Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited results for the first quarter ended March 31, 2019 with Net Income of $3.1 million, down from $3.3 million in the fourth quarter of 2018 and up from $2.2 million (38%) in the first quarter of 2018. Diluted Earnings per Share were $0.47 for the first quarter of 2019 versus $0.50 for the fourth quarter of 2018 and 0.34 for the first quarter of 2018. Total Assets were $906 million at March 31, 2019, up $44 million from December 31, 2018 and up $56 million or 7% from March 31, 2018.
“Surpassing $900 million in assets is a significant milestone in our organic growth strategy,” said Presidio Bank CEO Steve Heitel. “We are pleased that despite rising deposit costs, our margins continue to improve.”
Financial Highlights
- Total Loans Outstanding were down $6 million from the quarter ending December 31, 2018 and up $55 million from the quarter ending March 31, 2018 or 9%. Growth in Commercial and Industrial Loans was offset by declines in Construction Loans and Commercial Real Estate Loans. Construction projects that the Bank has financed continue to sell quickly and at or above the appraised values at loan inception. Line of Credit utilization was 37%, up from 33% in the fourth quarter of 2018 but still below historical averages. Loan Originations for the first quarter of 2019 were $24 million, down from $78 million in the exceptionally strong fourth quarter of 2018. Loan pipeline activity remains solid, although construction loan payoffs are expected to remain elevated as a number of projects are at or nearing completion.
- Total Deposits increased by $35 million from the quarter ended December 31, 2018. Demand Deposits increased $47 million during the quarter and now represent 46% of Total Deposits. Demand Deposit totals benefited from transactional inflows at the end of the quarter that will likely normalize in the second quarter and beyond. Money Market Deposits decreased by $41 million during the quarter as a result of seasonal outflows and to a lesser extent individual depositors chasing higher rates. Time Deposits increased by $26 million which included $10 million of brokered deposits.
- Net Interest Income of $9.5 million in first quarter of 2019 was flat to the fourth quarter of 2018 despite two fewer days. Net Interest income was up 18% from the first quarter of 2018. Net Interest Margin increased during the first quarter of 2019 to 4.64% from 4.55% in the fourth quarter of 2018. Loan Yields for the quarter increased to 5.50% from 5.42% in the fourth quarter of 2018. Cost of Deposits was up to 0.41% in the quarter from 0.32% in the fourth quarter of 2018. Net Interest Margin also benefited from a lower average level of liquid assets maintained during the quarter.
- Operating Expenses were up 12% from the fourth quarter of 2018 and increased 8% from the first quarter of 2018. The increase was primarily due to seasonally high compensation and benefits expense, and higher professional fees due to legal expenses on a non-performing loan, and recruitment fees related to new hires.
- Total Revenue grew 17% over the first quarter of 2018 while total expenses grew 8% The Bank’s efficiency ratio was 57.3% in the first quarter of 2019 versus 51.2% in the fourth quarter of 2018 and 62.1% in the first quarter of 2018.
- Credit quality remains stable and strong. The Classified to Capital Ratio increased modestly to 8.8% from 6.3% due to two newly classified relationships. Total Criticized and Classified Loans still only represent 3% of Loan Commitments and 5% of Loans Outstanding. The Bank still has one non-performing loan totaling $3.7 million.
- Book Value per Share increased to $14.67 per share at March 31, 2019 from $14.21 per share at December 31, 2018 and $12.68 at March 31, 2018.
“I am grateful for the support from our clients, our employee team and our shareholders that has allowed us to profitably grow the Bank,” said Presidio Bank Chairman Jim Woolwine.
