SAN FRANCISCO, CA / ACCESS Newswire / November 2, 2026 / Bank of San Francisco (“the Bank”) (OTCQX:BSFO) today reported unaudited net income of $2.3 million, or $1.04 per diluted share for the three months ended September 30, 2026, compared to $1.7 million, or $0.76 per diluted share for the three months ended June 30, 2026, and $1.8 million, or $0.86 per diluted share for the three months ended September 30, 2025. For the nine months ended September 30, 2026, the Bank reported net income of $5.9 million, or $2.74 per diluted share, compared to $4.6 million, or $2.14 per diluted share, for the nine months ended September 30, 2025.

“We are pleased with the Bank’s performance through the first nine months of 2026,” said William Keller, Chief Executive Officer. “As we approach $1 billion in assets, we see the accelerating benefits of our relationship-focused strategy reflected in the continued growth of loans, deposits, and earnings. As a result, we are reporting our best earnings per share profitability in almost five years, and pre-tax, pre-provision results that are substantially above prior periods while maintaining strong asset quality, a solid capital position, and a commitment to the personal service that sets Bank of San Francisco apart.”

Financial Highlights

  • Total assets were $930.4 million at September 30, 2026, an increase of $66.9 million, or 8% from June 30, 2026, and an increase of $232.0 million, or 33% from September 30, 2025.
  • Net income for the quarter ended September 30, 2026, totaled $2.3 million, an increase of $603,000, or 36% from the quarter ended June 30, 2026, and an increase of $425,000, or 23% from the quarter ended September 30, 2025. Net income for the nine months ended September 30, 2026, totaled $5.9 million, an increase of $1.4 million, or 30% from the nine months ended September 30, 2025.
  • Pre-tax, pre-provision income for the quarter ended September 30, 2026, totaled $3.7 million, an increase of $751,000, or 25% from the quarter ended June 30, 2026, and an increase of $760,000, or 26% from the quarter ended September 30, 2025. Pre-tax, pre-provision income for the nine months ended September 30, 2026, totaled $9.7 million, an increase of $2.3 million, or 31% from the nine months ended September 30, 2025.

“Relationship deposits, net of reductions in brokered deposits, increased $74.4 million during the quarter across all parts of the Bank. Our Laurel Village branch, which opened in January, grew by $18.7 million to $46.2 million, Private Banking grew by $27.5 million to $212.6 million, and Commercial Banking grew by $28.2 million to $489.8 million. It is especially rewarding to see the many long-term relationships our team has built continue to contribute to the Bank’s growth,” said Margaret Mak, Founder, Private Banking. “The loan mix continues to shift slightly toward commercial real estate as accelerated payoffs of legacy mortgages have limited net mortgage growth, while mortgage production remained strong. Year to date, mortgage originations totaled approximately $71 million, with 62% generated by Private Banking. These mortgages are true relationship loans. In aggregate, every dollar of mortgage and home equity lending has generated approximately 41 cents in deposits.”

Balance Sheet Highlights

  • Total deposits were $805.1 million at September 30, 2026, an increase of $64.4 million, or 9% from June 30, 2026, and an increase of $199.1 million, or 33% from September 30, 2025.
  • Non-interest-bearing demand deposits were $263.9 million at September 30, 2026, an increase of $20.2 million, or 8% from June 30, 2026, and an increase of $25.5 million, or 11% from September 30, 2025. Non-interest-bearing deposits accounted for 32.77% of total deposits at September 30, 2026, compared to 32.89% at June 30, 2026, and 39.33% at September 30, 2025.
  • Interest-bearing deposits were $541.3 million at September 30, 2026, an increase of $44.2 million, or 9% from June 30, 2026, and an increase of $173.6 million, or 47% from September 30, 2025. The total cost of deposits for the quarter ended September 30, 2026, was 1.58%, an increase of 0.19% from the quarter ended June 30, 2026, and an increase of 0.31% from the quarter ended September 30, 2025.
  • Total loans were $737.9 million at September 30, 2026, an increase of $42.1 million, or 6% from June 30, 2026, and an increase of $156.5 million, or 27% from September 30, 2025. Unused commitments in the current quarter decreased $9.3 million from June 30, 2026, with increased client utilization during the quarter.
  • Commercial real estate loans were $353.8 million at September 30, 2026, an increase of $25.5 million, or 8% from June 30, 2026, and an increase of $87.4 million, or 33% from September 30, 2025. Residential mortgage loans were $318.4 million at September 30, 2026, an increase of $23.2 million, or 8% from June 30, 2026, and an increase of $52.0 million, or 20% from September 30, 2025.
  • The allowance for credit losses increased by $515,000 from June 30, 2026, consistent with the increase in outstanding loan balances for the quarter ended September 30, 2026.
  • Non-performing loans represented 0.08% of total assets at September 30, 2026, compared to 0.07% at June 30, 2026, and compared to 0.12% at September 30, 2025.

