checkAd

     322  0 Kommentare Presidio Bank Reports Results for the First Quarter 2019

    Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited results for the first quarter ended March 31, 2019 with Net Income of $3.1 million, down from $3.3 million in the fourth quarter of 2018 and up from $2.2 million (38%) in the first quarter of 2018. Diluted Earnings per Share were $0.47 for the first quarter of 2019 versus $0.50 for the fourth quarter of 2018 and 0.34 for the first quarter of 2018. Total Assets were $906 million at March 31, 2019, up $44 million from December 31, 2018 and up $56 million or 7% from March 31, 2018.

    “Surpassing $900 million in assets is a significant milestone in our organic growth strategy,” said Presidio Bank CEO Steve Heitel. “We are pleased that despite rising deposit costs, our margins continue to improve.”

    Financial Highlights

    • Total Loans Outstanding were down $6 million from the quarter ending December 31, 2018 and up $55 million from the quarter ending March 31, 2018 or 9%. Growth in Commercial and Industrial Loans was offset by declines in Construction Loans and Commercial Real Estate Loans. Construction projects that the Bank has financed continue to sell quickly and at or above the appraised values at loan inception. Line of Credit utilization was 37%, up from 33% in the fourth quarter of 2018 but still below historical averages. Loan Originations for the first quarter of 2019 were $24 million, down from $78 million in the exceptionally strong fourth quarter of 2018. Loan pipeline activity remains solid, although construction loan payoffs are expected to remain elevated as a number of projects are at or nearing completion.
    • Total Deposits increased by $35 million from the quarter ended December 31, 2018. Demand Deposits increased $47 million during the quarter and now represent 46% of Total Deposits. Demand Deposit totals benefited from transactional inflows at the end of the quarter that will likely normalize in the second quarter and beyond. Money Market Deposits decreased by $41 million during the quarter as a result of seasonal outflows and to a lesser extent individual depositors chasing higher rates. Time Deposits increased by $26 million which included $10 million of brokered deposits.
    • Net Interest Income of $9.5 million in first quarter of 2019 was flat to the fourth quarter of 2018 despite two fewer days. Net Interest income was up 18% from the first quarter of 2018. Net Interest Margin increased during the first quarter of 2019 to 4.64% from 4.55% in the fourth quarter of 2018. Loan Yields for the quarter increased to 5.50% from 5.42% in the fourth quarter of 2018. Cost of Deposits was up to 0.41% in the quarter from 0.32% in the fourth quarter of 2018. Net Interest Margin also benefited from a lower average level of liquid assets maintained during the quarter.
    • Operating Expenses were up 12% from the fourth quarter of 2018 and increased 8% from the first quarter of 2018. The increase was primarily due to seasonally high compensation and benefits expense, and higher professional fees due to legal expenses on a non-performing loan, and recruitment fees related to new hires.
    • Total Revenue grew 17% over the first quarter of 2018 while total expenses grew 8% The Bank’s efficiency ratio was 57.3% in the first quarter of 2019 versus 51.2% in the fourth quarter of 2018 and 62.1% in the first quarter of 2018.
    • Credit quality remains stable and strong. The Classified to Capital Ratio increased modestly to 8.8% from 6.3% due to two newly classified relationships. Total Criticized and Classified Loans still only represent 3% of Loan Commitments and 5% of Loans Outstanding. The Bank still has one non-performing loan totaling $3.7 million.
    • Book Value per Share increased to $14.67 per share at March 31, 2019 from $14.21 per share at December 31, 2018 and $12.68 at March 31, 2018.

    “I am grateful for the support from our clients, our employee team and our shareholders that has allowed us to profitably grow the Bank,” said Presidio Bank Chairman Jim Woolwine.

