Company Performance - Preferred Bank reported quarterly earnings of $2.48 per share, exceeding the Zacks Consensus Estimate of $2.39 per share, but down from $2.61 per share a year ago [1] - The bank's revenues for the quarter ended June 2024 were $69.51 million, missing the Zacks Consensus Estimate by 1.47%, and down from $76.41 million year-over-year [2] - Over the last four quarters, Preferred Bank has surpassed consensus EPS estimates four times [6] Stock Performance - Preferred Bank shares have increased approximately 15.2% since the beginning of the year, compared to a 13.8% gain for the S&P 500 [7] - The current consensus EPS estimate for the upcoming quarter is $2.39 on revenues of $70.45 million, and for the current fiscal year, it is $9.60 on revenues of $281.5 million [9] Industry Context - The Zacks Banks - West industry, to which Preferred Bank belongs, is currently ranked in the bottom 34% of over 250 Zacks industries [14] - The estimate revisions trend for Preferred Bank is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [13]

Highlights for the Quarter: Li Yu, Chairman and CEO, commented, "I am pleased to report Preferred Bank's second quarter net income of $33.6 million or $2.48 per fully diluted share. For the quarter, total loans grew $103 million or 1.95% on a linked quarter basis. Deposits also grew $77 million or 1.33% linked quarter. "During the quarter, we have charged-off $9.0 million of loans that were fully reserved for at the end of the previous quarter. Provision expense for the quarter was $2.5 million. The allowan ...

| --- | --- | --- | --- | --- | |--------------------------------------------------------|---------------|-------|-------|-----------| | | | | | | | Commercial & Industrial | 2 | | | 7 | | Mini-perm Real Estate | - | | | - | | Total Recoveries | 2 | | | 7 | | Net Charge-Offs | 12,407 | | | 117 | | Provision for Credit Losses: | 6,900 | | | 10,000 | | Balance at End of Period | $ 72,848 | | $ | 78,355 | | Average Loans Held for Investment | $ 5,295,175 | | $ | 5,067,870 | | Loans Held for Investment at End o ...

LOS ANGELES, July 10, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the larger independent commercial banks in California, today announced plans to release its financial results for the second quarter ended June 30, 2024 after the close of market on Thursday, July 25, 2024. On the following day, Friday, July 26, 2024, management will host a conference call at 2:00 p.m. Eastern (11:00 a.m. Pacific). The call will be simultaneously broadcast over the Internet. Interested participants and inve ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Preferred Bank (PFBC) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. Zacks Consensus Estimate Revenues are expected to be $70.55 million, down 7.7% from the year-ago quarter. Estimate Revisions Trend Earnings Whisper ...

| --- | --- | |--------------------------|------------------------| | | | | AT THE COMPANY: | AT FINANCIAL PROFILES: | | Edward J. Czajka | Jeffrey Haas | | Executive Vice President | General Information | | Chief Financial Officer | (310) 622-8240 | | (213) 891-1188 | PFBC@finprofiles.com | LOS ANGELES, June 20, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has declared a quarterly cash divid ...

LOS ANGELES, June 20, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has declared a quarterly cash dividend of $0.70 per share, payable on July 19, 2024 to holders of record on July 5, 2024. About Preferred Bank | --- | --- | |--------------------------|------------------------| | | | | AT THE COMPANY: | AT FINANCIAL PROFILES: | | Edward J. Czajka | Jeffrey Haas | | Executive Vice President | G ...

Preferred Bank (NASDAQ:PFBC) is a small bank, with equity of about $700 million and total assets of $6.75 billion. It is based in Los Angeles, and its strong performance in recent years is making it interesting in the eyes of investors. In particular, its fast-growing dividend is its strength, as is its better-than-average profitability. However, there are also weaknesses that could make this bank's future less rosy. Future prospects and profitability Last quarter loan growth was 4% annualized, which is a p ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks. Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis ...

Preferred Bank (NASDAQ:PFBC) Q1 2024 Earnings Conference Call April 23, 2024 2:00 PM ET Matthew Clark - Piper Sandler Andrew Terrell - Stephens David Feaster - Raymond James Thank you Nick. Hello everyone. Thank you for joining us to discuss Preferred Bank's financial results for the first quarter ended March 31, 2024. With me today for management are Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward Czajka, and Chief Credit Officer, Nick Pi. Manag ...