LOS ANGELES, Jan. 30, 2013 (GLOBE NEWSWIRE) -- Preferred Bank (Nasdaq:PFBC), an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today reported final updated results for the quarter and year ended December 31, 2012. Preferred Bank ("the Bank") previously reported net income of $3.4 million or $0.25 per diluted share for the fourth quarter of 2012. As a result of the Bank's complete analysis of its income tax position, the Bank has recorded a tax benefit for the fourth quarter of $928,000. This compares to previously reported income tax expense for the fourth quarter of $1,125,000. The result of this change amends the Bank's results for the fourth quarter to net income of $5.4 million or $0.40 per diluted share and the Bank's full year results are amended to report net income of $24.4 million or $1.82 per diluted share.
This change increases the Bank's capital ratios and tangible book value to the following:
|Tangible Common Equity Ratio:||12.11%|
|Tier 1 Leverage Ratio:||12.00%|
|Total Risk-Capital Ratio:||15.02%|
|Tangible Book Value per Share:||$14.23|
About Preferred BankPreferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. The bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Company conducts its banking business from its main office in Los Angeles, California, and through nine full-service branch banking offices in Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Anaheim and Pico Rivera, California. Preferred Bank offers a broad 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. Preferred Bank continues to benefit from the significant migration to Southern California of ethnic Chinese from China and other areas of East Asia. While its business is not solely dependent on the Chinese-American market, it represents an important element of the bank's operating strategy, especially for its branch network and deposit products and services. Preferred Bank believes it is well positioned to compete effectively with the smaller Chinese-American community banks, the larger commercial banks and other major banks operating in Southern California by offering a high degree of personal service and responsiveness, experienced multi-lingual staff and substantial lending limits.
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