Plaza Bank posts $5.2 million profit for 2013

Plaza Bank on Thursday posted a profitable fourth-quarter and 2013 as the regional bank continues to grow its loan, noninterest checking and money market accounts business in Southern Nevada.

The Irvine, Calif. -based bank posted fourth-quarter net income of $944,000, or 5 cents per share, compared with $587,000, or 3 cents per share for the same period in 2012.

For 2013, Plaza Bank reported net income of $5.2 million, up from $2.4 million for the prior year. Earnings per share were 30 cents last year, compared with 14 cents per share in 2012.

“Our income is a reflection on the ability of our sales force and support staff over the last two years to execute on our business plan,” said Gene Galloway, president and CEO of Plaza Bank. “We have been able to originate a total $396 million of loans, grow our noninterest checking accounts and money market accounts by $50 million and $74 million, respectively, and increase our total loans outstanding by $132 million.”

Galloway also attributed Plaza Bank’s success to “maintaining a strong performance in our loan portfolio as evidenced by the minimal loan losses totaling $85,000, or 0.02 percent,” on the loans originated by the bank in the last two years.

Plaza Bank operates branches in Las Vegas and Irvine. As of Dec. 31, the bank’s assets were $70.4 million, deposits were $400.6 million, and its net interest margin was 4.79 percent.

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