Preferred Bank Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 22, 2018 at 09:13 pm
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Preferred Bank announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $42,001,000 against $33,980,000 a year ago. Net interest income was $34,562,000 against $28,064,000 a year ago. Net interest income after provision for loan losses was $33,062,000 against $26,164,000 a year ago. Income before provision for income taxes was $22,501,000 against $16,227,000 a year ago. Net income was $7,726,000 against $10,061,000 a year ago. Net income available to common shareholders was $7,637,000 or $0.52 basic and diluted per share against $9,929,000 or $0.70 diluted per share a year ago. Return on average assets was 0.83% against 1.28% a year ago. Return on beginning equity was 9.67% against 13.74% a year ago. The increase in net interest income over last year is due primarily to growth in interest income on loans partially offset by an increase in interest expense on deposits.
For the year, the company reported total interest income of $157,600,000 against $122,913,000 a year ago. Net interest income was $129,704,000 against $104,179,000 a year ago. Net interest income after provision for loan losses was $124,204,000 against $97,779,000 a year ago. Income before provision for income taxes was $80,480,000 against $59,700,000 a year ago. Net income was $43,394,000 against $36,369,000 a year ago. Net income available to common shareholders was $42,895,000 or $2.96 diluted per share against $13,508,000 or $2.56 diluted per share a year ago. Return on average assets was 1.24% against 1.26% a year ago. Return on beginning equity was 14.56% against 13.30% a year ago.
For the quarter, the company reported total net charge-offs of $334,000 against net recoveries of $22,000 a year ago.
Preferred Bank is an independent commercial bank focusing primarily on the California market. The Bank provides a range of financial services. The Bank offers a range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals, and high net worth individuals. The Bank conducts its banking business from its main office in Los Angeles, California, and through 11 full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana, and San Francisco) and one branch in Flushing, New York. In addition, the Bank operates a loan production office in the Houston, Texas suburb of Sugar Land. Its business activities come from the mainstream markets of Southern and Northern California.
Preferred Bank Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017