Preferred Bank Increases Quarterly Cash Dividend

Rhea-AI Summary

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.

Positive

• Quarterly cash dividend raised to $0.38 per share, a 26.7% increase
• CEO cites strong bank performance as reason for dividend increase
• Dividend reflects confidence in future financial health

Negative

• None.

LOS ANGELES, March 18, 2021 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has increased the quarterly cash dividend to $0.38 per share, an increase of 26.7% over the previous dividend of $0.30 per share. The dividend is payable on April 21, 2021 to holders of record on April 7, 2021.

Chairman and CEO Li Yu commented, “We are very pleased to increase the dividend and it is a direct reflection of the strong performance of the Bank through the past year as well as expectations for the future. This also serves to maintain our stated desired dividend payout ratio.”

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. 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 PFBC?

The new dividend amount for Preferred Bank (PFBC) is $0.38 per share.

When will the dividend be paid to PFBC shareholders?

The dividend will be paid on April 21, 2021.

What date is the record for PFBC dividend payment?

The record date for the PFBC dividend payment is April 7, 2021.

How much was the previous dividend for PFBC?

The previous dividend for Preferred Bank (PFBC) was $0.30 per share.

What percentage increase does the new dividend represent for PFBC?

The new dividend represents a 26.7% increase over the previous dividend.