Presidio Bank (fka PDOB)

[Renee]

PDOB: The merger resulting in a delisting of PDOB where shareholders of Presidio Bank (PDOB) will receive 2.47 shares of Heritage Commerce Corp (HTBK) according to the terms and conditions of the merger agreement.

FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[PennyStock Alert]

HOW HEALTHY IS THIS BANK?

[56Chevy]

Presidio Bank Reports Net Income Growth of 29% for 2014

Date : 02/04/2015 @ 8:00AM
Source : Business Wire
Stock : Presidio Bank (san Francisco, Ca) (QB) (PDOB)
Quote : $12.30 0.0005 (0.00%) @ 4:37PM

Presidio Bank (OTCBB:PDOB), a Bay Area business bank, today reported unaudited results for the fourth quarter and full year ended December 31, 2014 with net income for the year of $3.1 million, up 29% from 2013. The fourth quarter was highlighted by $31 million in core deposit growth and $14 million in loan growth resulting in record levels in both categories. Total assets increased $32 million for the quarter and just under $100 million for the year.

“2014 was another solid year for the Bank,” said Presidio Bank President and CEO Steve Heitel. “The Bank continued to grow loans, deposits, net income and new relationships while successfully executing a shareholder-friendly capital raise and launching our fifth office.”

Financial Highlights

• Total Loans outstanding increased by $14 million or 3.6% over the quarter ended September 30, 2014 and increased $42 million or 11.3% for the full year.
• Total Deposits increased by $31 million or 6.9% from the quarter ended September 30, 2014 and increased by $85 million or 21% for 2014. A number of Bank depositors are holding balances that are temporarily inflated. We had anticipated that some of these balances would run-off in the fourth quarter of 2014. Instead these temporary balances increased during the quarter. We now expect these balances to decline to more normal levels in the first quarter of 2015.
• Net interest income of $4.9 million in the fourth quarter was up 3% over the third quarter of 2014. This increase resulted from loan growth and the recognition of interest income on a classified loan which paid off during the quarter which more than offset $210 thousand in interest expense incurred during the quarter on the Bank’s newly issued subordinated notes. Net Interest Income was up 17% for the year.
• Operating Expenses increased 6% from the third quarter primarily due to a full quarter’s lease expense on our new San Mateo Office, and higher professional fees due to recruitment expense for our new East Bay Market President. Operating Expenses were up 11% for the year.
• Net Income was $3.1 million, up 29% in 2014. Net income applicable to common shareholders was $2.8 million for the year, an increase of 47.6% over 2013 as dividends on preferred stock declined; a result of the partial repurchase of preferred shares executed in 2013.
• Credit quality remains strong with a classified loan to capital ratio of less than 5%. The Bank added $220 thousand to the Allowance For Loan Losses during the fourth quarter due to growth in the loan portfolio. No loan loss provision was recorded in 2013 or the third quarter of 2014. The Bank’s largest classified loan paid off in full during the quarter. Non-performing loans totaled $1.3 million at December 31, 2014 or 0.3% of total loans. The Allowance for Loan Losses of $5.2 million covers non-performing loans by almost four times.
• Diluted earnings per common share were $0.14 for the quarter compared to $0.18 in the third quarter of 2014 and $0.19 in the fourth quarter of 2013. EPS for the fourth quarter of 2013 included a $152,000 gain on the retirement of preferred stock.
• Book value per share increased to $9.74 per share as of December 31, 2014 from $9.53 per share at September 30, 2014 and $8.99 per share at December 31, 2013.

“The Bank continued to successfully execute its organic growth strategy in 2014,” said Presidio Bank Chairman and Founder, Jim Woolwine. “The addition of new capital, improvement in our already strong credit quality and successful opening of our San Mateo Office positions the Bank well for continued growth in 2015.”

[....]

http://ih.advfn.com/p.php?pid=nmona&article=65354448

*Target bank?