“Growth brings opportunity, but it also requires preparation, and over the past year, we have invested in our team, technology, and operations to more effectively and efficiently serve our clients. A sound operating and risk management foundation complements our strong capital base and excellent credit quality,” said Bill Ward, President and Chief Operating Officer. “As we enter our next stage of growth and operating leverage continues to improve, we expect investments to grow more slowly than revenues as evidenced by our improving efficiency ratio, which decreased from 64.9% to 60.7% in the quarter, and from 64.8% to 62.9% year to date.”

Income Statement Highlights

  • Net interest income for the quarter ended September 30, 2026, totaled $9.0 million, an increase of $723,000, or 9% from the quarter ended June 30, 2026, and an increase of $1.6 million, or 21% from the quarter ended September 30, 2025. Net interest income for the nine months ended September 30, 2026, totaled $25.5 million, an increase of $4.8 million, or 23% from the nine months ended September 30, 2025.
  • Net interest margin (NIM) for the quarter ended September 30, 2026, was 4.03%, compared to 4.30% for the quarter ended June 30, 2026, and 4.33% for the quarter ended September 30, 2025. NIM for the nine months ended September 30, 2026, was 4.23%, compared to 4.22% for the nine months ended September 30, 2025.
  • Non-interest income for the quarter ended September 30, 2026, totaled $409,000 including $221,000 of non-recurring income.
  • Non-interest expense for the quarter ended September 30, 2026, totaled $5.7 million, an increase of $255,000, or 5% from the quarter ended June 30, 2026, and an increase of $1.1 million, or 24% from the quarter ended September 30, 2025. Non-interest expense for the nine months ended September 30, 2026, totaled $16.4 million, an increase of $2.8 million, or 20% from the nine months ended September 30, 2025.

Capital Highlights

  • Total shareholders’ equity was $89.3 million at September 30, 2026, an increase of $2.4 million, or 3% from June 30, 2026, and an increase of $8.7 million, or 11% from September 30, 2025.
  • Book value per share was $40.15 at September 30, 2026, an increase of $0.94, or 2% from June 30, 2026, and an increase of $2.98, or 8% from September 30, 2025.
  • The Bank remained well capitalized, with all capital ratios exceeding regulatory requirements, including a Tier 1 Leverage Ratio of 9.94%, Tier 1 Risk-Based Capital and Common Equity Tier 1 Ratios of 14.10%, and a Total Risk-Based Capital Ratio of 15.36%.

# # #

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, a non-GAAP financial measure calculated by adding the provision for credit losses and income tax expense back to net income. This measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for an analysis of our results under GAAP.

We believe pre-tax, pre-provision income gives management and investors additional information about the performance of our business operations and allows comparison between periods when the provision for credit losses and income taxes vary independently of business performance.

