SOURCE: Plaza Bank

Plaza Bank

November 07, 2011 12:25 ET

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

IRVINE, CA--(Marketwire - Nov 7, 2011) - Plaza Bank (OTCBB: PLZB) (the "Bank") announced its unaudited financial results for the quarter ended September 30, 2011.

Quarter Ended September 30, 2011 Financial Highlights:

  • Net income for the quarter and year-to-date as of September 30, 2011 was $385,000 and $1.3 million, respectively.
  • Non-interest transaction accounts have increased $8.8 million from $31.7 million as of December 31, 2010 to $40.5 million as of September 30, 2011.
  • Interest bearing transaction accounts, consisting primarily of money market accounts, have increased $37.8 million or 56.9% over the last three quarters.
  • Net loans for the nine months ending September 30, 2011 have increased by $18.6 million, or 10.8% annualized growth rate.
  • Loan originations for the quarter ending and year-to-date as of September 30, 2011 were $23.4 million and $83.5 million, respectively. $20.4 million of our volume has been sold generating $1.4 million in gains.

Plaza Bank recently received the number one ranking by Multifunding LLC, for being the most committed bank in Orange County, California, putting the largest percentage of their capital toward small businesses. The measurement is based on loans of less than $1 million to businesses as a ratio of total deposits. For 2010, Plaza Bank was ranked twentieth nationally using the same criteria.

"The Small Business Administration has approved the Bank as a 504 pooler. To take advantage of the opportunity, create franchise value and increase gain on sale income, we have reorganized our small business lending division," stated Plaza Bank's President and CEO, Gene Galloway. Galloway added, "We are in the process of hiring significant new business development staff."

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.

PLAZA Bank
Balance Sheet
For the Quarter-ended:
Sep 30 Dec. 31 Sep 30
2011 2010 2010
ASSETS Unaudited Audited Unaudited
Cash and due from banks $ 49,728,000 $ 20,511,000 $ 78,058,000
Investment securities - available for sale 24,449,000 17,598,000 13,292,000
Net loans 249,028,000 230,410,000 226,472,000
Goodwill and Other intangibles 5,312,000 5,325,000 6,406,000
Indemnification Asset 8,189,000 29,258,000 -
Accrued interest and Other Assets 14,443,000 11,102,000 35,806,000
TOTAL ASSETS $ 351,149,000 $ 314,204,000 $ 360,034,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Noninterest-bearing Demand $ 40,491,000 $ 31,711,000 $ 52,714,000
Savings, Now and Money Market Accounts 104,263,000 66,465,000 61,422,000
Time Deposits 141,569,000 142,260,000 160,963,000
Total Deposits 286,323,000 240,436,000 275,099,000
Borrowings 15,500,000 26,982,000 36,493,000
Accrued Interest and Other Liabilities 3,236,000 2,663,000 4,781,000
Total Liabilities 305,059,000 270,081,000 316,373,000
Total Stockholders' Equity 46,090,000 44,123,000 43,661,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 351,149,000 $ 314,204,000 $ 360,034,000
BASIC BOOK VALUE PER SHARE $ 2.71 $ 2.60 $ 2.58
DILUTED BOOK VALUE PER SHARE $ 2.67 $ 2.54 $ 2.52
BASIC SHARES OUTSTANDING AT PERIOD END 17,010,888 16,947,686 16,947,686
DILUTED SHARES OUTSTANDING AT PERIOD END 17,272,901 17,275,186 17,275,186
Capital Ratios End of Period:
Tier 1 leverage ratio 12.33 % 11.82 % 12.22 %
Tier 1 risk-based capital ratio 16.21 % 19.09 % 19.33 %
Risk-based capital ratio 17.16 % 19.95 % 20.06 %
INCOME STATEMENT
QUARTER AND YEAR-TO-DATE INCOME STATEMENT
Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date
(unaudited) (unaudited) (unaudited) (unaudited)
Sep 30 Sep 30 Sep 30 Sep 30
2011 2011 2010 2010
Interest Income 3,937,000 11,749,000 3,397,000 7,615,000
Interest Expense 855,000 2,711,000 1,036,000 2,230,000
NET INTEREST INCOME $ 3,082,000 $ 9,038,000 $ 2,361,000 $ 5,385,000
Provisions for Loan Losses 87,000 979,000 233,000 599,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 2,995,000 8,059,000 2,128,000 4,786,000
Noninterest Income 862,000 3,085,000 6,580,000 7,116,000
Noninterest Expense 3,225,000 9,615,000 2,961,000 7,094,000
INCOME (LOSS) BEFORE INCOME TAXES 632,000 1,529,000 5,747,000 4,808,000
PROVISION FOR INCOME TAXES 247,000 253,000 1,003,000 1,004,000
NET INCOME (LOSS) $ 385,000 $ 1,276,000 $ 4,744,000 $ 3,804,000
EARNINGS PER SHARE - BASIC 0.02 0.08 0.30 0.30
EARNINGS PER SHARE - DILUTED 0.02 0.07 0.30 0.30
BASIC WEIGHTED AVERAGE SHARES 17,010,888 17,006,489 15,578,121 12,508,126
DILUTED WEIGHTED AVERAGE SHARES 17,272,901 17,601,912 15,865,969 12,745,898

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