Bank of San Francisco Reports Fourth Quarter and Year Ended December 31, 2025 Financial Results

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Bank of San Francisco Reports Fourth Quarter and Year Ended December 31, 2025 Financial Results

ECONOMY 02.02.2026

SAN FRANCISCO, CA / ACCESS Newswire / February 2, 2026 / Bank of San Francisco ("Bank") (OTCQX:BSFO) today reported unaudited net income of $2.2 million, or $1.03 per diluted share for the three months ended December 31, 2025, compared to $1.8 million, or $0.86 per diluted share for the three months ended September 30, 2025, and $1.6 million, or $0.77 per diluted share for the three months ended December 31, 2024. Net income for the year ended December 31, 2025, was $6.8 million, or $3.17 per diluted share compared to $6.5 million, or $3.10 per diluted share for the year ended December 31, 2024.

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"Our fourth quarter and full-year results reflect the continued execution of our growth strategy and accelerating performance," said William Keller, Chief Executive Officer. "During 2025, the Bank delivered balanced growth, with loans and deposits increasing by 20% or more, while maintaining excellent credit quality and margin discipline. What truly differentiates Bank of San Francisco is a deeply personal client experience built on outstanding service and tailored financial solutions. We are gratified that our clients appreciate our approach and the commitment of our team, and we will continue to invest in people, systems, and community presence to ensure that experience remains exceptional as we grow."

"We are pleased to announce the opening of our Laurel Village office in the Pacific Heights area of San Francisco," said Bill Ward, President and Chief Operating Officer. "This new location is a tangible example of how we approach growth. We expand thoughtfully, where our clients live and work, and invest in teams and infrastructure that allow us to deliver the same high-touch, responsive service no matter our size. We look forward to celebrating the office's official grand opening with the community this spring."

Financial Highlights

Total deposits were $637.6 million at December 31, 2025, an increase of $31.6 million, or 5% from September 30, 2025, and $106.8 million, or 20% from December 31, 2024.
Non-interest-bearing demand deposits were $265.5 million at December 31, 2025, an increase of $27.2 million, or 11% from September 30, 2025, and $68.0 million, or 34% from December 31, 2024. Non-interest-bearing deposits accounted for 41.6% of total deposits at December 31, 2025, compared to 37.2% at December 31, 2024.
Interest-bearing deposits were $372.1 million at December 31, 2025, an increase of $4.4 million, or 1% from September 30, 2025, and $38.9 million, or 12% from December 31, 2024. The total cost of funds for the quarter ended December 31, 2025, was 1.26%, a decrease of 0.01% from the quarter ended September 30, 2025, and a decrease of 0.12% from the quarter ended December 31, 2024.
Total loans were $623.0 million at December 31, 2025, an increase of $41.6 million or 7% from September 30, 2025, and an increase of $115.1 million, or 23% from December 31, 2024. During the year, the portfolio mix shifted slightly toward commercial lending, as loans to finance commercial real estate, including multi-family loans increased to 38% of the total loan portfolio at December 31, 2025, compared to 30% at December 31, 2024.
Credit quality remained strong and improved steadily throughout the year due to payments and the successful resolution of a previously non-performing loan. At December 31, 2025, non-performing loans represented 0.09% of total assets, compared to 0.12% at September 30, 2025, and 0.22% at December 31, 2024.
The net interest margin (NIM) for the year ended December 31, 2025, was 4.32%, compared to 3.96% for the year ended December 31, 2024. For the quarter ended December 31, 2025, the NIM was 4.44%, compared to 4.33% for the quarter ended September 30, 2025.
Non-interest expenses for the year ended December 31, 2025, totaled $18.7 million, an increase of $2.7 million, or 17% from the year ended December 31, 2024. Non-interest expenses for the quarter ended December 31, 2025, totaled $5.1 million, an increase of $452,000, or 10% from the quarter ended September 30, 2025, and an increase of $460,000, or 10% from the quarter ended December 31, 2024. The fourth quarter increase was largely driven by performance compensation, new hires, and costs associated with the coming branch opening.
Pre-tax, pre-provision income for the year ended December 31, 2025, totaled $10.7 million; an increase of $1.6 million, or 17% from the year ended December 31, 2024. Pre-tax, pre-provision income for the quarter ended December 31, 2025, totaled $3.3 million, an increase of $357,000, or 12% from the quarter ended September 30, 2025, and an increase of $1.3 million, or 64% from the quarter ended December 31, 2024.
Total shareholders' equity was $83.1 million at December 31, 2025, an increase of $2.4 million, or 3% from September 30, 2025, and an increase of $7.7 million, or 10% from December 31, 2024.
Book value per share was $37.94 at December 31, 2025, an increase of $0.77, or 2% from September 30, 2025, and an increase of $2.69, or 8% from December 31, 2024.
The Bank remained well-capitalized, with all capital ratios exceeding regulatory requirements, including a Tier 1 Leverage Ratio of 11.16%, Tier 1 Risk-Based Capital and Common Equity Tier 1 Ratios of 16.14%, and a Total Risk-Based Capital Ratio of 17.39%.

