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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

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