SOURCE: Plaza Bank

Plaza Bank

May 23, 2011 21:46 ET

Plaza Bank Announces Financial Results for Quarter Ending March 31, 2011

IRVINE, CA--(Marketwire - May 23, 2011) - Plaza Bank (OTCBB: PLZB) (the "Bank") announced its unaudited financial results for the quarter ended March 31, 2011.

Quarter Ending March 31, 2011 Financial Highlights:

--  Net income for the first quarter of 2011 was $222,000, a $1.0 million
    improvement over the prior year's first quarter net loss of $784,000.
--  Net interest margin was 3.93% for the quarter, an increase of 47 basis
    points compared to the prior year's first quarter.
--  Loan volume totaled $30.0 million for the quarter, $8.0 million higher
    than one year ago.
--  Net loans grew at a 21.6% annualized rate during the quarter.
--  Capital ratios continue to significantly exceed the regulatory levels
    to be considered "well capitalized."

"Despite an increasingly competitive lending environment, we have been able to prudently increase the loan portfolio, originating $115.9 million during the last twelve months," stated Plaza Bank President Gene Galloway. "Our focused efforts in the market strive to exceed the expectations of our clients and ultimately provide value to our shareholders."

About Plaza Bank

Plaza Bank is full service community bank serving the business and professional communities in Southern California and Las Vegas, Nevada. The Bank is committed to meeting the financial needs of small to middle market businesses and professional firms with loans for working capital, equipment and owner-occupied commercial real estate financing and a full array of cash management services. Our bankers are experienced, professional and knowledgeable. For more information, visit www.plazabank.net or call President Gene Galloway at (949) 502-4300.

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Bank, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: the Bank's ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Bank conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Bank's operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.



                             Mar. 31          Dec. 31          Mar. 31
ASSETS                         2011             2010             2010
                         ---------------  ---------------  ---------------

Cash and cash
 equivalents             $    42,607,000  $    20,511,000  $    27,446,000
Investment securities -
 available for sale           14,029,000       17,598,000       10,816,000

Net loans                    242,845,000      230,410,000      130,776,000

Goodwill and Other
 intangibles                   5,405,000        5,418,000        5,417,000
Idemnification Asset          16,496,000       29,258,000                -
Accrued interest and
 Other Assets                 12,734,000       11,009,000        3,497,000
                         ---------------  ---------------  ---------------

TOTAL ASSETS             $   334,116,000  $   314,204,000  $   177,952,000
                         ===============  ===============  ===============

LIABILITIES AND
 STOCKHOLDERS' EQUITY

Deposits
Noninterest-bearing
 Demand                  $    31,353,000  $    31,711,000  $    17,478,000
Savings, Now and Money
 Market Accounts              70,402,000       66,465,000       13,770,000
Time Deposits                151,612,000      142,260,000      106,971,000
                         ---------------  ---------------  ---------------
   Total Deposits        $   253,367,000  $   240,436,000  $   138,219,000

Borrowings                    33,639,000       26,982,000       14,273,000
Accrued Interest and
 Other Liabilities             2,432,000        2,663,000        1,626,000
                         ---------------  ---------------  ---------------
   Total liabilities         289,438,000      270,081,000      154,118,000

Total Stockholders'
 Equity                       44,678,000       44,123,000       23,834,000
                         ---------------  ---------------  ---------------

                         $   334,116,000  $   314,204,000  $   177,952,000
                         ===============  ===============  ===============

BASIC BOOK VALUE PER
 SHARE                   $          2.63  $          2.60  $          2.18

DILUTED BOOK VALUE PER
 SHARE                   $          2.59  $          2.55  $          2.14

BASIC SHARES OUTSTANDING
 AT PERIOD END                17,010,888       16,947,686       10,947,686

DILUTED SHARES
 OUTSTANDING AT PERIOD
 END                          17,229,265       17,275,186       11,161,186


Capital Ratios End of
 Period:
  Tier 1 leverage ratio           12.18%           11.82%           11.65%
  Tier 1 risk-based
   capital ratio                  16.99%           19.09%           14.16%
  Risk-based capital ratio        17.86%           19.95%           14.95%


Income Statement
Quarter and Year-to-Date Income Statement

                         Quarter-to-Date  Quarter-to-Date  Quarter-to-Date
                             (unaudited)      (unaudited)      (unaudited)
                                 Mar. 31          Dec. 31          Mar. 31
                                    2011             2010             2010
                         ---------------  ---------------  ---------------

Interest Income                3,780,000        4,012,000        1,976,000
Interest Expense                 950,000        1,000,000          598,000
                         ---------------  ---------------  ---------------
  Net Interest Income    $     2,830,000  $     3,012,000  $     1,378,000
                         ===============  ===============  ===============

Provisions for Loan
 Losses                          248,000          323,000          238,000
                         ---------------  ---------------  ---------------
Net Interest Income
 after
  Provisions for Loan
   Losses                $     2,582,000        2,689,000  $     1,140,000

Noninterest Income       $       877,000  $    (1,869,000) $       159,000
Noninterest Expense      $     3,231,000  $     3,890,000  $     2,082,000
                         ---------------  ---------------  ---------------
Loss before Income Taxes $       228,000  $    (3,070,000) $      (783,000)
Provisions (benefits)
 for Income Taxes        $         6,000  $    (3,170,000) $         1,000
                         ---------------  ---------------  ---------------
Net Income (Loss)        $       222,000  $       100,000  $      (784,000)
                         ===============  ===============  ===============

EARNINGS PER SHARE -
 BASIC                              0.01             0.01            (0.07)

EARNINGS PER SHARE -
 DILUTED                            0.01             0.01            (0.07)

BASIC WEIGHTED AVERAGE
 SHARES                       16,997,545       16,947,686       10,709,693

DILUTED WEIGHTED AVERAGE
 SHARES                       17,066,788       17,275,186       10,916,231

Contact Information

  • Media Contacts:
    Gene Galloway
    President - Plaza Bank
    (702) 277-2221 or (949) 502-4309
    Email Contact

    Tyler Massas
    VP - Marketing
    (760) 889-4455
    Email Contact