Presidio Bank Reports 37% Increase in Net Income for the Third Quarter

SAN FRANCISCO, Oct 17, 2013 (BUSINESS WIRE) -- Presidio Bank , a Bay Area business bank, today reported unaudited results for the quarter ended September 30, 2013 with net income of $728 thousand, up 37% from the quarter ended June 30, 2013 and up 60% from the quarter ended September 30, 2012. This represents the highest quarterly net income achieved by the Bank.

"We are pleased that with our continued loan growth, the Bank has reached a size where we are beginning to realize some operating efficiencies that materially enhance our profitability," said Steve Heitel, Presidio Bank President & CEO.

"The Bank was proud to be selected as a model for MIT's Department of Urban Studies and Planning comprehensive study entitled 'Enhancing the Local Impact of Community Banks' that was completed in September," said Presidio Bank Chairman and Founder, Jim Woolwine. "It was rewarding to see that many of the Bank's community development activities were regarded as best practices in the study."