Plaza Bank Reports Second Quarter 2012 Earnings

Marketwired

IRVINE, CA--(Marketwire -08/22/12)- Plaza Bank (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- Quarter-to-
Date Year-to-Date 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:
Media
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

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