Quarterly earnings rise for Plaza Bank
Plaza Bank continued an almost two-year trend of positing positive quarterly financial results, as the privately held bank boosted fourth-quarter year-over-year earnings by more than $300,000.
The business bank with branches in Las Vegas and Irvine, Calif., on Thursday posted net income of $433,000, or 3 cents a share, a substantial increase from the $100,000, or 1 cent per share, in the fourth quarter of 2010.
"We have steadily driven profitability by increasing the bank's deposits and growing the loan portfolio," said Plaza Bank President and CEO Gene Galloway. "Our asset quality is strong and the bank's capital ratios exceed well-capitalized standards."
For 2011, net income was $1.7 million, or 10 cents per share, compared with $3.9 million, or 28 cents per share, last year. Net loans last year grew 16.6 percent, to $268.6 million from $230.4 million in 2010.
Total deposits in 2011 increased to $263.4 million, a 9.5 percent increase from $240.4 million in 2010. Galloway said the cost of those deposits has "decreased each quarter for the last three years."
Plaza Bank also increased interest income last year by 36.6 percent to $16 million, versus $11.7 million in 2010. Last year, the bank earned $2.1 million on loan sales.
Erich Bollinger, executive vice president of Plaza Bank, said the bank funded more than $20 million in new loans in December. MultiFunding LLC ranked Plaza Bank No. 1 in Orange County, Calif., for 2011 and No. 20 in the nation during 2010 in small business lending.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