1st Quarter 2019 Financial Results | |||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | |||||||||||||
Condensed Balance Sheet | |||||||||||||
3/31/2019 | 12/31/2018 | Change | 3/31/2018 | Change | |||||||||
Cash and due from banks | 18,021 | 7,804 | 130.9% | 14,682 | 22.7% | ||||||||
Interest bearing due from banks | 102,859 | 67,877 | 51.5% | 154,434 | -33.4% | ||||||||
Total cash and equivalents | 120,880 | 75,681 | 59.7% | 169,116 | -28.5% | ||||||||
Investment securities | 56,255 | 57,925 | -2.9% | 11,810 | 376.3% | ||||||||
Loans, net of fees | 705,114 | 710,939 | -0.8% | 649,994 | 8.5% | ||||||||
Allowance for loan losses | (7,463) | (7,439) | 0.3% | (7,325) | 1.9% | ||||||||
Net loans | 697,651 | 703,500 | -0.8% | 642,669 | 8.6% | ||||||||
Premises and equipment, net | 2,175 | 2,287 | -4.9% | 2,537 | -14.2% | ||||||||
Other assets and interest receivable | 29,098 | 23,042 | 26.3% | 23,796 | 22.3% | ||||||||
Total assets | 906,059 | 862,435 | 5.1% | 849,928 | 6.6% | ||||||||
Non-interest-bearing demand | 366,381 | 319,358 | 14.7% | 337,201 | 8.7% | ||||||||
Interest bearing transaction | 119,282 | 116,120 | 2.7% | 108,399 | 10.0% | ||||||||
Money market and savings accounts | 243,680 | 285,245 | -14.6% | 262,503 | -7.2% | ||||||||
Time deposits | 64,363 | 37,995 | 69.4% | 50,082 | 28.5% | ||||||||
Total deposits | 793,706 | 758,718 | 4.6% | 758,185 | 4.7% | ||||||||
Borrowings | 9,875 | 9,865 | 0.1% | 10,059 | -1.8% | ||||||||
Other liabilities | 9,859 | 5,182 | 90.3% | 4,466 | 120.8% | ||||||||
Total liabilities | 813,440 | 773,765 | 5.1% | 772,710 | 5.3% | ||||||||
Common stock | 68,728 | 67,978 | 1.1% | 66,241 | 3.8% | ||||||||
Retained earnings | 23,742 | 20,693 | 14.7% | 11,079 | 114.3% | ||||||||
Other comprehensive income | 149 | (1) | NM | (102) | 245.9% | ||||||||
Total shareholder’s equity | 92,619 | 88,670 | 4.5% | 77,218 | 19.9% | ||||||||
Total liabilities and equity | 906,059 | 862,435 | 5.1% | 849,928 | 6.6% | ||||||||
Book value per share | |||||||||||||
Book value per share | $ | 14.67 | $ | 14.21 | $ | 12.68 | |||||||
Total shares outstanding EOP | 6,311 | 6,241 | 6,090 | ||||||||||
Capital Ratios | |||||||||||||
Tier 1 leverage ratio | 10.7% | 10.3% | 9.7% | ||||||||||
Tier 1 risk-based capital ratio | 10.5% | 10.0% | 9.5% | ||||||||||
Tangible common risk-based ratio | 10.5% | 10.0% | 9.5% | ||||||||||
Total risk-based capital ratio | 12.5% | 12.1% | 11.7% | ||||||||||
Condensed Statement of Income | |||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | |||||||||||||
For the three months ended | |||||||||||||
3/31/2019 | 12/31/2018 | Change | 3/31/2018 | Change | |||||||||
Interest income | 10,495 | 10,323 | 1.7% | 8,570 | 22.5% | ||||||||
Interest expense | 985 | 812 | (21.3%) | 487 | (102.0%) | ||||||||
Net interest income | 9,510 | 9,511 | (0.0%) | 8,083 | 17.7% | ||||||||
