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) 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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