Preferred Bank Reports Fourth Quarter and Annual Results
Preferred Bank (PFBC) reported Q4 2024 net income of $30.2 million ($2.25 per diluted share), showing decreases of $3.2 million from Q3 and $5.6 million year-over-year. The decline was primarily due to a one-time $8.1 million increase in occupancy expense from an ASC 842 lease calculation error.
Q4 highlights include a 1.74% return on average assets, 16.03% return on beginning equity, and a 4.06% net interest margin. Total loans increased by $71 million (1.3%) in Q4. For full-year 2024, the bank achieved net income of $130.7 million ($9.64 per diluted share), with return on assets of 1.91% and return on beginning equity of 18.8%.
The bank's credit metrics improved with non-performing loans decreasing by $10.0 million (52%) and criticized loans decreasing by $76.7 million (32.6%). The quarterly dividend increased from $0.70 to $0.75, and the bank repurchased 464,314 shares for $34.3 million during 2024.
Banca Preferita (PFBC) ha riportato un utile netto per il quarto trimestre del 2024 di 30,2 milioni di dollari (2,25 dollari per azione diluita), mostrando un calo di 3,2 milioni di dollari rispetto al terzo trimestre e di 5,6 milioni rispetto all'anno precedente. Il declino è stato principalmente dovuto a un aumento straordinario delle spese di occupazione di 8,1 milioni di dollari, causato da un errore nel calcolo del contratto di locazione secondo l'ASC 842.
I punti salienti del quarto trimestre includono un ritorno medio sugli attivi dell'1,74%, un ritorno sul capitale iniziale del 16,03% e un margine di interesse netto del 4,06%. I prestiti totali sono aumentati di 71 milioni di dollari (1,3%) nel quarto trimestre. Per l'anno intero 2024, la banca ha ottenuto un utile netto di 130,7 milioni di dollari (9,64 dollari per azione diluita), con un ritorno sugli attivi dell'1,91% e un ritorno sul capitale iniziale del 18,8%.
I parametri di credito della banca sono migliorati, con i prestiti non performanti che sono diminuiti di 10,0 milioni di dollari (52%) e i prestiti criticati diminuiti di 76,7 milioni di dollari (32,6%). Il dividendo trimestrale è aumentato da 0,70 a 0,75 dollari, e la banca ha riacquistato 464.314 azioni per un valore di 34,3 milioni di dollari durante il 2024.
Banco Preferido (PFBC) informó un ingreso neto de 30.2 millones de dólares (2.25 dólares por acción diluida) para el cuarto trimestre de 2024, mostrando disminuciones de 3.2 millones de dólares desde el tercer trimestre y de 5.6 millones en comparación al año anterior. La disminución se debió principalmente a un aumento único de 8.1 millones de dólares en gastos de ocupación por un error en el cálculo del contrato de arrendamiento según la norma ASC 842.
Los aspectos más destacados del cuarto trimestre incluyen un rendimiento del 1.74% sobre los activos promedio, un retorno del 16.03% sobre el capital inicial y un margen de interés neto del 4.06%. Los préstamos totales aumentaron en 71 millones de dólares (1.3%) en el cuarto trimestre. Para todo el año 2024, el banco logró un ingreso neto de 130.7 millones de dólares (9.64 dólares por acción diluida), con un retorno sobre activos del 1.91% y un retorno sobre el capital inicial del 18.8%.
Las métricas de crédito del banco mejoraron, con los préstamos no productivos disminuyendo en 10.0 millones de dólares (52%) y los préstamos criticados disminuyendo en 76.7 millones de dólares (32.6%). El dividendo trimestral se incrementó de 0.70 a 0.75 dólares, y el banco recompró 464,314 acciones por 34.3 millones de dólares durante 2024.
선호 은행 (PFBC)은 2024년 4분기 순이익이 3,020만 달러(희석 주당 2.25달러)라고 보고하며, 이는 3분기 대비 320만 달러, 전년 대비 560만 달러 감소한 수치입니다. 이 감소는 주로 ASC 842 임대 계산 오류로 인한 일회성 숙소 비용 증가로 인해 발생했습니다.
4분기의 주요 사항으로는 평균 자산에 대한 1.74%의 수익률, 시작 자본에 대한 16.03%의 수익률, 그리고 4.06%의 순이자 마진이 포함됩니다. 4분기 동안 총 대출이 7,100만 달러(1.3%) 증가했습니다. 2024년 전체 연도에 대해 은행은 2020년 3,070만 달러(희석 주당 9.64달러)의 순이익을 달성했으며, 자산 수익률은 1.91%, 시작 자본에 대한 수익률은 18.8%였습니다.
은행의 신용 지표는 개선되었으며, 부실 대출은 1,000만 달러(52%) 감소하고, 비판적 대출은 7,670만 달러(32.6%) 감소했습니다. 분기 배당금은 0.70달러에서 0.75달러로 증가하였고, 은행은 2024년 동안 3430만 달러에 464,314주를 재매입했습니다.
Banque Préférée (PFBC) a rapporté un revenu net pour le quatrième trimestre 2024 de 30,2 millions de dollars (2,25 dollars par action diluée), montrant des diminutions de 3,2 millions de dollars par rapport au troisième trimestre et de 5,6 millions de dollars par rapport à l'année précédente. Le déclin était principalement dû à une augmentation exceptionnelle de 8,1 millions de dollars des frais d'occupation résultant d'une erreur de calcul de bail selon l'ASC 842.
Les faits marquants du quatrième trimestre incluent un retour moyen sur actifs de 1,74 %, un retour sur capital initial de 16,03 % et une marge d'intérêt nette de 4,06 %. Les prêts totaux ont augmenté de 71 millions de dollars (1,3 %) au quatrième trimestre. Pour l'année entière 2024, la banque a réalisé un revenu net de 130,7 millions de dollars (9,64 dollars par action diluée), avec un retour sur actifs de 1,91 % et un retour sur capital initial de 18,8 %.
