 55,593 | ||||||||||
Deferred loan fees | (1,019 | ) | (1,016 | ) | (1,007 | ) | (970 | ) | (848 | ) | |||||
Loans | 626,282 | 617,269 | 603,689 | 578,033 | 572,779 | ||||||||||
Allowance for loan losses | (7,166 | ) | (7,166 | ) | (7,015 | ) | (6,868 | ) | (6,868 | ) | |||||
Net loans | 619,116 | 610,103 | 596,675 | 571,165 | 565,912 |
Non-Performing Assets (5 Quarter Data) | |||||||||||||||
(Dollars in Thousands, unaudited) |
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12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||
Non-Accrual Loans | - | - | 991 | 1,042 | 1,055 | ||||||||||
Non-Performing Loans (NPL) | - | - | 991 |
1,042 |
1,055 | ||||||||||
Other Real Estate Owned | - | - | - | - | - | ||||||||||
Non-Performing Assets (NPA) | - | - | 991 | 1,042 | 1,055 | ||||||||||
90+ Days Delinquent | - | - | - | - | - | ||||||||||
NPAs & 90 Day Delinquent | - | - | 991 | 1,042 | 1,055 | ||||||||||
Quarterly Net Charge-offs | - | (51 | ) | 51 | - | - | |||||||||
NPAs / Assets % | 0.00 | % | 0.00 | % | 0.13 | % | 0.15 | % | 0.14 | % | |||||
NPAs & 90 Day / Assets % | 0.00 | % | 0.00 | % | 0.13 | % | 0.15 | % | 0.14 | % | |||||
NPAs / Actual Loans and OREO % | 0.00 | % | 0.00 | % | 0.13 | % | 0.15 | % | 0.14 | % | |||||
Loan Loss Reserves / Loans (%) | 1.14 | % | 1.16 | % | 1.16 | % | 1.19 | % | 1.20 | % |
Net Interest Income (Quarterly Data) | ||||||||||||||||||||
(Dollars in Thousands, unaudited) |
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For the Three Months Ended | ||||||||||||||||||||
12/31/2017 | 9/30/2017 | |||||||||||||||||||
Interest | Interest | |||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||
Assets: | ||||||||||||||||||||
Interest-bearing deposits | $ | 126,532 | $ | 375 | 1.18 | % | $ | 96,029 | $ | 324 | 1.34 | % | ||||||||
Federal Reserve and Federal Home Loan Bank stock | 4,644 | 77 | 6.56 | 4,625 | 74 | 6.38 | ||||||||||||||
Investment Securities | 7,919 | 32 | 1.61 | 8,227 | 32 | 1.56 | ||||||||||||||
Loans: (2) | ||||||||||||||||||||
Commercial | 185,629 | 2,448 | 5.23 | 187,888 | 2,777 | 5.86 | ||||||||||||||
Land and Construction | 42,055 | 655 | 6.18 | 32,792 | 524 | 6.33 | ||||||||||||||
Commercial Real Estate | 267,166 | 3,334 | 4.95 | 274,847 | 3,278 | 4.73 | ||||||||||||||
Residential | 33,500 | 414 | 4.90 | 33,997 | 420 | 4.90 | ||||||||||||||
Multifamily | 62,002 | 712 | 4.56 | 60,424 | 690 | 4.53 | ||||||||||||||
Personal | 18,232 | 189 | 4.12 | 22,545 | 243 | 4.28 | ||||||||||||||
Total Loans | 608,584 | 7,752 | 5.05 | 612,493 | 7,932 | 5.14 | ||||||||||||||
Total Earning Assets | 747,679 | 8,236 | 4.37 | 721,374 | 8,362 | 4.60 | ||||||||||||||
Allowance for loan losses | (7,166) | (7,149) | ||||||||||||||||||
Cash and cash equivalents | 8,441 | 8,639 | ||||||||||||||||||
Other assets | 25,061 | 25,365 | ||||||||||||||||||
Total Assets | $ | 774,015 | $ | 748,229 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing NOW deposits | $ | 107,767 | $ | 41 | 0.15 | % | $ | 103,364 | $ | 47 | 0.18 | % | ||||||||
Money market deposits | 241,802 | 143 | 0.23 | 248,786 | 137 | 0.22 | ||||||||||||||
Savings deposits | 4,341 | 1 | 0.11 | 5,066 | 1 | 0.10 | ||||||||||||||
Certificates and other time deposits | 49,965 | 87 | 0.69 | 47,612 | 76 | 0.64 | ||||||||||||||
Total Interest-bearing Deposits | 403,875 | 272 | 0.27 | 404,828 | 261 | 0.26 | ||||||||||||||