Provision for loan loss | 24 | 16 | (49.9%) | 159 | 84.7% | ||||||||
Net interest income after provision | 9,486 | 9,495 | (0.1%) | 7,924 | 19.7% | ||||||||
Other income | 311 | 315 | (1.2%) | 320 | (2.7%) | ||||||||
Compensation and benefit expenses | 3,678 | 3,335 | (10.3%) | 3,283 | (12.0%) | ||||||||
Occupancy and equipment expenses | 628 | 606 | (3.7%) | 616 | (2.0%) | ||||||||
Data processing | 445 | 420 | (6.0%) | 385 | (15.7%) | ||||||||
Professional and legal | 209 | 161 | (29.4%) | 147 | (41.8%) | ||||||||
Other operating expenses | 665 | 503 | (32.1%) | 777 | 14.4% | ||||||||
Total operating expenses | 5,625 | 5,025 | (11.9%) | 5,208 | (8.0%) | ||||||||
Net income before taxes | 4,172 | 4,785 | (12.8%) | 3,036 | 37.4% | ||||||||
Income taxes | 1,113 | 1,503 | 25.9% | 811 | (37.2%) | ||||||||
Net income | 3,059 | 3,282 | (6.8%) | 2,225 | 37.5% | ||||||||
Earnings Per Share | |||||||||||||
Basic earnings per share | $ | 0.49 | $ | 0.53 | (7.5%) | $ | 0.36 | 33.6% | |||||
Diluted earnings per share | $ | 0.47 | $ | 0.50 | (7.1%) | $ | 0.34 | 35.9% | |||||
Average shares outstanding | 6,198 | 6,160 | 6,025 | ||||||||||
Average diluted shares | 6,473 | 6,458 | 6,398 | ||||||||||
Performance Ratios | |||||||||||||
Return on average assets | 1.44% | 1.52% | 1.14% | ||||||||||
Return on average common equity | 13.58% | 14.95% | 11.78% | ||||||||||
Net interest margin | 4.64% | 4.55% | 4.27% | ||||||||||
Cost of funds | 0.52% | 0.42% | 0.28% | ||||||||||
Efficiency ratio | 57.3% | 51.2% | 62.1% | ||||||||||
Average Balances | |||||||||||||
Total assets | 864,060 | 857,104 | 794,442 | ||||||||||
Earning assets | 831,305 | 829,811 | 768,150 | ||||||||||
Total loans | 709,283 | 675,569 | 635,039 | ||||||||||
Total deposits | 749,334 | 754,400 | 703,081 | ||||||||||
Common equity | 91,346 | 87,084 | 76,591 | ||||||||||
NM = Not Meaningful | |||||||||||||
Condensed Balance Sheet (5 Quarter Data) | ||||||||||
(Dollars in thousands, except per share amounts, unaudited) | ||||||||||
3/31/2019 | 12/31/2018 | 9/30/2018 | 6/30/2018 | 3/31/2018 | ||||||
Cash and due from banks | 18,021 | 7,804 | 9,041 | 8,842 | 14,682 | |||||
Interest bearing due from banks | 102,859 | 67,877 | 78,598 | 130,412 | 154,434 | |||||
Total cash and equivalents | 120,880 | 75,681 | 87,639 | 139,254 | 169,116 | |||||
Investment securities | 56,255 | 57,925 | 59,282 | 41,326 | 11,810 | |||||
Loans, net of fees | 705,114 | 710,939 | 668,934 | 653,226 | 649,994 | |||||
Allowance for loan losses | (7,463) | (7,439) | (7,423) | (7,325) | (7,325) | |||||
Net loans | 697,651 | 703,500 | 661,511 | 645,901 | 642,669 | |||||
Premises and equipment, net | 2,175 | 2,287 | 2,371 | 2,464 | 2,537 | |||||
Other assets and interest receivable | 29,098 | 23,042 | 23,366 | 24,373 | 23,796 | |||||
