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Earnings Call Summary | Preferred Bank(PFBC.US) Q1 2024 Earnings Conference

Futu News ·  Apr 24 08:30  · Conference Call

The following is a summary of the Preferred Bank (PFBC) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Preferred Bank reported a Q1 net income of $33.5 million or $2.44 per fully diluted share. The bank's loan and deposit growth were annualized at 4% and 6.5% respectively.

  • A slight decrease in the net interest margin was reported at 4.19% due to a continued increase in the cost of deposits.

  • Criticized loans increased slightly to $87.6 million, while non-performing loans were reduced from $28.7 million to $18.2 million by the end of Q1.

Business Progress:

  • The bank expanded its presence by opening a new full-service branch in the Irvine area of Orange County and a loan production office in the Silicon Valley area.

  • Efforts to reduce the sensitivity of the loan portfolio have been ongoing since Q3 of the previous year, and it currently stands around mid-70%

  • New loan and deposit growth initiatives led by newly recruited officers have been implemented amongst existing customers.

More details: Preferred Bank IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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