     

    1st Quarter 2019 Financial Results

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

     

    Condensed Balance Sheet

                       
    3/31/2019   12/31/2018   Change   3/31/2018   Change
           
    Cash and due from banks 18,021 7,804 130.9% 14,682 22.7%
    Interest bearing due from banks   102,859     67,877 51.5%   154,434 -33.4%
    Total cash and equivalents 120,880 75,681 59.7% 169,116 -28.5%
    Investment securities 56,255 57,925 -2.9% 11,810 376.3%
    Loans, net of fees 705,114 710,939 -0.8% 649,994 8.5%
    Allowance for loan losses   (7,463)     (7,439) 0.3%   (7,325) 1.9%
    Net loans 697,651 703,500 -0.8% 642,669 8.6%
    Premises and equipment, net 2,175 2,287 -4.9% 2,537 -14.2%
    Other assets and interest receivable   29,098     23,042 26.3%   23,796 22.3%
    Total assets 906,059 862,435 5.1% 849,928 6.6%
     
    Non-interest-bearing demand 366,381 319,358 14.7% 337,201 8.7%
    Interest bearing transaction 119,282 116,120 2.7% 108,399 10.0%
    Money market and savings accounts 243,680 285,245 -14.6% 262,503 -7.2%
    Time deposits   64,363     37,995 69.4%   50,082 28.5%
    Total deposits 793,706 758,718 4.6% 758,185 4.7%
    Borrowings 9,875 9,865 0.1% 10,059 -1.8%
    Other liabilities   9,859     5,182 90.3%   4,466 120.8%
    Total liabilities 813,440 773,765 5.1% 772,710 5.3%
     
    Common stock 68,728 67,978 1.1% 66,241 3.8%
    Retained earnings 23,742 20,693 14.7% 11,079 114.3%
    Other comprehensive income   149     (1) NM   (102) 245.9%
    Total shareholder’s equity   92,619     88,670 4.5%   77,218 19.9%
    Total liabilities and equity   906,059     862,435 5.1%   849,928 6.6%
     
    Book value per share
    Book value per share $ 14.67 $ 14.21 $ 12.68
    Total shares outstanding EOP 6,311 6,241 6,090
     
    Capital Ratios
    Tier 1 leverage ratio 10.7% 10.3% 9.7%
    Tier 1 risk-based capital ratio 10.5% 10.0% 9.5%
    Tangible common risk-based ratio 10.5% 10.0% 9.5%
    Total risk-based capital ratio 12.5% 12.1% 11.7%
     
    Condensed Statement of Income

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

     
    For the three months ended
    3/31/2019   12/31/2018  

    Change
    Fav./
    (Unfav.)

      3/31/2018  

    Change
    Fav./
    (Unfav.)

           
    Interest income 10,495 10,323 1.7% 8,570 22.5%
    Interest expense   985     812 (21.3%)   487 (102.0%)
    Net interest income 9,510 9,511 (0.0%) 8,083 17.7%
    Provision for loan loss   24     16 (49.9%)   159 84.7%
    Net interest income after provision 9,486 9,495 (0.1%) 7,924 19.7%
     
    Other income 311 315 (1.2%) 320 (2.7%)
     
    Compensation and benefit expenses 3,678 3,335 (10.3%) 3,283 (12.0%)
    Occupancy and equipment expenses 628 606 (3.7%) 616 (2.0%)
    Data processing 445 420 (6.0%) 385 (15.7%)
    Professional and legal 209 161 (29.4%) 147 (41.8%)
    Other operating expenses   665     503 (32.1%)   777 14.4%
    Total operating expenses   5,625     5,025 (11.9%)   5,208 (8.0%)
    Net income before taxes 4,172 4,785 (12.8%) 3,036 37.4%
    Income taxes   1,113     1,503 25.9%   811 (37.2%)
    Net income   3,059     3,282 (6.8%)   2,225 37.5%
     
    Earnings Per Share
    Basic earnings per share $ 0.49 $ 0.53 (7.5%) $ 0.36 33.6%
    Diluted earnings per share $ 0.47 $ 0.50 (7.1%) $ 0.34 35.9%
    Average shares outstanding 6,198 6,160 6,025
    Average diluted shares 6,473 6,458 6,398
     
    Performance Ratios
    Return on average assets 1.44% 1.52% 1.14%
    Return on average common equity 13.58% 14.95% 11.78%
    Net interest margin 4.64% 4.55% 4.27%
    Cost of funds 0.52% 0.42% 0.28%
    Efficiency ratio 57.3% 51.2% 62.1%
     