Total assets | 906,059 | 862,435 | 834,169 | 853,318 | 849,928 | |||||
Non-interest-bearing demand | 366,381 | 319,358 | 315,493 | 298,354 | 337,201 | |||||
Interest bearing transaction | 119,282 | 116,120 | 101,712 | 108,338 | 108,399 | |||||
Money market and savings accounts | 243,680 | 285,245 | 278,867 | 302,077 | 262,503 | |||||
Time deposits | 64,363 | 37,995 | 38,400 | 48,698 | 50,082 | |||||
Total deposits | 793,706 | 758,718 | 734,472 | 757,467 | 758,185 | |||||
Borrowings | 9,875 | 9,865 | 9,928 | 9,961 | 10,059 | |||||
Other liabilities | 9,859 | 5,182 | 5,014 | 5,152 | 4,466 | |||||
Total liabilities | 813,440 | 773,765 | 749,414 | 772,580 | 772,710 | |||||
Common stock | 68,728 | 67,978 | 67,783 | 66,995 | 66,241 | |||||
Retained earnings | 23,742 | 20,693 | 17,401 | 13,908 | 11,079 | |||||
Other comprehensive income | 149 | (1) | (429) | (165) | (102) | |||||
Total shareholder’s equity | 92,619 | 88,670 | 84,755 | 80,738 | 77,218 | |||||
Total liabilities and equity | 906,059 | 862,435 | 834,169 | 853,318 | 849,928 | |||||
Book value per share | ||||||||||
Book value per share | $ 14.67 | $ 14.21 | $ 13.59 | $ 13.06 | $ 12.68 | |||||
Total shares outstanding EOP | 6,311 | 6,241 | 6,238 | 6,184 | 6,090 | |||||
Capital Ratios | ||||||||||
Tier 1 leverage ratio | 10.7% | 10.3% | 9.9% | 9.8% | 9.7% | |||||
Common equity tier 1 capital ratio | 10.5% | 10.0% | 10.2% | 9.9% | 9.5% | |||||
Tier 1 risk-based capital ratio | 10.5% | 10.0% | 10.2% | 9.9% | 9.5% | |||||
Total risk-based capital ratio | 12.5% | 12.1% | 12.3% | 12.1% | 11.7% | |||||
Condensed Statement of Income (5 Quarter Data) | |||||||||||||||
(Dollars in thousands, except per share amounts, unaudited) | |||||||||||||||
For the three months ended | |||||||||||||||
3/31/2019 | 12/31/2018 | 9/30/2018 | 6/30/2018 | 3/31/2018 | |||||||||||
Interest income | 10,495 | 10,323 | 9,866 | 9,042 | 8,570 | ||||||||||
Interest expense | 985 | 812 | 752 | 707 | 487 | ||||||||||
Net interest income | 9,510 | 9,511 | 9,114 | 8,335 | 8,083 | ||||||||||
Provision for loan loss | 24 | 16 | 98 | - | 159 | ||||||||||
Net interest income after provision | 9,486 | 9,495 | 9,016 | 8,335 | 7,924 | ||||||||||
Other income | 311 | 315 | 279 | 309 | 320 | ||||||||||
Compensation and benefit expenses | 3,678 | 3,335 | 3,301 | 3,254 | 3,283 | ||||||||||
Occupancy and equipment expenses | 628 | 606 | 625 | 602 | 616 | ||||||||||
Data processing | 445 | 420 | 388 | 400 | 385 | ||||||||||
Professional and legal | 209 | 161 | 145 | 278 | 147 | ||||||||||
Other operating expenses | 665 | 503 | 473 | 571 | 777 | ||||||||||
Total operating expenses | 5,625 | 5,025 | 4,932 | 5,105 | 5,208 | ||||||||||
Net income before taxes | 4,172 | 4,785 | 4,363 | 3,539 | 3,036 | ||||||||||
Income taxes | 1,113 | 1,503 | 870 | 710 | 811 | ||||||||||
Net income | 3,059 | 3,282 | 3,493 | 2,829 | 2,225 | ||||||||||
