Preferred Bk Los Angeles Ca Stock Price, News & Analysis

Preferred Bank (NASDAQ: PFBC) has declared a quarterly cash dividend of $0.43 per share, scheduled for payment on October 21, 2022. Shareholders on record as of October 7, 2022 will receive this dividend. Headquartered in Los Angeles, Preferred Bank focuses on providing a wide range of banking services to both commercial and consumer clients, operating multiple branches across California and one in New York. The Bank is chartered by the State of California and its deposits are FDIC insured.

Preferred Bank (NASDAQ: PFBC) has successfully completed its $32 million stock repurchase program, acquiring 464,438 shares for nearly $32 million. CEO Li Yu indicated that there may be future repurchases, contingent upon shareholder and regulatory approval. He emphasized that the market undervalues banks based on earnings multiples, which complicates capital management via stock buybacks. This strategic move reflects the bank's strong earnings power and capital levels, aimed at enhancing shareholder value.

Preferred Bank (NASDAQ: PFBC) reported strong financial results for Q2 2022, with net income of $28.1 million or $1.87 per diluted share, marking a 30.7% year-over-year increase. The boost was primarily due to a $13.1 million rise in net interest income, driven by higher interest rates and loan growth. Total loans reached $4.92 billion, up 11.2% year-to-date, while deposits grew $5.41 billion. Despite increasing competition, underwriting standards were tightened, maintaining asset quality. The stock repurchase program is on track, with $12.97 million spent thus far.

Preferred Bank (NASDAQ: PFBC) is set to release its financial results for the second quarter ending June 30, 2022, after market close on July 20, 2022. Following the results, management will hold a conference call on July 21, 2022, at 2:00 p.m. Eastern, which will be available via dial-in and live webcast. Key executives, including Chairman and CEO Li Yu, will discuss the bank's financial performance and future outlook. Interested participants can access the call through the Investor Relations section of Preferred Bank's website.

Preferred Bank (NASDAQ: PFBC) has declared a quarterly cash dividend of $0.43 per share, scheduled for payment on July 21, 2022. Shareholders on record as of July 7, 2022 will receive this dividend. The bank, headquartered in Los Angeles, is one of California's largest independent commercial banks, offering a range of financial services and products to both commercial and consumer customers. With multiple branches across California and one in New York, the bank continues to serve a diverse customer base.

Preferred Bank (NASDAQ: PFBC) has received approval to continue its stock repurchase plan initiated in May 2021. Initially, $50 million was allocated for the buyback, with approximately $18 million repurchased in 2021. In May 2022, the Board of Directors announced the recommencement of this plan, allowing for an additional buyback of up to $32 million in common stock. This move is intended to enhance shareholder value and reflects the Bank's ongoing commitment to optimizing its capital structure.

Preferred Bank (NASDAQ: PFBC) announced the resignation of Ms. Shirley Wang from its Board of Directors for personal reasons, effective May 11, 2022. The Bank confirmed that her departure was not due to any disagreements with management or accounting issues. Chairman and CEO Li Yu expressed gratitude for Ms. Wang's three years of service. Preferred Bank, one of California's larger independent commercial banks, continues to offer a wide range of banking products and services to both commercial and consumer customers across its branches in California and New York.

Preferred Bank (NASDAQ: PFBC) reported a strong first quarter of 2022 with a net income of $26.0 million, or $1.74 per diluted share, marking a 22.8% increase year-over-year. Loan growth (excluding PPP) reached 16.1% annualized, totaling $176 million. Although net interest income rose to $50 million, noninterest expenses increased due to personnel costs. Deposit growth was moderate, increasing by $84 million. The Bank's net interest margin improved to 3.42%, and total assets grew to $6.14 billion.

Preferred Bank (NASDAQ: PFBC) plans to release its financial results for the first quarter ending March 31, 2022, on April 19, 2022. A conference call with management will take place on April 20, 2022, at 2:00 p.m. Eastern, focusing on the bank's performance and outlook. Investors can access this call via phone or live webcast on the bank's website. Preferred Bank, a major independent commercial bank in California, offers various financial services to small and mid-sized businesses as well as individual customers.