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Core Viewpoint - Preferred Bank (PFBC) is positioned as a strong investment opportunity due to significant revisions in earnings estimates, indicating a positive earnings outlook that may continue to drive stock performance [1][2]. Earnings Estimates - Analysts are increasingly optimistic about Preferred Bank's earnings prospects, leading to higher earnings estimates that are expected to positively influence the stock price [2]. - The current-quarter earnings estimate is projected at $2.76 per share, reflecting a year-over-year increase of +22.7%. Over the past 30 days, three estimates have been revised upward, resulting in an 11.14% increase in the Zacks Consensus Estimate [5]. - For the full year, the earnings estimate stands at $10.37 per share, representing a +7.6% change from the previous year. Four estimates have been raised in the last month, contributing to a 5.63% increase in the consensus estimate [6][7]. Zacks Rank - Preferred Bank has achieved a Zacks Rank of 2 (Buy), supported by favorable estimate revisions. This ranking is part of a system that has historically shown strong performance, with Zacks 1 (Strong Buy) and 2 (Buy) stocks significantly outperforming the S&P 500 [8]. - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks generating an average annual return of +25% since 2008 [3]. Stock Performance - Preferred Bank shares have increased by 8.6% over the past four weeks, indicating investor confidence in the company's earnings growth potential driven by the positive estimate revisions [9].

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Financial Data and Key Metrics Changes - The company reported a record earnings per share of $2.84 for Q3 2025, with net income of $35.9 million, showing significant improvement compared to previous quarters [4] - Non-performing loans decreased from $52 million to $17 million, primarily due to the foreclosure of a $37 million loan, which was subsequently sold for a gain [4] - Loan growth was 2.3% ($133 million) and deposit growth was 2.5% ($151 million) during the quarter [5] - The efficiency ratio improved to less than 30%, with stable operating overhead compared to previous quarters [5][6] Business Line Data and Key Metrics Changes - The company experienced reasonable loan and deposit growth, indicating increased optimism among customers despite ongoing economic uncertainties [5] - The net interest income and net interest margin both improved in Q3 compared to previous quarters [5] Market Data and Key Metrics Changes - Approximately 29% of the loan portfolio is fixed rate or long adjustable, while 71% is floating rate, with 98% of the floating rate loans having floors [12] - The average margin for September was reported at 3.87%, with a cost of deposits at 3.36% [24] Company Strategy and Development Direction - The company aims to maintain loan growth in Q4 2025, hoping to match Q3 levels, while also managing interest rate sensitivity through a balanced loan portfolio [35][55] - There is a strategic focus on increasing demand deposits, which are becoming harder to acquire due to competitive pressures [39] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about loan growth in Q4, influenced by potential interest rate cuts and seasonal factors [35] - The company is closely monitoring credit quality and expects to see reasonable migration in criticized and classified loans [27][29] Other Important Information - The company repurchased $6.3 million of its own shares during the quarter and continued to buy back shares in October, totaling 128,000 shares for $11.2 million [6][17] - An error in calculating diluted earnings per share for the first half of 2025 was corrected, resulting in an underreporting of net income by $0.05 [6] Q&A Session Summary Question: Update on loan portfolio's floating rate component - Approximately 71% of the loan portfolio is floating rate, with 98% having floors, but many are not currently in the money [12] Question: Price sensitivity around the buyback - The buyback strategy is assessed based on income levels and share prices, with no set formula [13] Question: Average margin and cost of deposits - The margin for September was 3.87%, and the cost of deposits was 3.36% [24] Question: Expectations for loan growth and pipelines - The company expects loan growth to remain stable, with a positive outlook for Q4 based on current activity levels [35] Question: Near-term expense run rate expectations - Non-interest expenses are expected to be around $22 million to $22.5 million going forward [37] Question: Specific dollar estimate of expected OREO gain in Q4 - The expected OREO gain in Q4 is projected to be in the $3 to $4 million range [41] Question: Competitive dynamics and loan demand - The company is seeing more deals coming through the pipeline, with optimism from borrowers due to rate cuts [50][51] Question: Actions to manage asset sensitivity - The company continues to proactively manage interest rate sensitivity, adjusting the loan portfolio as needed [55]

