Thursday, 30 July 2026 09:15 AM
Earnings
SAN FRANCISCO, CA / ACCESS Newswire / July 30, 2026 / Bank of San Francisco ("Bank") (OTCQX:BSFO) today reported unaudited net income of $1.7 million, or $0.76 per diluted share for the three months ended June 30, 2026, compared to $2.0 million, or $0.94 per diluted share for the three months ended March 31, 2026, and $1.6 million, or $0.77 per diluted share for the three months ended June 30, 2025. For the six months ended June 30, 2026, the Bank reported net income of $3.7 million, or $1.70 per diluted share, compared to $2.7 million, or $1.28 per diluted share, for the six months ended June 30, 2025.
"We are pleased to report our sixth consecutive quarter of growth, reflecting ongoing demand for our personalized banking services and steady execution by our team. Momentum accelerated in the second quarter, resulting in year-to-date annualized growth of 23% in loans and 32% in deposits. Most notably, year-to-date net income increased by $939,000, or 34%, compared to the same period last year," said William Keller, Chief Executive Officer. "While a plan to add duration to our liabilities and a seasonal shift in one of our deposit niches resulted in a modest contraction in our net interest margin, the increase in earning assets, especially loans that ended the quarter over $51 million above the year-to-date average, positions us well for increased earnings in the quarters ahead."
"Our long-term strategy remains centered on disciplined growth. We continue to invest in the people, technology, and client-facing capabilities needed to support future expansion while strengthening our franchise across the Bay Area. The early success of our newest branch, which is already performing above our initial expectations, demonstrates the effectiveness of these investments and the strength of client demand in our markets. While we continue to invest in future growth, we remain committed to prudent expense management, safety and operational discipline, balancing strategic investments with sustainable profitability and long-term shareholder value," said Bill Ward, President and Chief Operating Officer.
Financial Highlights
Total assets were $863.6 million at June 30, 2026, an increase of $96.0 million, or 13% from March 31, 2026, and an increase of $191.6 million, or 29% from June 30, 2025.
Total deposits were $740.7 million at June 30, 2026, an increase of $70.7 million, or 11% from March 31, 2026, and $158.5 million, or 27% from June 30, 2025.
Non-interest-bearing demand deposits were $243.6 million at June 30, 2026, a decrease of $32.7 million, or 12% from March 31, 2026, and an increase of $14.6 million, or 6% from June 30, 2025. Non-interest-bearing deposits accounted for 32.89% of total deposits at June 30, 2026, compared to 41.25% at March 31, 2026 and 39.34% at June 30, 2025.
Interest-bearing deposits were $497.1 million at June 30, 2026, an increase of $103.4 million, or 26% from March 31, 2026, and $143.9 million, or 41% from June 30, 2025. The total cost of deposits for the quarter ended June 30, 2026, was 1.39%, an increase of 0.24% from the quarter ended March 31, 2026, and an increase of 0.09% from the quarter ended June 30, 2025.
Total loans were $695.8 million at June 30, 2026, an increase of $58.8 million, or 9% from March 31, 2026, and an increase of $144.9 million, or 26% from June 30, 2025. Unused commitments in the current quarter increased $11.8 million from March 31, 2026 with new line originations during the quarter. The allowance for credit losses increased by $550,000 from outstanding loan balances and $130,000 related to the reserve for unfunded commitments for the quarter ended June 30, 2026.
At June 30, 2026, non-performing loans represented 0.07% of total assets, compared to 0.08% at March 31, 2026, and 0.17% at June 30, 2025. Credit quality remains strong as one loan representing 87% of the increase in 30-day past due loans returned to current status.
Net interest income for the quarter ended June 30, 2026, totaled $8.3 million, an increase of $76,000, or 1% from the quarter ended March 31, 2026, and an increase of $1.3 million, or 19% from the quarter ended June 30, 2025. Net interest income for the six months ended June 30, 2026, totaled $16.5 million, an increase of $3.2 million, or 24% from the six months ended June 30, 2025.
Net interest margin (NIM) for the quarter ended June 30, 2026, was 4.30%, compared to 4.47% for the quarter ended March 31, 2026, and 4.28% for the quarter ended June 30, 2025. NIM for the six months ended June 30, 2026, was 4.38%, compared to 4.12% for the six months ended June 30, 2025.
