Welcome!

.NET Authors: Lori MacVittie, Yeshim Deniz, Ivan Antsipau, Liz McMillan, Michael Bushong

News Feed Item

Plaza Bank Reports Third Quarter 2012 Earnings

IRVINE, CA -- (Marketwire) -- 12/06/12 -- Plaza Bank (OTCBB: PLZB) (the "Bank") reported unaudited net income for the quarter ended September 30, 2012 of $860,000 or $0.05 per share on a diluted basis, an increase from the third quarter of 2011 of $385,000 or $0.02 per share on a diluted basis. For the nine months ended September 30, 2012, net income improved to $1.8 million, and $0.11 per diluted share, from $1.3 million, and $0.07 per diluted share, in the same nine months of 2011.

Gene Galloway, President and Chief Executive Officer of Plaza Bank, commenting on the year to date financial results stated, "Our annualized asset and net loan growth of 32% and 19%, respectively, is due to the Bank's personnel continuing to execute on our strategy of focusing on small to medium size businesses in the Southern California and Las Vegas markets. With the growth we have seen a 42% increase in our net income over the same period in the prior year."

Mr. Galloway, speaking on other changes at the Bank, said "Over the past few months Plaza has experienced great change. We have completed a conversion to a new state of the art core system that enhances our customer service. Additionally, we have relocated our Irvine branch and offices to a new Irvine facility to better meet the needs of our Orange County clientele."

Highlights for 2012's third quarter included:

  • Non-interest bearing demand deposits grew $16.2 million, or 165% annualized, in the Third quarter to $55.6 million as of September 30, 2012.
  • Loan origination for the third quarter totaled $44.0 million. Loan origination for the first nine months of 2012 totaled $125.5 million.
  • Loans outstanding, net of allowance for loan losses, totaled $306.0 million at the end of the quarter, an increase of $23.1 million, or 33% annualized, over the prior quarter balance. During the last 12 months, net loans have increased by $57.0 million, or 23%.
  • Noninterest income totaled $1.4 million in the third quarter of 2012, up from the third quarter of 2011 by $527,000 yet a decrease from the second quarter of 2012 by $629,000.
  • During the quarter the Bank sold $7.7 million of SBA 504 and 7A loans compared to $18.6 million for the second quarter of 2012. The loan sales generated gains of $543,000 and $1.4 million for the third and second quarters, respectively.

About Plaza Bank
Plaza Bank is a 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.


                               Balance Sheet
                           For the Quarter-ended:
                                 Plaza Bank
                      Statement of Financial Condition


                                September 30,   December 31,  September 30,
ASSETS                               2012           2011           2011
                                -------------  -------------  -------------
                                 (Unaudited)     (Audited)     (Unaudited)

Cash and cash equivalents       $  54,471,000  $  16,817,000  $  49,746,000
Investment securities -
 available for sale                25,586,000     21,142,000     24,449,000

Net loans                         306,031,000    268,640,000    249,073,000

Goodwill and Other intangibles      5,239,000      5,399,000      5,374,000
Idemnification Asset                2,948,000      6,004,000      8,189,000
Accrued interest and Other
 Assets                            18,884,000     14,638,000     14,382,000
                                -------------  -------------  -------------

TOTAL ASSETS                    $ 413,159,000  $ 332,640,000  $ 351,213,000
                                =============  =============  =============

LIABILITIES AND STOCKHOLDERS'
 EQUITY

Deposits
Noninterest-bearing Demand      $  55,621,000  $  35,969,000  $  40,491,000
Savings, Now and Money Market
 Accounts                         150,188,000     95,203,000    104,263,000
Time Deposits                     140,869,000    132,213,000    141,569,000
                                -------------  -------------  -------------
  Total Deposits                $ 346,678,000  $ 263,385,000  $ 286,323,000

Borrowings                         12,000,000     20,000,000     15,500,000
Accrued Interest and Other
 Liabilities                        5,839,000      2,616,000      3,300,000
                                -------------  -------------  -------------
Total liabilities                 364,517,000    286,001,000    305,123,000

Total Stockholders' Equity         48,642,000     46,639,000     46,090,000
                                -------------  -------------  -------------

                                $ 413,159,000  $ 332,640,000  $ 351,213,000
                                =============  =============  =============

BASIC BOOK VALUE PER SHARE      $        2.85  $        2.74  $        2.71

DILUTED BOOK VALUE PER SHARE    $        2.82  $        2.70  $        2.67

BASIC SHARES OUTSTANDING AT
 PERIOD END                        17,077,950     17,017,554     17,010,888

DILUTED SHARES OUTSTANDING AT
 PERIOD END                        17,220,134     17,285,032     17,285,032


Capital Ratios End of Period:
  Tier 1 leverage ratio                 10.91%         12.24%         12.33%
  Tier 1 risk-based capital
   ratio                                13.78%         15.57%         16.21%
  Risk-based capital ratio              15.01%         16.83%         17.16%


                                 Plaza Bank
                           Statement of Operations
                                 (unaudited)

                      Quarter-to-                 Quarter-to-
                          Date      Year-to-Date      Date      Year-to-Date
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)
                     September 30, September 30, September 30, September 30,
                          2012          2012          2011          2011
                     ------------- ------------- ------------- -------------

Interest Income          4,957,000    13,570,000     3,948,000    11,785,000
Interest Expense           866,000     2,515,000       855,000     2,711,000
                     ------------- ------------- ------------- -------------
 Net Interest Income $   4,091,000 $  11,055,000 $   3,093,000 $   9,074,000
                     ============= ============= ============= =============

Provisions for Loan
 Losses                    817,000     1,452,000        87,000       979,000
                     ------------- ------------- ------------- -------------
Net Interest Income
 after
 Provisions for Loan
  Losses                 3,274,000     9,603,000     3,006,000     8,095,000

Noninterest Income       1,379,000     4,182,000       852,000     3,050,000
Noninterest Expense      3,567,000    11,085,000     3,226,000     9,616,000
                     ------------- ------------- ------------- -------------
Loss before Income
 Taxes                   1,086,000     2,700,000       632,000     1,529,000
Provisions
 (benefits) for
 Income Taxes              226,000       890,000       247,000       253,000
                     ------------- ------------- ------------- -------------
Net Income (Loss)    $     860,000 $   1,810,000 $     385,000 $   1,276,000
                     ============= ============= ============= =============

EARNINGS PER SHARE -
 BASIC                        0.05          0.11          0.02          0.08

EARNINGS PER SHARE -
 DILUTED                      0.05          0.11          0.02          0.07

BASIC WEIGHTED
 AVERAGE SHARES         17,071,284    17,067,679    17,010,888    17,006,489

DILUTED WEIGHTED
 AVERAGE SHARES         17,226,800    17,230,340    17,276,044    17,274,119

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
18200 Von Karman Ave., Suite 500
Irvine, CA 92612
(949) 225-3704
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.