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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 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.
Preferred Bank (NASDAQ: PFBC) reported a net income of $21.2 million or $1.42 per diluted share for Q1 2021, up from $20.9 million in Q4 2020 and $16.2 million in Q1 2020. This growth was driven by a $3.9 million drop in the provision for credit losses and a $3.6 million increase in net interest income. Total deposits surged by 6.3% to $4.72 billion, while total loans rose 3.2% to $4.16 billion. Despite increased noninterest expenses, the bank's performance highlights strong asset growth and stability in credit metrics.
Preferred Bank (NASDAQ: PFBC) will release its Q1 financial results after market close on April 20, 2021. A conference call led by CEO Li Yu and other executives will take place on April 21, 2021, at 2:00 PM Eastern Time. Participants can access the call by dialing 844-826-3037 or via a live webcast on the bank's website. The bank, which has a significant presence in California, offers a wide range of banking services to commercial and consumer clients. The results and discussion will provide insights into the bank's financial performance and future outlook.
Preferred Bank (NASDAQ: PFBC) announced a quarterly cash dividend increase to $0.38 per share, representing a 26.7% rise from the previous $0.30. The dividend will be payable on April 21, 2021, to shareholders of record by April 7, 2021. Chairman and CEO Li Yu expressed satisfaction with the dividend boost, attributing it to the Bank's robust performance and positive outlook for the future, which aligns with their desired dividend payout ratio.
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