Financial Data and Key Metrics Changes - The company reported a record earnings per share of $2.84 for Q3 2025, with net income of $35.9 million, showing significant improvement compared to previous quarters [5][6] - Nonperforming loans decreased from $52 million to $17 million, primarily due to the foreclosure of a $37 million loan, which has since been sold for a gain [6][7] - Loan growth was 2.3% or $133 million, while deposit growth was 2.5% or $151 million, indicating a positive trend in customer optimism despite economic uncertainties [7][8] - The efficiency ratio improved to less than 30% due to increased net interest income, with operating overhead remaining steady [8] Business Line Data and Key Metrics Changes - The company experienced reasonable loan and deposit growth, with a focus on maintaining credit quality metrics stable [7][8] - The loan portfolio composition shifted, with 29% being fixed or long adjustable rates and 71% floating rates, of which 98% have floors [15] Market Data and Key Metrics Changes - The average margin for September was reported at 3.87%, with the cost of deposits at 3.36% [26] - The company has about $1.27 billion of CDs maturing at an average rate of 4.1% in Q4, with new CDs coming in at mid to high 3% [28] Company Strategy and Development Direction - The company aims to increase demand deposits while managing the cost of non-interest-bearing accounts strategically [40][42] - There is a focus on proactive interest rate management, with a significant reduction in floating rate loans from 90% to nearly 70% over the past year and a half [59] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about loan growth in Q4, expecting it to be similar to Q3, influenced by recent interest rate cuts [35][36] - The company anticipates a continued trend of refinancing as borrowers seek to lower their interest burdens, which may lead to increased payoffs [56] Other Important Information - The company repurchased $6.3 million of its own shares during the quarter, with additional repurchases of 128,000 shares in October for $11.2 million [8][19] - An error in calculating diluted earnings per share for the first half of 2025 was acknowledged, resulting in an underreporting of net income by $5 million, which has been corrected in the current report [9] Q&A Session Summary Question: Update on loan portfolio's floating rate component - As of September 30, 71% of the loan portfolio is floating rate, with 98% having floors, but many are not currently in the money [15] Question: Price sensitivity around the buyback - The buyback strategy is measured against income levels and share prices, with no set formula for the amount [17] Question: Average margin and cost of deposits - The margin for September was 3.87%, and the cost of deposits was 3.36% [26] Question: Expectations for near-term expense run rate - Non-interest expense is expected to be around 22% to 22.5% going forward, with increases anticipated in 2026 [38] Question: Insights on deposit composition and flows - There is a strategic focus on increasing non-interest-bearing demand deposits, but competition for these deposits is increasing [40][42] Question: Expected OREO gain in Q4 - The expected OREO gain is projected to be in the range of $3 million to $4 million [43]

Core Insights - American financial institutions are increasingly facing challenges as criminals exploit bank accounts for large-scale money laundering, transforming them from mere targets of theft into tools for illicit activities [1][2][17] - The Financial Crimes Enforcement Network (FinCEN) reports a significant rise in suspicious activity reports (SARs) related to bank accounts and wire transfers, indicating a growing trend in financial crime [2][4][17] FinCEN Data on Suspicious Activity - SARs related to suspicious wire transfers have surged from a baseline of 22,000-30,000 monthly filings in early 2020 to over 60,000 by mid-2025, marking an 80% increase from 2020 to 2021 [5][8] - Suspicious source-of-funds SARs have more than doubled since 2020, with filings reaching a record 87,000 in June 2025, compared to an average of 30,000-45,000 per month in 2020 [8][9] - The rise in SARs identifying funnel accounts, which are used to launder money through structured deposits and rapid withdrawals, has also been notable, with filings surpassing 5,000 per month in early 2025 [9][10] Underground Market Dynamics - Online underground markets are increasingly advertising services for wire transfers, with a specific demand for "aged" bank accounts that are less likely to raise red flags [11][12] - Criminals are actively seeking tailored financial infrastructure, with vendors offering cross-border wire transfer services and promoting laundering solutions [14][16] - Evidence from underground markets shows a professionalized ecosystem where fraudsters showcase transaction histories and operational mechanics to build trust [17] Policy and Regulatory Responses - A multi-layered policy response is necessary, including expanding transparency around FinCEN data and enhancing monitoring of funnel-account behavior by financial institutions [18][19] - Cross-institutional information sharing is essential for banks to quickly identify and block suspicious transfers, while law enforcement should enhance international cooperation [18][19]

