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.

"The fourth quarter was our strongest growth quarter of the year," stated Steve Heitel, Presidio Bank President and CEO. "It was a great way to finish off a solid year and position the bank for success in 2012."

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.

"I am pleased that the Bank accelerated its growth rate in the fourth quarter," said Presidio Bank Chairman and Founder, Jim Woolwine. "Our 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 Shareholder's 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 "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.

Presidio Bank
Steve Heitel, 415-229-8428
President & CEO
Ed Murphy, 415-229-8403
EVP/CFO
or
Media:
Annette Gelinas, 415-229-8415 (o) or 925-787-2956 (c)
SVP/Marketing Director
agelinas@presidiobank.com