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 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), a leading independent commercial bank in California, has announced a quarterly cash dividend of $0.75 per share. The dividend will be paid on April 21, 2025 to shareholders of record as of April 7, 2025.
Preferred Bank (NASDAQ: PFBC) has received regulatory approval to continue its $150 million stock repurchase plan through May 2025. The bank has already repurchased $84.3 million of common stock during 2023-2024, acquiring 1.3 million shares at an average price of $63.94 per share. The remaining $65.7 million in repurchases will be executed through open market transactions.
As a state, non-member bank issuing stock at the bank level, PFBC requires regulatory approval for capital-affecting transactions. The bank operates primarily in California through twelve full-service branches, with additional locations in New York, Texas, and a loan production office in Sunnyvale, California.
Preferred Bank (NASDAQ: PFBC) has announced a significant donation for fire relief efforts in Los Angeles. The Board of Directors has approved a $250,000 donation to be distributed among four organizations: Tzu-Chi – USA, Pasadena Community Foundation, Alliance for a Better Community, and Los Angeles Fire Department Foundation.
The Bank will also match any employee contributions made to wildfire relief efforts on top of the initial donation. Chairman and CEO Li Yu emphasized that the recent wildfires in Southern California have significantly impacted their associates, clients, and communities.
Preferred Bank operates primarily in California with twelve full-service branch banking offices, along with branches in Flushing, New York, and Sugar Land, Texas. The bank provides commercial and consumer banking services, including deposit services, real estate finance, and commercial loans.
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.
Preferred Bank (PFBC), a major independent commercial bank in California, has announced it will release its Q4 2024 financial results after market close on January 27, 2025. The bank will host a conference call on January 28, 2025, at 2:00 p.m. Eastern time to discuss the results.
The conference call will be accessible via phone (844-826-3037 domestic, 412-317-5182 international) and through a live webcast on the bank's website. Key executives, including CEO Li Yu, President Wellington Chen, CFO Edward J. Czajka, CCO Nick Pi, and Deputy COO Johnny Hsu, will present financial results and business highlights. A replay will be available until February 11, 2025, through both the website and phone (passcode: 6335378).
Preferred Bank (NASDAQ: PFBC), a leading independent commercial bank in California, has announced a 7.1% increase in its quarterly cash dividend. The new dividend will be $0.75 per share, up from the previous $0.70 per share. Shareholders of record on January 9, 2025, will receive the dividend payment on January 23, 2025.
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.