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About Preferred Bank
Preferred Bank (PFBC) is an established independent commercial bank headquartered in Los Angeles, California, well known for its proficiency in commercial banking, loan portfolio management, and asset quality. As an FDIC insured institution chartered by the State of California, the bank has built a robust reputation based on financial stability, regulatory compliance, and deep community ties, particularly within the Chinese-American market. Its strategic operations emphasize a blend of traditional banking and modern financial solutions, ensuring that tailored deposit and loan services meet the evolving needs of both commercial and consumer clients.
Core Business and Service Offerings
The bank provides an integrated suite of financial services including customized deposit solutions, comprehensive cash management, real estate finance, and specialized commercial loan products. Moreover, its trade finance solutions are integral in supporting small to mid-sized businesses, entrepreneurs, real estate developers, and high-net-worth individuals. This diverse product portfolio helps Preferred Bank effectively manage client needs and balances growth with meticulous risk management.
Market Position in a Competitive Landscape
Originally founded as a bank serving the Chinese-American community, Preferred Bank has successfully diversified its customer base to include a mainstream market that appreciates personalized banking services. The institution leverages local market insights, a strategic branch network located in key Californian hubs such as Century City, Torrance, and San Francisco, and a long-standing commitment to customer service to maintain a strong competitive edge. Its careful balance of asset quality and risk management has made it a trusted name among investors and financial analysts alike.
Operational Excellence and Risk Management
Preferred Bank is committed to upholding stringent risk management practices through detailed credit evaluations, adequate loan loss reserves, and ongoing monitoring of non-performing and criticized loans. This approach enables the bank to navigate economic fluctuations and regulatory shifts while preserving financial stability. Built on a foundation of deep industry expertise, the bank’s operational framework prioritizes both growth and the safeguarding of assets, which is crucial for maintaining investor and customer trust.
Customized Financial Solutions
The bank’s localized branch system and personalized service model allow it to tailor financial solutions to meet the unique requirements of a wide range of clients. Whether addressing the complexities of commercial finance or the specialized needs of consumer banking, Preferred Bank’s approach is underpinned by its commitment to operational diligence, detailed market analysis, and a drive to continuously refine its product offerings.
Commitment to Expertise, Experience, and Trustworthiness
With a seasoned management team steering its strategic vision, Preferred Bank demonstrates a deep understanding of market dynamics and financial risk. Every facet of its operations, from customer relationship management to asset risk protocols, is built on a foundation of expert knowledge and stringent standards. This commitment is reflected in its consistent operational performance and its reputation as a reliable financial institution in the Californian market.
Investor Insights
The bank’s comprehensive range of services, robust risk management practices, and commitment to client-specific solutions make it a key player in the regional banking sector. Financial analysts appreciate Preferred Bank for its clear operational strategy, detailed customer service approach, and adherence to high regulatory standards in a competitive industry, making it a valuable subject of research and analysis.
Preferred Bank (NASDAQ: PFBC), a leading independent commercial bank in California, has announced a quarterly cash dividend of $0.75 per share. The dividend will be paid on April 21, 2025 to shareholders of record as of April 7, 2025.
Preferred Bank (NASDAQ: PFBC) has received regulatory approval to continue its $150 million stock repurchase plan through May 2025. The bank has already repurchased $84.3 million of common stock during 2023-2024, acquiring 1.3 million shares at an average price of $63.94 per share. The remaining $65.7 million in repurchases will be executed through open market transactions.
As a state, non-member bank issuing stock at the bank level, PFBC requires regulatory approval for capital-affecting transactions. The bank operates primarily in California through twelve full-service branches, with additional locations in New York, Texas, and a loan production office in Sunnyvale, California.
Preferred Bank (NASDAQ: PFBC) has announced a significant donation for fire relief efforts in Los Angeles. The Board of Directors has approved a $250,000 donation to be distributed among four organizations: Tzu-Chi – USA, Pasadena Community Foundation, Alliance for a Better Community, and Los Angeles Fire Department Foundation.
The Bank will also match any employee contributions made to wildfire relief efforts on top of the initial donation. Chairman and CEO Li Yu emphasized that the recent wildfires in Southern California have significantly impacted their associates, clients, and communities.