Core Insights - Preferred Bank reported strong financial results for Q3 2025, with EPS of $2.84, exceeding estimates of $2.57 and up from $2.46 year-over-year [1][6] - The bank's revenue reached approximately $74.98 million, surpassing the estimated $72.74 million, reflecting a 3.70% increase over the Zacks Consensus Estimate and an improvement from $72.31 million a year ago [2][6] - Net income for the quarter was $35.9 million, a $3.1 million increase from the previous quarter and a $2.6 million rise compared to the same period last year, driven by a reduction in interest expenses and an increase in gross interest income [3][6] Financial Metrics - Key performance indicators include a return on average assets of 1.93% and a return on average equity of 18.64% [4] - The bank's price-to-earnings (P/E) ratio is approximately 8.79, with a price-to-sales ratio of about 2.25 and an enterprise value to sales ratio around 1.45 [4] - The earnings yield stands at about 11.38%, and the debt-to-equity ratio is approximately 0.50, indicating a balanced financing approach [5] Areas for Improvement - The current ratio is around 0.13, suggesting a need for improvement in covering short-term liabilities with short-term assets [5]

Core Insights - Preferred Bank reported revenue of $74.98 million for the quarter ended September 2025, reflecting a year-over-year increase of 3.7% [1] - The earnings per share (EPS) for the quarter was $2.84, up from $2.46 in the same quarter last year, exceeding the consensus EPS estimate of $2.57 by 10.51% [1] Financial Performance Metrics - Net charge-offs to average loans were 0.1%, significantly lower than the average estimate of 0.3% from three analysts [4] - The net interest margin was reported at 3.9%, slightly above the estimated 3.8% [4] - The efficiency ratio stood at 28.7%, better than the average estimate of 30.3% [4] - Average interest-earning assets totaled $7.23 billion, surpassing the average estimate of $7.19 billion [4] - Net interest income before provision for credit losses was $71.31 million, exceeding the average estimate of $68.92 million [4] - Total noninterest income was reported at $3.67 million, slightly above the average estimate of $3.62 million [4] Stock Performance - Preferred Bank's shares have returned -8.8% over the past month, contrasting with the Zacks S&P 500 composite's increase of 1.1% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Preferred Bank (PFBC) reported quarterly earnings of $2.84 per share, exceeding the Zacks Consensus Estimate of $2.57 per share, and showing an increase from $2.46 per share a year ago, resulting in an earnings surprise of +10.51% [1] - The bank's revenues for the quarter ended September 2025 were $74.98 million, surpassing the Zacks Consensus Estimate by 3.70% and up from $72.31 million year-over-year [2] - Preferred Bank has outperformed consensus revenue estimates three times in the last four quarters [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.48 on revenues of $71.75 million, while for the current fiscal year, the estimate is $9.81 on revenues of $281.15 million [7] - The trend of estimate revisions for Preferred Bank was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Market Performance - Preferred Bank shares have declined approximately 1.2% since the beginning of the year, contrasting with the S&P 500's gain of 13.3% [3] - The outlook for the industry, particularly the Banks - West sector, is currently in the bottom 35% of Zacks industries, which may negatively impact the stock's performance [8]

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