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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) reported strong financial results for Q2 2022, with net income of $28.1 million or $1.87 per diluted share, marking a 30.7% year-over-year increase. The boost was primarily due to a $13.1 million rise in net interest income, driven by higher interest rates and loan growth. Total loans reached $4.92 billion, up 11.2% year-to-date, while deposits grew $5.41 billion. Despite increasing competition, underwriting standards were tightened, maintaining asset quality. The stock repurchase program is on track, with $12.97 million spent thus far.
Preferred Bank (NASDAQ: PFBC) is set to release its financial results for the second quarter ending June 30, 2022, after market close on July 20, 2022. Following the results, management will hold a conference call on July 21, 2022, at 2:00 p.m. Eastern, which will be available via dial-in and live webcast. Key executives, including Chairman and CEO Li Yu, will discuss the bank's financial performance and future outlook. Interested participants can access the call through the Investor Relations section of Preferred Bank's website.
Preferred Bank (NASDAQ: PFBC) has declared a quarterly cash dividend of $0.43 per share, scheduled for payment on July 21, 2022. Shareholders on record as of July 7, 2022 will receive this dividend. The bank, headquartered in Los Angeles, is one of California's largest independent commercial banks, offering a range of financial services and products to both commercial and consumer customers. With multiple branches across California and one in New York, the bank continues to serve a diverse customer base.
Preferred Bank (NASDAQ: PFBC) has received approval to continue its stock repurchase plan initiated in May 2021. Initially, $50 million was allocated for the buyback, with approximately $18 million repurchased in 2021. In May 2022, the Board of Directors announced the recommencement of this plan, allowing for an additional buyback of up to $32 million in common stock. This move is intended to enhance shareholder value and reflects the Bank's ongoing commitment to optimizing its capital structure.
Preferred Bank (NASDAQ: PFBC) announced the resignation of Ms. Shirley Wang from its Board of Directors for personal reasons, effective May 11, 2022. The Bank confirmed that her departure was not due to any disagreements with management or accounting issues. Chairman and CEO Li Yu expressed gratitude for Ms. Wang's three years of service. Preferred Bank, one of California's larger independent commercial banks, continues to offer a wide range of banking products and services to both commercial and consumer customers across its branches in California and New York.
Preferred Bank (NASDAQ: PFBC) reported a strong first quarter of 2022 with a net income of $26.0 million, or $1.74 per diluted share, marking a 22.8% increase year-over-year. Loan growth (excluding PPP) reached 16.1% annualized, totaling $176 million. Although net interest income rose to $50 million, noninterest expenses increased due to personnel costs. Deposit growth was moderate, increasing by $84 million. The Bank's net interest margin improved to 3.42%, and total assets grew to $6.14 billion.
Preferred Bank (NASDAQ: PFBC) plans to release its financial results for the first quarter ending March 31, 2022, on April 19, 2022. A conference call with management will take place on April 20, 2022, at 2:00 p.m. Eastern, focusing on the bank's performance and outlook. Investors can access this call via phone or live webcast on the bank's website. Preferred Bank, a major independent commercial bank in California, offers various financial services to small and mid-sized businesses as well as individual customers.
Preferred Bank (NASDAQ: PFBC) has declared a quarterly cash dividend of $0.43 per share, scheduled for payment on April 21, 2022, to shareholders recorded by April 7, 2022. The bank, one of California's largest independent commercial banks, offers a range of services including deposits, real estate finance, and loans. Based in Los Angeles, it operates 11 branches across California and one in New York, catering to small and mid-sized businesses and a diverse customer base.
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.
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