Les indicateurs de crédit de la banque se sont améliorés avec une baisse des prêts non performants de 10,0 millions de dollars (52 %) et une réduction des prêts critiqués de 76,7 millions de dollars (32,6 %). Le dividende trimestriel a augmenté de 0,70 à 0,75 dollars, et la banque a racheté 464 314 actions pour 34,3 millions de dollars durant l'année 2024.
Bevorzugte Bank (PFBC) berichtete für das 4. Quartal 2024 einen Nettogewinn von 30,2 Millionen Dollar (2,25 Dollar pro verwässerter Aktie), was einem Rückgang von 3,2 Millionen Dollar im Vergleich zum 3. Quartal und von 5,6 Millionen Dollar im Vergleich zum Vorjahr entspricht. Der Rückgang war hauptsächlich auf einen einmaligen Anstieg der Mieten um 8,1 Millionen Dollar aufgrund eines Berechnungsfehlers bei einem ASC 842 Leasingvertrag zurückzuführen.
Die Highlights des 4. Quartals umfassen eine Gesamtrendite von 1,74 % auf durchschnittlichen Aktiva, eine Rendite auf Eigenkapital zu Beginn von 16,03 % und eine Nettomarge von 4,06 %. Die Gesamtdarlehen stiegen im 4. Quartal um 71 Millionen Dollar (1,3 %). Für das Gesamtjahr 2024 erzielte die Bank einen Nettogewinn von 130,7 Millionen Dollar (9,64 Dollar pro verwässerter Aktie) mit einer Rendite auf die Aktiva von 1,91 % und einer Rendite auf das Eigenkapital zu Beginn von 18,8 %.
Die Kreditkennzahlen der Bank verbesserten sich, wobei die notleidenden Kredite um 10,0 Millionen Dollar (52 %) und die kritischen Kredite um 76,7 Millionen Dollar (32,6 %) zurückgingen. Die vierteljährliche Dividende stieg von 0,70 auf 0,75 Dollar, und die Bank hat im Jahr 2024 464.314 Aktien für 34,3 Millionen Dollar zurückgekauft.
- Net interest income increased by $325,000 to $69.2 million in Q4 2024 vs Q3
- Non-performing loans decreased by 52% quarter-over-quarter
- Criticized loans decreased by 32.6% quarter-over-quarter
- Quarterly dividend increased from $0.70 to $0.75
- Tangible book value per share increased 13.1% year-over-year to $57.86
- Total loans grew 7.0% year-over-year
- Strong capital position with 11.33% leverage ratio
- Q4 net income decreased by $5.6 million year-over-year
- One-time $8.1 million expense from lease calculation error
- Net interest margin declined to 4.06% from 4.24% year-over-year
- Full-year net income decreased to $130.7M from $150.0M in 2023
- Net charge-offs of $6.6 million in Q4 2024
Insights
Preferred Bank's Q4 2024 results reveal a resilient underlying business despite a one-time accounting adjustment. The
Three key strengths emerge from the results:
- The bank's
4.06% net interest margin shows remarkable stability in a challenging rate environment, particularly following the first rate cut in September 2024. This suggests effective interest rate risk management and strong pricing power. - Asset quality metrics showed significant improvement, with non-performing loans dropping
52% to$9.4 million and criticized loans decreasing32.6% to$158.1 million . The1.27% allowance coverage ratio indicates conservative risk management. - Capital management remains strong with a
11.33% leverage ratio and tangible book value growth of13.1% YoY, supporting both the dividend increase and share repurchases.
The
LOS ANGELES, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank (“the Bank”) reported net income of
Net interest income was
Highlights for the Quarter:
- Return on average assets was
1.74% - Return on beginning equity of
16.03% - Net interest margin (NIM) held strong at
4.06% - Total loans increased by
$71 million or1.3% - Efficiency ratio was
38.8%
Highlights for the Year:
- Return on average assets was
1.91% - Return on beginning equity of
18.80% - The NIM was
4.08% - Total loans increased by
$369 million or7.0% - Efficiency ratio was
31.47%
Li Yu, Chairman and CEO, commented, “We completed the year 2024 with net income of
”Fourth quarter net income of
“Under a high interest rate and high inflation environment, Preferred Bank’s loan growth and deposit growth were less than our historical performance. 2024 loan growth of
“At December 31, 2024, our credit metrics improved from September 30, 2024. Non-performing loans decreased by
“The recent wildfires in the Los Angeles area have wrought unprecedented damage to our community. We at Preferred Bank will be dedicated to making the utmost effort to help rebuild the homes and businesses lost in this tragedy. At this time, the Bank has confirmed the existence of one property that secures a commercial loan which was affected by the fires but we can confirm the property had the appropriate insurance. We are most grateful that none of our residential home mortgage borrowers have been affected and that none of our employees have been directly impacted.
“In December, our Board of Directors announced an increase in the quarterly dividend from
“We look forward to continue our consistently strong financial performance into 2025.”
Results of Operations - Quarter
Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was
Noninterest Income. For the fourth quarter of 2024, noninterest income was
Noninterest Expense. Total noninterest expense was
Income Taxes. The Bank recorded a provision for income taxes of
Balance Sheet Summary
Total gross loans at December 31, 2024 were
Results of Operations – Year
The Bank’s net income for the year ended December 31, 2024 was
Asset Quality
Non-accrual loans and loans 90 days past due and still accruing totaled
Total criticized loans decreased to
Allowance for Credit Losses
The provision for credit losses for the fourth quarter of 2024 was
Capitalization
As of December 31, 2024, the Bank’s leverage ratio was
Conference Call and Webcast
A conference call with simultaneous webcast to discuss Preferred Bank’s fourth quarter 2024 financial results will be held tomorrow, January 28, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank's website at www.preferredbank.com.