Preferred Bank operates primarily in California with twelve full-service branch banking offices, along with branches in Flushing, New York, and Sugar Land, Texas. The bank provides commercial and consumer banking services, including deposit services, real estate finance, and commercial loans.
Preferred Bank (PFBC) reported Q4 2024 net income of $30.2 million ($2.25 per diluted share), showing decreases of $3.2 million from Q3 and $5.6 million year-over-year. The decline was primarily due to a one-time $8.1 million increase in occupancy expense from an ASC 842 lease calculation error.
Q4 highlights include a 1.74% return on average assets, 16.03% return on beginning equity, and a 4.06% net interest margin. Total loans increased by $71 million (1.3%) in Q4. For full-year 2024, the bank achieved net income of $130.7 million ($9.64 per diluted share), with return on assets of 1.91% and return on beginning equity of 18.8%.
The bank's credit metrics improved with non-performing loans decreasing by $10.0 million (52%) and criticized loans decreasing by $76.7 million (32.6%). The quarterly dividend increased from $0.70 to $0.75, and the bank repurchased 464,314 shares for $34.3 million during 2024.
Preferred Bank (PFBC), a major independent commercial bank in California, has announced it will release its Q4 2024 financial results after market close on January 27, 2025. The bank will host a conference call on January 28, 2025, at 2:00 p.m. Eastern time to discuss the results.
The conference call will be accessible via phone (844-826-3037 domestic, 412-317-5182 international) and through a live webcast on the bank's website. Key executives, including CEO Li Yu, President Wellington Chen, CFO Edward J. Czajka, CCO Nick Pi, and Deputy COO Johnny Hsu, will present financial results and business highlights. A replay will be available until February 11, 2025, through both the website and phone (passcode: 6335378).
Preferred Bank (NASDAQ: PFBC), a leading independent commercial bank in California, has announced a 7.1% increase in its quarterly cash dividend. The new dividend will be $0.75 per share, up from the previous $0.70 per share. Shareholders of record on January 9, 2025, will receive the dividend payment on January 23, 2025.
Preferred Bank (NASDAQ: PFBC) has disclosed an accounting error in its calculation of right of use asset and lease liabilities. The bank will record an $8.1 million pre-tax occupancy expense in Q4 2024, reducing quarterly diluted earnings per share by approximately $0.43. The error stems from incorrect lease term calculations when adopting ASC 842 in 2019, resulting in understated occupancy expenses averaging $1.35 million pre-tax annually from 2019 to 2024. Future occupancy expenses are expected to increase by approximately $1.6 million annually on a pre-tax basis. The bank has determined these adjustments are not material to its overall operations or balance sheet.
Preferred Bank (NASDAQ: PFBC), a prominent independent commercial bank in California, has announced its plans to release financial results for the third quarter ended September 30, 2024. The results will be disclosed before the market opens on Monday, October 21, 2024. Following this, the bank will host a conference call at 2:00 p.m. Eastern (11:00 a.m. Pacific) on the same day.
Investors can join the call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing 'Preferred Bank'. A live webcast will also be available on the bank's website. Key executives, including Chairman and CEO Li Yu, President and COO Wellington Chen, CFO Edward J. Czajka, CCO Nick Pi, and Deputy COO Johnny Hsu, will discuss the financial results, business highlights, and outlook.
Preferred Bank (NASDAQ: PFBC), a leading independent commercial bank in California, has announced a quarterly cash dividend of $0.70 per share. The dividend will be payable on October 21, 2024 to shareholders of record as of October 7, 2024. This announcement demonstrates the bank's commitment to providing returns to its shareholders and reflects its financial stability in the competitive California banking sector.
Preferred Bank (NASDAQ: PFBC) has received regulatory approval to continue its $150 million stock Repurchase Plan. The Bank has already repurchased $72.5 million of its common stock at an average price of $62.02 since late 2023. The new approval allows for the repurchase of the remaining $77.5 million until February 2025. As a state, non-member bank issuing stock at the bank level, Preferred Bank requires regulatory approval for capital-changing transactions.
Preferred Bank is a California-based independent commercial bank with 12 full-service branches in California, one in Flushing, New York, and one in Sugar Land, Texas. The Bank offers deposit and loan products to both commercial and consumer customers, focusing on small to mid-sized businesses, entrepreneurs, real estate developers, professionals, and high net worth individuals.
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