LOS ANGELES (AP) _ Preferred Bank (PFBC) on Monday reported third-quarter profit of $17.1 million.

The bank, based in Los Angeles, said it had earnings of $1.15 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.

The independent commercial bank posted revenue of $54.4 million in the period. Its revenue net of interest expense was $45.7 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $45.2 million.

Preferred Bank shares have fallen 44% since the beginning of the year. In the final minutes of trading on Monday, shares hit $33.43, a decline of 36% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFBC at https://www.zacks.com/ap/PFBC

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