Preferred Bank's Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank's financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank's website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through February 11, 2025; the passcode is 6335378.
About Preferred Bank
Preferred 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 twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. 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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank's results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.
Financial Tables to Follow
| PREFERRED BANK | |||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||
| (unaudited) | |||||||||||
| (in thousands, except for net income per share and shares) | |||||||||||
| For the Quarter Ended | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| Interest income: | |||||||||||
| Loans, including fees | $ | 111,596 | $ | 114,112 | $ | 107,709 | |||||
| Investment securities | 14,013 | 15,032 | 16,973 | ||||||||
| Fed funds sold | 249 | 280 | 282 | ||||||||
| Total interest income | 125,858 | 129,424 | 124,964 | ||||||||
| Interest expense: | |||||||||||
| Interest-bearing demand | 18,245 | 23,211 | 21,716 | ||||||||
| Savings | 85 | 84 | 72 | ||||||||
| Time certificates | 37,030 | 35,956 | 32,455 | ||||||||
| Subordinated debt | 1,325 | 1,325 | 1,325 | ||||||||
| Total interest expense | 56,685 | 60,576 | 55,568 | ||||||||
| Net interest income | 69,173 | 68,848 | 69,396 | ||||||||
| Provision for credit losses | 2,000 | 3,200 | 3,500 | ||||||||
| Net interest income after provision for credit losses | 67,173 | 65,648 | 65,896 | ||||||||
| Noninterest income: | |||||||||||
| Fees & service charges on deposit accounts | 761 | 747 | 857 | ||||||||
| Letters of credit fee income | 1,977 | 1,959 | 1,486 | ||||||||
| BOLI income | 102 | 108 | 105 | ||||||||
| Net loss on called and sale of investment securities | - | - | (929 | ) | |||||||
| Net gain on sale of loans | 112 | 91 | 205 | ||||||||
| Other income | 685 | 554 | 382 | ||||||||
| Total noninterest income | 3,637 | 3,459 | 2,106 | ||||||||
| Noninterest expense: | |||||||||||
| Salary and employee benefits | 13,279 | 13,525 | 12,058 | ||||||||
| Net occupancy expense | 10,110 | 1,883 | 1,536 | ||||||||
| Business development and promotion expense | 340 | 241 | 239 | ||||||||
| Professional services | 1,606 | 1,816 | 1,355 | ||||||||
| Office supplies and equipment expense | 396 | 435 | 391 | ||||||||
| OREO valuation allowance and related expense | 155 | 1,915 | 294 | ||||||||
| Other | 2,360 | 2,274 | 2,000 | ||||||||
| Total noninterest expense | 28,246 | 22,089 | 17,873 | ||||||||
| Income before provision for income taxes | 42,564 | 47,018 | 50,129 | ||||||||
| Income tax expense | 12,343 | 13,635 | 14,290 | ||||||||
| Net income | $ | 30,221 | $ | 33,383 | $ | 35,839 | |||||
| Income per share available to common shareholders | |||||||||||
| Basic | $ | 2.29 | $ | 2.50 | $ | 2.63 | |||||
| Diluted | $ | 2.25 | $ | 2.46 | $ | 2.60 | |||||
| Weighted-average common shares outstanding | |||||||||||
| Basic | 13,190,696 | 13,327,848 | 13,617,225 | ||||||||
| Diluted | 13,442,294 | 13,544,273 | 13,804,315 | ||||||||
| Cash dividends per common share | $ | 0.75 | $ | 0.70 | $ | 0.70 | |||||
| PREFERRED BANK | |||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||
| (unaudited) | |||||||||||
| (in thousands, except for net income per share and shares) | |||||||||||
| For the Twelve Months Ended | |||||||||||
| December 31, | December 31, | Change | |||||||||
| 2024 | 2023 | % | |||||||||
| Interest income: | |||||||||||
| Loans, including fees | $ | 445,139 | $ | 412,505 | 7.9 | % | |||||
| Investment securities | 62,854 | 64,427 | -2.4 | % | |||||||
| Fed funds sold | 1,103 | 1,056 | 4.5 | % | |||||||
| Total interest income | 509,096 | 477,988 | 6.5 | % | |||||||
| Interest expense: | |||||||||||
| Interest-bearing demand | 87,951 | 75,417 | 16.6 | % | |||||||
| Savings | 323 | 225 | 43.5 | % | |||||||
| Time certificates | 142,894 | 103,853 | 37.6 | % | |||||||
| FHLB borrowings | 0 | 3,819 | -100.0 | % | |||||||
| Subordinated debt | 5,300 | 5,300 | 0.0 | % | |||||||
| Total interest expense | 236,468 | 188,614 | 25.4 | % | |||||||
| Net interest income | 272,628 | 289,374 | -5.8 | % | |||||||
| Provision for credit losses | 12,100 | 10,000 | 21.0 | % | |||||||
| Net interest income after provision for credit losses | 260,528 | 279,374 | -6.7 | % | |||||||
| Noninterest income: | |||||||||||
| Fees & service charges on deposit accounts | 3,172 | 3,333 | -4.8 | % | |||||||
| Letters of credit fee income | 7,188 | 5,798 | 24.0 | % | |||||||
| BOLI income | 420 | 412 | 2.1 | % | |||||||
