Bank of San Francisco Reports First Quarter Ended March 31, 2026 Financial Results

SAN FRANCISCO, CA / ACCESS Newswire / April 30, 2026 / Bank of San Francisco ("Bank") (OTCQX:BSFO) today reported unaudited net income of $2.0 million, or $0.94 per diluted share for the three months ended March 31, 2026, compared to $2.2 million, or $1.03 per diluted share for the three months ended December 31, 2025, and $1.1 million, or $0.52 per diluted share for the three months ended March 31, 2025.

"First-quarter results continued 2025's positive momentum. While often impacted by seasonal deposit outflows and additional salary expenses, the quarter produced outstanding results in key areas that demonstrate the progress made since the Bank embarked on its growth plan in 2024. Total assets increased 20% and earnings increased 83% from the same quarter in 2025 when many of our growth initiatives began. The additions of experienced individuals to our team and measured investments in operational infrastructure continue to deliver the balance sheet growth that drives profitability. First-quarter deposits increased $32.4 million from the prior quarter, with $10.9 million in non-interest-bearing accounts, while loan closings totaled $60 million. Consistent with our strategic goal to reduce our reliance on residential mortgages, many of the quarter's commitments were commercial lines of credit that have not yet been fully drawn, but are expected to combine with a robust loan pipeline to further drive earning asset growth in the months ahead," said William Keller, Chief Executive Officer.

"The opening celebration of our Laurel Village office in March marked an exciting moment for the Bank and for our continued growth in San Francisco," said Bill Ward, President and Chief Operating Officer. "We were proud to be recognized by District 2 Supervisor Stephen Sherrill with a Certificate of Honor from the San Francisco Board of Supervisors and warmly welcomed by Rodney Fong and the San Francisco Chamber of Commerce. This expansion reflects our focus on thoughtful growth and relationship-driven banking, while further enhancing our ability to serve clients and communities across the city."

Financial Highlights

• Total deposits were $670.0 million at March 31, 2026, an increase of $32.4 million, or 5% from December 31, 2025, and $116.5 million, or 21% from March 31, 2025.

• Non-interest-bearing demand deposits were $276.4 million at March 31, 2026, an increase of $10.9 million, or 4% from December 31, 2025, and $76.6 million, or 38% from March 31, 2025. Non-interest-bearing deposits accounted for 41.2% of total deposits at March 31, 2026, compared to 36.1% at March 31, 2025.

• Interest-bearing deposits were $393.7 million at March 31, 2026, an increase of $21.6 million, or 6% from December 31, 2025, and $39.9 million, or 11% from March 31, 2025. The total cost of funds for the quarter ended March 31, 2026, was 1.15%, a decrease of 0.11% from the quarter ended December 31, 2025, and a decrease of 0.15% from the quarter ended March 31, 2025.

• Total loans were $637.0 million at March 31, 2026, an increase of $14.0 million or 2% from December 31, 2025, and an increase of $106.2 million, or 20% from March 31, 2025. Unused commitments in the current quarter increased $23.8 million from December 31, 2025, with new line originations during the quarter.

• At March 31, 2026, non-performing loans represented 0.08% of total assets, compared to 0.09% at December 31, 2025, and 0.18% at March 31, 2025. Credit quality remains strong and improved steadily throughout 2025 from the successful resolution of a previously non-performing loan.

• Net interest margin (NIM) for the quarter ended March 31, 2026, was 4.47%, compared to 4.44% for the quarter ended December 31, 2025, and 4.19% for the quarter ended March 31, 2025.

• Non-interest expenses for the quarter ended March 31, 2026, totaled $5.3 million, an increase of $219,000, or 4% from the quarter ended December 31, 2025, and an increase of $655,000, or 14% from the quarter ended March 31, 2025.

• Pre-tax, pre-provision income for the quarter ended March 31, 2026, totaled $3.1 million, a decrease of $226,000, or 7% from the quarter ended December 31, 2025, and an increase of $1.2 million, or 65% from the quarter ended March 31, 2025.

• Total shareholders' equity was $85.1 million at March 31, 2026, an increase of $2.1 million, or 2% from December 31, 2025, and an increase of $8.4 million, or 11% from March 31, 2025.

