Welcome to our dedicated page for Preferred Bk Los Angeles Ca news (Ticker: PFBC), a resource for investors and traders seeking the latest updates and insights on Preferred Bk Los Angeles Ca stock.
Preferred Bank (PFBC), a leading independent commercial bank headquartered in Los Angeles, provides timely financial updates through this dedicated news resource. As an FDIC-insured institution with deep roots in California's business community, PFBC maintains focus on commercial lending, risk-managed growth, and community-focused banking solutions.
This centralized news hub offers investors and stakeholders immediate access to verified press releases covering earnings announcements, regulatory developments, and strategic initiatives. Users will find updates on asset quality metrics, leadership changes, and service innovations while maintaining compliance with financial disclosure standards.
The repository features essential updates including quarterly earnings calls, regulatory filings, executive appointments, and market expansion news. Content emphasizes PFBC's core strengths in commercial real estate financing, small business banking solutions, and its specialized focus on cross-border trade services.
Bookmark this page for direct access to Preferred Bank's official communications and third-party analyses. Regularly updated content ensures stakeholders maintain current understanding of PFBC's financial position and market strategy within the competitive West Coast banking sector.
Preferred Bank (NASDAQ: PFBC) has disclosed an accounting error in its calculation of right of use asset and lease liabilities. The bank will record an $8.1 million pre-tax occupancy expense in Q4 2024, reducing quarterly diluted earnings per share by approximately $0.43. The error stems from incorrect lease term calculations when adopting ASC 842 in 2019, resulting in understated occupancy expenses averaging $1.35 million pre-tax annually from 2019 to 2024. Future occupancy expenses are expected to increase by approximately $1.6 million annually on a pre-tax basis. The bank has determined these adjustments are not material to its overall operations or balance sheet.
Preferred Bank (NASDAQ: PFBC), a prominent independent commercial bank in California, has announced its plans to release financial results for the third quarter ended September 30, 2024. The results will be disclosed before the market opens on Monday, October 21, 2024. Following this, the bank will host a conference call at 2:00 p.m. Eastern (11:00 a.m. Pacific) on the same day.
Investors can join the call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing 'Preferred Bank'. A live webcast will also be available on the bank's website. Key executives, including Chairman and CEO Li Yu, President and COO Wellington Chen, CFO Edward J. Czajka, CCO Nick Pi, and Deputy COO Johnny Hsu, will discuss the financial results, business highlights, and outlook.
Preferred Bank (NASDAQ: PFBC), a leading independent commercial bank in California, has announced a quarterly cash dividend of $0.70 per share. The dividend will be payable on October 21, 2024 to shareholders of record as of October 7, 2024. This announcement demonstrates the bank's commitment to providing returns to its shareholders and reflects its financial stability in the competitive California banking sector.
Preferred Bank (NASDAQ: PFBC) has received regulatory approval to continue its $150 million stock Repurchase Plan. The Bank has already repurchased $72.5 million of its common stock at an average price of $62.02 since late 2023. The new approval allows for the repurchase of the remaining $77.5 million until February 2025. As a state, non-member bank issuing stock at the bank level, Preferred Bank requires regulatory approval for capital-changing transactions.
Preferred Bank is a California-based independent commercial bank with 12 full-service branches in California, one in Flushing, New York, and one in Sugar Land, Texas. The Bank offers deposit and loan products to both commercial and consumer customers, focusing on small to mid-sized businesses, entrepreneurs, real estate developers, professionals, and high net worth individuals.
Preferred Bank (NASDAQ: PFBC) reported Q2 2024 results with net income of $33.6 million or $2.48 per diluted share, slightly up from the previous quarter but down $4.3 million year-over-year. Key highlights include:
- Return on average assets: 1.97%
- Return on beginning equity: 19.44%
- Net interest margin: 3.96%
- Total loans increased by $103 million (1.9%)
- Total deposits increased by $77 million (1.3%)
- Efficiency ratio: 28.3%
Non-performing loans increased to $40.6 million, up from $18.3 million in Q1 2024. The bank charged off $9.0 million in loans and recorded a provision expense of $2.5 million. The allowance for credit losses stands at 1.34% of total loans.
Preferred Bank (NASDAQ: PFBC) announced plans to release its second-quarter financial results for 2024 after market close on July 25, 2024. A conference call will be held on July 26, 2024, at 2:00 p.m. Eastern (11:00 a.m. Pacific) to discuss the results, business highlights, and outlook.
The call will feature Chairman and CEO Li Yu, President and COO Wellington Chen, CFO Edward J. Czajka, Chief Credit Officer Nick Pi, and Deputy COO Johnny Hsu. Interested participants can join via phone or through a live webcast on the Investor Relations section of Preferred Bank's website.
Replays of the call will be available until August 9, 2024.
Preferred Bank (NASDAQ: PFBC) announced that its Board of Directors has declared a quarterly cash dividend of $0.70 per share. This dividend will be payable on July 19, 2024, to shareholders of record as of July 5, 2024. Preferred Bank is recognized as one of the largest independent commercial banks in California.
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