| Net loss on called and sale of investment securities | - | (5,046 | ) | -100.0 | % | ||||||
| Net gain on sale of loans | 659 | 752 | -12.4 | % | |||||||
| Other income | 2,126 | 1,864 | 14.0 | % | |||||||
| Total noninterest income | 13,565 | 7,113 | 90.7 | % | |||||||
| Noninterest expense: | |||||||||||
| Salary and employee benefits | 53,648 | 51,314 | 4.5 | % | |||||||
| Net occupancy expense | 15,420 | 6,049 | 154.9 | % | |||||||
| Business development and promotion expense | 1,250 | 737 | 69.6 | % | |||||||
| Professional services | 6,711 | 5,270 | 27.3 | % | |||||||
| Office supplies and equipment expense | 1,781 | 1,588 | 12.2 | % | |||||||
| OREO valuation allowance and related expense | 2,234 | 3,344 | -33.2 | % | |||||||
| Other | 9,016 | 8,332 | 8.2 | % | |||||||
| Total noninterest expense | 90,060 | 76,634 | 17.5 | % | |||||||
| Income before provision for income taxes | 184,033 | 209,853 | -12.3 | % | |||||||
| Income tax expense | 53,371 | 59,813 | -10.8 | % | |||||||
| Net income | $ | 130,662 | $ | 150,040 | -12.9 | % | |||||
| Income per share available to common shareholders | |||||||||||
| Basic | $ | 9.79 | $ | 10.64 | -8.0 | % | |||||
| Diluted | $ | 9.64 | $ | 10.52 | -8.4 | % | |||||
| Weighted-average common shares outstanding | |||||||||||
| Basic | 13,347,004 | 14,095,745 | -5.3 | % | |||||||
| Diluted | 13,554,266 | 14,261,644 | -5.0 | % | |||||||
| Dividends per share | $ | 2.85 | $ | 2.35 | 21.3 | % | |||||
| PREFERRED BANK | |||||||
| Condensed Consolidated Statements of Financial Condition | |||||||
| (unaudited) | |||||||
| (in thousands) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | (Audited) | ||||||
| Assets | |||||||
| Cash and due from banks | $ | 765,515 | $ | 890,852 | |||
| Fed funds sold | 20,000 | 20,000 | |||||
| Cash and cash equivalents | 785,515 | 910,852 | |||||
| Securities held-to-maturity, at amortized cost | 20,021 | 21,171 | |||||
| Securities available-for-sale, at fair value | 348,706 | 313,842 | |||||
| Loans held for sale, at lower of cost or fair value | 2,214 | 360 | |||||
| Loans | 5,640,615 | 5,273,498 | |||||
| Less allowance for credit losses | (71,477 | ) | (78,355 | ) | |||
| Less amortized deferred loan fees, net | (9,234 | ) | (11,079 | ) | |||
| Loans, net | 5,559,904 | 5,184,064 | |||||
| Other real estate owned and repossessed assets | 14,991 | 16,716 | |||||
| Customers' liability on acceptances | - | 315 | |||||
| Bank furniture and fixtures, net | 8,462 | 9,694 | |||||
| Bank-owned life insurance | 10,433 | 10,632 | |||||
| Accrued interest receivable | 33,561 | 33,892 | |||||
| Investment in affordable housing partnerships | 58,346 | 65,276 | |||||
| Federal Home Loan Bank stock, at cost | 15,000 | 15,000 | |||||
| Deferred tax assets | 47,316 | 48,991 | |||||
| Income tax receivable | 2,281 | 2,391 | |||||
| Operating lease right-of-use assets | 13,182 | 22,050 | |||||
| Other assets | 3,497 | 4,030 | |||||
| Total assets | $ | 6,923,429 | $ | 6,659,276 | |||
| Liabilities and Shareholders' Equity | |||||||
| Deposits: | |||||||
| Noninterest bearing demand deposits | $ | 704,859 | $ | 786,995 | |||
| Interest bearing deposits: | 2,026,965 | 2,075,156 | |||||
| Savings | 30,150 | 29,167 | |||||
| Time certificates of | 1,477,931 | 1,317,862 | |||||
| Other time certificates | 1,676,943 | 1,500,162 | |||||
| Total deposits | 5,916,848 | 5,709,342 | |||||
| Acceptances outstanding | - | 315 | |||||
| Subordinated debt issuance, net | 148,469 | 148,232 | |||||
| Commitments to fund investment in affordable housing partnerships | 21,623 | 30,824 | |||||
| Operating lease liabilities | 16,990 | 19,766 | |||||
| Accrued interest payable | 16,517 | 16,124 | |||||
| Other liabilities | 39,830 | 39,568 | |||||
| Total liabilities | 6,160,277 | 5,964,171 | |||||
| Shareholders' equity | 763,152 | 695,105 | |||||
| Total liabilities and shareholders' equity | 6,923,429 | 6,659,276 | |||||
| Book value per common share | $ | 57.86 | $ | 50.54 | |||
| Number of common shares outstanding | 13,188,776 | 13,753,246 | |||||
| PREFERRED BANK | |||||||||||||||
| Selected Consolidated Financial Information | |||||||||||||||
| (unaudited) | |||||||||||||||
| (in thousands, except for ratios) | |||||||||||||||
| For the Quarter Ended | |||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||
| Unaudited historical quarterly operations data: | |||||||||||||||
| Interest income | $ | 125,858 | $ | 129,424 | $ | 127,294 | $ | 126,520 | $ | 124,964 | |||||
| Interest expense | 56,685 | 60,576 | 61,187 | 58,020 | 55,568 | ||||||||||
| Interest income before provision for credit losses | 69,173 | 68,848 | 66,107 | 68,500 | 69,396 | ||||||||||
