Click here to close now.

Welcome!

.NET Authors: Liz McMillan, Elizabeth White, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

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
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
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! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
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 @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
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, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
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 Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
The worldwide cellular network will be the backbone of the future IoT, and the telecom industry is clamoring to get on board as more than just a data pipe. In his session at @ThingsExpo, Evan McGee, CTO of Ring Plus, Inc., discussed what service operators can offer that would benefit IoT entrepreneurs, inventors, and consumers. Evan McGee is the CTO of RingPlus, a leading innovative U.S. MVNO and wireless enabler. His focus is on combining web technologies with traditional telecom to create a new breed of unified communication that is easily accessible to the general consumer. With over a de...
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce softw...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionality and provide short-term introductory projects that developers can complete between sessions.
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 @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared 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, a...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...