Presidio Bank, a Bay Area business bank, reported unaudited results for the fourth quarter and year ended Dec. 31, 2013, with net income for the year of $2.4 million, an 89 percent increase over the $1.3 million achieved in 2012.
In a release on Jan. 28, Presidio Bank said that for the fourth quarter, net income totaled $739 thousand, up $11 thousand from the third quarter 2013 and up $735 thousand over the fourth quarter of 2012. The Bank also ended the year with record high levels of loans, deposits and total assets.
"Presidio Bank enjoyed a breakout year in 2013 with solid growth in loans and deposits, which combined with good expense control and strong credit quality resulted in a disproportionate increase in profitability," said Steve Heitel, Presidio Bank President & CEO. "We are entering 2014 with good growth momentum, which we plan to augment with our recently announced San Mateo expansion."
-Total Loans outstanding grew by $22 million or 6 percent over the quarter ended September 30, 2013 and by $59 million or 19 percent over the year ended December 31, 2012.
-Total Deposits increased by $23 million or 6 percent from the quarter ended September 30, 2013 and by $40 million from the year ended December 31, 2012. At year end 2013, non-interest bearing demand deposits represented a healthy 34 percent of total deposits.
-Net interest income of $4.2 million in the fourth quarter was up 2 percent over the third quarter of 2013. For the year, net interest income totaled $16 million, up 14 percent from 2012.
-Operating Expenses increased 2 percent from the third quarter of 2013 but decreased 13 percent from the fourth quarter of 2012. As disclosed at the time, the Bank incurred approximately $350 thousand in non-recurring expenses in the fourth quarter of 2012. For the full year 2013, operating expenses increased 1.5 percent from 2013 as compared to growth in total revenue of 14 percent in the same period.
-Net Income applicable to common shareholders was $622 thousand for the fourth quarter of 2013, an increase of 6 percent over the third quarter of 2013. For the full year, net income applicable to common shareholders totaled $1.9 million, an increase of 160 percent over 2012.
-Diluted earnings per common share were $0.15 for the quarter compared to $0.14 in the third quarter of 2013. Diluted earnings per common share were 0.45 for 2013 compared to $0.18 for 2012.
-Book value per share increased to $8.99 per share as of December 31, 2013 from $8.74 per share at September 30, 2013 and $8.46 per share at December 31, 2012.
"I am extremely pleased with the franchise we are building," said Presidio Bank Chairman and Founder, Jim Woolwine. "With successful offices in four key business hubs and now plans for a fifth in San Mateo, we continue to execute our original plan to be a service driven business bank that works with high quality clients throughout the Bay Area."
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 is headquartered in San Francisco, Calif., and currently operates four banking offices in San Francisco, Walnut Creek, San Rafael and Palo Alto.
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