Earnings Per Share | |||||||||||||||
Basic earnings per share | $ | 0.49 | $ | 0.53 | $ | 0.56 | $ | 0.46 | $ | 0.36 | |||||
Diluted earnings per share | $ | 0.47 | $ | 0.50 | $ | 0.53 | $ | 0.44 | $ | 0.34 | |||||
Average shares outstanding | 6,198 | 6,160 | 6,132 | 6,053 | 6,025 | ||||||||||
Average diluted shares | 6,473 | 6,458 | 6,454 | 6,419 | 6,398 | ||||||||||
Performance Ratios | |||||||||||||||
Return on average assets | 1.44% | 1.52% | 1.60% | 1.38% | 1.14% | ||||||||||
Return on average common equity | 13.58% | 14.95% | 16.64% | 14.31% | 11.78% | ||||||||||
Net interest margin | 4.64% | 4.55% | 4.32% | 4.20% | 4.27% | ||||||||||
Cost of funds | 0.52% | 0.42% | 0.39% | 0.38% | 0.28% | ||||||||||
Efficiency ratio | 57.3% | 51.2% | 52.5% | 59.1% | 62.1% | ||||||||||
Average Balances | |||||||||||||||
Total assets | 864,060 | 857,104 | 864,605 | 822,750 | 794,442 | ||||||||||
Earning assets | 831,305 | 829,811 | 836,348 | 795,498 | 768,150 | ||||||||||
Total loans | 709,283 | 675,569 | 665,655 | 642,855 | 635,039 | ||||||||||
Total deposits | 749,334 | 754,400 | 763,647 | 728,532 | 703,081 | ||||||||||
Common equity | 91,346 | 87,084 | 83,346 | 79,177 | 76,591 | ||||||||||
Loans (5 Quarter Data) | ||||||||||
(Dollars in Thousands, unaudited) | ||||||||||
3/31/2019 | 12/31/2018 | 9/30/2018 | 6/30/2018 | 3/31/2018 | ||||||
Commercial real estate | 321,407 | 328,667 | 304,123 | 303,444 | 283,238 | |||||
Land and construction | 44,188 | 56,179 | 55,185 | 53,771 | 54,088 | |||||
Commercial | 190,307 | 176,179 | 177,747 | 180,783 | 201,094 | |||||
Personal | 31,429 | 34,738 | 22,505 | 13,709 | 17,172 | |||||
Residential | 39,507 | 38,357 | 36,552 | 31,011 | 33,114 | |||||
Multifamily | 79,260 | 77,928 | 73,839 | 71,505 | 62,325 | |||||
Deferred loan fees | (984) | (1,109) | (1,017) | (997) | (1,037) | |||||
Loans | 705,114 | 710,939 | 668,934 | 653,226 | 649,994 | |||||
Allowance for loan losses | (7,463) | (7,439) | (7,423) | (7,325) | (7,325) | |||||
Net loans | 697,651 | 703,500 | 661,511 | 645,901 | 642,669 | |||||
Non-Performing Assets (5 Quarter Data) | ||||||||||
(Dollars in Thousands, unaudited) | ||||||||||
3/31/2019 | 12/31/2018 | 9/30/2018 | 6/30/2018 | 3/31/2018 | ||||||
Non-Accrual Loans | 3,746 | 3,746 | - | - | - | |||||
Non-Performing Loans (NPL) | 3,746 | 3,746 | - | - | - | |||||
Other Real Estate Owned | - | - | - | - | - | |||||
Non-Performing Assets (NPA) | 3,746 | 3,746 | - | - | - | |||||
90+ Days Delinquent | - | - | - | - | - | |||||
NPAs & 90 Day Delinquent | 3,746 | 3,746 | - | - | - | |||||
Quarterly Net Charge-offs | - | - | - | - | - | |||||
NPAs / Assets % | 0.41% | 0.43% | 0.00% | 0.00% | 0.00% | |||||
NPAs & 90 Day / Assets % | 0.41% | 0.43% | 0.00% | 0.00% | 0.00% | |||||
NPAs / Actual Loans and OREO % | 0.41% | 0.43% | 0.00% | 0.00% | 0.00% | |||||