Non-interest expenses for the quarter ended June 30, 2026, totaled $5.5 million, an increase of $172,000, or 3% from the quarter ended March 31, 2026, and an increase of $1.0 million, or 23% from the quarter ended June 30, 2025. Non-interest expenses for the six months ended June 30, 2026, totaled $10.7 million, an increase of $1.7 million, or 19% from the six months ended June 30, 2025.
Net income for the quarter ended June 30, 2026, totaled $1.7 million, a decrease of $357,000, or 18% from the quarter ended March 31, 2026, and an increase of $23,000, or 1% from the quarter ended June 30, 2025. Net income for the six months ended June 30, 2026, totaled $3.7 million, an increase of $939,000, or 34% from the six months ended June 30, 2025.
Pre-tax, pre-provision income for the quarter ended June 30, 2026, totaled $2.9 million, a decrease of $122,000, or 4% from the quarter ended March 31, 2026, and an increase of $330,000, or 13% from the quarter ended June 30, 2025. Pre-tax, pre-provision income for the six months ended June 30, 2026, totaled $6.0 million, an increase of $1.5 million, or 34% from the six months ended June 30, 2025.
Total shareholders' equity was $86.9 million at June 30, 2026, an increase of $1.7 million, or 2% from March 31, 2026, and an increase of $8.3 million, or 11% from June 30, 2025.
Book value per share was $39.21 at June 30, 2026, an increase of $0.27, or 1% from March 31, 2026, and an increase of $2.88, or 8% from June 30, 2025.
The Bank remained well-capitalized, with all capital ratios exceeding regulatory requirements, including a Tier 1 Leverage Ratio of 10.92%, Tier 1 Risk-Based Capital and Common Equity Tier 1 Ratios of 14.36%, and a Total Risk-Based Capital Ratio of 15.61%.
# # #
Non-GAAP Financial Measure
To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use pre-tax, pre-provision income as a non-GAAP financial measure. Our non-GAAP financial measure does have limitations as analytical tools, and you should not consider pre-tax, pre-provision income in isolation or as a substitute for an analysis of our results under GAAP.
We believe these non-GAAP financial measures provide management and investors with additional information about the financial performance of our business and enable comparison of financial results between periods where certain items may vary independently of business performance. We believe pre-tax, pre-provision income is an important measure because it reflects the financial performance of our business operations. Pre-tax, pre-provision income is a non-GAAP financial measure calculated by adding back the provision for credit losses and income tax expense to net income.
About Bank of San Francisco
Bank of San Francisco is an independent commercial and private bank built on personal relationships. Founded and headquartered in San Francisco since 2005, the Bank serves individuals, families, businesses, and nonprofits that value direct access to experienced bankers and a single point of contact across their financial lives.
With deep community roots and a broad reach, Bank of San Francisco delivers high-touch service and quick decisions, supporting clients wherever life and business take them. Growth is fueled by referrals and the long-term loyalty of clients, colleagues, and community partners. Bank of San Francisco is a member of the FDIC and is an Equal Housing Lender. NMLS ID: 403437. Learn more at www.bankbsf.com.
Forward-Looking Statements
This press release contains certain forward-looking statements that involve risks and uncertainties, including statements relating to new products and anticipated growth. Forward-looking statements are those that are not statements of historical fact and may be identifiable by use of the words "believe," "expect," "intend," "anticipate," "plan," "estimate," "project," or similar expressions. These statements are based on current expectations, estimates and projections about Bank of San Francisco's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties may affect the operations, performance, development, growth, capital needs and results of operations of Bank of San Francisco, and include, but are not limited to, local and national economic conditions; interest rate changes; inflation and monetary policy; changes in the financial performance and/or condition of our loan and deposit clients; changes in the levels of performing and nonperforming assets and charge-offs; timely implementation by Bank of San Francisco of new products and technology enhancements; the impact of competitive products, services and pricing; acts of war, terrorism or civil unrest; the soundness or failure of other financial institutions that may directly or indirectly affect the Bank; potential deposit withdrawals triggered by client concerns following the failures of or risks at other depository institutions; the effect of the COVID-19 pandemic and other infectious illness outbreaks that may arise in the future; natural disasters, such as earthquakes; clients' requirements and preferences; federal, state and local legislation and regulatory developments; the ability to retain or increase market share, retain or grow client relationships and control expenses; changes in regulatory or generally accepted accounting principles and other similar matters. Readers are cautioned not to place undue reliance on forward-looking statements, which are subject to influence by the foregoing risk factors and unanticipated future events. Actual results, accordingly, may differ materially from management's expectations. Bank of San Francisco undertakes no obligation to update such forward-looking statements except as required by law.
