Plaza Bank Posts 3rd Consecutive Profitable Quarter For The Period Ended June 30, 2010
Plaza Bank (OTCBB:PZBW) reported its third consecutive positive quarterly earnings. The Bank reported net income of $115 thousand for the quarter ending June 30, 2010. Combined with the past two quarters, Plaza Bank has recorded profits of $272 thousand for the past nine months.
Total assets increased $5.9 million during the last twelve months to $115.3 million at June 30, 2010. Net loans decreased $2.2 million to $81.8 million during the same period. This was a slight decrease, reflective of the slowdown in the current economy and the reduction of some problem loans. Overall deposits increased 9.25% or $8.7 million to $102.6 million while core deposits increased 13.01% or $3.4 million over the same period in 2009. Net Loan to deposit ratio is at 79.8% reflecting a strong liquidity position during these times. The Bank’s allowance for loan and lease losses stands at 3.8%, a prudent level compared to an industry average of about 1.9%. All troubled loans have been identified and adequate reserves established.
At June 30, 2010, the Bank’s Tier 1 capital ratio stood at 8.2%.
Net interest income increased to $1.6 million before provisions for loan losses for the quarter ended June 30, 2010, an increase from $1.5 million for the same period in 2009. Operating expenses declined slightly for the quarter ended June 30, 2010.
President & CEO Carlos Guangorena states, “Sustainable profitability is crucial for all banks during these tough economic times. Plaza Bank’s performance during the past nine months as the Bank achieved profitability and controlled its asset quality is a very good sign as we move through the troubled economy.” Meanwhile, Plaza Bank continues to reach out to minorities:- Total loans to women and minorities were almost 40 percent of total loan balances outstanding at the end of 2009.
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