Plaza Bank posts $2.4 million profit in 2012

Plaza Bank on Wednesday posted positive fourth-quarter and year-end earnings, as loan growth and loan sales were the primary drivers of profitability for the community bank with branches in Las Vegas and Southern California.

The bank posted net income of $587,000 for the fourth quarter, compared with $443,000 in the same period of 2011. Earnings were 3 cents per share, flat compared with the fourth quarter of 2011.

For 2012, Plaza Bank reported net income of $2.4 million up from $1.7 million for the prior year. Earnings per share were 14 cents last year, compared with 10 cents per share in 2011.

Net interest income for 2012 was $15.3 million, an increase of 23 percent, compared with $12.4 million in 2011, the bank said. Plaza Bank funded $172 million in loans last year, while loan sales totaled $47.8 million.

Net loans increased $62.4 million in 2012 to $331 million, the bank said in a statement.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.