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Presidio Bank Reports Another Solid Quarter

^{Published on 2011-10-25 09:36:50 - Market Wire}
 

SAN FRANCISCO--([ BUSINESS WIRE ])--Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited third quarter results with a record pre-tax profit of $837 thousand for the quarter -- more than double the pre-tax profit in any prior quarter in the bankas five year history. Net Income to common shareholders was $352 thousand.

"While it was a good quarter overall, I am particularly pleased with our core deposit growth"

aWe are pleased with our continued revenue, income and asset growth,a stated Steve Heitel, Presidio Bank President and CEO. aOur strong capital position and enviable loan quality has allowed us to serve more Bay Area businesses with each passing quarter.a

Some key financial highlights for the quarter included:

• Assets: Total assets increased to a record $328 million at September 30, 2011, up 9% from June 30, 2011 and up 16% from September 30, 2010.
• Deposits: In addition to a significant increase in total deposits during the quarter, non-interest bearing demand deposits increased to 31% of total deposits at September 30, 2011, up from 29% the prior quarter.
• Loans: Loans declined $4 million during the quarter due to some anticipated payoffs, however loans were up 12% from September 30, 2010.
• Expenses: As anticipated, expenses declined modestly during the quarter as one-time rebranding expenses have diminished.

aWhile it was a good quarter overall, I am particularly pleased with our core deposit growth,a said Presidio Bank Chairman and Founder, Jim Woolwine. aWe continue to execute our relationship strategy and prudently grow the bank..a

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 four banking offices in San Francisco, Walnut Creek, San Rafael 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 abelieve,a aexpect,a aintend,a aanticipate,a aplan,a aestimate,a aproject,a or similar expressions. The risks and uncertainties that may affect the operations, performance, development, growth projections and results of Presidio Bankas 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.