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
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

%
Securities available-for-sale, at fair value

30,043

25,887

26,025

25,038

21,859

8,184

37

%
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

%
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

%

Liabilities & Shareholders’ Equity
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

%
Capital Ratios
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

%
Other Ratios
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

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

$

%
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
media@bankbsf.com

SOURCE: Bank of San Francisco

View the original press release on ACCESS Newswire

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