Preferred Bank Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 17, 2023 at 04:04 pm EDT
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Preferred Bank reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 72.95 million compared to USD 66.79 million a year ago. Net income was USD 38.19 million compared to USD 35.19 million a year ago. Basic earnings per share from continuing operations was USD 2.74 compared to USD 2.44 a year ago. Diluted earnings per share from continuing operations was USD 2.71 compared to USD 2.4 a year ago.
For the nine months, net interest income was USD 219.98 million compared to USD 173.25 million a year ago. Net income was USD 114.2 million compared to USD 89.29 million a year ago. Basic earnings per share from continuing operations was USD 8.01 compared to USD 6.09 a year ago. Diluted earnings per share from continuing operations was USD 7.92 compared to USD 6 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 