"The consistency of our results reflects the strength of our culture and our client relationships," Ward added. "Sustained loan and deposit growth, paired with strong credit performance, is the result of teams who know their clients well and serve them exceptionally well."

# # #

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 a locally owned and operated commercial and private bank built on personal relationships and tailored solutions. Since 2005, the Bank has worked with business owners, real estate investors, nonprofits, and families that value direct access to experienced bankers who understand their business and personal needs.

Bank of San Francisco combines high-touch service with select conveniences, including a robust suite of treasury management services, and worldwide ATM fee reimbursement. Growth has been fueled by referrals from long-time loyal 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 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	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		$		%
Cash and due from banks	$	10,899	$	6,604	$	8,754	$	9,076	$	6,023	$	4,876	81	%
Interest bearing deposits in banks	60,827	74,188	78,541	69,116	69,200	(8,373	)	-12	%
Total cash and cash equivalents	71,726	80,792	87,295	78,192	75,223	(3,497	)	-5	%

Securities available-for-sale, at fair value	26,025	25,038	21,859	21,819	23,623	2,402	10	%

Loans, net of deferred costs/fees	623,030	581,443	550,910	530,817	507,970	115,060	23	%
Allowance for credit losses	(7,659	)	(7,518	)	(7,258	)	(6,968	)	(6,662	)	(997	)	15	%
Loans, net of allowance of credit losses	615,371	573,925	543,652	523,849	501,308	114,063	23	%

Premises and equipment, net	2,590	1,632	1,501	1,351	1,411	1,179	84	%
Accrued interest receivable & other assets	17,342	17,021	17,608	13,696	13,872	3,470	25	%
Total Assets	$	733,054	$	698,408	$	671,915	$	638,907	$	615,437	$	117,617	19	%


Liabilities
Non-interest bearing deposits	$	265,492	$	238,330	$	229,036	$	199,783	$	197,533	$	67,959	34	%
Interest bearing deposits	372,073	367,669	353,188	353,748	333,202	38,871	12	%
Total deposits	637,565	605,999	582,224	553,531	530,735	106,830	20	%

Accrued interest payable and other liabilities	12,432	11,795	11,171	8,634	9,381	3,051	33	%
Total Liabilities	649,997	617,794	593,395	562,165	540,116	109,881	20	%

Shareholders' equity
Common stock	29,490	29,261	29,075	28,944	28,757	733	3	%
Retained earnings	53,521	51,309	49,475	47,841	46,743	6,778	15	%
Accumulated other comprehensive income	46	44	(30	)	(43	)	(179	)	225	-126	%

Total shareholders' equity	83,057	80,614	78,520	76,742	75,321	7,736	10	%

Total Liabilities & Shareholders' Equity	$	733,054	$	698,408	$	671,915	$	638,907	$	615,437	$	117,617	19	%