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, the Bank 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
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 $ %
Assets
Cash and due from banks
 $ 8,052 $ 5,502 $ 7,129 $ 10,899 $ 6,604 $ 1,448 22 %
Interest bearing deposits in banks
 130,515 118,488 84,997 60,827 74,188 56,327 76 %
Total cash and cash equivalents
 138,567 123,990 92,126 71,726 80,792 57,775 72 %
Securities available-for-sale, at fair value
 40,388 30,043 25,887 26,025 25,038 15,350 61 %
Loans, net of deferred costs/fees
 737,937 695,805 637,010 623,030 581,443 156,494 27 %
Allowance for credit losses
 (8,814 ) (8,299 ) (7,749 ) (7,659 ) (7,518 ) (1,296 ) 17 %
Loans, net of allowance for credit losses
 729,123 687,506 629,261 615,371 573,925 155,198 27 %
Premises and equipment, net
 2,865 2,935 3,036 2,590 1,632 1,233 76 %
Accrued interest receivable & other assets
 19,474 19,078 17,200 17,342 17,021 2,453 14 %
Total Assets
 $ 930,417 $ 863,552 $ 767,510 $ 733,054 $ 698,408 $ 232,009 33 %
Liabilities & Shareholders’ Equity
Non-interest bearing deposits
 $ 263,850 $ 243,621 $ 276,352 $ 265,492 $ 238,330 $ 25,520 11 %
Interest bearing deposits
 541,259 497,078 393,651 372,073 367,669 173,590 47 %
Total deposits
 805,109 740,699 670,003 637,565 605,999 199,110 33 %
FHLB advances
 24,000 24,000 – – – 24,000 n/m
Accrued interest payable and other liabilities
 12,005 11,990 12,389 12,432 11,795 210 2 %
Total Liabilities
 841,114 776,689 682,392 649,997 617,794 223,320 36 %
Common stock
 30,283 29,869 29,614 29,490 29,261 1,022 3 %
Retained earnings
 59,452 57,191 55,534 53,521 51,309 8,143 16 %
Accumulated other comprehensive (loss) income
 (432 ) (197 ) (30 ) 46 44 (476 ) -1082 %
Total Shareholders’ Equity
 89,303 86,863 85,118 83,057 80,614 8,689 11 %
Total Liabilities & Shareholders’ Equity
 $ 930,417 $ 863,552 $ 767,510 $ 733,054 $ 698,408 $ 232,009 33 %
Book Value per Common Share
 $ 40.15 $ 39.21 $ 38.94 $ 37.94 $ 37.17 $ 2.98 8 %
Total Common Shares Outstanding
 2,223,964 2,215,113 2,185,966 2,188,985 2,168,841 55,123 3 %
Capital Ratios
Tier 1 Leverage ratio
 9.94 % 10.92 % 11.27 % 11.16 % 11.54 % -1.60 % -14 %
Tier 1 RBC ratio
 14.10 % 14.36 % 15.59 % 16.14 % 17.08 % -2.98 % -17 %
Common Equity Tier 1 RBC ratio
 14.10 % 14.36 % 15.59 % 16.14 % 17.08 % -2.98 % -17 %
Total Risk-Based Capital (RBC) ratio
 15.36 % 15.61 % 16.84 % 17.39 % 18.34 % -2.98 % -16 %
Other Ratios
Non-interest bearing to Total Deposits
 32.77 % 32.89 % 41.25 % 41.64 % 39.33 % -6.56 % -17 %
Loan to Deposit ratio
 91.66 % 93.94 % 95.08 % 97.72 % 95.95 % -4.29 % -4 %
Loan to Funding ratio
 89.00 % 90.99 % 95.08 % 97.72 % 95.95 % -6.95 % -7 %
Allowance for Credit Losses to Total Loans
 1.19 % 1.19 % 1.22 % 1.23 % 1.29 % -0.10 % -8 %
ACL to Nonperforming Loans
 1150.61 % 1319.08 % 1190.05 % 1099.23 % 868.68 % 281.93 % 32 %
Nonperforming Assets to Total Assets
 0.08 % 0.07 % 0.08 % 0.09 % 0.12 % -0.04 % -33 %