Borrowings | 10,161 | 211 | 8.24 | 10,327 | 211 | 8.11 | ||||||||||||||
Total Interest-bearing Liabilities | 414,036 | 483 | 0.46 | 415,155 | 472 | 0.45 | ||||||||||||||
Noninterest-bearing deposits | 280,358 | 255,962 | ||||||||||||||||||
Other liabilities | 4,090 | 4,004 | ||||||||||||||||||
Total Liabilities | 698,484 | 675,121 | ||||||||||||||||||
Stockholders' Equity | 75,531 | 73,108 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 774,015 | $ | 748,229 | ||||||||||||||||
Net Interest Income | $ | 7,753 | $ | 7,890 | ||||||||||||||||
Net Interest Margin | 4.11 | % | 4.34 | % | ||||||||||||||||
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 Twelve Months Ended | |||||||||||||||||||||
12/31/2017 | 12/31/2016 | ||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | ||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing deposits | $ | 108,324 | $ | 1,183 | 1.09 | % | $ | 117,087 | $ | 592 | 0.51 | % | |||||||||
Federal Reserve and Federal Home Loan Bank stock | 4,505 | 302 | 6.70 | 4,016 | 373 | 9.30 | |||||||||||||||
Investment Securities | 8,329 | 128 | 1.54 | 10,265 | 143 | 1.39 | |||||||||||||||
Loans: (2) | |||||||||||||||||||||
Commercial | 180,630 | 9,358 | 5.18 | 153,918 | 7,221 | 4.69 | |||||||||||||||
Land and Construction | 26,482 | 1,647 | 6.22 | 33,487 | 1,754 | 5.24 | |||||||||||||||
Commercial Real Estate | 269,499 | 12,838 | 4.76 | 238,263 | 11,205 | 4.70 | |||||||||||||||
Residential | 31,615 | 1,500 | 4.74 | 28,281 | 1,186 | 4.19 | |||||||||||||||
Multifamily | 61,246 | 2,795 | 4.56 | 48,843 | 2,248 | 4.60 | |||||||||||||||
Personal | 25,152 | 1,048 | 4.17 | 32,137 | 1,272 | 3.96 | |||||||||||||||
Total Loans | 594,624 | 29,186 | 4.91 | 534,930 | 24,884 | 4.65 | |||||||||||||||
Total Earning Assets | 715,782 | 30,799 | 4.30 | 666,298 | 25,993 | 3.90 | |||||||||||||||
Allowance for loan losses | (7,020) | (6,452) | |||||||||||||||||||
Cash and cash equivalents | 8,839 | 9,272 | |||||||||||||||||||
Other assets | 19,153 | 11,446 | |||||||||||||||||||
Total Assets | $ | 736,754 | $ | 680,565 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Interest-bearing NOW deposits | $ | 104,157 | $ | 183 | 0.18 | % | $ | 88,330 | $ | 173 | 0.20 | % | |||||||||
Money market deposits | 239,776 | 515 | 0.21 | 237,624 | 541 | 0.23 | |||||||||||||||
Savings deposits | 4,550 | 4 | 0.10 | 3,335 | 4 | 0.11 | |||||||||||||||
Certificates and other time deposits | 47,569 | 273 | 0.57 | 47,003 | 195 | 0.41 | |||||||||||||||
Total Interest-bearing Deposits | 396,052 | 975 | 0.25 | 376,293 | 912 | 0.24 | |||||||||||||||
Borrowings | 10,066 | 844 | 8.39 | 14,088 | 863 | 6.12 | |||||||||||||||
Total Interest-bearing Liabilities | 406,118 | 1,819 | 0.45 | 390,382 | 1,775 | 0.45 | |||||||||||||||
Noninterest-bearing deposits | 253,741 | 220,010 | |||||||||||||||||||
Other liabilities | 4,839 | 6,898 | |||||||||||||||||||
Total Liabilities | 664,698 | 617,289 | |||||||||||||||||||
Stockholders' Equity | 72,056 | 63,275 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 736,754 | $ | 680,565 | |||||||||||||||||
Net Interest Income | $ | 28,980 | $ | 24,218 | |||||||||||||||||
Net Interest Margin | 4.05 | % | 3.63 | % | |||||||||||||||||
Cost of Funds | 0.28 | % | 0.29 | % | |||||||||||||||||
Cost of Deposits | 0.15 | % | 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.