Bank of San Francisco
Balance Sheets (Unaudited)
($000, except share and per share amounts)
| For the Periods Ended |
|
| Year Over Year Change |
| |||||||||||||||||||||||
| 6/30/2026 |
|
| 3/31/2026 |
|
| 12/31/2025 |
|
| 9/30/2025 |
|
| 6/30/2025 |
|
| $ |
|
| % |
| ||||||||
Assets |
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| ||||||
Cash and due from banks |
| $ | 5,502 |
|
| $ | 7,129 |
|
| $ | 10,899 |
|
| $ | 6,604 |
|
| $ | 8,754 |
|
| $ | (3,252 | ) |
|
| -37 | % |
Interest bearing deposits in banks |
|
| 118,488 |
|
|
| 84,997 |
|
|
| 60,827 |
|
|
| 74,188 |
|
|
| 78,541 |
|
|
| 39,947 |
|
|
| 51 | % |
Total cash and cash equivalents |
|
| 123,990 |
|
|
| 92,126 |
|
|
| 71,726 |
|
|
| 80,792 |
|
|
| 87,295 |
|
|
| 36,695 |
|
|
| 42 | % |
|
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| |
Securities available-for-sale, at fair value |
|
| 30,043 |
|
|
| 25,887 |
|
|
| 26,025 |
|
|
| 25,038 |
|
|
| 21,859 |
|
|
| 8,184 |
|
|
| 37 | % |
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
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|
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|
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| |
Loans, net of deferred costs/fees |
|
| 695,805 |
|
|
| 637,010 |
|
|
| 623,030 |
|
|
| 581,443 |
|
|
| 550,910 |
|
|
| 144,895 |
|
|
| 26 | % |
Allowance for credit losses |
|
| (8,299 | ) |
|
| (7,749 | ) |
|
| (7,659 | ) |
|
| (7,518 | ) |
|
| (7,258 | ) |
|
| (1,041 | ) |
|
| 14 | % |
Loans, net of allowance for credit losses |
|
| 687,506 |
|
|
| 629,261 |
|
|
| 615,371 |
|
|
| 573,925 |
|
|
| 543,652 |
|
|
| 143,854 |
|
|
| 26 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
| |
Premises and equipment, net |
|
| 2,935 |
|
|
| 3,036 |
|
|
| 2,590 |
|
|
| 1,632 |
|
|
| 1,501 |
|
|
| 1,434 |
|
|
| 96 | % |
Accrued interest receivable & other assets |
|
| 19,078 |
|
|
| 17,200 |
|
|
| 17,342 |
|
|
| 17,021 |
|
|
| 17,608 |
|
|
| 1,470 |
|
|
| 8 | % |
Total Assets |
| $ | 863,552 |
|
| $ | 767,510 |
|
| $ | 733,054 |
|
| $ | 698,408 |
|
| $ | 671,915 |
|
| $ | 191,637 |
|
|
| 29 | % |
|
|
|
|
|
|
|
|
|
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|
|
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| |
Liabilities & Shareholders' Equity |
|
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|
|
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|
|
|
|
|
|
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|
|
|
|
|
|
Non-interest bearing deposits |
| $ | 243,621 |
|
| $ | 276,352 |
|
| $ | 265,492 |
|
| $ | 238,330 |
|
| $ | 229,036 |
|
| $ | 14,585 |
|
|
| 6 | % |
Interest bearing deposits |
|
| 497,078 |
|
|
| 393,651 |
|
|
| 372,073 |
|
|
| 367,669 |
|
|
| 353,188 |
|
|
| 143,890 |
|
|
| 41 | % |
Total deposits |
|
| 740,699 |
|
|
| 670,003 |
|
|
| 637,565 |
|
|
| 605,999 |
|
|
| 582,224 |
|
|
| 158,475 |
|
|
| 27 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FHLB advances |
|
| 24,000 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 24,000 |
|
|
| n/m |
|
Accrued interest payable and other liabilities |
|
| 11,990 |
|
|
| 12,389 |
|
|
