Preferred Bank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 20, 2015 at 05:07 pm
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Preferred Bank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $21,821,000 against $18,513,000 reported last year. Net interest income was $16,401,000 against $14,204,000 reported last year. Net interest income after provision for loan losses was $18,883,000 against $14,601,000 reported last year. Income before provision for income taxes was $11,513,000 against $9,591,000 reported last year. Net income available to common shareholders was $6,779,000 or $0.50 per diluted share compared to $5,834,000 or $0.43 per diluted share a year ago. ROA was 1.37% compared to 1.33%. ROE was 11.92% compared to 11.62% a year ago. The increase in net interest income over the fourth quarter of 2013 and over the prior quarter is due primarily to growth in the loan portfolio.
For the full year, the company reported total interest income of $80,327,000 against $69,726,000 reported last year. Net interest income was $70,987,000 against $61,997,000 reported last year. Net interest income after provision for loan losses was $67,637,000 against $58,747,000 reported last year. Income before provision for income taxes was $40,847,000 against $31,865,000 reported last year. Net income available to common shareholders was $24,292,000 or $1.78 per diluted share compared to $18,998,000 or $1.42 per diluted share a year ago. ROA was 1.31% compared to 1.18%. ROE was 11.88% compared to 10.22% a year ago. This increase in net interest income is primarily due to growth in the loan portfolio over the course of 2014.
Total net charge-offs (recoveries) for the fourth quarter of 2014 were $188,000.
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 Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014