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Press Release

Presidio Bank Reports Financial Results for the First Quarter 2013

Company Release - 4/16/2013 11:44 AM ET

Pre-Tax Income up 19% over First Quarter 2012

SAN FRANCISCO--(BUSINESS WIRE)-- Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited results for the quarter ended March 31, 2013 with total loans of $319 million, up 27% from March 31, 2012 and up 1.5% from December 31, 2012. Pre-tax income for the quarter ending March 31, 2012 was $744,000, up 19.3% from the quarter ended March 31, 2012.

“While not matching the exceptional fourth quarter of 2012, the Bank continued to grow loans in the traditionally soft first quarter,” said Presidio Bank President and CEO, Steve Heitel. “Pre-tax income growth of 19% represents a solid start to 2013.”

Some key financial highlights for the quarter included:

  • Assets: Totals assets are $383 million at March 31, 2013, up $11 million (3%) from March 31, 2012 but down $23 million (5.5%) from December 31, 2012.
  • Deposits: Deposits totaled $334 million at March 31, 2013, up $10 million from March 31, 2012 but down $23 million from December 31, 2012.
  • Loans: Loans increased by $5 million for the quarter and by $69 million from March 31, 2012.
  • Loan Loss Provision Expense: Loan loss provision expense was zero for the quarter.
  • Operating Expenses: Operating expenses for the quarter ending March 31, 2013 were up 3.6% from the quarter ending March 31, 2012, but down 13% from the quarter ending December 31, 2012. The quarter ending December 31, 2012 contained a number of non-recurring expense items.

“In addition to these financial results, I am pleased to report that the Bank received a rating of Outstanding from the Federal Reserve in a recent Community Reinvestment Act Examination,” said Presidio Bank Chairman and Founder, Jim Woolwine. “This achievement reflects the Bank’s longstanding commitment to be a good corporate citizen and address the needs of underserved communities.”

1st Quarter 2013 Financial Results
(Dollars in thousands, except per share amounts, unaudited)

Condensed Balance Sheet    
    As of       As of
  3/31/2013     3/31/2012     Change     12/31/2012 Change
         
Total Assets $ 383,241 $ 371,672 3.1 % $ 405,471   -5.5 %
Loans 318,766 250,255 27.4 % 313,992 1.5 %
Deposits 334,891 325,102 3.0 % 357,373 -6.3 %
Total Shareholder’s Equity 46,297 45,024 2.8 % 45,889 0.9 %
Common Equity 35,279 34,071 3.5 % 34,887 1.1 %
Book Value Per Common Share $ 8.50 $ 8.29 2.5 % $ 8.46 0.5 %
 
Condensed Statement of Income

For the three months ended

For the three months ended
  3/31/2013     3/31/2012     Change 12/31/2012     Change
 
Net Revenue $ 3,834 $ 3,608 6.3 % $ 3,635 5.5 %
Provision for Loan Loss - - NM - NM
Total Operating Expenses 3,090 2,983 3.6 % 3,554 -13.0 %
Net Income Before Taxes 744 625 19.0 % 81 822.5 %
Income taxes 305 256 NM 77 296.1 %
Net Income 439 368 19.3 % 4 10872.6 %
Preferred Dividends 142 142 NM 142 0.2 %
Net Income to Common 297 226 31.2 % (138 ) NM
Earnings Per Common Share $ 0.07 $ 0.06 28.6 % $ (0.03 ) NM
Net Interest Margin 3.9 % 4.0 % -1.8 % 3.4 % 14.5 %
Efficiency Ratio 80.6 % 82.7 % -2.5 % 97.8 % -17.6 %
Return on Average Assets 0.5 % 0.4 % 10.5 % 0.0 % NM
Return on Average Common Equity 3.4 % 2.7 % 27.8 % -1.6 % NM
 
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.

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

Source: Presidio Bank