Presidio Bank Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Reports Net Charge-Off for the Quarter Ended June 30, 2017
For the six months, the company reported interest income of $14,202,000 against $12,681,000 a year ago. Net interest income was $13,337,000 against $11,832,000 a year ago. Net income before taxes was $4,459,000 against $3,532,000 a year ago. Net income was $2,796,000 or $0.45 per diluted share against $2,090,000 or $0.36 per diluted share a year ago. Return on average assets was 0.79% against 0.65% a year ago. Return on average common equity was 8.07% against 6.95% a year ago. Book value per share was $11.75 as of June 30, 2017 against $10.82 as of June 30, 2016.
Fort the quarter ended June 30, 2017, the company reported net charge-offs of $51,000, which represents the previously reserved portion of the Bank's one non-performing loan.