Preferred Bank provides various commercial banking products and services to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals, and high net worth individuals in the United States. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts. It also provides real estate mortgage loans that are secured by retail, industrial, office, special purpose, and residential single and multi-family properties; real estate construction loans; and commercial loans comprising lines of credit for working capital and term loans for capital expenditures, as well as equipment financing and SBA loans. In addition, the company offers trade finance services, including commercial and export letters of credit, import lines of credit, documentary collections, international wire transfers, export financing, bills purchase programs, and acceptances/trust receipt financing products, as well as standby letters of credit. Further, it provides various high-wealth banking services to wealthy individuals residing in the Pacific Rim area; and remote deposit capture, and online and mobile banking services. Additionally, the company offers various banking services to physicians, accountants, attorneys, business managers, and other professionals; and safe deposit boxes, account reconciliation, courier service, and cash management services to the manufacturing, service, and distribution companies. As of December 31, 2020, it had thirteen full-service branch offices in Alhambra, Arcadia, Century City, City of Industry, Diamond Bar, Los Angeles, Pico Rivera, San Francisco, Tarzana, Torrance, and Irvine, California; and Flushing, New York. The company was founded in 1991 and is headquartered in Los Angeles, California.
IPO Year:
Exchange: NASDAQ
Website: preferredbank.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 7/7/2022 | Outperform → Mkt Perform | Raymond James | |
| 2/16/2022 | $95.00 | Neutral → Buy | Janney |
| 1/24/2022 | $85.00 → $94.00 | Overweight | Piper Sandler |
| 1/21/2022 | $95.00 → $100.00 | Buy | B. Riley Securities |
| 1/21/2022 | $75.00 → $85.00 | Outperform | Raymond James |
| 1/12/2022 | $80.00 → $95.00 | Buy | B. Riley Securities |
| 11/17/2021 | $85.00 → $88.00 | Overweight | Piper Sandler |
| 10/29/2021 | $74.00 → $79.00 | Equal-Weight → Overweight | Stephens |
| 10/25/2021 | $72.00 → $75.00 | Outperform | Raymond James |
LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2024. Preferred Bank ("the Bank") reported net income of $33.4 million or $2.46 per diluted share for the third quarter of 2024. This represents a slight decrease in net income of $209,000 from the prior quarter and down by $4.8 million from the same quarter last year. The decrease in net income from the prior year was due to a decrease in net interest income of $4.1 million due to higher deposit costs as well as an increase in noninterest expense of $3.1 million. These were partially offset by lower provisio
LOS ANGELES, Oct. 15, 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 third quarter ended September 30, 2024 before the open of market on Monday, October 21, 2024. That same day, 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 investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing "Preferred Bank." There will also be a live webcast of the call available at the Investor
LOS ANGELES, Sept. 19, 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 October 21, 2024 to holders of record on October 7, 2024. About Preferred Bank Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and thr
LOS ANGELES, July 25, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended June 30, 2024. Preferred Bank ("the Bank") reported net income of $33.6 million or $2.48 per diluted share for the second quarter of 2024. This represents a slight increase in net income of $126,000 over the prior quarter but down by $4.3 million from the same quarter last year. The decrease in net income from the prior year was due to lower net interest income because of rising deposit costs. Despite the decrease in net income, Preferred Bank continues to deliver top-of-peer group profitability metrics and long term share
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 investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing "Preferred Bank." There will also be a live webcast of the call av
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 Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through tw
LOS ANGELES, April 23, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended March 31, 2024. Preferred Bank ("the Bank") reported net income of $33.5 million or $2.44 per diluted share for the first quarter of 2024. This represents a decrease in net income of $2.4 million or 6.6% from the prior quarter and down by $4.6 million from the same quarter last year. Despite the decrease in net income, Preferred Bank continues to deliver top-of-class profitability metrics and long term shareholder returns. Highlights for the Quarter: Return on average assets was 2.00%Return on beginning equity of 19.36%
LOS ANGELES, April 11, 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 first quarter ended March 31, 2024 before the open of market on Tuesday, April 23, 2024. That same day, 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 investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing "Preferred Bank." There will also be a live webcast of the call available at the Investor Relat
LOS ANGELES, March 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 April 5, 2024 to holders of record on April 19, 2024. About Preferred Bank Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through
LOS ANGELES, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2023. Preferred Bank ("the Bank") reported net income of $35.8 million or $2.60 per diluted share for the fourth quarter of 2023. This represents a decrease in net income of $3.7 million or 9.4% from the same quarter last year and down from the third quarter of 2023 as well. The primary driver of the decrease compared to both periods was net interest income which decreased by $4.7 million or 6.4% from the same period last year and was down by $3.6 million or 4.9% from the prior quarter. In addition to that, th
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LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2024. Preferred Bank ("the Bank") reported net income of $33.4 million or $2.46 per diluted share for the third quarter of 2024. This represents a slight decrease in net income of $209,000 from the prior quarter and down by $4.8 million from the same quarter last year. The decrease in net income from the prior year was due to a decrease in net interest income of $4.1 million due to higher deposit costs as well as an increase in noninterest expense of $3.1 million. These were partially offset by lower provisio
LOS ANGELES, Oct. 15, 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 third quarter ended September 30, 2024 before the open of market on Monday, October 21, 2024. That same day, 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 investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing "Preferred Bank." There will also be a live webcast of the call available at the Investor
