SOURCE: Plaza Bank

Plaza Bank

August 22, 2012 23:29 ET

Plaza Bank Reports Second Quarter 2012 Earnings

IRVINE, CA--(Marketwire - Aug 22, 2012) - Plaza Bank (OTCBB: PLZB) (the "Bank") reported unaudited net income for the quarter ended June 30, 2012 of $657,000 or $0.04 per share on a diluted basis, a slight decrease from the second quarter of 2011 of $669,000 or $0.04 per share on a diluted basis. For the six months ended June 30, 2012, net income improved to $950,000, and $0.06 per diluted share, from $891,000, and $0.05 per diluted share, in the same six months of 2011.

Gene Galloway, President and Chief Executive Officer of Plaza Bank, commented, "Three years ago in June, Plaza Bank was recapitalized and new management was brought in. During the last three years the Bank has grown from $147 million in assets to $387 million, with gross loans outstanding increasing from $80 million to $286 million. Our transactional deposits, checking and money market accounts, have increased almost nine fold, from $21 million to $182 million. Additionally, we added our Las Vegas branch in July 2010, and added 26 employees during the last three years. Most importantly, the Bank has been profitable since June 2010."

Mr. Galloway further stated, "Our success could not have come without the hard work of all our employees and the support of the business owners and the communities we serve."

Highlights for 2012's second quarter included:

  • Total deposits grew $14.6 million, or 19% annualized, in the second quarter to $324.0 million as of June 30, 2012.
  • Loan volume jumped from the first quarter of 2012 of $29.9 million to $45.5 million in the second quarter, or 52%.
  • Gross loans outstanding totaled $285.8 million at the end of the quarter, an increase of $10.3 million, or 16% annualized, over the balance at March 31, 2012.
  • Noninterest income totaled $2.0 million in the second quarter of 2012, up from the first quarter of 2012 and the second quarter of 2011 by $1.2 million and $662,000, respectively.
  • During the quarter the Bank sold $18.6 million of SBA 504 and 7A loans compared to $8.5 million for the first quarter of 2012. The loan sales generated gains of $1.4 million and $465,000 for the second and first quarters, respectively.

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) 502-4309.

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:  
Plaza Bank  
Statement of Financial Condition  
   
                   
                   
    June 30     Dec. 31     June 30  
ASSETS   2012     2011     2011  
      (Unaudited)       (Audited)       (Unaudited)  
                         
Cash and cash equivalents   $ 56,401,000     $ 16,817,000     $ 21,955,000  
Investment securities - available for sale     23,568,000       21,142,000       24,452,000  
                         
Net loans     282,902,000       268,640,000       244,455,000  
                         
Goodwill and Other intangibles     5,292,000       5,399,000       5,452,000  
Idemnification Asset     3,782,000       6,004,000       12,086,247  
Accrued interest and Other Assets     14,972,000       14,638,000       13,947,753  
                         
TOTAL ASSETS   $ 386,917,000     $ 332,640,000     $ 322,348,000  
                         
LIABILITIES AND STOCKHOLDERS' EQUITY                        
                         
Deposits                        
Noninterest-bearing Demand   $ 39,409,000     $ 35,969,000     $ 38,150,000  
Savings, Now and Money Market Accounts     142,205,000       95,203,000       82,899,000  
Time Deposits     142,341,000       132,213,000       137,322,000  
  Total Deposits   $ 323,955,000     $ 263,385,000     $ 258,371,000  
                         
Borrowings     12,000,000       20,000,000       15,500,000  
Accrued Interest and Other Liabilities     3,295,000       2,616,000       2,882,000  
  Total liabilities     339,250,000       286,001,000       276,753,000  
                         
Total Stockholders' Equity     47,667,000       46,639,000       45,595,000  
                         
    $ 386,917,000     $ 332,640,000     $ 322,348,000  
                         
BASIC BOOK VALUE PER SHARE   $ 2.79     $ 2.74     $ 2.68  
                         
DILUTED BOOK VALUE PER SHARE   $ 2.77     $ 2.70     $ 2.64  
                         
BASIC SHARES OUTSTANDING AT PERIOD END     17,071,284       17,017,554       17,010,888  
                         
DILUTED SHARES OUTSTANDING AT PERIOD END     17,226,800       17,285,032       17,272,901  
                         
                         
Capital Ratios End of Period:                        
  Tier 1 leverage ratio     11.39 %     12.24 %     12.46 %
  Tier 1 risk-based capital ratio     15.01 %     15.57 %     16.47 %
  Risk-based capital ratio     16.08 %     16.83 %     17.56 %
                         
                         
 
 
Plaza Bank
Statement of Operations
(unaudited)
                 
    Quarter-to-Date   Year-to-Date   Quarter-to-Date   Year-to-Date
    June 30   June 30   June 30   June 30
    2012   2012   2011   2011
                         
Interest Income     4,380,000     8,591,000     4,032,000     7,812,000
Interest Expense     861,000     1,649,000     906,000     1,856,000
  Net Interest Income   $ 3,519,000   $ 6,942,000   $ 3,126,000   $ 5,956,000
                         
Provisions for Loan Losses     511,000     635,000     644,000     892,000
Net Interest Income after                        
  Provisions for Loan Losses     3,008,000     6,307,000     2,482,000     5,064,000
                         
Noninterest Income     2,008,000     2,825,000     1,346,000     2,223,000
Noninterest Expense     3,900,000     7,518,000     3,159,000     6,390,000
Loss before Income Taxes     1,116,000     1,614,000     669,000     897,000
Provisions (benefits) for Income Taxes     459,000     664,000     0     6,000
Net Income (Loss)   $ 657,000   $ 950,000   $ 669,000   $ 891,000
                         
EARNINGS PER SHARE - BASIC     0.04     0.06     0.04     0.05
                         
EARNINGS PER SHARE - DILUTED     0.04     0.06     0.04     0.05
                         
BASIC WEIGHTED AVERAGE SHARES     17,071,284     17,065,857     17,010,888     17,067,456
                         
DILUTED WEIGHTED AVERAGE SHARES     17,226,800     17,232,129     17,272,901     17,532,922

Contact Information

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

    Erich Bollinger
    EVP and Chief Banking Officer
    Plaza Bank
    (949) 225-3704
    Email Contact