Orange County Business Journal

Plaza Posts 32% Boost in Quarterly Profit

Jane Yu Friday, May 11, 2012

Irvine-based Plaza Bank saw a 32% increase in profit in the first quarter, totaling $293,000.

The bank had net interest income of $3.4 million, up 21% from a year earlier.

Noninterest income fell about 7% to $817,000.

The bank held about $309.3 million in deposits at the end of March, up by 22% from the same time last year.

“The deposits will be used to fund our expected loan growth in the second and third quarters,” said Gene Galloway, president and chief executive.

Plaza Bank had $272.2 in net loans in the first quarter, up 12% from a year earlier.

It now counts $370.8 million in assets, an 11% growth from $334.1 million last year.

Plaza Bank is one of two Orange County banks owned by Carpenter Community BancFund, the private equity segment of Irvine-based financial advisory services firm Carpenter & Co.