• Book value per share was $38.94 at March 31, 2026, an increase of $1.00, or 3% from December 31, 2025, and an increase of $3.59, or 10% from March 31, 2025.

• The Bank remained well-capitalized, with all capital ratios exceeding regulatory requirements, including a Tier 1 Leverage Ratio of 11.27%, Tier 1 Risk-Based Capital and Common Equity Tier 1 Ratios of 15.59%, and a Total Risk-Based Capital Ratio of 16.84%.

# # #

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 subtracting the provision for credit losses and income tax expense from 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 who value direct access to experienced bankers and a single point of contact across every aspect of 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. 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
Assets		3/31/2026				12/31/2025				9/30/2025				6/30/2025				3/31/2025				$				%
Cash and due from banks		$	7,129			$	10,899			$	6,604			$	8,754			$	9,076			$	(1,947	)			-21	%
Interest bearing deposits in banks			84,997				60,827				74,188				78,541				69,116				15,881				23	%
Total cash and cash equivalents			92,126				71,726				80,792				87,295				78,192				13,934				18	%
Securities available-for-sale, at fair value			25,887				26,025				25,038				21,859				21,819				4,068				19	%
Loans, net of deferred costs/fees			637,010				623,030				581,443				550,910				530,817				106,193				20	%
Allowance for credit losses			(7,749	)			(7,659	)			(7,518	)			(7,258	)			(6,968	)			(781	)			11	%
Loans, net of allowance of credit losses			629,261				615,371				573,925				543,652				523,849				105,412				20	%
Premises and equipment, net			3,036				2,590				1,632				1,501				1,351				1,685				125	%
Accrued interest receivable & other assets			17,200				17,342				17,021				17,608				13,696				3,504				26	%
Total Assets		$	767,510			$	733,054			$	698,408			$	671,915			$	638,907			$	128,603				20	%

Liabilities
Non-interest bearing deposits		$	276,352			$	265,492			$	238,330			$	229,036			$	199,783			$	76,569				38	%
Interest bearing deposits			393,651				372,073				367,669				353,188				353,748				39,903				11	%
Total deposits			670,003				637,565				605,999				582,224				553,531				116,472				21	%
Accrued interest payable and other liabilities			12,389				12,432				11,795				11,171				8,634				3,755				43	%
Total Liabilities			682,392				649,997				617,794				593,395				562,165				120,227				21	%
Shareholders' equity
Common stock			29,614				29,490				29,261				29,075				28,944				670				2	%
Retained earnings			55,534				53,521				51,309				49,475				47,841				7,693				16	%
Accumulated other comprehensive (loss) income			(30	)			46				44				(30	)			(43	)			13				-30	%
Total shareholders' equity			85,118				83,057				80,614				78,520				76,742				8,376				11	%
Total Liabilities & Shareholders' Equity		$	767,510			$	733,054			$	698,408			$	671,915			$	638,907			$	128,603				20	%
Book Value per Common Share		$	38.94			$	37.94			$	37.17			$	36.33			$	35.35			$	3.59				10	%
Total Common Shares Outstanding			2,185,966				2,188,985				2,168,841				2,161,024				2,170,866				15,100				1	%
Capital Ratios
Tier 1 Leverage ratio			11.27	%			11.16	%			11.54	%			11.83	%			11.41	%			-0.14	%			-1	%
Tier 1 RBC ratio			15.59	%			16.14	%			17.08	%			17.68	%			18.16	%			-2.57	%			-14	%
Common Equity Tier 1 RBC ratio			15.59	%			16.14	%			17.08	%			17.68	%			18.16	%			-2.57	%			-14	%
Total Risk-Based Capital (RBC) ratio			16.84	%			17.39	%			18.34	%			18.93	%			19.41	%			-2.57	%			-13	%
Other Ratios
Non-interest bearing to Total Deposits			41.25	%			41.64	%			39.33	%			39.34	%			36.09	%			5.16	%			14	%
Loan to Deposit ratio			95.08	%			97.72	%			95.95	%			94.62	%			95.90	%			-0.82	%			-1	%
Allowance for Credit Losses to Total Loans			1.22	%			1.23	%			1.29	%			1.32	%			1.31	%			-0.09	%			-7	%
ACL to Nonperforming Loans			1190.05	%			1099.23	%			868.68	%			642.31	%			593.21	%			596.84	%			101	%
Nonperforming Assets to Total Assets			0.08	%			0.09	%			0.12	%			0.17	%			0.18	%			-0.10	%			-56	%