| Provision for credit losses | 2,000 | 3,200 | 2,500 | 4,400 | 3,500 | ||||||||||
| Noninterest income | 3,637 | 3,459 | 3,404 | 3,065 | 2,106 | ||||||||||
| Noninterest expense | 28,246 | 22,089 | 19,697 | 20,028 | 17,873 | ||||||||||
| Income tax expense | 12,343 | 13,635 | 13,722 | 13,671 | 14,290 | ||||||||||
| Net income | $ | 30,221 | $ | 33,383 | $ | 33,592 | $ | 33,466 | $ | 35,839 | |||||
| Earnings per share | |||||||||||||||
| Basic | $ | 2.29 | $ | 2.50 | $ | 2.51 | $ | 2.48 | $ | 2.63 | |||||
| Diluted | $ | 2.25 | $ | 2.46 | $ | 2.48 | $ | 2.44 | $ | 2.60 | |||||
| Ratios for the period: | |||||||||||||||
| Return on average assets | 1.74 | % | 1.95 | % | 1.97 | % | 2.00 | % | 2.15 | % | |||||
| Return on beginning equity | 16.03 | % | 18.37 | % | 19.44 | % | 19.36 | % | 21.21 | % | |||||
| Net interest margin (Fully-taxable equivalent) | 4.06 | % | 4.10 | % | 3.96 | % | 4.19 | % | 4.24 | % | |||||
| Noninterest expense to average assets | 1.62 | % | 1.29 | % | 1.15 | % | 1.20 | % | 1.07 | % | |||||
| Efficiency ratio | 38.79 | % | 30.55 | % | 28.34 | % | 27.99 | % | 25.00 | % | |||||
| Net charge-offs to average loans (annualized) | 0.47 | % | -0.00 | % | 0.68 | % | 0.26 | % | -0.00 | % | |||||
| Ratios as of period end: | |||||||||||||||
| Tangible common equity ratio | 11.02 | % | 10.92 | % | 10.55 | % | 10.35 | % | 10.43 | % | |||||
| Tier 1 leverage capital ratio | 11.33 | % | 11.28 | % | 10.89 | % | 10.80 | % | 10.85 | % | |||||
| Common equity tier 1 risk-based capital ratio | 11.80 | % | 11.66 | % | 11.52 | % | 11.50 | % | 11.57 | % | |||||
| Tier 1 risk-based capital ratio | 11.80 | % | 11.66 | % | 11.52 | % | 11.50 | % | 11.57 | % | |||||
| Total risk-based capital ratio | 15.11 | % | 15.06 | % | 14.93 | % | 15.08 | % | 15.18 | % | |||||
| Allowances for credit losses to loans at end of period | 1.27 | % | 1.36 | % | 1.34 | % | 1.49 | % | 1.49 | % | |||||
| Allowance for credit losses to non-performing loans | 7.64 | x | 3.92 | x | 1.79 | x | 4.33 | x | 2.73 | x | |||||
| Average balances: | |||||||||||||||
| Total securities | $ | 350,732 | $ | 356,590 | $ | 353,357 | $ | 348,961 | $ | 349,863 | |||||
| Total loans | 5,542,558 | 5,458,613 | 5,320,360 | 5,263,562 | 5,126,918 | ||||||||||
| Total earning assets | 6,788,487 | 6,684,766 | 6,728,498 | 6,585,853 | 6,499,469 | ||||||||||
| Total assets | 6,920,325 | 6,817,979 | 6,863,829 | 6,718,018 | 6,627,349 | ||||||||||
| Total time certificate of deposits | 3,144,523 | 2,874,985 | 2,884,259 | 2,852,860 | 2,767,385 | ||||||||||
| Total interest bearing deposits | 5,220,655 | 5,124,245 | 5,203,034 | 5,004,834 | 4,906,947 | ||||||||||
| Total deposits | 5,905,127 | 5,828,227 | 5,901,976 | 5,761,488 | 5,689,713 | ||||||||||
| Total interest bearing liabilities | 5,369,092 | 5,272,617 | 5,351,347 | 5,153,089 | 5,055,143 | ||||||||||
| Total equity | 760,345 | 747,222 | 715,190 | 704,996 | 683,141 | ||||||||||
| PREFERRED BANK | |||||||
| Selected Consolidated Financial Information | |||||||
| (unaudited) | |||||||
| (in thousands, except for ratios) | |||||||
| For the Twelve Months Ended | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Interest income | $ | 509,096 | $ | 477,988 | |||
| Interest expense | 236,468 | 188,614 | |||||
| Interest income before provision for credit losses | 272,628 | 289,374 | |||||
| Provision for credit losses | 12,100 | 10,000 | |||||
| Noninterest income | 13,565 | 7,113 | |||||
| Noninterest expense | 90,060 | 76,634 | |||||
| Income tax expense | 53,371 | 59,813 | |||||
| Net income | $ | 130,662 | $ | 150,040 | |||
| Earnings per share | |||||||
| Basic | $ | 9.79 | $ | 10.64 | |||
| Diluted | $ | 9.64 | $ | 10.52 | |||
| Ratios for the period: | |||||||
| Return on average assets | 1.91 | % | 2.28 | % | |||
| Return on beginning equity | 18.80 | % | 23.80 | % | |||
| Net interest margin (Fully-taxable equivalent) | 4.08 | % | 4.49 | % | |||
| Noninterest expense to average assets | 1.32 | % | 1.17 | % | |||
| Efficiency ratio | 31.47 | % | 25.85 | % | |||
| Net charge-off to average loans | 0.35 | % | 0.00 | % | |||
| Average balances: | |||||||
| Total securities | $ | 352,416 | $ | 389,584 | |||
| Total loans | 5,396,844 | 5,068,486 | |||||
| Total earning assets | 6,697,118 | 5,067,870 | |||||
| Total assets | 6,830,252 | 6,452,661 | |||||
| Total time certificate of deposits | 2,939,543 | 6,577,690 | |||||
| Total interest bearing deposits | 5,849,300 | 2,570,706 | |||||
| Total deposits | 5,849,300 | 4,678,893 | |||||
| Total interest bearing liabilities | 5,849,300 | 5,577,155 | |||||
| Total equity | 732,058 | 4,902,616 | |||||
| PREFERRED BANK | ||||||||||||||||||||||