| 12,432 |
|
|
| 11,795 |
|
|
| 11,171 |
|
|
| 819 |
|
|
| 7 | % |
Total Liabilities |
|
| 776,689 |
|
|
| 682,392 |
|
|
| 649,997 |
|
|
| 617,794 |
|
|
| 593,395 |
|
|
| 183,294 |
|
|
| 31 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common stock |
|
| 29,869 |
|
|
| 29,614 |
|
|
| 29,490 |
|
|
| 29,261 |
|
|
| 29,075 |
|
|
| 794 |
|
|
| 3 | % |
Retained earnings |
|
| 57,191 |
|
|
| 55,534 |
|
|
| 53,521 |
|
|
| 51,309 |
|
|
| 49,475 |
|
|
| 7,716 |
|
|
| 16 | % |
Accumulated other comprehensive (loss) income |
|
| (197 | ) |
|
| (30 | ) |
|
| 46 |
|
|
| 44 |
|
|
| (30 | ) |
|
| (167 | ) |
|
| 557 | % |
Total Shareholders' Equity |
|
| 86,863 |
|
|
| 85,118 |
|
|
| 83,057 |
|
|
| 80,614 |
|
|
| 78,520 |
|
|
| 8,343 |
|
|
| 11 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Liabilities & Shareholders' Equity |
| $ | 863,552 |
|
| $ | 767,510 |
|
| $ | 733,054 |
|
| $ | 698,408 |
|
| $ | 671,915 |
|
| $ | 191,637 |
|
|
| 29 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Book Value per Common Share |
| $ | 39.21 |
|
| $ | 38.94 |
|
| $ | 37.94 |
|
| $ | 37.17 |
|
| $ | 36.33 |
|
| $ | 2.88 |
|
|
| 8 | % |
Total Common Shares Outstanding |
|
| 2,215,113 |
|
|
| 2,185,966 |
|
|
| 2,188,985 |
|
|
| 2,168,841 |
|
|
| 2,161,024 |
|
|
| 54,089 |
|
|
| 3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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| |
Capital Ratios |
|
|
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|
|
|
|
|
|
|
|
|
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|
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|
|
|
Tier 1 Leverage ratio |
|
| 10.92 | % |
|
| 11.27 | % |
|
| 11.16 | % |
|
| 11.54 | % |
|
| 11.83 | % |
|
| -0.91 | % |
|
| -8 | % |
Tier 1 RBC ratio |
|
| 14.36 | % |
|
| 15.59 | % |
|
| 16.14 | % |
|
| 17.08 | % |
|
| 17.68 | % |
|
| -3.32 | % |
|
| -19 | % |
Common Equity Tier 1 RBC ratio |
|
| 14.36 | % |
|
| 15.59 | % |
|
| 16.14 | % |
|
| 17.08 | % |
|
| 17.68 | % |
|
| -3.32 | % |
|
| -19 | % |
Total Risk-Based Capital (RBC) ratio |
|
| 15.61 | % |
|
| 16.84 | % |
|
| 17.39 | % |
|
| 18.34 | % |
|
| 18.93 | % |
|
| -3.32 | % |
|
| -18 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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| |
Other Ratios |
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing to Total Deposits |
|
| 32.89 | % |
|
| 41.25 | % |
|
| 41.64 | % |
|
| 39.33 | % |
|
| 39.34 | % |
|
| -6.45 | % |
|
| -16 | % |
Loan to Deposit ratio |
|
| 93.94 | % |
|
| 95.08 | % |
|
| 97.72 | % |
|
| 95.95 | % |
|
| 94.62 | % |
|
| -0.68 | % |
|
| -1 | % |
Loan to Funding ratio |
|
| 90.99 | % |
|
| 95.08 | % |
|
| 97.72 | % |
|
| 95.95 | % |
|
| 94.62 | % |
|
| -3.63 | % |
|
| -4 | % |
Allowance for Credit Losses to Total Loans |
|
| 1.19 | % |
|
| 1.22 | % |
|
| 1.23 | % |
|
| 1.29 | % |
|
| 1.32 | % |
|
| -0.13 | % |
|
| -10 | % |
ACL to Nonperforming Loans |
|
| 1319.08 | % |
|
| 1190.05 | % |
|
| 1099.23 | % |
|
| 868.68 | % |
|
| 642.31 | % |
|
| 676.77 | % |
|
| 105 | % |
Nonperforming Assets to Total Assets |
|
| 0.07 | % |
|
| 0.08 | % |
|
| 0.09 | % |
