Irvine-based Plaza Bank reported $1.4 million in net income for the third quarter, down about 2% from the same time a year ago.
It had $5.7 million in net interest income from loans and other interest-earning assets, up nearly 12% year-over-year. The bank set aside $228,000 for potential bad loans in the third quarter versus $181,000 in provisions in the year-earlier period.
Noninterest income totaled $1.7 million, a drop of about 11%. The decline was due primarily to the bank’s higher base of comparison in the year-earlier quarter, which got a boost of $624,000 in connection with its acquisition of 1st Commerce Bank in Las Vegas.
Plaza Bank had total assets of $524.5 million as of Sept. 30, up about 11% over the past year.
It had $432.4 million in net loans, up 14% from the same point last year.
Deposits at the end of the quarter totaled $441.1 million, up 11% year-over-year.
Plaza Bank, headed by Chief Executive Gene Galloway, has operations here and in Las Vegas.
It primarily serves small- to middle-market businesses.