| Selected Consolidated Financial Information | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| (in thousands, except for ratios) | ||||||||||||||||||||||
| As of | ||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||||
| Unaudited quarterly statement of financial position data: | ||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||
| Cash and cash equivalents | $ | 785,515 | $ | 804,994 | $ | 917,677 | $ | 936,600 | $ | 910,852 | ||||||||||||
| Securities held-to-maturity, at amortized cost | 20,021 | 20,311 | 20,605 | 20,904 | 21,171 | |||||||||||||||||
| Securities available-for-sale, at fair value | 348,706 | 337,363 | 331,909 | 333,411 | 313,842 | |||||||||||||||||
| Loans: | ||||||||||||||||||||||
| Real estate – Mortgage: | ||||||||||||||||||||||
| Real estate—Residential | $ | 790,069 | $ | 753,453 | $ | 732,251 | $ | 724,101 | $ | 688,058 | ||||||||||||
| Real estate—Commercial | 2,840,771 | 2,882,506 | 2,833,430 | 2,777,608 | 2,760,761 | |||||||||||||||||
| Total Real Estate – Mortgage | 3,630,840 | 3,635,959 | 3,565,681 | 3,501,709 | 3,448,819 | |||||||||||||||||
| Real estate – Construction: | ||||||||||||||||||||||
| R/E Construction — Residential | 296,580 | 274,214 | 238,062 | 236,596 | 246,201 | |||||||||||||||||
| R/E Construction — Commercial | 287,185 | 290,308 | 247,582 | 213,727 | 179,775 | |||||||||||||||||
| Total real estate construction loans | 583,765 | 564,522 | 485,644 | 450,323 | 425,976 | |||||||||||||||||
| Commercial and industrial | 1,418,930 | 1,365,550 | 1,371,694 | 1,369,529 | 1,394,871 | |||||||||||||||||
| SBA | 6,833 | 5,424 | 5,463 | 3,914 | 3,469 | |||||||||||||||||
| Consumer and others | 247 | 124 | 118 | 379 | 363 | |||||||||||||||||
| Gross loans | 5,640,615 | 5,571,579 | 5,428,600 | 5,325,854 | 5,273,498 | |||||||||||||||||
| Allowance for credit losses on loans | (71,477 | ) | (76,051 | ) | (72,848 | ) | (79,311 | ) | (78,355 | ) | ||||||||||||
| Net deferred loan fees | (9,234 | ) | (10,414 | ) | (10,502 | ) | (10,460 | ) | (11,079 | ) | ||||||||||||
| Net loans, excluding loans held for sale | $ | 5,559,904 | $ | 5,485,114 | $ | 5,345,250 | $ | 5,236,083 | $ | 5,184,064 | ||||||||||||
| Loans held for sale | $ | 2,214 | $ | 225 | $ | 955 | $ | 605 | $ | 360 | ||||||||||||
| Net loans | $ | 5,562,118 | $ | 5,485,339 | $ | 5,346,205 | $ | 5,236,688 | $ | 5,184,424 | ||||||||||||
| Other real estate owned and repossessed assets | $ | 14,991 | $ | 15,082 | $ | 16,716 | $ | 16,716 | $ | 16,716 | ||||||||||||
| Investment in affordable housing partnerships | 58,346 | 58,009 | 60,432 | 62,854 | 65,276 | |||||||||||||||||
| Federal Home Loan Bank stock, at cost | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||||||||||
| Other assets | 118,732 | 136,246 | 138,036 | 134,040 | 131,995 | |||||||||||||||||
| Total assets | $ | 6,923,429 | $ | 6,872,344 | $ | 6,846,580 | $ | 6,756,213 | $ | 6,659,276 | ||||||||||||
| Liabilities: | ||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||
| Demand | $ | 704,859 | $ | 682,859 | $ | 675,767 | $ | 709,767 | $ | 786,995 | ||||||||||||
| Interest bearing demand | 2,026,965 | 1,994,288 | 2,326,214 | 2,159,948 | 2,075,156 | |||||||||||||||||
| Savings | 30,150 | 29,793 | 28,251 | 29,261 | 29,167 | |||||||||||||||||
| Time certificates of | 1,477,931 | 1,478,500 | 1,406,149 | 1,349,927 | 1,317,862 | |||||||||||||||||
| Other time certificates | 1,676,943 | 1,682,324 | 1,442,381 | 1,552,805 | 1,500,162 | |||||||||||||||||
| Total deposits | $ | 5,916,848 | $ | 5,867,764 | $ | 5,878,762 | $ | 5,801,708 | $ | 5,709,342 | ||||||||||||
| Acceptances outstanding | $ | - | $ | - | $ | - | $ | - | $ | 315 | ||||||||||||
| Subordinated debt issuance, net | 148,469 | 148,410 | 148,351 | 148,292 | 148,232 | |||||||||||||||||
| Commitments to fund investment in affordable housing partnerships | 21,623 | 23,617 | 27,946 | 29,647 | 30,824 | |||||||||||||||||
| Other liabilities | 73,337 | 82,436 | 68,394 | 77,008 | 75,458 | |||||||||||||||||
| Total liabilities | $ | 6,160,277 | $ | 6,122,227 | $ | 6,123,453 | $ | 6,056,655 | $ | 5,964,171 | ||||||||||||
| Equity: | ||||||||||||||||||||||
| Net common stock, no par value | $ | 105,501 | $ | 109,928 | $ | 113,509 | $ | 115,915 | $ | 134,534 | ||||||||||||
| Retained earnings | 685,108 | 664,808 | 640,675 | 616,417 | 592,325 | |||||||||||||||||
| Accumulated other comprehensive income | (27,457 | ) | (24,619 | ) | (31,057 | ) | (32,774 | ) | (31,754 | ) | ||||||||||||
| Total shareholders' equity | $ | 763,152 | $ | 750,117 | $ | 723,127 | $ | 699,558 | $ | 695,105 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 6,923,429 | $ | 6,872,344 | $ | 6,846,580 | $ | 6,756,213 | $ | 6,659,276 | ||||||||||||
| PREFERRED BANK | |||||||||||||||||||||||||||||
