Presidio Bank Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
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.