IRVINE, CA--(Marketwire - Mar 14, 2012) - Plaza Bank (
- For the year ending December 31, 2011, net loans grew 16.6% to $268.6 million from $230.4 million at December 31, 2010.
- Money market deposits totaled $95.2 million at December 31, 2011, compared with $66.5 million at December 31, 2010; a 43.2% increase.
- Non-interest transaction accounts increased by $4.3 million, or 13.4%, from $31.7 million on December 31, 2010 to $36.0 million by December 31, 2011.
- Total deposits increased in 2011 by 9.5% to $263.4 million at December 31, 2011, compared to with $240.4 million on December 31, 2010.
- The Bank increased interest income by 36.6% for the year to a total of $16.0 million at December 31, 2011 versus $11.7 million for the year ending December 31, 2010.
- In 2011 the Bank earned $2.1 million on loan sales, a 45.4% increase over the prior year's result of $1.5 million.
- The Bank's net interest margin for the year ending December 31, 2011 increased by 97 basis points to 4.03% from 3.06% for the prior year period.
- Capital ratios for the Bank were 12.24% Tier 1 leverage rate, 15.55% Tier 1 risk based, and 16.81% risk based as of December 31, 2011.
"We have steadily driven profitability by increasing the Bank's deposits and growing the loan portfolio," states Plaza Bank President and CEO Gene Galloway. "Our asset quality is strong and the Bank's capital ratios exceed well-capitalized standards. The cost of deposits has decreased each quarter for the last 3 years."
Plaza Bank funded over $20 million in new loans in the month of December 2011. "Being ranked twentieth in the nation as a business lender has opened doors for our relationship managers and business development team," states Erich Bollinger, Executive Vice President of Plaza Bank. MultiFunding LLC ranked Plaza Bank number one in Orange County for 2011 and twentieth in the nation during 2010 as being the most committed to small business lending. "These rankings resonate with the business communities we work to serve and help rebuild during these difficult economic times," Bollinger adds, who joined the Bank in October of 2011.
New Hires
Over 20 new employees throughout California and Nevada have been hired since June 1, 2011. "We added significant new business development staff and promoted a number of key individuals," stated Galloway. The majority of the new hires are dedicated to the SBA lending operations.
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: | ||||||||||||||||||
| Dec. 31 | Dec. 31 | |||||||||||||||||
| 2011 | 2010 | |||||||||||||||||
| ASSETS | Unaudited | Audited | ||||||||||||||||
| Cash and due from banks | $ | 16,817,000 | $ | 20,511,000 | ||||||||||||||
| Investment securities - available for sale | 21,142,000 | 17,598,000 | ||||||||||||||||
| Net loans | 268,640,000 | 230,410,000 | ||||||||||||||||
| Accrued interest receivable | 1,244,000 | 1,249,000 | ||||||||||||||||
| Other real estate owned | 2,384,000 | 353,000 | ||||||||||||||||
| Premises and equipment | 694,000 | 681,000 | ||||||||||||||||
| Income taxes receivable | - | - | ||||||||||||||||
| Deferred income taxes | 1,592,000 | 2,213,000 | ||||||||||||||||
| Mortgage Servicing Rights | 890,000 | 652,000 | ||||||||||||||||
| Interest Strip | 1,780,000 | 1,740,000 | ||||||||||||||||
| Intangible Asset | (58,000 | ) | (93,000 | ) | ||||||||||||||
| Core Deposits Intangibles | 1,135,000 | 1,342,000 | ||||||||||||||||
| Goodwill | 3,374,000 | 3,424,000 | ||||||||||||||||
| Goodwill and Other intangibles | 5,341,000 | 5,325,000 | ||||||||||||||||
