Preferred Bank Reports Fourth Quarter and Annual Results
Preferred Bank (PFBC)
Last preferred bank earnings: 4/22 04:05 pm
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US:NASDAQ Investor Relations:
1firstbank.com/pr/en/help-center/investor-relations
Company Research
Source: GlobeNewswire
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 calculation error goes back to the adoption of ASC 842 in 2019 and the $8.1 million item represents the cumulative erroneous calculation through the years from 2019 to present. Net interest income was $69.2 million, up by $325,000 compared to last quarter’s $68.8 million and down slightly from the $6
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News
- Preferred Bank raises annual dividend by 6.7% to $3.20 a share [Seeking Alpha]Seeking Alpha
- Preferred Bank Announces Dividend IncreaseGlobeNewswire
- Will Margin Compression And Earnings Declines Change Preferred Bank's (PFBC) Profit Resilience Narrative? [Yahoo! Finance]Yahoo! Finance
- 3 Reasons to Avoid PFBC and 1 Stock to Buy Instead [Yahoo! Finance]Yahoo! Finance
- Preferred Bank (NASDAQ:PFBC) had its "buy (b-)" rating reaffirmed by analysts at <a style="font-weight:bold" href="https://weissratings.com/">Weiss Ratings</a>.MarketBeat