|
| 0.12 | % |
|
| 0.17 | % |
|
| -0.10 | % |
|
| -59 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
n/m - Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Bank of San Francisco
Statement of Income (Unaudited)
($000, except share and per share amounts)
| Three Months Ended |
|
| Year Over Year Change |
| |||||||||||||||||||||||
| 6/30/2026 |
|
| 3/31/2026 |
|
| 12/31/2025 |
|
| 9/30/2025 |
|
| 6/30/2025 |
|
| $ |
|
| % |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |||||||
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest on loans, including fees |
| $ | 9,632 |
|
| $ | 8,874 |
|
| $ | 8,904 |
|
| $ | 8,048 |
|
| $ | 7,596 |
|
| $ | 2,036 |
|
|
| 27 | % |
Interest on deposits in banks |
|
| 771 |
|
|
| 751 |
|
|
| 968 |
|
|
| 1,021 |
|
|
| 928 |
|
|
| (157 | ) |
|
| -17 | % |
Interest on investment securities |
|
| 331 |
|
|
| 246 |
|
|
| 247 |
|
|
| 208 |
|
|
| 210 |
|
|
| 121 |
|
|
| 58 | % |
Other interest income |
|
| 43 |
|
|
| 181 |
|
|
| 79 |
|
|
| 77 |
|
|
| 72 |
|
|
| (29 | ) |
|
| -40 | % |
Total interest income |
|
| 10,777 |
|
|
| 10,052 |
|
|
| 10,198 |
|
|
| 9,354 |
|
|
| 8,806 |
|
|
| 1,971 |
|
|
| 22 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits interest expense |
|
| 2,385 |
|
|
| 1,858 |
|
|
| 2,054 |
|
|
| 1,936 |
|
|
| 1,868 |
|
|
| 517 |
|
|
| 28 | % |
Other interest expense |
|
| 122 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 122 |
|
|
| n/m |
|
Total interest expense |
|
| 2,507 |
|
|
| 1,858 |
|
|
| 2,054 |
|
|
| 1,936 |
|
|
| 1,868 |
|
|
| 639 |
|
|
| 34 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income |
|
| 8,270 |
|
|
| 8,194 |
|
|
| 8,144 |
|
|
| 7,418 |
|
|
| 6,938 |
|
|
| 1,332 |
|
|
| 19 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for credit losses |
|
| 680 |
|
|
| 200 |
|
|
| 300 |
|
|
| 330 |
|
|
| 290 |
|
|
| 390 |
|
|
| 134 | % |
Net interest income after provision |
|
| 7,590 |
|
|
| 7,994 |
|
|
| 7,844 |
|
|
| 7,088 |
|
|
| 6,648 |
|
|
| 942 |
|
|
| 14 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
| 99 |
|
|
| 103 |
|
|
| 129 |
|
|
| 111 |
|
|
| 108 |
|
|
| (9 | ) |
|
| -8 | % |
Other non-interest income |
|
| 27 |
|
|
| 49 |
|
|
| 80 |
|
|
| 15 |
|
|
| (5 | ) |
|
| 32 |
|
|
| -640 | % |
Total non-interest income |
|
| 126 |
|
|
| 152 |
|
|
| 209 |
|
|
| 126 |
|
|
| 103 |
|
|
| 23 |
|
|
| 22 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits expense |
|
| 3,439 |
|
|
| 3,345 |
|
|
| 3,258 |
|
|
| 2,720 |
|
|
| 2,885 |
|
|
| 554 |
|
|
| 19 | % |
Occupancy |
|
| 437 |
|
|
| 402 |
|
|
| 372 |
|
|
| 366 |
|
|
| 336 |
|
|
| 101 |
|
|
| 30 | % |
Information Technology and Equipment |
|
| 428 |
|
|
| 391 |
|
|
| 342 |
|
|
| 340 |
|
|
| 324 |
|
|
| 104 |
|
|
| 32 | % |
Other operating expense |
|
| 1,146 |
|
|
| 1,140 |
|
|
| 1,087 |
|
|
| 1,181 |
|
|
| 880 |
|
|
| 266 |
|
|
| 30 | % |
Total non-interest expense |
|
| 5,450 |
|
|
| 5,278 |
|
|
| 5,059 |
|
|
| 4,607 |
|
|
| 4,425 |
|
|
| 1,025 |
|
|
| 23 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
| 2,266 |
|
|
| 2,868 |
|
|
| 2,994 |
|
|
| 2,607 |
|
|
| 2,326 |
|
|
| (60 | ) |
|
