SOURCE: Plaza Bank

Plaza Bank

September 13, 2011 15:58 ET

Plaza Bank Announces Financial Results for the Quarter Ended June 30, 2011

IRVINE, CA--(Marketwire - Sep 13, 2011) - Plaza Bank (OTCBB: PLZB) (the "Bank") announced its unaudited financial results for the quarter ended June 30, 2011.

Quarter Ended June 30, 2011 Financial Highlights:

  • Non-interest demand deposits have increased from December 31, 2010 by $6.4 million or 20.3% to $38.2 million.
  • Loan volume for the first six months of 2011 was $54.8 million, a $4.2 million or 8.3% increase over the same period last year.
  • Second quarter non-interest income of $1.3 million includes gain on loan sales of $985,000. Gain on loan sales increased by $474,000 and $716,000 over the first quarter of 2011 and the second quarter of 2010, respectively.
  • Interest income was $4.0 million for the quarter, an increase of 68.6% compared to the prior year's second quarter.
  • Net income totaled $669,000 for the quarter, an increase of $825,000 from same period last year.
  • Net interest margin was 4.19% for the second quarter, a 49 basis point increase over the prior year's second quarter.
  • Capital ratios exceed regulatory levels to be considered well capitalized.

"We continue to focus on growing the Bank prudently with an emphasis on building shareholder value, while meeting and exceeding the expectations of our clients," stated Plaza Bank President and CEO, Gene Galloway. Adding to Mr. Galloway's comment, Mr. Tom Rogers, Chairman of Plaza Bank's board of directors, stated, "The Bank continues to enhance its overall market presence in both Southern California and Southern Nevada."

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 and CEO 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.

Contact Information

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

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