|By Marketwired .||
|December 6, 2012 11:00 AM EST||
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.
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
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