Book Value per Common Share	$	37.94	$	37.17	$	36.33	$	35.35	$	35.25	$	2.69	8	%
Total Common Shares Outstanding	2,188,985	2,168,841	2,161,024	2,170,866	2,136,822	52,163	2	%

Capital Ratios
Tier 1 Leverage ratio	11.16	%	11.54	%	11.83	%	11.41	%	12.05	%	-0.89	%	-7	%
Tier 1 RBC ratio	16.14	%	17.08	%	17.68	%	18.16	%	18.69	%	-2.55	%	-14	%
Common Equity Tier 1 RBC ratio	16.14	%	17.08	%	17.68	%	18.16	%	18.69	%	-2.55	%	-14	%
Total Risk-Based Capital (RBC) ratio	17.39	%	18.34	%	18.93	%	19.41	%	19.95	%	-2.56	%	-13	%

Other Ratios
Non-interest bearing to Total Deposits	41.64	%	39.33	%	39.34	%	36.09	%	37.22	%	4.42	%	12	%
Loan to Deposit ratio	97.72	%	95.95	%	94.62	%	95.90	%	95.71	%	2.01	%	2	%
Allowance for Credit Losses to Total Loans	1.23	%	1.29	%	1.32	%	1.31	%	1.31	%	-0.08	%	-6	%
ACL to Nonperforming Loans	1099.23	%	868.68	%	642.31	%	593.21	%	490.61	%	608.62	%	124	%
Nonperforming Assets to Total Assets	0.09	%	0.12	%	0.17	%	0.18	%	0.22	%	-0.13	%	-58	%
^{n/m - Not Meaningful}

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


	Three Months Ended
	12/31/2025		9/30/2025		6/30/2025		3/31/2025		12/31/2024		$		%
Interest on loans, including fees	$	8,904	$	8,048	$	7,596	$	7,071	$	7,152	$	1,752	24	%
Interest on deposits in banks	968	1,021	928	677	881	87	10	%
Interest on investment securities	247	208	210	221	217	30	14	%
Other interest income	79	77	72	74	74	5	7	%
Total interest income	10,198	9,354	8,806	8,043	8,324	1,874	23	%

Deposits interest expense	2,054	1,936	1,868	1,719	1,878	176	9	%
Net interest income	8,144	7,418	6,938	6,324	6,446	1,698	26	%

Provision (reversal) for credit losses	300	330	290	300	(320	)	620	-194	%
Net interest income after provision	7,844	7,088	6,648	6,024	6,766	1,078	16	%

Service charges on deposits	129	111	108	102	112	17	15	%
Other non-interest income	80	15	(5	)	61	46	34	74	%
Total non-interest income	209	126	103	163	158	51	32	%

Salaries and employee benefits expense	3,258	2,720	2,885	3,033	3,144	114	4	%
Occupancy	372	366	336	291	303	69	23	%
Information Technology and Equipment	342	340	324	315	301	41	14	%
Other operating expense	1,087	1,181	880	984	851	236	28	%
Total non-interest expense	5,059	4,607	4,425	4,623	4,599	460	10	%

Income before income taxes	2,994	2,607	2,326	1,564	2,325	669	29	%
Income tax expense	783	772	692	466	697	86	12	%
Net income	$	2,211	$	1,835	$	1,634	$	1,098	$	1,628	$	583	36	%


Basic Earnings per Share	$	1.05	$	0.87	$	0.78	$	0.53	$	0.78	$	0.27	35	%
Average Shares Outstanding	2,109,522	2,108,663	2,097,194	2,090,394	2,089,978	19,544	1	%

Diluted Earnings per Share	$	1.03	$	0.86	$	0.77	$	0.52	$	0.77	$	0.26	34	%
Average Shares Outstanding	2,136,558	2,134,102	2,124,402	2,130,962	2,110,598	25,960	1	%