[56Chevy]

Presidio Bank Reports Results for the Third Quarter 2014

Date : 10/28/2014 @ 4:40PM
Source : Business Wire
Stock : Presidio Bank (san Francisco, Ca) (QB) (PDOB)
Quote : $11.95 -0.05 (-0.42%) @ 4:00PM

Net Income up 23% over Third Quarter 2013

Total Assets exceed $500 million for the first time

Presidio Bank (OTCBB: PDOB), a Bay Area business bank, today reported unaudited results for the third quarter ended September 30, 2014 with net income for the quarter of $895 thousand, a 23% increase over the $728 thousand achieved in the third quarter of 2013. Deposits and total assets also grew to record levels during the quarter.

“We are pleased to have passed the $500 million in total assets milestone,” said Presidio Bank President and CEO Steve Heitel. “The Bank had solid deposit and income growth during the quarter. While loans declined modestly due to some construction loan payoffs, we expect resumption of loan growth in the fourth quarter, which is traditionally our strongest.”

Financial Highlights

• Total Loans Outstanding declined by $8 million or 2% over the quarter ended June 30, 2014 but increased by $50 million or 14% over the quarter ended September 30, 2013. A number of construction loans paid off earlier than anticipated as a reflection of the robust real estate market in the San Francisco Bay Area. Prior to the modest decline this quarter, the Bank had enjoyed six consecutive quarters of loan growth.

• Total Deposits increased by $41 million or 10% from the quarter ended June 30, 2014 and by $77 million or 20% from the quarter ended September 30, 2013. As has happened in the past, a number of depositors had significant inflows towards the end of the quarter. It is likely these balances will normalize during the fourth quarter. The trend line for Deposit Growth remains positive.

• Net Interest Income of $4.8 million in the third quarter was up 4% over the second quarter of 2014. This growth was inflated somewhat by lack of Loan Loss Provision Expense in the third quarter versus $81 thousand taken in the second quarter. After normalizing this impact, Net Interest Income still grew by 2.6% during the quarter and was up by 16% over the same quarter in 2013.

• Operating Expenses increased 2% from the second quarter primarily due to increased Compensation Expense and the commencement of lease expense in September for the Bank’s new San Mateo Office.

• Net Income Applicable to Common Shareholders was $806 thousand for the quarter, an increase of 38% over the third quarter of 2013. Net Income Applicable to Common Shareholders was up 9% over the second quarter of 2014.

• As previously announced, the Bank completed a capital raise during the quarter, which consisted of $10 million of 8%, 10-year maturity, subordinated notes which it expects will count as Tier II capital. The debt is reflected on the September 30 balance sheet however, since it closed at the end of September, interest expense related to this debt was nominal for third quarter.

• Credit Quality remains strong. The Bank has just two borrowers classified as non-performing totaling $1.4 million. This represents just 0.34% of total loans outstanding. Loan Loss Reserves of $4.9 million cover non-performing loans 3.5 times. At September 30, 2014, the Bank had one past due loan totaling $2.1 million. That loan subsequently paid off in early October.

• Diluted Earnings per Common Share were $0.18 for the quarter compared to $0.17 in the second quarter of 2014 and $0.14 in the third quarter of 2013.

• Book Value per Share increased to $9.53 per share as of September 30, 2014 from $9.31 per share at June 30, 2014 and $8.74 per share at September 30, 2013.

“I am pleased that the Bank successfully raised $10 million in Tier II capital to help fund our next stage of growth as we continue to expand in the San Francisco Bay Area,” said Presidio Bank Chairman and Founder, Jim Woolwine. “As part of our growth strategy and capital planning, our Board of Directors conducts an ongoing review of our capital position and capital needs. As part of that review, we will continue to assess additional capital options, including a common equity capital raise in 2015 to enhance our Tier 1 capital.”

[....]

http://ih.advfn.com/p.php?pid=nmona&article=64201995

*This bank may be too small ($500MM in assets) for Ford & Co. ?? never-the-less this bank is out looking to acquire other banks.

Marker:
Presidio Bank (san F (PDOB)
$11.95 down -0.05 (-0.42%)
Volume: 400