| -3 | % |
Income tax expense |
|
| 609 |
|
|
| 854 |
|
|
| 783 |
|
|
| 772 |
|
|
| 692 |
|
|
| (83 | ) |
|
| -12 | % |
Net income |
| $ | 1,657 |
|
| $ | 2,014 |
|
| $ | 2,211 |
|
| $ | 1,835 |
|
| $ | 1,634 |
|
| $ | 23 |
|
|
| 1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic Earnings per Share |
| $ | 0.78 |
|
| $ | 0.95 |
|
| $ | 1.05 |
|
| $ | 0.87 |
|
| $ | 0.78 |
|
| $ | - |
|
|
| 0 | % |
Average Shares Outstanding |
|
| 2,131,354 |
|
|
| 2,117,290 |
|
|
| 2,109,522 |
|
|
| 2,108,663 |
|
|
| 2,097,194 |
|
|
| 34,160 |
|
|
| 2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted Earnings per Share |
| $ | 0.76 |
|
| $ | 0.94 |
|
| $ | 1.03 |
|
| $ | 0.86 |
|
| $ | 0.77 |
|
| $ | (0.01 | ) |
|
| -1 | % |
Average Shares Outstanding |
|
| 2,170,340 |
|
|
| 2,132,083 |
|
|
| 2,136,558 |
|
|
| 2,134,102 |
|
|
| 2,124,402 |
|
|
| 45,938 |
|
|
| 2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Annualized Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
| 0.85 | % |
|
| 1.07 | % |
|
| 1.19 | % |
|
| 1.05 | % |
|
| 0.98 | % |
|
| -0.13 | % |
|
| -13 | % |
Return on Average Common Equity |
|
| 7.71 | % |
|
| 9.58 | % |
|
| 10.81 | % |
|
| 9.22 | % |
|
| 8.32 | % |
|
| -0.61 | % |
|
| -7 | % |
Net Interest Margin |
|
| 4.30 | % |
|
| 4.47 | % |
|
| 4.44 | % |
|
| 4.33 | % |
|
| 4.28 | % |
|
| 0.02 | % |
|
| 0 | % |
Cost of Deposits |
|
| 1.39 | % |
|
| 1.15 | % |
|
| 1.26 | % |
|
| 1.27 | % |
|
| 1.30 | % |
|
| 0.09 | % |
|
| 7 | % |
Cost of Funds |
|
| 1.44 | % |
|
| 1.15 | % |
|
| 1.26 | % |
|
| 1.27 | % |
|
| 1.30 | % |
|
| 0.14 | % |
|
| 11 | % |
Efficiency Ratio |
|
| 64.91 | % |
|
| 63.24 | % |
|
| 60.57 | % |
|
| 61.07 | % |
|
| 62.85 | % |
|
| 2.06 | % |
|
| 3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of GAAP to Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 1,657 |
|
| $ | 2,014 |
|
| $ | 2,211 |
|
| $ | 1,835 |
|
| $ | 1,634 |
|
| $ | 23 |
|
|
| 1 | % |
Provision for credit losses |
|
| 680 |
|
|
| 200 |
|
|
| 300 |
|
|
| 330 |
|
|
| 290 |
|
|
| 390 |
|
|
| 134 | % |
Income tax expense |
|
| 609 |
|
|
| 854 |
|
|
| 783 |
|
|
| 772 |
|
|
| 692 |
|
|
| (83 | ) |
|
| -12 | % |
Pre-tax, pre-provision income |
| $ | 2,946 |
|
| $ | 3,068 |
|
| $ | 3,294 |
|
| $ | 2,937 |
|
| $ | 2,616 |
|
| $ | 330 |
|
|
| 13 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
n/m - Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of San Francisco
Statement of Income (Unaudited)
($000, except share and per share amounts)
| Six Months Ended |
|
| Year Over Year Change |
| |||||||||||
| 6/30/2026 |
|
| 6/30/2025 |
|
| $ |
|
| % |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Interest on loans, including fees |
| $ | 18,506 |
|
| $ | 14,667 |
|
| $ | 3,839 |
|
|
| 26 | % |
Interest on deposits in banks |
|
| 1,522 |
|
|
| 1,605 |
|
|
| (83 | ) |
|
| -5 | % |
Interest on investment securities |
|
| 577 |
|
|
| 431 |
|
|
| 146 |
|
|
| 34 | % |
Other interest income |
|
| 224 |
|
|
| 146 |
|
|
| 78 |
|
|
| 53 | % |
Total interest income |
|
| 20,829 |
|
|
| 16,849 |
|
|
| 3,980 |
|
|
| 24 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits interest expense |
