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Press Release

Presidio Bank Reports Unaudited Results for Second Quarter 2012

Company Release - 7/17/2012 3:05 PM ET

SAN FRANCISCO--(BUSINESS WIRE)-- Presidio Bank (OTCBB:PDOB), a Bay Area business bank, today reported unaudited results for the quarter ended June 30, 2012 with pre-tax income of $788,978, an increase of 26% over the first quarter and an increase of $755,086 over the same period in 2011. Due to an extraordinary tax benefit of $4.7 million recognized in the second quarter of 2011, net income for the quarter ended June 30, 2012 declined by $4.3 million over the same period in 2011. Total assets and total deposits reached record levels during the quarter, increasing 5.9% and 6.6% respectively over the first quarter of 2012. Total loans increased by 5.5% during the same period.

“We are pleased to report another solid quarter with growth in loans, deposits and profitability,” said Presidio Bank President and CEO, Steve Heitel. “The Bank continues to win new relationships despite an increasingly competitive environment.”

Some key financial highlights for the quarter included:

  • Assets: Totals assets increased to a record $393 million, up $91 million (30%) from June 30, 2011
  • Deposits: Deposits increased by another $21 million in the quarter and totaled $346 million at June 30, 2012.
  • Loans: Loans increased by $14 million for the quarter to $264 million.
  • Loan Loss Provision Expense: Loan loss provision expense was zero for the quarter as credit quality remained stable and strong.
  • Operating Expenses: Operating expenses decreased 4.7% from the quarter ended March 31, 2012, and were essentially flat from the quarter ended June 30, 2011.

“The Bank continues to invest in technology to both safeguard client transactions and increase service flexibility,” said Presidio Bank Chairman and Founder, Jim Woolwine. “In the second quarter, we implemented our IronKey online banking security solution to increase client protection against cyber thieves. Shortly, we will be introducing Mobile Banking Technology including Mobile Deposit to increase client convenience.”

2nd Quarter 2012 Financial Results

(Dollars in thousands, except per share amounts, unaudited)

 
Condensed Balance Sheet
As of   As of
6/30/2012   3/31/2012  

Change
Favorable/
(Unfavorable)

6/30/2011  

Change
Favorable/
(Unfavorable)

 
Total Assets $ 393,437 $ 371,672 5.9% $ 302,634 30.0%
Loans 264,060 250,255 5.5% 261,304 1.1%
Deposits 346,459 325,102 6.6% 251,344 37.8%
Total Shareholder’s Equity 45,474 45,024 1.0% 43,805 3.8%
Common Equity 34,504 34,071 1.3% 32,900 4.9%
Book Value Per Common Share $ 8.37 $ 8.29 1.0% $ 8.04 4.1%
 
Condensed Statement of Income
For the three months ended For the three months ended
6/30/2012 3/31/2012

Change
Favorable/
(Unfavorable)

6/30/2011

Change
Favorable/
(Unfavorable)

 
Net Revenue $ 3,633 $ 3,608 0.7% $ 3,448 5.4%
Provision for Loan Loss - - NM 591 100.0%
Total Operating Expenses 2,844 2,983 4.7% 2,822 (0.8%)
Net Income Before Taxes 789 624 26.4% 34 2227.9%
Income taxes 323 256 (26.4%) (4,721) (106.9%)
Net Income 465 368 26.5% 4,755 (90.2%)
Preferred Dividends 142 142 0.0% 846 (83.2%)
Net Income to Common 323 226 43.0% 3,909 (91.7%)
Earnings Per Common Share $ 0.08 $ 0.06 42.6% $ 0.96 (91.7%)
Net Interest Margin 3.7% 4.0% (6.6%) 4.6% (19.6%)
Efficiency Ratio 78.3% 82.7% 5.3% 81.9% 4.4%
Return on Average Assets 0.5% 0.4% 18.3% 6.5% (92.6%)
Return on Average Common Equity 3.8% 2.7% 41.6% 66.0% (94.3%)
 
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
925-787-2956 (c)
SVP/Marketing Director
agelinas@presidiobank.com

Source: Presidio Bank