Presidio Bank reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. Net interest income of $5.4 million in the fourth quarter was up 6% over the third quarter of 2015 as a result of loan growth. This growth was somewhat tempered by the increase in interest expense on the Bank's Subordinated Notes that were only outstanding for one quarter in 2014. Diluted earnings per common share were $0.13 for the quarter compared to $0.09 in the Third quarter of 2015 and $0.14 in the fourth quarter of 2014. Book value per share increased to $10.51 per share as of December 31, 2015 from $10.37 per share at September 30, 2015 and $9.74 per share at December 31, 2014.

For the year, the company reported net income for the year totaled $2.6 million versus $3.1 million earned in 2014. The year over year comparison was adversely impacted by $600,000 in additional interest on the Bank's subordinated debt issued in September 2014 and by $828,000 in additional loan loss provision expense related to the high level of loan growth in 2015. Net Income applicable to common shareholders was $2,138,000 for the year, a decrease of 21.7% over 2014.