|
| 4,243 |
|
|
| 3,587 |
|
|
| 656 |
|
|
| 18 | % |
Other interest expense |
|
| 122 |
|
|
| - |
|
|
| 122 |
|
|
| n/m |
|
Total interest expense |
|
| 4,365 |
|
|
| 3,587 |
|
|
| 778 |
|
|
| 22 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income |
|
| 16,464 |
|
|
| 13,262 |
|
|
| 3,202 |
|
|
| 24 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for credit losses |
|
| 880 |
|
|
| 590 |
|
|
| 290 |
|
|
| 49 | % |
Net interest income after provision |
|
| 15,584 |
|
|
| 12,672 |
|
|
| 2,912 |
|
|
| 23 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
| 202 |
|
|
| 210 |
|
|
| (8 | ) |
|
| -4 | % |
Other non-interest income |
|
| 76 |
|
|
| 56 |
|
|
| 20 |
|
|
| 36 | % |
Total non-interest income |
|
| 278 |
|
|
| 266 |
|
|
| 12 |
|
|
| 5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits expense |
|
| 6,784 |
|
|
| 5,918 |
|
|
| 866 |
|
|
| 15 | % |
Occupancy |
|
| 839 |
|
|
| 627 |
|
|
| 212 |
|
|
| 34 | % |
Information Technology and Equipment |
|
| 819 |
|
|
| 639 |
|
|
| 180 |
|
|
| 28 | % |
Other operating expense |
|
| 2,286 |
|
|
| 1,864 |
|
|
| 422 |
|
|
| 23 | % |
Total non-interest expense |
|
| 10,728 |
|
|
| 9,048 |
|
|
| 1,680 |
|
|
| 19 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before income taxes |
|
| 5,134 |
|
|
| 3,890 |
|
|
| 1,244 |
|
|
| 32 | % |
Income tax expense |
|
| 1,463 |
|
|
| 1,158 |
|
|
| 305 |
|
|
| 26 | % |
Net income |
| $ | 3,671 |
|
| $ | 2,732 |
|
| $ | 939 |
|
|
| 34 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic Earnings per Share |
| $ | 1.73 |
|
| $ | 1.30 |
|
| $ | 0.43 |
|
|
| 33 | % |
Average Shares Outstanding |
|
| 2,124,335 |
|
|
| 2,097,194 |
|
|
| 27,141 |
|
|
| 1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted Earnings per Share |
| $ | 1.70 |
|
| $ | 1.28 |
|
| $ | 0.42 |
|
|
| 33 | % |
Average Shares Outstanding |
|
| 2,157,492 |
|
|
| 2,132,030 |
|
|
| 25,462 |
|
|
| 1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Annualized Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
| 0.95 | % |
|
| 0.82 | % |
|
| 0.13 | % |
|
| 16 | % |
Return on Average Common Equity |
|
| 8.65 | % |
|
| 7.04 | % |
|
| 1.61 | % |
|
| 23 | % |
Net Interest Margin |
|
| 4.38 | % |
|
| 4.12 | % |
|
| 0.26 | % |
|
| 6 | % |
Cost of Deposits |
|
| 1.27 | % |
|
| 1.30 | % |
|
| -0.03 | % |
|
| -2 | % |
Cost of Funds |
|
| 1.30 | % |
|
| 1.30 | % |
|
| 0.00 | % |
|
| 0 | % |
Efficiency Ratio |
|
| 64.08 | % |
|
| 66.88 | % |
|
| -2.80 | % |
|
| -4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of GAAP to Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
| $ | 3,671 |
|
| $ | 2,732 |
|
| $ | 939 |
|
|
| 34 | % |
Provision for credit losses |
|
| 880 |
|
|
| 590 |
|
|
| 290 |
|
|
| 49 | % |
Income tax expense |
|
| 1,463 |
|
|
| 1,158 |
|
|
| 305 |
|
|
| 26 | % |
Pre-tax, pre-provision income |
| $ | 6,014 |
|
| $ | 4,480 |
|
| $ | 1,534 |
|
|
| 34 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m - Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA CONTACT:
Leslie Katter
[email protected]
SOURCE: Bank of San Francisco