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 |
|---|---|---|---|
| 12/9/2024 | Overweight → Equal-Weight | Stephens | |
| 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 |
Stephens downgraded Preferred Bank from Overweight to Equal-Weight
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
LOS ANGELES, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), (the "Bank") one of the larger independent California banks, today reported that the Board of Directors had approved a significant donation to benefit fire relief efforts on the Los Angeles area. Li Yu, Chairman and CEO, commented, "The recent wildfires in Southern California have been devastating and one of the worst disasters in the history of Southern California. As a company headquartered in the heart of Los Angeles, the fires have been particularly impactful for many of our associates, clients and communities. To support recovery efforts, the Board and executive management have authorized a donation in t
LOS ANGELES, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank ("the Bank") reported net income of $30.2 million or $2.25 per diluted share for the fourth quarter of 2024. This represents a decrease in net income of $3.2 million from the prior quarter and a decrease of $5.6 from the same quarter last year. The decrease compared to both periods was mainly due to a one-time $8.1 million increase in occupancy expense this quarter due to the previously disclosed error in the calculation of ASC 842, Accounting for Leases. As previously disclosed, this calc
LOS ANGELES, Jan. 10, 2025 (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 fourth quarter ended December 31, 2024 after the close of market on Monday, January 27, 2025. On the following day, Tuesday, January 28, 2025, 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 th
LOS ANGELES, Dec. 26, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has increased the quarterly cash dividend to $0.75 per share from the previous $0.70 per share, an increase of 7.1%. The dividend is payable on January 23, 2025 to holders of record on January 9, 2025. 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
LOS ANGELES, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), ("the Bank"), an independent commercial bank, today announced that the Bank had uncovered an unreconciled difference in its calculation of its right of use asset ("ROU") and lease liabilities. As a result of this error, the Bank will record $8.1 million on a pre-tax basis of occupancy expense in the fourth quarter of 2024. On an after-tax basis, this will reduce fourth quarter diluted earnings per share by approximately $0.43. In January of 2019, the Bank adopted ASC 842, Accounting for Leases. This accounting statement requires entities capitalize leases that are longer than one year. The effect being that lease
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, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank ("the Bank") reported net income of $30.2 million or $2.25 per diluted share for the fourth quarter of 2024. This represents a decrease in net income of $3.2 million from the prior quarter and a decrease of $5.6 from the same quarter last year. The decrease compared to both periods was mainly due to a one-time $8.1 million increase in occupancy expense this quarter due to the previously disclosed error in the calculation of ASC 842, Accounting for Leases. As previously disclosed, this calc
LOS ANGELES, Jan. 10, 2025 (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 fourth quarter ended December 31, 2024 after the close of market on Monday, January 27, 2025. On the following day, Tuesday, January 28, 2025, 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 th
LOS ANGELES, Dec. 26, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has increased the quarterly cash dividend to $0.75 per share from the previous $0.70 per share, an increase of 7.1%. The dividend is payable on January 23, 2025 to holders of record on January 9, 2025. 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
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%
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