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.
Preferred Bank (NASDAQ: PFBC) reported a net income of $38.1 million or $2.61 per diluted share for Q1 2023, a 46.3% increase from the prior year, but down $1.5 million from Q4 2022. The increase was driven by a $23.7 million rise in net interest income, reflecting a 47.3% year-over-year growth. However, a $4.2 million loss on the sale of a corporate note influenced the quarterly decrease. Total deposits declined by $149 million since year-end 2022, highlighting challenges post-Silicon Valley Bank and Signature Bank failures. The Bank maintained a robust liquidity position with $886 million in cash, representing 16.4% of total deposits. The efficiency ratio stood at 26.1%.
Preferred Bank (NASDAQ: PFBC), a significant independent commercial bank in California, will release its financial results for Q1 2023 on April 18, 2023, post-market close. On April 19, 2023, the bank's management will host a conference call at 2:00 p.m. Eastern Time to discuss the financial results, business highlights, and future outlook. Participants can join by dialing 844-826-3037 (domestic) or 412-317-5182 (international) or through a live webcast on the bank’s website. The call will also be available for replay until April 26, 2023. Preferred Bank operates multiple branches in California and offers a wide range of financial services aimed at small and mid-sized businesses and high-net-worth individuals.
Preferred Bank (NASDAQ: PFBC) announced a quarterly cash dividend of $0.55 per share, payable on April 21, 2023, to shareholders on record as of April 7, 2023. This decision reflects the bank's ongoing commitment to returning value to its shareholders. Preferred Bank, based in Los Angeles, California, operates numerous branches and offers a variety of financial services including commercial loans and real estate financing, catering to a diverse customer base.
LOS ANGELES, March 10, 2023 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC) reported its recent financial update highlighting a rise in total deposits to $5.622 billion, up from $5.557 billion year-end. Cash and cash equivalents exceed $900 million, representing 13.9% of total assets. The bank maintains strong asset quality, with no exposure to venture capital or cryptocurrency. Total securities available for sale are $422.5 million, with a negative mark of $29.8 million. The bank also has multiple sources of borrowing capacity that are not currently utilized.
Preferred Bank (NASDAQ: PFBC) reported strong financial results for the fourth quarter of 2022, with a net income of $39.6 million, or $2.71 per diluted share, representing a 49.7% increase year-over-year. The increase was primarily driven by a 50.0% rise in net interest income, totaling $74.1 million. For the full year, net income rose to $128.8 million, a 35.3% increase compared to 2021. Key metrics included a return on average assets (ROA) of 2.48% and a net interest margin of 4.75%. However, challenges in deposit growth and rising costs are anticipated in 2023, with deposit growth slowing significantly. The bank's efficiency ratio stood at 26.0%, indicating strong operational performance.
Preferred Bank (NASDAQ: PFBC) will release its fourth-quarter financial results for the period ended December 31, 2022, on January 18, 2023. A conference call will take place on January 19, 2023, at 2:00 p.m. Eastern Time, featuring key executives such as Chairman and CEO Li Yu and CFO Edward J. Czajka. The call will provide insights into the bank's financial performance and outlook. Participants can join by phone or via a live webcast on the bank's website. Replays will be available until February 2, 2023.
Preferred Bank (NASDAQ: PFBC) announced a quarterly cash dividend of $0.55 per share, an increase of 28% from the previous $0.43 per share. The dividend is payable on January 20, 2023 to shareholders of record on January 6, 2023. Chairman and CEO Li Yu stated this increase reflects the bank's strong performance and earnings growth throughout 2022.
Preferred Bank (PFBC) reported a strong third quarter for 2022, achieving a net income of $35.2 million or $2.40 per diluted share, marking a 34.6% increase year-over-year and 25.4% compared to the previous quarter. This growth is mainly driven by a 39.9% surge in net interest income, aided by Federal interest rate hikes. For the year-to-date, net income totaled $89.3 million, a 29.7% increase from 2021. The Bank's efficiency ratio improved to 25.2%, despite rising operational costs. However, credit quality remains stable with a provision for credit losses of $2.7 million.
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