    Average Balances
    Total assets 864,060 857,104 794,442
    Earning assets 831,305 829,811 768,150
    Total loans 709,283 675,569 635,039
    Total deposits 749,334 754,400 703,081
    Common equity 91,346 87,084 76,591
     

    NM = Not Meaningful

     
    Condensed Balance Sheet (5 Quarter Data)

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

                       
    3/31/2019   12/31/2018   9/30/2018   6/30/2018   3/31/2018
           
    Cash and due from banks 18,021 7,804 9,041 8,842 14,682
    Interest bearing due from banks 102,859   67,877   78,598   130,412   154,434
    Total cash and equivalents 120,880 75,681 87,639 139,254 169,116
    Investment securities 56,255 57,925 59,282 41,326 11,810
    Loans, net of fees 705,114 710,939 668,934 653,226 649,994
    Allowance for loan losses (7,463)   (7,439)   (7,423)   (7,325)   (7,325)
    Net loans 697,651 703,500 661,511 645,901 642,669
    Premises and equipment, net 2,175 2,287 2,371 2,464 2,537
    Other assets and interest receivable 29,098   23,042   23,366   24,373   23,796
    Total assets 906,059 862,435 834,169 853,318 849,928
     
    Non-interest-bearing demand 366,381 319,358 315,493 298,354 337,201
    Interest bearing transaction 119,282 116,120 101,712 108,338 108,399
    Money market and savings accounts 243,680 285,245 278,867 302,077 262,503
    Time deposits 64,363   37,995   38,400   48,698   50,082
    Total deposits 793,706 758,718 734,472 757,467 758,185
    Borrowings 9,875 9,865 9,928 9,961 10,059
    Other liabilities 9,859   5,182   5,014   5,152   4,466
    Total liabilities 813,440 773,765 749,414 772,580 772,710
     
    Common stock 68,728 67,978 67,783 66,995 66,241
    Retained earnings 23,742 20,693 17,401 13,908 11,079
    Other comprehensive income 149   (1)   (429)   (165)   (102)
    Total shareholder’s equity 92,619   88,670   84,755   80,738   77,218
    Total liabilities and equity 906,059   862,435   834,169   853,318   849,928
     
    Book value per share
    Book value per share $ 14.67 $ 14.21 $ 13.59 $ 13.06 $ 12.68
    Total shares outstanding EOP 6,311 6,241 6,238 6,184 6,090
     
    Capital Ratios
    Tier 1 leverage ratio 10.7% 10.3% 9.9% 9.8% 9.7%
    Common equity tier 1 capital ratio 10.5% 10.0% 10.2% 9.9% 9.5%
    Tier 1 risk-based capital ratio 10.5% 10.0% 10.2% 9.9% 9.5%
    Total risk-based capital ratio 12.5% 12.1% 12.3% 12.1% 11.7%
     
    Condensed Statement of Income (5 Quarter Data)

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

     
    For the three months ended
    3/31/2019   12/31/2018   9/30/2018   6/30/2018   3/31/2018
           
    Interest income 10,495 10,323 9,866 9,042 8,570
    Interest expense   985     812     752     707     487
    Net interest income 9,510 9,511 9,114 8,335 8,083
    Provision for loan loss   24     16     98     -     159
    Net interest income after provision 9,486 9,495 9,016 8,335 7,924
     
    Other income 311 315 279 309 320
     
    Compensation and benefit expenses 3,678 3,335 3,301 3,254 3,283
    Occupancy and equipment expenses 628 606 625 602 616
    Data processing 445 420 388 400 385
    Professional and legal 209 161 145 278 147
    Other operating expenses   665     503     473     571     777
    Total operating expenses   5,625     5,025     4,932     5,105     5,208
    Net income before taxes 4,172 4,785 4,363 3,539 3,036
    Income taxes   1,113     1,503     870     710     811
    Net income   3,059     3,282     3,493     2,829     2,225
     
    Earnings Per Share
    Basic earnings per share $ 0.49 $ 0.53 $ 0.56 $ 0.46 $ 0.36
    Diluted earnings per share $ 0.47 $ 0.50 $ 0.53 $ 0.44 $ 0.34
    Average shares outstanding 6,198 6,160 6,132 6,053 6,025
    Average diluted shares 6,473 6,458 6,454 6,419 6,398
     
