Plaza Bank on Thursday posted first quarter earning of $293,000, or 2 cents a share, up from $222,000, or 1 cent per share, for the same period last year.
"During the first quarter of 2012, we had a very successful deposit marketing campaign that raised $45 million in new deposits," said Gene Galloway, president and CEO of Plaza Bank. "The deposits will be used to fund our expected loan growth in the second and third quarters."
Plaza Bank, with a branch in Las Vegas and Irvine, Calif., posted a 27.5 percent increase in interest-bearing transactions to $121.4 million, while noninterest bearing demand deposits grew to $43.5 million, a 7.5 percent increase from the fourth quarter.
Deposits totaled $309.3 million, the bank said. Net interest income for the first quarter was $3.4 million, up 21 percent from $2.8 million in the first quarter of last year.
"Our ongoing growth and success is reflective of how well our customers’ businesses are performing as well as the steady influx of new clients to the bank," said Erich Bollinger, chief banking officer for Plaza Bank.
Quarterly loan sales totaled $8.5 million, which generated $465,000 in gains. Loan volume for the first quarter was $29.9 million, a slight decline from the $30 million reported for the same period a year ago.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893.