Preferred Bank Reports Quarterly Earnings
Preferred Bank (PFBC)
Last preferred bank earnings: 4/22 04:05 pm
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US:NASDAQ Investor Relations:
1firstbank.com/pr/en/help-center/investor-relations
Company Research
Source: GlobeNewswire
LOS ANGELES, April 22, 2020 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), an independent commercial bank, today reported results for the quarter ended March 31, 2020. Preferred Bank (“the Bank”) reported net income of $16.2 million or $1.08 per diluted share for the first quarter of 2020. This is down from net income of $18.7 million or $1.23 per diluted share for the first quarter of 2019 and is down from net income of $19.6 million or $1.31 per diluted share for the fourth quarter of 2019. The primary reason for the decrease is the provision for credit losses, which totaled $5.3 million for the first quarter of 2020, as compared to $500,000 in the first quarter of 2019 and compared to $450,000 in the fourth quarter of 2019. The higher provision for this quarter is due to the uncertainty of the impact of the economic shutdown due to the COVID-19 pandemic. Li Yu, Chairman and CEO, commented, “The speed and the depth of the events that have transpired in the first quarter hav
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- Preferred Bank (NASDAQ:PFBC) had its "buy (b-)" rating reaffirmed by analysts at <a style="font-weight:bold" href="https://weissratings.com/">Weiss Ratings</a>.MarketBeat
- Preferred Bank (NASDAQ:PFBC) had its "buy (b-)" rating reaffirmed by analysts at <a style="font-weight:bold" href="https://weissratings.com/">Weiss Ratings</a>.MarketBeat
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