    Performance Ratios
    Return on average assets 1.44% 1.52% 1.60% 1.38% 1.14%
    Return on average common equity 13.58% 14.95% 16.64% 14.31% 11.78%
    Net interest margin 4.64% 4.55% 4.32% 4.20% 4.27%
    Cost of funds 0.52% 0.42% 0.39% 0.38% 0.28%
    Efficiency ratio 57.3% 51.2% 52.5% 59.1% 62.1%
     
    Average Balances
    Total assets 864,060 857,104 864,605 822,750 794,442
    Earning assets 831,305 829,811 836,348 795,498 768,150
    Total loans 709,283 675,569 665,655 642,855 635,039
    Total deposits 749,334 754,400 763,647 728,532 703,081
    Common equity 91,346 87,084 83,346 79,177 76,591
     
    Loans (5 Quarter Data)

    (Dollars in Thousands, unaudited)

                       
    3/31/2019   12/31/2018   9/30/2018   6/30/2018   3/31/2018
    Commercial real estate 321,407   328,667   304,123   303,444   283,238
    Land and construction 44,188 56,179 55,185 53,771 54,088
    Commercial 190,307 176,179 177,747 180,783 201,094
    Personal 31,429 34,738 22,505 13,709 17,172
    Residential 39,507 38,357 36,552 31,011 33,114
    Multifamily 79,260 77,928 73,839 71,505 62,325
    Deferred loan fees (984)   (1,109)   (1,017)   (997)   (1,037)
    Loans 705,114 710,939 668,934 653,226 649,994
    Allowance for loan losses (7,463)   (7,439)   (7,423)   (7,325)   (7,325)
    Net loans 697,651 703,500 661,511 645,901 642,669
     
     
    Non-Performing Assets (5 Quarter Data)

    (Dollars in Thousands, unaudited)

                     
    3/31/2019   12/31/2018   9/30/2018   6/30/2018   3/31/2018
    Non-Accrual Loans 3,746 3,746 - - -
    Non-Performing Loans (NPL) 3,746 3,746 - - -
    Other Real Estate Owned - - - - -
    Non-Performing Assets (NPA) 3,746 3,746 - - -
    90+ Days Delinquent - - - - -
    NPAs & 90 Day Delinquent 3,746 3,746 - - -
    Quarterly Net Charge-offs - - - - -
     
    NPAs / Assets % 0.41% 0.43% 0.00% 0.00% 0.00%
    NPAs & 90 Day / Assets % 0.41% 0.43% 0.00% 0.00% 0.00%
    NPAs / Actual Loans and OREO % 0.41% 0.43% 0.00% 0.00% 0.00%
    Loan Loss Reserves / Loans (%) 1.06% 1.05% 1.11% 1.12% 1.13%
     
    Net Interest Income (Quarterly Data)

    (Dollars in Thousands, unaudited)

      For the Three Months Ended
    3/31/2019   12/31/2018
      Interest     Interest  
    Average Income / Average Average Income / Average
    Balance Expense Rate Balance Expense Rate
    Assets:
    Interest-bearing deposits $ 64,868 $ 389 2.43 % $ 95,949 $ 543 2.24 %
    Federal Reserve and Federal Home Loan Bank stock

     

    4,897

    81 6.71 4,887 128 10.36
    Investment Securities 52,257 409 3.18 53,406 421 3.13
    Loans: (2)
    Commercial 180,631 2,739 6.15 171,054 2,560 5.94
    Land and Construction 53,729 889 6.71 56,796 927 6.48
    Commercial Real Estate 325,034 4,027 5.03 307,474 3,934 5.08
    Residential 38,349 586 6.20 36,007 547 6.02
    Multifamily 78,281 951 4.93 74,159 892 4.77
    Personal 33,259 424 5.16 30,079 371 4.90
    Total Loans 709,283 9,616 5.50 675,569 9,231 5.42
    Total Earning Assets 831,305 10,495 5.12 829,811 10,323 4.94
    Allowance for loan losses (7,463) (7,428)
    Cash and cash equivalents 10,760 10,101
    Other assets 29,458 24,620
    Total Assets $ 864,060 $ 857,104
     
