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
Tyler Massas
VP - Marketing
(760) 889-4455