Preferred Bank reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The bank reported a net loss of $14.3 million or $1.31 per diluted share for the quarter compared to a net loss of $3.4 million or $0.35 per diluted share for the third quarter of 2008 and compared to a net loss of $5.8 million or $0.59 per diluted share for the second quarter of 2009. Net interest income before provision for loan and lease losses decreased to $9.5 million, compared to $12.0 million for the third quarter of 2008. The 21.0% decrease was due primarily to lower loan totals as well as a significant increase in nonaccrual loans in 2009. Loss before provision for income taxes was $24.728 million against $2.944 million of previous year period. Return on average assets was negative at 4.05% against 0.90% for the same period a year ago. Return on average equity was negative at 38.89% compared to 9.22% for the same period last year. For the nine months ended September 30, 2009, net loss was $21.457 million or $2.10 basic and diluted loss per share compared to net loss of $5 million for the same period last year. Loss before provision for income taxes was $39.075 million against income of $3.075 million for the comparable period last year. Net interest income was $29.735 million compared to $40.165 million of previous year period.

Preferred Bank expected to Report Fiscal Year 2009 Results on January 25, 2010. This event was calculated by Capital IQ (Created on October 27, 2009).

Preferred Bank, Q3 2009 Earnings Call, Oct 29 2009