IRVINE, CA--(Marketwired - Apr 14, 2015) - Plaza Bank (
Gene Galloway, President and Chief Executive Officer of the Bank, commenting on the first quarter, "In the first quarter we announced the merger with Bank of Manhattan, N.A. ("Manhattan"), started a system conversion project of Manhattan's accounts and settled the Department of Justice investigation. These actions did negatively affect our results by increasing our professional expenses by $266,000. However, these challenges did not affect our sales force as they were able to generate $56 million in loan origination, in which is normally our slowest quarter. Additionally, their pipeline is our largest ever at $60 million for the next two months."
Mr. Galloway further stated, "I would be remiss if I did not mention our Special Asset Group. These employees have reduced our non-performing loans over the past 12 months by more than half to 0.66% of total loans. They are in the process of finalizing certain FDIC acquired loans that will generate additional income for us in the second quarter and lower our non-performing loans further."
Highlights for the first quarter of 2015 included:
At March 31, 2015, the Bank exceeded all regulatory capital requirements with a ratio for tier 1 leverage capital of 10.31%, tier 1 risked-based capital of 11.52% and total risk-based capital of 12.77%. These capital ratios exceeded the "well capitalized" standards defined by the federal banking regulators of 5.00% for tier 1 leverage capital, 6.00% for tier 1 risked-based capital and 10.00%, for total risk-based capital.
About Plaza Bank
Plaza Bank is 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.com or call President and CEO Gene Galloway at (949) 502-4309 or (702) 277-2221.
On January 14, 2015, Plaza announced the execution of a definitive agreement providing for the merger of Bank of Manhattan, N.A. with and into Plaza Bank. The combined bank will continue to serve its Southern California and Southern Nevada customer base and all existing branches of both banks will remain open after the merger. On a pro forma basis, based on financial information as of December 31, 2014, the banks together have assets of approximately $1.0 billion, with deposits of approximately $850 million.
For more information, visit www.plazabank.com or call President and CEO Gene Galloway at (949) 502-4309 or (702) 277-2221.
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 claims or changes in existing litigation or claims; 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.
Plaza Bank | |||||||||||||
Statement of Financial Condition | |||||||||||||
For the Quarter and Year Ended: | |||||||||||||
March 31, | December 31, | March 31, | |||||||||||
ASSETS | 2015 | 2014 | 2014 | ||||||||||
(unaudited) | (Audited) | (unaudited) | |||||||||||
Cash and cash equivalents | $ | 53,748,000 | $ | 41,003,000 | $ | 51,770,000 | |||||||
Investment securities - available for sale | 13,412,000 | 16,492,000 | 23,476,000 | ||||||||||
Loans held for sale | 6,750,000 | 3,159,000 | 473,000 | ||||||||||
Loans held for investment | 483,213,000 | 479,086,000 | 409,478,000 | ||||||||||
Allowance for possible credit losses | (6,381,000 | ) | (6,119,000 | ) | (5,097,000 | ) | |||||||
Net loans held for investment | 476,832,000 | 472,967,000 | 404,381,000 | ||||||||||
Goodwill and Other intangibles | 6,128,000 | 6,159,000 | 5,924,000 | ||||||||||
Idemnification Asset | 1,685,000 | 1,920,000 | 2,411,000 | ||||||||||
Accrued interest and Other Assets | 11,228,000 | 12,405,000 | 14,706,000 | ||||||||||
TOTAL ASSETS | $ | 569,783,000 | $ | 554,105,000 | $ | 503,141,000 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Deposits | |||||||||||||
Noninterest-bearing Demand | $ | 90,015,000 | $ | 94,164,000 | $ | 88,609,000 | |||||||
Savings, Now and Money Market Accounts | 201,379,000 | 169,893,000 | 158,960,000 | ||||||||||
Time Deposits | 182,384,000 | 199,169,000 | 150,768,000 | ||||||||||
Total Deposits | $ | 473,778,000 | $ | 463,226,000 | $ | 398,337,000 | |||||||
Borrowings | 28,000,000 | 23,000,000 | 44,263,000 | ||||||||||
Accrued Interest and Other Liabilities | 6,378,000 | 7,931,000 | 4,625,000 | ||||||||||
Total Liabilities | 508,156,000 | 494,157,000 | 447,225,000 | ||||||||||
Total Stockholders' Equity | 61,627,000 | 59,948,000 | 55,916,000 | ||||||||||
$ | 569,783,000 | $ | 554,105,000 | $ | 503,141,000 | ||||||||
BASIC BOOK VALUE PER SHARE | $ | 3.58 | $ | 3.49 | $ | 3.26 | |||||||
DILUTED BOOK VALUE PER SHARE | $ | 3.38 | $ | 3.31 | $ | 3.08 | |||||||
TANGIBLE BOOK VALUE PER SHARE | $ | 3.35 | $ | 3.26 | $ | 3.02 | |||||||
BASIC SHARES OUTSTANDING AT PERIOD END | 17,229,300 | 17,179,300 | 17,136,800 | ||||||||||
DILUTED SHARES OUTSTANDING AT PERIOD END | 18,247,805 | 18,092,213 | 18,161,644 | ||||||||||
Capital Ratios End of Period: | |||||||||||||
Tier 1 leverage ratio | 10.31 | % | 10.27 | % | 10.44 | % | |||||||
Tier 1 risk-based capital ratio | 11.52 | % | 11.34 | % | 11.47 | % | |||||||
Risk-based capital ratio | 12.77 | % | 12.59 | % | 12.69 | % | |||||||
Plaza Bank | |||||||||||||
Statement of Operations | |||||||||||||
Quarter-to-Date | Quarter-to-Date | Quarter-to-Date | |||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||
March 31, | December 31, | March 31, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Interest Income | 7,371,000 | 7,155,000 | 6,214,000 | ||||||||||
Interest Expense | 792,000 | 836,000 | 781,000 | ||||||||||
Net Interest Income | $ | 6,579,000 | $ | 6,319,000 | $ | 5,433,000 | |||||||
Provisions for Loan Losses | 261,000 | 574,000 | 19,000 | ||||||||||
Net Interest Income after | |||||||||||||
Provisions for Loan Losses | 6,318,000 | 5,745,000 | 5,414,000 | ||||||||||
Noninterest Income | 1,053,000 | 1,483,000 | 1,636,000 | ||||||||||
Noninterest Expense | 4,872,000 | 4,530,000 | 4,358,000 | ||||||||||
Income before Income Taxes | 2,499,000 | 2,698,000 | 2,692,000 | ||||||||||
Provisions for Income Taxes | 877,000 | 1,071,000 | 982,000 | ||||||||||
Net Income | $ | 1,622,000 | $ | 1,627,000 | $ | 1,710,000 | |||||||
EARNINGS PER SHARE - BASIC | 0.09 | 0.09 | 0.10 | ||||||||||
EARNINGS PER SHARE - DILUTED | 0.09 | 0.09 | 0.09 | ||||||||||
BASIC WEIGHTED AVERAGE SHARES | 17,179,300 | 17,168,974 | 17,135,184 | ||||||||||
DILUTED WEIGHTED AVERAGE SHARES | 18,171,734 | 18,119,327 | 18,304,072 | ||||||||||
Contact Information:
Media Contacts:
Gene Galloway
President and Chief Executive Officer
(949) 502-4309 or (702) 277-2221
Erich Bollinger
Executive Vice President and Chief Banking Officer
(949) 225-3704