Bank of San Francisco
Statement of Income (Unaudited)
($000, except share and per share amounts)

		Three Months Ended																				Year Over Year Change
		3/31/2026				12/31/2025				9/30/2025				6/30/2025				3/31/2025				$				%
Interest on loans, including fees		$	8,874			$	8,904			$	8,048			$	7,596			$	7,071			$	1,803				25	%
Interest on deposits in banks			751				968				1,021				928				677				74				11	%
Interest on investment securities			246				247				208				210				221				25				11	%
Other interest income			181				79				77				72				74				107				145	%
Total interest income			10,052				10,198				9,354				8,806				8,043				2,009				25	%
Deposits interest expense			1,858				2,054				1,936				1,868				1,719				139				8	%
Other interest expense			-				-				-				-				-				-				0	%
Total interest expense			1,858				2,054				1,936				1,868				1,719				139				8	%
Net interest income			8,194				8,144				7,418				6,938				6,324				1,870				30	%
Provision for credit losses			200				300				330				290				300				(100	)			-33	%
Net interest income after provision			7,994				7,844				7,088				6,648				6,024				1,970				33	%
Service charges on deposits			103				129				111				108				102				1				1	%
Other non-interest income			49				80				15				(5	)			61				(12	)			-20	%
Total non-interest income			152				209				126				103				163				(11	)			-7	%
Salaries and employee benefits expense			3,345				3,258				2,720				2,885				3,033				312				10	%
Occupancy			402				372				366				336				291				111				38	%
Information Technology and Equipment			391				342				340				324				315				76				24	%
Other operating expense			1,140				1,087				1,181				880				984				156				16	%
Total non-interest expense			5,278				5,059				4,607				4,425				4,623				655				14	%
Income before income taxes			2,868				2,994				2,607				2,326				1,564				1,304				83	%
Income tax expense			854				783				772				692				466				388				83	%
Net income		$	2,014			$	2,211			$	1,835			$	1,634			$	1,098			$	916				83	%
Basic Earnings per Share		$	0.95			$	1.05			$	0.87			$	0.78			$	0.53			$	0.42				79	%
Average Shares Outstanding			2,117,290				2,109,522				2,108,663				2,097,194				2,090,394				26,896				1	%
Diluted Earnings per Share		$	0.94			$	1.03			$	0.86			$	0.77			$	0.52			$	0.42				81	%
Average Shares Outstanding			2,132,083				2,136,558				2,134,102				2,124,402				2,130,962				1,121				0	%
Annualized Performance Ratios
Return on Average Assets			1.07	%			1.19	%			1.05	%			0.98	%			0.70	%			0.37	%			53	%
Return on Average Common Equity			9.58	%			10.81	%			9.22	%			8.32	%			5.78	%			3.80	%			66	%
Net Interest Margin			4.47	%			4.44	%			4.33	%			4.28	%			4.19	%			0.28	%			7	%
Cost of Funds			1.15	%			1.26	%			1.27	%			1.30	%			1.30	%			-0.15	%			-12	%
Efficiency Ratio			63.24	%			60.57	%			61.07	%			62.85	%			71.27	%			-8.03	%			-11	%
Reconciliation of GAAP to Non-GAAP Financial Measures
Net income		$	2,014			$	2,211			$	1,835			$	1,634			$	1,098			$	916				83	%
Provision for credit losses			200				300				330				290				300				(100	)			-33	%
Income tax expense			854				783				772				692				466				388				83	%
Pre-tax, pre-provision income		$	3,068			$	3,294			$	2,937			$	2,616			$	1,864			$	1,204				65	%

Media Contact
Leslie Katter
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SOURCE: Bank of San Francisco

View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/bank-of-san-francisco-reports-first-quarter-ended-march-31-2026-fina-1162781