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 strong performance for Q4 and the full year 2021. The Bank's net income for Q4 was $26.4 million ($1.80 per diluted share), up 26.5% year-over-year. For the full year, net income reached a record $95.2 million ($6.41 per diluted share), marking a 37.1% increase from 2020. Key metrics include a loan growth of 10.5% and deposit growth of 17.6%. However, despite the positive figures, concerns about inflation and rising operating costs were noted by management. The leverage ratio stood at 9.49%, indicating strong capitalization.
Preferred Bank (NASDAQ: PFBC) will announce its fourth-quarter financial results for the period ending December 31, 2021, on January 19, 2022. A conference call with management will take place the following day, January 20, 2022, at 2:00 p.m. Eastern (11:00 a.m. Pacific), which will be available through multiple access points, including a live webcast. Key executives will discuss financial outcomes, business highlights, and future outlook. A replay of the call will be offered until February 3, 2022.
Preferred Bank (NASDAQ: PFBC) declared a quarterly cash dividend of $0.43 per share, an increase of 13.2% from the previous dividend of $0.38. The dividend is payable on January 21, 2022, to shareholders on record as of January 7, 2022. This decision reflects the bank's strong performance throughout the pandemic year, as noted by CEO Li Yu.
Preferred Bank (NASDAQ: PFBC) reported a net income of $26.1 million, or $1.76 per diluted share, for Q3 2021, marking a 21.7% increase over the previous quarter. This was significantly higher than the $17.1 million, or $1.15 per share, reported in Q3 2020. Key drivers included a $10.5 million improvement in credit loss provisions compared to last year. The bank observed 8.3% deposit growth and 1.8% loan growth (excluding PPP loans) quarter-over-quarter. Total assets approached $6 billion.
Preferred Bank (NASDAQ: PFBC) will release its third-quarter financial results on October 20, 2021, after market close. A conference call, featuring key executives, is scheduled for October 21, 2021, at 2:00 p.m. Eastern Time. Participants can join by phone or via a live webcast on the bank's website. Preferred Bank, headquartered in California, provides a variety of banking services and operates multiple branches across the state and in New York, catering to both commercial and consumer clients.
Preferred Bank (NASDAQ: PFBC) has declared a quarterly cash dividend of $0.38 per share, payable on October 21, 2021, to shareholders of record as of October 7, 2021. This follows the Bank's ongoing commitment to return value to its shareholders while continuing to provide a range of banking services. Headquartered in Los Angeles, Preferred Bank operates multiple branches across California and New York, focusing on serving commercial and consumer banking needs.
Preferred Bank (NASDAQ: PFBC) reported a net income of $21.5 million or $1.44 per diluted share for Q2 2021, representing a slight increase from $21.2 million or $1.42 per diluted share in Q1 2021 and significantly up from $15.3 million or $1.03 per diluted share in Q2 2020. Key factors include a $7.5 million decrease in provisions for credit losses. However, net interest income decreased to $43.4 million due to a $2.29 million loan interest reversal. The bank experienced a loan growth of 2.7% and deposit growth of 1.6% compared to the prior quarter.
Preferred Bank (NASDAQ: PFBC) announced plans to release its financial results for Q2 2021, ending June 30, 2021, after market close on July 20, 2021. A conference call hosted by bank executives, including Chairman and CEO Li Yu, will take place on July 21, 2021, at 2:00 p.m. Eastern. Investors can join by calling 844-826-3037 or visiting the bank's website for a live webcast. Preferred Bank offers a variety of banking services and operates multiple branches across California and one in New York.
Preferred Bank, a leading independent commercial bank in California, announced a quarterly cash dividend of $0.38 per share. This dividend will be payable on July 21, 2021 to shareholders on record as of July 7, 2021. The Bank operates numerous branches across California and New York, offering a wide range of banking services to commercial and consumer customers. Originally founded as a Chinese-American Bank, it now serves a diverse clientele, benefitting from significant migration patterns to California.
Preferred Bank (Nasdaq: PFBC) announced the successful completion of a public offering, raising $150 million from 3.375% Fixed-to-Floating Rate Subordinated Notes due 2031. The offering price was $150 million, with net proceeds of approximately $147.65 million after fees. The funds will be used to redeem $100 million of existing subordinated debentures and for general corporate purposes, including funding loans. The Bank expects to incur about $614,000 in pre-tax debt extinguishment costs in Q2 2021. Preferred Bank maintains a BBB+ debt rating from Kroll Bond Rating Agency.
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