--- title: "Bank of San Francisco Reports Fourth Quarter and Year Ended December 31, 2025 Financial Results | BSFO Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/274526916.md" description: "Bank of San Francisco reported a net income of $2.2 million for Q4 2025, up from $1.8 million in Q3 2025 and $1.6 million in Q4 2024. For the full year, net income was $6.8 million, compared to $6.5 million in 2024. Total deposits increased by 20% year-over-year to $637.6 million, while total loans rose by 23% to $623.0 million. The bank announced the opening of a new office in Laurel Village, emphasizing its growth strategy and commitment to client service. Non-performing loans decreased to 0.09% of total assets, reflecting strong credit quality." datetime: "2026-02-02T06:15:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274526916.md) - [en](https://longbridge.com/en/news/274526916.md) - [zh-HK](https://longbridge.com/zh-HK/news/274526916.md) generator: "portal-rs" --- # Bank of San Francisco Reports Fourth Quarter and Year Ended December 31, 2025 Financial Results | BSFO Stock News 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. "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 media@bankbsf.com **SOURCE:** Bank of San Francisco View the original press release on ACCESS Newswire ### Related Stocks - [SFBC.US](https://longbridge.com/en/quote/SFBC.US.md) - [FRCB.US](https://longbridge.com/en/quote/FRCB.US.md) - [BMRC.US](https://longbridge.com/en/quote/BMRC.US.md) ## Related News & Research - [Bessent's bond gambit aimed at calming markets is instead stirring inflation worries](https://longbridge.com/en/news/296642975.md) - [Uber COO says there's a downside to being at the top](https://longbridge.com/en/news/296159632.md) - [Trump’s Bond Buyback Push Puts Kevin Warsh in a Tough Spot — Peter Schiff Says Treasury ‘Pulled the Rug Out From Under’](https://longbridge.com/en/news/296615127.md) - 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