Loan Loss Reserves / Loans (%) | 1.06% | 1.05% | 1.11% | 1.12% | 1.13% | |||||
Net Interest Income (Quarterly Data) | ||||||||||||||||||
(Dollars in Thousands, unaudited) | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||
3/31/2019 | 12/31/2018 | |||||||||||||||||
Interest | Interest | |||||||||||||||||
Average | Income / | Average | Average | Income / | Average | |||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||
Assets: | ||||||||||||||||||
Interest-bearing deposits | $ | 64,868 | $ | 389 | 2.43 | % | $ | 95,949 | $ | 543 | 2.24 | % | ||||||
Federal Reserve and Federal Home Loan Bank stock | 4,897 | 81 | 6.71 | 4,887 | 128 | 10.36 | ||||||||||||
Investment Securities | 52,257 | 409 | 3.18 | 53,406 | 421 | 3.13 | ||||||||||||
Loans: (2) | ||||||||||||||||||
Commercial | 180,631 | 2,739 | 6.15 | 171,054 | 2,560 | 5.94 | ||||||||||||
Land and Construction | 53,729 | 889 | 6.71 | 56,796 | 927 | 6.48 | ||||||||||||
Commercial Real Estate | 325,034 | 4,027 | 5.03 | 307,474 | 3,934 | 5.08 | ||||||||||||
Residential | 38,349 | 586 | 6.20 | 36,007 | 547 | 6.02 | ||||||||||||
Multifamily | 78,281 | 951 | 4.93 | 74,159 | 892 | 4.77 | ||||||||||||
Personal | 33,259 | 424 | 5.16 | 30,079 | 371 | 4.90 | ||||||||||||
Total Loans | 709,283 | 9,616 | 5.50 | 675,569 | 9,231 | 5.42 | ||||||||||||
Total Earning Assets | 831,305 | 10,495 | 5.12 | 829,811 | 10,323 | 4.94 | ||||||||||||
Allowance for loan losses | (7,463) | (7,428) | ||||||||||||||||
Cash and cash equivalents | 10,760 | 10,101 | ||||||||||||||||
Other assets | 29,458 | 24,620 | ||||||||||||||||
Total Assets | $ | 864,060 | $ | 857,104 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||
Interest-bearing NOW deposits | $ | 110,416 | $ | 105 | 0.38 | % | $ | 102,590 | $ | 78 | 0.30 | % | ||||||
Money market deposits | 254,365 | 438 | 0.70 | 277,247 | 424 | 0.61 | ||||||||||||
Savings deposits | 3,506 | 2 | 0.26 | 3,925 | 3 | 0.30 | ||||||||||||
Certificates and other time deposits | 57,877 | 211 | 1.48 | 38,251 | 96 | 1.00 | ||||||||||||
Total Interest-bearing Deposits | 426,164 | 756 | 0.72 | 422,013 | 601 | 0.56 | ||||||||||||
Borrowings | 12,641 | 229 | 7.33 | 9,856 | 211 | 8.49 | ||||||||||||
Total Interest-bearing Liabilities | 438,805 | 985 | 0.91 | 431,869 | 812 | 0.75 | ||||||||||||
Noninterest-bearing deposits | 323,170 | 332,387 | ||||||||||||||||
Other liabilities | 10,739 | 5,764 | ||||||||||||||||
Total Liabilities | 772,714 | 770,020 | ||||||||||||||||
Stockholders' Equity | 91,346 | 87,084 | ||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 864,060 | $ | 857,104 | ||||||||||||||
Net Interest Income | $ | 9,510 | $ | 9,511 | ||||||||||||||
Net Interest Margin | 4.64 | % | 4.55 | % | ||||||||||||||
Cost of Funds | 0.52 | % | 0.42 | % | ||||||||||||||
Cost of Deposits | 0.41 | % | 0.32 | % | ||||||||||||||
