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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) 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.
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.
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