Welcome!

Microsoft Cloud Authors: Stackify Blog, Liz McMillan, David H Deans, Automic Blog, Pat Romanski

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
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices 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 ...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. 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 June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...