| Quarter-to-Date Average Balances, Yield and Rates | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Three months ended December 31, | Three months ended September 30, | Three months ended December 31, | |||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||||||||||||||||
| Interest | Average | Interest | Average | Interest | Average | ||||||||||||||||||||||||
| Average | Income or | Yield/ | Average | Income or | Yield/ | Average | Income or | Yield/ | |||||||||||||||||||||
| Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||
| ASSETS | (Dollars in thousands) | ||||||||||||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||||||||||||
| Loans (1,2) | $ | 5,543,215 | $ | 111,596 | 8.01 | % | $ | 5,459,842 | $ | 114,112 | 8.31 | % | $ | 5,127,935 | $ | 107,709 | 8.33 | % | |||||||||||
| Investment securities (3) | 350,732 | 3,566 | 4.04 | % | 356,590 | 3,610 | 4.03 | % | 349,863 | 3,335 | 3.78 | % | |||||||||||||||||
| Federal funds sold | 20,172 | 249 | 4.91 | % | 20,164 | 280 | 5.52 | % | 20,028 | 282 | 5.58 | % | |||||||||||||||||
| Other earning assets | 874,368 | 10,546 | 4.80 | % | 848,170 | 11,521 | 5.40 | % | 1,001,643 | 13,739 | 5.44 | % | |||||||||||||||||
| Total interest earning assets | 6,788,487 | 125,957 | 7.38 | % | 6,684,766 | 129,523 | 7.71 | % | 6,499,469 | 125,065 | 7.63 | % | |||||||||||||||||
| Deferred loan fees, net | (9,808 | ) | (10,248 | ) | (10,421 | ) | |||||||||||||||||||||||
| Allowance for credit losses on loans | (75,474 | ) | (72,899 | ) | (74,965 | ) | |||||||||||||||||||||||
| Noninterest earning assets: | |||||||||||||||||||||||||||||
| Cash and due from banks | 10,626 | 10,826 | 12,376 | ||||||||||||||||||||||||||
| Bank furniture and fixtures | 8,866 | 9,419 | 9,243 | ||||||||||||||||||||||||||
| Right of use assets | 28,570 | 22,496 | 20,338 | ||||||||||||||||||||||||||
| Other assets | 169,058 | 173,619 | 171,309 | ||||||||||||||||||||||||||
| Total assets | $ | 6,920,325 | $ | 6,817,979 | $ | 6,627,349 | |||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| Interest bearing demand and savings | $ | 2,076,132 | $ | 18,330 | 3.51 | % | $ | 2,249,260 | $ | 23,295 | 4.12 | % | $ | 2,139,562 | $ | 21,788 | 4.04 | % | |||||||||||
| TCD | 1,481,219 | 17,514 | 4.70 | % | 1,412,073 | 17,866 | 5.03 | % | 1,294,531 | 15,600 | 4.78 | % | |||||||||||||||||
| Other time certificates | 1,663,304 | 19,516 | 4.67 | % | 1,462,912 | 18,090 | 4.92 | % | 1,472,854 | 16,855 | 4.54 | % | |||||||||||||||||
| Total interest bearing deposits | 5,220,655 | 55,360 | 4.22 | % | 5,124,245 | 59,251 | 4.60 | % | 4,906,947 | 54,243 | 4.39 | % | |||||||||||||||||
| Short-term borrowings | 3 | 0 | 3.31 | % | - | - | 0.00 | % | 2 | 0 | 6.08 | % | |||||||||||||||||
| Subordinated debt, net | 148,434 | 1,325 | 3.55 | % | 148,372 | 1,325 | 3.55 | % | 148,194 | 1,325 | 3.55 | % | |||||||||||||||||
| Total interest bearing liabilities | 5,369,092 | 56,685 | 4.20 | % | 5,272,617 | 60,576 | 4.57 | % | 5,055,143 | 55,568 | 4.36 | % | |||||||||||||||||
| Noninterest bearing liabilities: | |||||||||||||||||||||||||||||
| Demand deposits | 684,472 | 703,982 | 782,766 | ||||||||||||||||||||||||||
| Lease liability | 25,486 | 18,882 | 18,179 | ||||||||||||||||||||||||||
| Other liabilities | 80,930 | 75,276 | 88,120 | ||||||||||||||||||||||||||
| Total liabilities | 6,159,980 | 6,070,757 | 5,944,208 | ||||||||||||||||||||||||||
| Shareholders’ equity | 760,345 | 747,222 | 683,141 | ||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 6,920,325 | $ | 6,817,979 | $ | 6,627,349 | |||||||||||||||||||||||
| Net interest income | $ | 69,272 | $ | 68,947 | $ | 69,497 | |||||||||||||||||||||||
| Net interest spread | 3.18 | % | 3.14 | % | 3.27 | % | |||||||||||||||||||||||
| Net interest margin | 4.06 | % | 4.10 | % | 4.24 | % | |||||||||||||||||||||||
| Cost of Deposits: | |||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | $ | 684,472 | $ | 703,982 | $ | 782,766 | |||||||||||||||||||||||
| Interest bearing deposits | 5,220,655 | 55,360 | 4.22 | % | 5,124,245 | 59,251 | 4.60 | % | 4,906,947 | 54,243 | 4.39 | % | |||||||||||||||||
| Total Deposits | $ | 5,905,127 | $ | 55,360 | 3.73 | % | $ | 5,828,227 | $ | 59,251 | 4.04 | % | $ | 5,689,713 | $ | 54,243 | 3.78 | % | |||||||||||
| (1) | Includes non-accrual loans and loans held for sale | |
| (2) | Net loan fee income of | |
| (3) | Yields on securities have been adjusted to a tax-equivalent basis | |
| PREFERRED BANK | |||||||||||||||||||
| Year-to-Date Average Balances, Yield and Rates | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Twleve Months ended December 31, | |||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||
