Business & Finance
Fri, January 27, 2012 
SAN FRANCISCO--([ BUSINESS WIRE ])--Presidio Bank (OTCBB:PDOB), a Bay Area business bank, today reported unaudited 2011 results with a record pre-tax profit of $1,986,000 for the year, more than double the pre-tax profit earned in 2010.
"I am pleased that the Bank accelerated its growth rate in the fourth quarter"
aThe fourth quarter was our strongest growth quarter of the year,a stated Steve Heitel, Presidio Bank President and CEO. aIt was a great way to finish off a solid year and position the bank for success in 2012.a
Some key financial highlights for the quarter included:
- Assets: Totals assets increased to a record $357 million, up almost 9% from September 30, 2011.
- Deposits: Deposits increased by $31 million in the quarter and by $63 million for the year.
- Loans: Loans increased by $13 million for the quarter to a record level of $270 million.
- Net Revenue: Net revenue increase by 19% for the year.
aI am pleased that the Bank accelerated its growth rate in the fourth quarter,a said Presidio Bank Chairman and Founder, Jim Woolwine. aOur revenue continues to grow significantly faster than our expenses resulting in a substantial increase in profitability.
2011 Financial Results
(Unaudited - dollars in thousands, except per share amounts)
Condensed Balance Sheet Information | ||||||||||
| As of | As of | |||||||||
| 12/31/11 | 12/31/10 | Change | 9/30/11 | Change | ||||||
| Total Assets | $357,350 | $291,525 | 22.6% | $328,392 | 8.8% | |||||
| Loans | $270,398 | $258,612 | 4.6% | $257,528 | 5.0% | |||||
| Deposits | $310,760 | $247,367 | 25.6% | $279,495 | 11.2% | |||||
| Total Shareholderas Equity | $44,691 | $39,388 | 13.5% | $44,260 | 1.0% | |||||
| Common Equity | $33,754 | $28,516 | 18.4% | $33,339 | 1.2% | |||||
| Book Value Per Common Share | $8.25 | $7.07 | 16.7% | $8.15 | 1.2% | |||||
Condensed Statement of Income Information | |||||||||||||
| For the year ended | For the three months ended | |||||||||||
| 12/31/11 | 12/31/10 | Change | 12/31/11 |
| 9/30/11 | Change | ||||||
| Net Revenue | $13,943 | $11,684 | 19.3% | $3,558 | $3,615 | -1.6% | |||||||
| Provision for Loan Loss | $841 | $894 | -5.9% | $22 | $0 | NM | |||||||
| Total Operating Expenses | $11,116 | $9,889 | 12.4% | $2,741 | $2,778 | -1.3% | |||||||
| Net Income Before Taxes | $1,986 | $901 | 120.4% | $795 | $837 | -5.0% | |||||||
| Income taxes | ($4,060) | $0 | NM | $315 | $343 | -8.2% | |||||||
| Net Income | $6,046 | $901 | 571.0% | $480 | $494 | -2.8% | |||||||
| Preferred Dividends | $1,131 | $0 | NM | $142 | $142 | 0.0% | |||||||
| Net Income to Common | $4,915 | $901 | 445.5% | $338 | $352 | -4.0% | |||||||
| Earnings Per Common Share | $1.22 | $0.22 | 454.5% | $0.08 | $0.09 | -11.1% | |||||||
| Net Interest Margin | 4.4% | 4.3% | 2.8% | 4.0% | 4.5% | -10.5% | |||||||
| Efficiency Ratio | 79.7% | 84.6% | -5.8% | 77.1% | 76.8% | 0.3% | |||||||
| Return on Average Assets | 2.0% | 0.3% | 497.0% | 0.6% | 0.6% | -1.6% | |||||||
| Return on Average Common Equity | 15.7% | 3.2% | 391.9% | 4.0% | 4.2% | -3.8% | |||||||
| NM = Not Meaningful | |||||||||||||
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.