    Liabilities:
    Interest-bearing deposits:
    Interest-bearing NOW deposits $ 110,416 $ 105 0.38 % $ 102,590 $ 78 0.30 %
    Money market deposits 254,365 438 0.70 277,247 424 0.61
    Savings deposits 3,506 2 0.26 3,925 3 0.30
    Certificates and other time deposits 57,877 211 1.48 38,251 96 1.00
    Total Interest-bearing Deposits 426,164 756 0.72 422,013 601 0.56
    Borrowings 12,641 229 7.33 9,856 211 8.49
    Total Interest-bearing Liabilities 438,805 985 0.91 431,869 812 0.75
    Noninterest-bearing deposits 323,170 332,387
    Other liabilities 10,739 5,764
    Total Liabilities 772,714 770,020
    Stockholders' Equity 91,346 87,084
    Total Liabilities and Stockholders' Equity $ 864,060 $ 857,104
    Net Interest Income $ 9,510 $ 9,511
    Net Interest Margin 4.64 % 4.55 %
    Cost of Funds 0.52 % 0.42 %
    Cost of Deposits 0.41 % 0.32 %
     
    Net Interest Income (Annual Data)

    (Dollars in Thousands, unaudited)

     
      For the Three Months Ended
    3/31/2019   3/31/2018
      Interest     Interest  
    Average Income / Average Average Income / Average
    Balance Expense Rate Balance Expense Rate
    Assets:
    Interest-bearing deposits $ 64,868 $ 389 2.43 % $ 121,072 $ 501 1.68 %
    Federal Reserve and Federal Home Loan Bank stock 4,897 81 6.71 4,655 77 6.70
    Investment Securities 52,257 409 3.18 7,384 31 1.69
    Loans: (2)
    Commercial 180,631 2,739 6.15 199,340 2,579 5.25
    Land and Construction 53,729 889 6.71 45,791 772 6.83
    Commercial Real Estate 325,034 4,027 5.03 278,540 3,317 4.83
    Residential 38,349 586 6.20 32,592 412 5.12
    Multifamily 78,281 951 4.93 62,715 708 4.58
    Personal 33,259 424 5.16 16,061 173 4.37
    Total Loans 709,283 9,616 5.50 635,039 7,961 5.08
    Total Earning Assets 831,305 10,495 5.12 768,150 8,570 4.52
    Allowance for loan losses (7,463) (7,219)
    Cash and cash equivalents 10,760 9,543
    Other assets 29,458 23,968
    Total Assets $ 864,060 $ 794,442
     
    Liabilities:
    Interest-bearing deposits:
    Interest-bearing NOW deposits $ 110,416 $ 105 0.38 % $ 107,657 $ 41 0.15 %
    Money market deposits 254,365 438 0.70 236,876 138 0.24
    Savings deposits 3,506 2 0.26 3,812 1 0.14
    Certificates and other time deposits 57,877 211 1.48 50,230 96 0.78
    Total Interest-bearing Deposits 426,164 756 0.72 398,575 276 0.28
    Borrowings 12,641 229 7.33 10,088 211 8.48
    Total Interest-bearing Liabilities 438,805 985 0.91 408,663 487 0.48
    Noninterest-bearing deposits 323,170 304,506
    Other liabilities 10,739 4,682
    Total Liabilities 772,714 717,851
    Stockholders' Equity 91,346 76,591
    Total Liabilities and Stockholders' Equity $ 864,060 $ 794,442
    Net Interest Income $ 9,510 $ 8,083
    Net Interest Margin 4.64 % 4.27 %
    Cost of Funds 0.52 % 0.28 %
    Cost of Deposits 0.41 % 0.16 %
     

    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 five banking offices in San Francisco, Walnut Creek, San Rafael, San Mateo 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.



    Business Wire (engl.)
    0 Follower
    Autor folgen
    Presidio Bank Reports Results for the First Quarter 2019 Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited results for the first quarter ended March 31, 2019 with Net Income of $3.1 million, down from $3.3 million in the fourth quarter of 2018 and up from …