| Interest | Average | Interest | Average | ||||||||||||||||
| Average | Income or | Yield/ | Average | Income or | Yield/ | ||||||||||||||
| Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
| ASSETS | (Dollars in thousands) | ||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||
| Loans (1,2) | $ | 5,398,916 | $ | 445,139 | 8.24 | % | $ | 5,068,486 | $ | 412,505 | 8.14 | % | |||||||
| Investment securities (3) | 352,416 | 14,257 | 4.05 | % | 389,584 | 14,461 | 3.71 | % | |||||||||||
| Federal funds sold | 20,397 | 1,103 | 5.41 | % | 20,090 | 1,056 | 5.26 | % | |||||||||||
| Other earning assets | 925,389 | 48,994 | 5.29 | % | 974,501 | 50,372 | 5.17 | % | |||||||||||
| Total interest earning assets | 6,697,118 | 509,493 | 7.61 | % | 6,452,661 | 478,394 | 7.41 | % | |||||||||||
| Deferred loan fees, net | (10,301 | ) | (10,212 | ) | |||||||||||||||
| Allowance for credit losses on loans | (76,448 | ) | (70,992 | ) | |||||||||||||||
| Noninterest earning assets: | |||||||||||||||||||
| Cash and due from banks | 10,624 | 11,978 | |||||||||||||||||
| Bank furniture and fixtures | 9,537 | 9,010 | |||||||||||||||||
| Right of use assets | 23,997 | 21,417 | |||||||||||||||||
| Other assets | 175,725 | 163,828 | |||||||||||||||||
| Total assets | $ | 6,830,252 | $ | 6,577,690 | |||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||
| Deposits: | |||||||||||||||||||
| Interest bearing demand/ savings | $ | 2,198,837 | $ | 88,274 | 4.01 | % | $ | 2,108,187 | $ | 75,642 | 3.59 | % | |||||||
| TCD | 1,403,663 | 69,176 | 4.93 | % | 1,267,859 | 53,200 | 4.20 | % | |||||||||||
| Other time certificates | 1,535,880 | 73,718 | 4.80 | % | 1,302,847 | 50,653 | 3.89 | % | |||||||||||
| Total interest \bearing deposits | 5,138,380 | 231,168 | 4.50 | % | 4,678,893 | 179,495 | 3.84 | % | |||||||||||
| Short-term borrowings | 1 | 0 | 2.50 | % | 1 | 0 | 3.06 | % | |||||||||||
| Advance from Federal Home Loan Bank | - | 0 | 0.00 | % | 75,616 | 3,819 | 5.05 | % | |||||||||||
| Subordinated debt, net | 148,344 | 5,300 | 3.57 | % | 148,106 | 5,300 | 3.58 | % | |||||||||||
| Total interest bearing liabilities | 5,286,725 | 236,468 | 4.47 | % | 4,902,616 | 188,614 | 3.85 | % | |||||||||||
| Noninterest bearing liabilities: | |||||||||||||||||||
| Demand deposits | 710,920 | 898,262 | |||||||||||||||||
| Lease liability | 20,931 | 19,902 | |||||||||||||||||
| Other liabilities | 79,618 | 84,449 | |||||||||||||||||
| Total liabilities | 6,098,194 | 5,905,229 | |||||||||||||||||
| Shareholders’ equity | 732,058 | 672,461 | |||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 6,830,252 | $ | 6,577,690 | |||||||||||||||
| Net interest income | $ | 273,025 | $ | 289,780 | |||||||||||||||
| Net interest spread | 3.13 | % | 3.57 | % | |||||||||||||||
| Net interest margin | 4.08 | % | 4.49 | % | |||||||||||||||
| Cost of Deposits: | |||||||||||||||||||
| Noninterest bearing demand deposits | $ | 710,920 | $ | 898,262 | |||||||||||||||
| Interest bearing deposits | 5,138,380 | 231,168 | 4.50 | % | 4,678,893 | 179,495 | 3.84 | % | |||||||||||
| Total Deposits | $ | 5,849,300 | $ | 231,168 | 3.95 | % | $ | 5,577,155 | $ | 179,495 | 3.22 | % | |||||||
| (1) | Includes non-accrual loans and loans held for sale | |
| (2) | Net loan fee income of | |
| (3) | Yields on securities have been adjusted to a tax-equivalent basis | |
| Preferred Bank | |||||||
| Loan and Credit Quality Information | |||||||
| Allowance For Credit Losses History | |||||||
| Year ended | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| (Dollars in 000's) | |||||||
| Allowance For Credit Losses | |||||||
| Balance at Beginning of Period | $ | 78,355 | $ | 68,472 | |||
| Charge-Offs | |||||||
| Commercial & Industrial | 19,028 | 124 | |||||
| Total Charge-Offs | 19,028 | 124 | |||||
| Recoveries | |||||||
| Commercial & Industrial | 50 | 7 | |||||
| Total Recoveries | 50 | 7 | |||||
| Net Charge-Offs | 18,978 | 117 | |||||
| Provision for Credit Losses: | 12,100 | 10,000 | |||||
| Balance at End of Period | $ | 71,477 | $ | 78,355 | |||
| Average Loans Held for Investment | $ | 5,396,844 | $ | 5,067,870 | |||
| Loans Held for Investment at End of Period | $ | 5,640,615 | $ | 5,273,498 | |||
| Net Charge-Offs to Average Loans | 0.35 | % | 0.00 | % | |||
| Allowances for Credit Losses to Loans at End of Period | 1.27 | % | 1.49 | % | |||
| 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 was Preferred Bank's (PFBC) Q4 2024 earnings per share?
How much did PFBC's non-performing loans decrease in Q4 2024?
What is PFBC's new quarterly dividend amount for 2025?
How much did PFBC spend on share repurchases in 2024?
What was the impact of the lease calculation error on PFBC's Q4 results?
