Preferred Bank Increases Quarterly Cash Dividend

Rhea-AI Summary

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.

Positive

• Quarterly cash dividend increased by 28%, indicating strong earnings growth.
• Confident outlook from the CEO reflecting a successful financial performance.

Negative

• None.

LOS ANGELES, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has declared a quarterly cash dividend of $0.55 per share, payable on January 20, 2023 to holders of record on January 6, 2023. This dividend represents an increase of 28% over the previous dividend level of $0.43 per share.

Chairman and CEO Li Yu commented, “We are very pleased to announce this increase in the quarterly dividend as it is a direct reflection of the strong performance and earnings growth of the Bank throughout 2022.”

About Preferred Bank

Preferred Bank (the “Bank”) is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)) and one branch in Flushing, New York. In addition, the Bank operates a loan production office in the Houston suburb of Sugar Land, Texas. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers.  The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

AT THE COMPANY:	AT FINANCIAL PROFILES:
Edward J. Czajka	Jeffrey Haas
Executive Vice President	General Information
Chief Financial Officer	310-622-8240
(213) 891-1188	PFBC@finprofiles.com

        
        
        
        
       

 

FAQ

What is the new dividend amount for Preferred Bank (PFBC)?

The new quarterly cash dividend for Preferred Bank (PFBC) is $0.55 per share.

When will the Preferred Bank dividend be paid?

The dividend will be paid on January 20, 2023.

What was the previous dividend amount for Preferred Bank (PFBC)?

The previous dividend amount was $0.43 per share.

What is the record date for the Preferred Bank (PFBC) dividend?

The record date for the dividend is January 6, 2023.

How often does Preferred Bank (PFBC) pay dividends?

Preferred Bank typically pays dividends quarterly.