Welcome to our dedicated page for Preferred Bank news (Ticker: PFBC), a resource for investors and traders seeking the latest updates and insights on Preferred Bank stock.
Preferred Bank (symbol: PFBC) is one of California's prominent independent commercial banks, serving a diverse clientele with a significant focus on the Chinese-American market. Headquartered in Los Angeles, the bank offers comprehensive financial products and services through its main office and eleven full-service branches across California, including Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana, and San Francisco. It also has branches in Flushing, New York, and Sugar Land, Texas.
Chartered by the State of California and insured by the FDIC, Preferred Bank provides an extensive range of deposit and loan products for both commercial and consumer customers. Its offerings include personalized deposit services, an integrated cash management program, real estate finance, commercial loans, and trade finance. The bank caters to small and mid-sized businesses, entrepreneurs, real estate developers, professionals, and high net worth individuals.
Preferred Bank's recent achievements highlight its robust financial health. For the second quarter of 2023, the bank reported a net income of $38 million or $2.61 per diluted share, with a notable deposit growth of $181 million amidst a challenging economic environment. Loans grew by $61 million, and the bank's net interest income stood at $73.3 million, reflecting favorable adjustments due to the FOMC's rate hikes.
Despite the challenging circumstances posed by the failures of Silicon Valley Bank and Signature Bank, Preferred Bank has demonstrated resilience and strategic management. The bank's uninsured deposits were 39.9% of total deposits as of June 30, 2023, with total available liquidity representing 41.2% of total deposits, showcasing a stable liquidity position.
Preferred Bank continues to focus on strategic growth and risk management. The bank's allowance for credit losses increased to 1.46% of total loans by September 30, 2023, reflecting proactive measures in maintaining credit quality. The bank also recorded a net interest margin of 4.39% for Q3 2023, demonstrating effective margin management despite increasing deposit rates.
Looking forward, Preferred Bank aims to expand its footprint and enhance customer services. The recent opening of a new branch in Orange County and plans for a loan production office in Silicon Valley indicate the bank's commitment to growth. With a strong capitalization and efficient operations, Preferred Bank continues to deliver remarkable returns to its shareholders while navigating the dynamic financial landscape.
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