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
9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 $ %
Interest Income
Interest on loans, including fees
 $ 10,503 $ 9,632 $ 8,874 $ 8,904 $ 8,048 $ 2,455 31 %
Interest on deposits in banks
 1,198 771 751 968 1,021 177 17 %
Interest on investment securities
 544 331 246 247 208 336 162 %
Other interest income
 108 43 181 79 77 31 40 %
Total interest income
 12,353 10,777 10,052 10,198 9,354 2,999 32 %
Interest Expense
Deposits interest expense
 3,105 2,385 1,858 2,054 1,936 1,169 60 %
Other interest expense
 255 122 – – – 255 n/m
Total interest expense
 3,360 2,507 1,858 2,054 1,936 1,424 74 %
Net interest income
 8,993 8,270 8,194 8,144 7,418 1,575 21 %
Provision for credit losses
 530 680 200 300 330 200 61 %
Net interest income after provision
 8,463 7,590 7,994 7,844 7,088 1,375 19 %
Non-Interest Income
Service charges on deposits
 87 99 103 129 111 (24 ) -22 %
Other non-interest income
 322 27 49 80 15 307 2047 %
Total non-interest income
 409 126 152 209 126 283 225 %
Non-Interest Expense
Salaries and employee benefits expense
 3,547 3,439 3,345 3,258 2,720 827 30 %
Occupancy
 425 437 402 372 366 59 16 %
Information Technology and Equipment
 420 428 391 342 340 80 24 %
Other operating expense
 1,313 1,146 1,140 1,087 1,181 132 11 %
Total non-interest expense
 5,705 5,450 5,278 5,059 4,607 1,098 24 %
Income before income taxes
 3,167 2,266 2,868 2,994 2,607 560 21 %
Income tax expense
 907 609 854 783 772 135 17 %
Net income
 $ 2,260 $ 1,657 $ 2,014 $ 2,211 $ 1,835 $ 425 23 %
Basic Earnings per Share
 $ 1.06 $ 0.78 $ 0.95 $ 1.05 $ 0.87 $ 0.19 22 %
Average Shares Outstanding
 2,133,245 2,131,354 2,117,290 2,109,522 2,108,663 24,582 1 %
Diluted Earnings per Share
 $ 1.04 $ 0.76 $ 0.94 $ 1.03 $ 0.86 $ 0.18 21 %
Average Shares Outstanding
 2,171,811 2,170,340 2,132,083 2,136,558 2,134,102 37,709 2 %
Annualized Performance Ratios
Return on Average Assets
 1.10 % 0.85 % 1.07 % 1.19 % 1.05 % 0.05 % 5 %
Return on Average Common Equity
 10.38 % 7.71 % 9.58 % 10.81 % 9.22 % 1.16 % 13 %
Net Interest Margin
 4.03 % 4.30 % 4.47 % 4.44 % 4.33 % -0.30 % -7 %
Cost of Deposits
 1.58 % 1.39 % 1.15 % 1.26 % 1.27 % 0.31 % 24 %
Cost of Funds
 1.66 % 1.44 % 1.15 % 1.26 % 1.27 % 0.39 % 31 %
Efficiency Ratio
 60.68 % 64.91 % 63.24 % 60.57 % 61.07 % -0.39 % -1 %
Reconciliation of GAAP to Non-GAAP Financial Measures
Net income
 $ 2,260 $ 1,657 $ 2,014 $ 2,211 $ 1,835 $ 425 23 %
Provision for credit losses
 530 680 200 300 330 200 61 %
Income tax expense
 907 609 854 783 772 135 17 %
Pre-tax, pre-provision income
 $ 3,697 $ 2,946 $ 3,068 $ 3,294 $ 2,937 $ 760 26 %
n/m – Not Meaningful
Bank of San Francisco
Statement of Income (Unaudited)
($000, except share and per share amounts)
Nine Months Ended Year Over Year Change
9/30/2026 9/30/2025 $ %
Interest Income
Interest on loans, including fees
 $ 29,009 $ 22,715 $ 6,294 28 %
Interest on deposits in banks
 2,720 2,626 94 4 %
Interest on investment securities
 1,121 639 482 75 %
Other interest income
 332 223 109 49 %
Total interest income
 33,182 26,203 6,979 27 %
Interest Expense
Deposits interest expense
 7,348 5,523 1,825 33 %
Other interest expense
 377 – 377 n/m
Total interest expense
 7,725 5,523 2,202 40 %
Net interest income
 25,457 20,680 4,777 23 %
Provision for credit losses
 1,410 920 490 53 %
Net interest income after provision
 24,047 19,760 4,287 22 %
Non-Interest Income
Service charges on deposits
 289 321 (32 ) -10 %
Other non-interest income
 398 71 327 461 %
Total non-interest income
 687 392 295 75 %
Non-Interest Expense
Salaries and employee benefits expense
 10,331 8,638 1,693 20 %
Occupancy
 1,264 993 271 27 %
Information Technology and Equipment
 1,239 979 260 27 %
Other operating expense
 3,599 3,045 554 18 %
Total non-interest expense
 16,433 13,655 2,778 20 %
Income before income taxes
 8,301 6,497 1,804 28 %
Income tax expense
 2,370 1,930 440 23 %
Net income
 $ 5,931 $ 4,567 $ 1,364 30 %
Basic Earnings per Share
 $ 2.79 $ 2.18 $ 0.61 28 %
Average Shares Outstanding
 2,127,330 2,097,194 30,136 1 %
Diluted Earnings per Share
 $ 2.74 $ 2.14 $ 0.60 28 %
Average Shares Outstanding
 2,166,475 2,132,030 34,445 2 %
Annualized Performance Ratios
Return on Average Assets
 0.97 % 0.92 % 0.05 % 5 %
Return on Average Common Equity
 9.15 % 7.74 % 1.41 % 18 %
Net Interest Margin
 4.23 % 4.22 % 0.01 % n/m
Cost of Deposits
 1.39 % 1.29 % 0.10 % 8 %
Cost of Funds
 1.43 % 1.29 % 0.14 % 11 %
Efficiency Ratio
 62.86 % 64.80 % -1.94 % -3 %
Reconciliation of GAAP to Non-GAAP Financial Measures
Net income
 $ 5,931 $ 4,567 $ 1,364 30 %
Provision for credit losses
 1,410 920 490 53 %
Income tax expense
 2,370 1,930 440 23 %
Pre-tax, pre-provision income
 $ 9,711 $ 7,417 $ 2,294 31 %

n/m – Not Meaningful

MEDIA CONTACT:
Leslie Katter
media@bankbsf.com

SOURCE: Bank of San Francisco

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