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-Presidio Bank's net income rises 15% Y/Y in Q1 2012.

BANKING AND CREDIT NEWS-April 23, 2012--Presidio Bank's net income rises 15% Y/Y in Q1 2012(C)2012 M2 COMMUNICATIONS

23 April 2012 -- US lender Presidio Bank (OTCBB:PDOB) said its unaudited net income increased by 15% on the year to USD368,000 (EUR280,000) in the quarter ended 31 March 2012.

However, net income applicable to common stockholders contracted by 29.4% to USD226,000, with earnings per common share slipping to USD0.06 from USD0.08.

Pre-tax income rocketed 95% to USD624,000 and net revenue added 8.6% to USD3.61m.

Presidio Bank paid USD142,000 in preferred dividends in the first quarter of 2012, whereas it did not make such distributions in the prior-year period.

Total assets stood at USD371.7m as at end-March 2012, up from USD294.6m as at end-March 2011. Deposits grew to USD325.1m from USD250.4m and loans shrank to USD250.3m from USD256.4m. The company made zero provisions for loan losses during the first three months of 2012, while it had set aside USD228,000 a year earlier.

Return on average common equity for the quarter was 2.7%, versus 4.5% in the first quarter of 2011. Return on average assets remained flat at 0.4%.

Presidio Bank is based in San Francisco, California and runs four banking offices. These are in San Francisco, Walnut Creek, San Rafael and Palo Alto.

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Publication:M2 Banking & Credit News (BCN)
Date:Apr 23, 2012
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