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.