Preferred Bk Los Angeles Ca - PFBC STOCK NEWS

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.

Preferred Bank (NASDAQ: PFBC) reported Q2 2024 results with net income of $33.6 million or $2.48 per diluted share, slightly up from the previous quarter but down $4.3 million year-over-year. Key highlights include:

• Return on average assets: 1.97%
• Return on beginning equity: 19.44%
• Net interest margin: 3.96%
• Total loans increased by $103 million (1.9%)
• Total deposits increased by $77 million (1.3%)
• Efficiency ratio: 28.3%

Non-performing loans increased to $40.6 million, up from $18.3 million in Q1 2024. The bank charged off $9.0 million in loans and recorded a provision expense of $2.5 million. The allowance for credit losses stands at 1.34% of total loans.

Preferred Bank (NASDAQ: PFBC) announced plans to release its second-quarter financial results for 2024 after market close on July 25, 2024. A conference call will be held on July 26, 2024, at 2:00 p.m. Eastern (11:00 a.m. Pacific) to discuss the results, business highlights, and outlook.

The call will feature Chairman and CEO Li Yu, President and COO Wellington Chen, CFO Edward J. Czajka, Chief Credit Officer Nick Pi, and Deputy COO Johnny Hsu. Interested participants can join via phone or through a live webcast on the Investor Relations section of Preferred Bank's website.

Replays of the call will be available until August 9, 2024.

Preferred Bank (NASDAQ: PFBC) announced that its Board of Directors has declared a quarterly cash dividend of $0.70 per share. This dividend will be payable on July 19, 2024, to shareholders of record as of July 5, 2024. Preferred Bank is recognized as one of the largest independent commercial banks in California.

Preferred Bank (PFBC) reported a net income of $33.5 million or $2.44 per diluted share for the first quarter of 2024, showing a decrease in net income by 6.6% from the prior quarter. Despite this decline, the bank delivered strong profitability metrics and long-term shareholder returns. Total deposits increased by $92 million, total loans increased by $52 million, and the net interest margin was 4.19%. The Bank also repurchased shares and opened a new branch in Orange County, California.

Preferred Bank (PFBC) to Release First Quarter 2024 Financial Results on April 23, 2024

Preferred Bank (PFBC) declares a quarterly cash dividend of $0.70 per share, payable on April 19, 2024, to holders of record on April 5, 2024.

Preferred Bank (PFBC) declares a quarterly cash dividend of $0.70 per share, reinforcing its commitment to shareholders. The dividend is payable on April 5, 2024, to holders of record on April 19, 2024.

Preferred Bank (PFBC) reported net income of $35.8 million or $2.60 per diluted share for Q4 2023, a decrease of 9.4% from the same quarter last year. The bank also announced record earnings of $150.04 million for the full year 2023. Despite a decrease in net interest income, the bank's efficiency ratio was strong at 25.0% for the quarter, and total loans increased by $145 million. However, non-performing loans increased from $19.4 million to $28.7 million in Q4 2023.