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 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.
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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