Annualized Performance Ratios
Return on Average Assets	1.19	%	1.05	%	0.98	%	0.70	%	1.06	%	0.13	%	12	%
Return on Average Common Equity	10.81	%	9.22	%	8.32	%	5.78	%	8.86	%	1.95	%	22	%
Net Interest Margin	4.44	%	4.33	%	4.28	%	4.19	%	4.18	%	0.26	%	6	%
Cost of Funds	1.26	%	1.27	%	1.30	%	1.30	%	1.38	%	-0.12	%	-9	%
Efficiency Ratio	60.57	%	61.07	%	62.85	%	71.27	%	69.64	%	-9.07	%	-13	%
^{n/m - Not Meaningful}

Reconciliation of GAAP to Non-GAAP Financial Measures
Net income	$	2,211	$	1,835	$	1,634	$	1,098	$	1,628	$	583	36	%
Provision (reversal) for credit losses	300	330	290	300	(320	)	620	-194	%
Income tax expense	783	772	692	466	697	86	12	%
Pre-tax, pre-provision income	$	3,294	$	2,937	$	2,616	$	1,864	$	2,005	$	1,289	64	%

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


	Twelve Months Ended						Year Over Year Change
	12/31/2025		12/31/2024		$		%
Interest on loans, including fees	$	31,619	$	27,679	$	3,940	14	%
Interest on deposits in banks	3,594	4,794	(1,200	)	-25	%
Interest on investment securities	886	283	603	213	%
Other interest income	302	294	8	3	%
Total interest income	36,401	33,050	3,351	10	%

Deposits interest expense	7,577	8,881	(1,304	)	-15	%
Net interest income	28,824	24,169	4,655	19	%

Provision (Reversal) for credit losses	1,220	(180	)	1,400	-778	%
Net interest income after provision	27,604	24,349	3,255	13	%

Service charges on deposits	450	395	55	14	%
Gains on sale of loans	-	306	(306	)	-100	%
Other non-interest income	151	229	(78	)	-34	%
Total non-interest income	601	930	(329	)	-35	%

Salaries and employee benefits expense	11,896	10,542	1,354	13	%
Occupancy	1,365	1,239	126	10	%
Information Technology and Equipment	1,321	1,208	113	9	%
Other operating expense	4,132	2,982	1,150	39	%
Total non-interest expense	18,714	15,971	2,743	17	%

Income before income taxes	9,491	9,308	183	2	%
Income tax expense	2,713	2,770	(57	)	-2	%
Net income	$	6,778	$	6,538	$	240	4	%



Basic Earnings per Share	$	3.22	$	3.14	$	0.08	3	%
Average Shares Outstanding	2,103,241	2,084,423	18,818	1	%

Diluted Earnings per Share	$	3.17	$	3.10	$	0.07	2	%
Average Shares Outstanding	2,140,169	2,107,815	32,354	2	%

Annualized Performance Ratios
Return on Average Assets	0.99	%	1.05	%	-0.06	%	-6	%
Return on Average Common Equity	8.56	%	9.10	%	-0.54	%	-6	%
Net Interest Margin	4.32	%	3.96	%	0.36	%	9	%
Cost of Funds	1.28	%	1.63	%	-0.35	%	-21	%
Efficiency Ratio	63.60	%	63.63	%	-0.03	%	0	%
^{n/m - Not Meaningful}

Reconciliation of GAAP to Non-GAAP Financial Measures
Net income	$	6,778	$	6,538	$	240	4	%
Provision (reversal) for credit losses	1,220	(180	)	1,400	-778	%
Income tax expense	2,713	2,770	(57	)	-2	%
Pre-tax, pre-provision income	$	10,711	$	9,128	$	1,583	17	%

Media Contact
Leslie Katter
[email protected]

SOURCE: Bank of San Francisco

View the original press release on ACCESS Newswire

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American Marconi Wireless News - Bank of San Francisco Reports Fourth Quarter and Year Ended December 31, 2025 Financial Results

Bank of San Francisco Reports Fourth Quarter and Year Ended December 31, 2025 Financial Results

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