| Indemnification Asset | 6,004,000 | 29,258,000 | ||||||||||||||||
| Other assets | 7,002,000 | 4,866,000 | ||||||||||||||||
| Accrued interest and Other Assets | 14,696,000 | 11,102,000 | ||||||||||||||||
| TOTAL ASSETS | $ | 332,640,000 | $ | 314,204,000 | ||||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||
| Deposits | ||||||||||||||||||
| Noninterest-bearing Demand | $ | 35,969,000 | $ | 31,711,000 | ||||||||||||||
| Savings, Now and Money Market Accounts | 95,203,000 | 66,466,000 | ||||||||||||||||
| Time Deposits | 132,213,000 | 142,259,000 | ||||||||||||||||
| Total Deposits | 263,385,000 | 240,436,000 | ||||||||||||||||
| Borrowings | 20,000,000 | 26,982,000 | ||||||||||||||||
| Accrued Interest and Other Liabilities | 2,616,000 | 2,663,000 | ||||||||||||||||
| Total Liabilities | 286,001,000 | 270,081,000 | ||||||||||||||||
| Total Stockholders' Equity | 46,639,000 | 44,123,000 | ||||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 332,640,000 | $ | 314,204,000 | ||||||||||||||
| BOOK VALUE PER SHARE, Excluding Unvested Restricted Shares | $ | 2.74 | $ | 2.60 | ||||||||||||||
| BOOK VALUE PER SHARE, Including Unvested Restricted Shares | $ | 2.70 | $ | 2.55 | ||||||||||||||
| SHARES OUTSTANDING AT PERIOD END, Excluding Unvested Restricted Shares | 17,017,554 | 16,947,686 | ||||||||||||||||
| SHARES OUTSTANDING AT PERIOD END, Including Unvested Restricted Shares | 17,285,032 | 17,275,186 | ||||||||||||||||
| Capital Ratios End of Period: | ||||||||||||||||||
| Tier 1 leverage ratio | 12.2 | % | 11.8 | % | ||||||||||||||
| Tier 1 risk-based capital ratio | 15.6 | % | 19.1 | % | ||||||||||||||
| Risk-based capital ratio | 16.8 | % | 20.0 | % | ||||||||||||||
| INCOME STATEMENT | ||||||||||||||||||
| QUARTER AND YEAR-TO-DATE INCOME STATEMENT | ||||||||||||||||||
| Quarter-to-Date | Year-to-Date | Quarter-to-Date | Year-to-Date | |||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (audited) | |||||||||||||||
| Dec. 31 | Dec. 31 | Dec. 31 | Dec. 31 | |||||||||||||||
| 2011 | 2011 | 2010 | 2010 | |||||||||||||||
| Interest Income | 4,201,000 | 15,950,000 | 4,060,000 | 11,675,000 | ||||||||||||||
| Interest Expense | 824,000 | 3,535,000 | 1,000,000 | 3,230,000 | ||||||||||||||
| NET INTEREST INCOME | $ | 3,377,000 | $ | 12,415,000 | $ | 3,060,000 | $ | 8,445,000 | ||||||||||
| Provisions for Loan Losses | 1,209,000 | 2,188,000 | 323,000 | 922,000 | ||||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,168,000 |
10,227,000 |
2,737,000 |
7,523,000 |
||||||||||||||
| Noninterest Income | 1,346,000 | 4,431,000 | (1,918,000 | ) | 5,199,000 | |||||||||||||
| Noninterest Expense | 3,323,000 | 12,938,000 | 3,889,000 | 10,984,000 | ||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 191,000 | 1,720,000 | (3,070,000 | ) | 1,738,000 | |||||||||||||
| PROVISION FOR INCOME TAXES | (252,000 | ) | 1,000 | (3,170,000 | ) | (2,166,000 | ) | |||||||||||
| NET INCOME (LOSS) | $ | 443,000 | $ | 1,719,000 | $ | 100,000 | $ | 3,904,000 | ||||||||||
| EARNINGS PER SHARE - BASIC | 0.03 | 0.10 | 0.01 | 0.28 | ||||||||||||||
| EARNINGS PER SHARE - DILUTED | 0.03 | 0.10 | 0.01 | 0.28 | ||||||||||||||
| BASIC WEIGHTED AVERAGE SHARES | 17,016,885 | 17,009,184 | 16,947,686 | 13,865,970 | ||||||||||||||
| DILUTED WEIGHTED AVERAGE SHARES | 17,284,418 | 17,276,870 | 17,275,186 | 13,865,970 | ||||||||||||||
Contact Information:
Media Contacts:
Gene Galloway
President & CEO
Plaza Bank
(702) 277-2221 or (949) 502-4309
Erich Bollinger
EVP and Chief Banking Officer
Plaza Bank
(949) 225-3704