Net Interest Income (Annual Data) | ||||||||||||||||||
(Dollars in Thousands, unaudited) | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||
3/31/2019 | 3/31/2018 | |||||||||||||||||
Interest | Interest | |||||||||||||||||
Average | Income / | Average | Average | Income / | Average | |||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||
Assets: | ||||||||||||||||||
Interest-bearing deposits | $ | 64,868 | $ | 389 | 2.43 | % | $ | 121,072 | $ | 501 | 1.68 | % | ||||||
Federal Reserve and Federal Home Loan Bank stock | 4,897 | 81 | 6.71 | 4,655 | 77 | 6.70 | ||||||||||||
Investment Securities | 52,257 | 409 | 3.18 | 7,384 | 31 | 1.69 | ||||||||||||
Loans: (2) | ||||||||||||||||||
Commercial | 180,631 | 2,739 | 6.15 | 199,340 | 2,579 | 5.25 | ||||||||||||
Land and Construction | 53,729 | 889 | 6.71 | 45,791 | 772 | 6.83 | ||||||||||||
Commercial Real Estate | 325,034 | 4,027 | 5.03 | 278,540 | 3,317 | 4.83 | ||||||||||||
Residential | 38,349 | 586 | 6.20 | 32,592 | 412 | 5.12 | ||||||||||||
Multifamily | 78,281 | 951 | 4.93 | 62,715 | 708 | 4.58 | ||||||||||||
Personal | 33,259 | 424 | 5.16 | 16,061 | 173 | 4.37 | ||||||||||||
Total Loans | 709,283 | 9,616 | 5.50 | 635,039 | 7,961 | 5.08 | ||||||||||||
Total Earning Assets | 831,305 | 10,495 | 5.12 | 768,150 | 8,570 | 4.52 | ||||||||||||
Allowance for loan losses | (7,463) | (7,219) | ||||||||||||||||
Cash and cash equivalents | 10,760 | 9,543 | ||||||||||||||||
Other assets | 29,458 | 23,968 | ||||||||||||||||
Total Assets | $ | 864,060 | $ | 794,442 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||
Interest-bearing NOW deposits | $ | 110,416 | $ | 105 | 0.38 | % | $ | 107,657 | $ | 41 | 0.15 | % | ||||||
Money market deposits | 254,365 | 438 | 0.70 | 236,876 | 138 | 0.24 | ||||||||||||
Savings deposits | 3,506 | 2 | 0.26 | 3,812 | 1 | 0.14 | ||||||||||||
Certificates and other time deposits | 57,877 | 211 | 1.48 | 50,230 | 96 | 0.78 | ||||||||||||
Total Interest-bearing Deposits | 426,164 | 756 | 0.72 | 398,575 | 276 | 0.28 | ||||||||||||
Borrowings | 12,641 | 229 | 7.33 | 10,088 | 211 | 8.48 | ||||||||||||
Total Interest-bearing Liabilities | 438,805 | 985 | 0.91 | 408,663 | 487 | 0.48 | ||||||||||||
Noninterest-bearing deposits | 323,170 | 304,506 | ||||||||||||||||
Other liabilities | 10,739 | 4,682 | ||||||||||||||||
Total Liabilities | 772,714 | 717,851 | ||||||||||||||||
Stockholders' Equity | 91,346 | 76,591 | ||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 864,060 | $ | 794,442 | ||||||||||||||
Net Interest Income | $ | 9,510 | $ | 8,083 | ||||||||||||||
Net Interest Margin | 4.64 | % | 4.27 | % | ||||||||||||||
Cost of Funds | 0.52 | % | 0.28 | % | ||||||||||||||
Cost of Deposits | 0.41 | % | 0.16 | % | ||||||||||||||
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.
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415.229.8428