Preferred Bank reports news as an independent commercial bank serving commercial and consumer customers through deposit products, real estate finance, commercial loans and trade finance. The California-chartered bank operates from its Los Angeles main office with branch banking offices in California, New York and Texas, and a loan production office in Sunnyvale, California.
Recurring updates for PFBC include quarterly earnings, net interest income and margin trends, loan and deposit balances, provision and credit-quality developments, capital ratios, cash dividends and third-party credit ratings. Company announcements also address classified or nonaccrual loan relationships, OREO activity and the performance drivers of its commercial banking portfolio.
Preferred Bank (NASDAQ: PFBC) will announce its third-quarter financial results on October 19, 2020. The results will be discussed in a conference call scheduled for October 20, 2020, at 2:00 p.m. Eastern. Investors can access the call via phone or through a live webcast on the bank's website. Preferred Bank operates in California and offers a range of financial products for commercial and consumer clients. The bank continues to serve a diverse market, gaining from the influx of ethnic Chinese migrants to California.
Preferred Bank (NASDAQ: PFBC) has declared a quarterly cash dividend of $0.30 per share, to be paid on October 21, 2020, for shareholders on record by October 7, 2020. This decision reflects the Bank's commitment to return value to its shareholders. Based in California, Preferred Bank serves commercial and consumer clients with a variety of banking products. The Bank is FDIC-insured and operates multiple branches across California and New York, emphasizing its stability and growth in the diversified financial market.
Preferred Bank (NASDAQ: PFBC) reported a net income of $15.3 million ($1.03 per diluted share) for Q2 2020, down from $20.0 million ($1.31) in Q2 2019. The decline is largely attributed to a provision for credit losses of $7.5 million, significantly higher than $1.6 million a year ago, due to economic uncertainty amid the COVID-19 pandemic. Total loans rose by $238.7 million (6.4%) to $3.96 billion, while deposits increased by $366.9 million (9.2%) to $4.35 billion. The net interest margin contracted to 3.57%, reflecting rising credit loss reserves and disproportionate deposit growth.