Presidio Bank announced unaudited earnings results for the first quarter ended March 31, 2016. For the quarter, the company's net interest income was $5,959,000 compared with $4,591,000 a year ago. Net income before taxes was $1,558,000 compared with $811,000 a year ago.

Net income was $483,000 compared with $703,000 million a year ago. Net income to common was $940,000 or $0.16 per diluted share compared with $394,000 million or $0.09 per basic and diluted share a year ago. Return on average assets was 0.59% compared with 0.38% a year ago.

Return on average common equity was 6.38% compared with 3.52% a year ago. As on March 31, 2016, the company's book value per share increased to $10.75 per share compared to $9.83 per shares as on March 31, 2015. The increase in net interest income was the result of the significant loan growth that occurred in 2015.

Net Interest Margin increased during the quarter to 3.86% from 3.48% in the fourth quarter of 2015 due to higher average loan balances, strong loan fees during the quarter and a small decrease in the cost of deposits. Yield on loans increased from 4.69% to 4.74% while cost of deposits declined from 0.16% to 0.14%.