Orange County Business Journal

Plaza Bank Profit Up in Q1

Jane Yu Tuesday, April 15, 2014

Irvine-based Plaza Bank reported first-quarter net income of $1.7 million, a 36% increase from the year-earlier period.

The bank had $5.4 million in net interest income, after setting aside about $19,000 in provisions for potential loan losses. Net interest income in the year-ago quarter was about $4.6 million, accounting for $268,000 in provisions.

Noninterest income, including fees, was $1.6 million, down about 12%.

Plaza as of the end of March had $503.1 million in assets, up 15% year-over-year.

Total assets included $404.4 million in net loans, a 16% increase.

Deposits at the end of the quarter totaled $398.3 million, up 17%.