LOS ANGELES, Sept. 19, 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 October 21, 2024 to holders of record on October 7, 2024. About Preferred Bank Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and thr
LOS ANGELES, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), ("the Bank"), an independent commercial bank, today announced that the Bank has received regulatory approval to continue its shareholder-approved $150 million stock Repurchase Plan, ("the Plan"). Thus far in the Plan, the Bank has repurchased $72.5 million of its common stock over the latter half of 2023 and into 2024, however regulatory approval expired in July of 2024. As a state, non-member Bank that issues its common stock at the Bank level, Preferred Bank is required to seek regulatory approval to engage in transactions that either increase or decrease capital. This approval to repurchase the remaining $77.5
LOS ANGELES, July 25, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended June 30, 2024. Preferred Bank ("the Bank") reported net income of $33.6 million or $2.48 per diluted share for the second quarter of 2024. This represents a slight increase in net income of $126,000 over the prior quarter but down by $4.3 million from the same quarter last year. The decrease in net income from the prior year was due to lower net interest income because of rising deposit costs. Despite the decrease in net income, Preferred Bank continues to deliver top-of-peer group profitability metrics and long term share
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 investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing "Preferred Bank." There will also be a live webcast of the call av
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 Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through tw
LOS ANGELES, April 23, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended March 31, 2024. Preferred Bank ("the Bank") reported net income of $33.5 million or $2.44 per diluted share for the first quarter of 2024. This represents a decrease in net income of $2.4 million or 6.6% from the prior quarter and down by $4.6 million from the same quarter last year. Despite the decrease in net income, Preferred Bank continues to deliver top-of-class profitability metrics and long term shareholder returns. Highlights for the Quarter: Return on average assets was 2.00%Return on beginning equity of 19.36%
LOS ANGELES, April 11, 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 first quarter ended March 31, 2024 before the open of market on Tuesday, April 23, 2024. That same day, 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 investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing "Preferred Bank." There will also be a live webcast of the call available at the Investor Relat
LOS ANGELES, March 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 April 5, 2024 to holders of record on April 19, 2024. About Preferred Bank Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through
Raymond James downgraded Preferred Bank from Outperform to Mkt Perform
Janney upgraded Preferred Bank from Neutral to Buy and set a new price target of $95.00
Piper Sandler reiterated coverage of Preferred Bank with a rating of Overweight and set a new price target of $94.00 from $85.00 previously
B. Riley Securities reiterated coverage of Preferred Bank with a rating of Buy and set a new price target of $100.00 from $95.00 previously
Raymond James reiterated coverage of Preferred Bank with a rating of Outperform and set a new price target of $85.00 from $75.00 previously
B. Riley Securities reiterated coverage of Preferred Bank with a rating of Buy and set a new price target of $95.00 from $80.00 previously
Piper Sandler reiterated coverage of Preferred Bank with a rating of Overweight and set a new price target of $88.00 from $85.00 previously
Stephens upgraded Preferred Bank from Equal-Weight to Overweight and set a new price target of $79.00 from $74.00 previously
Raymond James reiterated coverage of Preferred Bank with a rating of Outperform and set a new price target of $75.00 from $72.00 previously
Piper Sandler reiterated coverage of Preferred Bank with a rating of Overweight and set a new price target of $82.00 from $71.00 previously
Preferred Bank (NASDAQ:PFBC) reported quarterly earnings of $2.44 per share which beat the analyst consensus estimate of $2.38 by 2.52 percent. This is a 40.23 percent increase over earnings of $1.74 per share from the same period last year. The company reported quarterly sales of $68.500 million which beat the analyst consensus estimate of $66.879 million by 2.42 percent. This is a 7.07 percent decrease over sales of $73.715 million the same period last year.
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Preferred Bank (NASDAQ:PFBC) reported its Q4 earnings results on Wednesday, January 24, 2024 at 04:01 PM. Here's what investors need to know about the announcement. Earnings Preferred Bank beat estimated earnings by 2.36%, reporting an EPS of $2.6 versus an estimate of $2.54. Revenue was down $4.72 million from the same period last year. Past Earnings Performance Last quarter the company beat on EPS by $0.15 which was followed by a 4.45% drop in the share price the next day. Here's a look at Preferred Bank's past performance: Quarter Q3 2023 Q2 2023 Q1 2023 Q4 2022 EPS Estimate 2.56 2.45 2.56 2.57 EPS Actual 2.71 2.61 2.61 2.71 Revenue Estimate 72.47M 71.48M 73.42M 71.80M Revenu
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Preferred Bank (NASDAQ:PFBC) is set to give its latest quarterly earnings report on Wednesday, 2024-01-24. Here's what investors need to know before the announcement. Analysts estimate that Preferred Bank will report an earnings per share (EPS) of $2.54. Preferred Bank bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company beat EPS by $0.15, which was followed by a 4.45% drop in
On January 22, 2024, Preferred Bank (NASDAQ:PFBC) will distribute a dividend payout of $0.70 per share, equating to an annualized dividend yield of 4.17%. Shareholders who owned the stock before the ex-dividend date on January 05, 2024 will receive this payout. Preferred Bank Recent Dividend Payouts table { width: 100%; border-collapse: collapse; font-family: Arial, sans-serif; font-size: 14px; } th, td { padding: 8px; text-align: left; } th { background-color: #293a5a; color: #fff; text-align: left; } tr:nth-child(even) {
Thursday marks the last chance for investors to receive the next dividend payout from Preferred Bank (NASDAQ:PFBC). What's Happening The company announced on Wednesday that it would pay shareholders a quarterly dividend of 70 cents per share. On Friday, Preferred Bank will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 70 cents lower than it would have opened on any other day. In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Friday. Shareholders who own PFBC as of the end of Thursday's session are eligible to receive the 70 cents dividen
The dividend is payable on January 22, 2024 to holders of record on January 8, 2024.