This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Preferred Bank Reports Preliminary Fourth Quarter Results

Stocks in this article: PFBC

LOS ANGELES, Jan. 22, 2013 (GLOBE NEWSWIRE) -- Preferred Bank (Nasdaq:PFBC), an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today reported preliminary results for the quarter and year ended December 31, 2012. Preferred Bank ("the Bank") reported net income of $3.4 million or $0.25 per diluted share for the fourth quarter of 2012. This compares to net income of $3.8 million or $0.29 per diluted share for the fourth quarter of 2011 and compares to net income of $2.8 million or $0.21 per diluted share for the third quarter of 2012.  Net income for the fourth quarter of 2011 was aided by the $1.4 million partial reversal of the Bank's valuation allowance on its deferred tax asset ("DTA").  Pre-tax income on a year over year basis increased from $2.4 million in the fourth quarter of 2011 to $4.5 million in the fourth quarter of 2012, an increase of 90%.  Results for the fourth quarter and year ended December 31, 2012 are preliminary due to the ongoing effort to finalize the Bank's income tax position. At this point, the Bank anticipates that the actual income tax expense for the fourth quarter may be less than that currently recorded.

-- Highlights from the fourth quarter of 2012 include:

  • Linked quarter loan growth of $56.9 million or 5.3%
  • Linked quarter deposit growth of $65.6 million or 5.1%
  • OREO declined by $6.7 million or 19% from September 30, 2012
  • Nonperforming loans declined by $3.9 million or 16.9% from September 30, 2012
  • Net interest margin saw slight expansion from 3.88% to 3.91% linked quarter

Li Yu, Chairman and CEO commented, "For the fourth quarter, the Bank earned $3.4 million or $0.25 per diluted share. This amount exceeded our own expectations and we are pleased to report it. Non-performing assets continue to decline. During the quarter, we reduced OREO by $6.7 million, nonperforming loans by $3.9 million and reduced TDR's by $8.1 million. Our resolution efforts continue and we hope to achieve meaningful results in the ensuing quarters. 

1 of 8

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs