Preferred Bank Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 19, 2023 at 04:01 pm EDT
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Preferred Bank reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 73.31 million compared to USD 56.42 million a year ago. Net income was USD 37.94 million compared to USD 28.07 million a year ago. Basic earnings per share from continuing operations was USD 2.63 compared to USD 1.9 a year ago. Diluted earnings per share from continuing operations was USD 2.61 compared to USD 1.87 a year ago.
For the six months, net interest income was USD 147.02 million compared to USD 106.46 million a year ago. Net income was USD 76.01 million compared to USD 54.1 million a year ago. Basic earnings per share from continuing operations was USD 5.27 compared to USD 3.66 a year ago. Diluted earnings per share from continuing operations was USD 5.21 compared to USD 3.61 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 
