Preferred Bank Withdraws TARP Application

LOS ANGELES, Aug. 31 /PRNewswire-FirstCall/ -- Preferred Bank (Nasdaq: PFBC - News; the "Bank") today announced that it has notified the FDIC and the U.S. Treasury that it is withdrawing its application to receive capital under the U.S. Treasury's Capital Purchase Program ("CPP"). The Bank originally submitted its application in late 2008. Mr. Li Yu, Chairman, President and CEO commented, "Our very successful common stock rights offering has supplied us with an additional level of capital that we feel will get us through this very difficult economic environment. Therefore, we feel that additional capital under the CPP program is not warranted given our pro forma tangible common equity ratio of 10.7% as of June 30, 2009."About Preferred BankPreferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. Preferred 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. Preferred Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica, Anaheim and Pico Rivera, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. Preferred Bank provides personalized deposit servic...
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Preferred Bank Announces Close of Offering

LOS ANGELES, Sept. 9 /PRNewswire-FirstCall/ -- Preferred Bank (Nasdaq: PFBC - News; the "Bank") today announced that it has closed its highly successful rights offering and concurrent public offering. As previously announced, the Bank received subscriptions and over-subscriptions totaling over $17 million. This was approximately $6 million more than the maximum offering amount under the original terms of the offering. The Bank will issue 5,912,919 shares of its common stock in exchange for approximately $17,029,000. The shares are expected to be issued Friday, September 11, 2009. About Preferred BankPreferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. Preferred 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. Preferred Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica, Anaheim and Pico Rivera, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. Preferred 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 develope...
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Banking On Fantasy

Now that the credit crisis is over and insolvency no longer looms over the entire financial system, polite investors are learning to avoid mention of America's near-catastrophe. Analyst reports are apt to refer to "normalized earnings," but investors should watch what's happening to bank loan portfolios right now, says RBC Capital Markets analyst Joe Morford.Morford doesn't dispute that the worst of the crisis is behind the banking industry. In a report on banks doing business in the Western U.S., where much of the real estate boom and bust occurred, he says fewer of them look vulnerable to a cash crunch or a run on their deposits. Much of that is due to the government, which upped its deposit insurance limits and lending, than to the banks themselves. But he credits the biggest banks, Bank of America ( BAC - news - people ) and Wells Fargo ( WFC - news - people ) among them, with raising enough money to alleviate concerns about their survival. Seeing that investors were wiling to buy into their big brothers, regional banks followed suit and shored up their capital.Raising money isn't the same as earning it, though. A look at banks' second-qua...
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Q3 2009 Preferred Bank Earnings Release - After Market Close

Earnings Announcements for Thursday, October 29CompanySymbolTimeConferenceCall3PAR Inc.PARAfter Market CloseListenABBABB01:00 am ETABG SUN COL HLDGASC.OLTime Not SuppliedAccuray IncorporatedARAYAfter Market CloseListenACHENG RELAY000922.SZTime Not SuppliedAcme Packet, Inc.APKTAfter Market CloseListenAcme UnitedACU09:00 am ETListenACS, Actividades de Construcción y Servicios, S.A.ACS.MCAfter Market CloseACTELIOSACT.MI10:00 am ETActuate CorporationACTUAfter Market CloseListenAdaptec, Inc.ADPTTime Not SuppliedListenAdolor CorporationADLRTime Not SuppliedListenADVA Optical NetworkingADV.FTime Not SuppliedListenAetna Inc.AETBefore Market OpenListenAGL ResourcesAGLBefore Market OpenListenAgree Realty...
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Preferred Bank Announces 2009 Third Quarter Earnings Release and Conference Call

LOS ANGELES, Oct. 16 /PRNewswire-FirstCall/ -- Preferred Bank (Nasdaq: PFBC - News), today announced plans to release its financial results for the third quarter ended September 30, 2009 at the close of the market on Thursday, October 29, 2009. In conjunction with the release, management will host a conference call that day at 5:00 p.m. Eastern (2:00 p.m. Pacific). The call will be simultaneously broadcast over the Internet. Interested participants and investors may access the conference call by dialing 877-941-2928 (domestic) or 480-629-9725 (international). There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank's web site at www.preferredbank.com. Web participants are encouraged to go to the web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.Preferred Bank's Chairman and CEO Li Yu and Chief Financial Officer Edward J. Czajka will be present to discuss Preferred Bank's financial results, business highlights and outlook. After the live webcast, a replay will remain available in the Investor Relations section of Preferred Bank's web site. A replay of the call will also be available at 800-406-7325 (domestic) or 303-590-3030 (international) through November 5, 2009; the pass code is 4174801....
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Preferred Bank Q3 2009 Earnings Call Transcript

Preferred Bank (PFBC) Q3 2009 Earnings Call October 29, 2009 5:00 PM ET Executives Lasse Glassen - Financial Relations Board Li Yu - Chairman, President, CEO Edward J. Czajka - Executive Vice President, CFO Analysts Joe Gladue - B. Riley Aaron Deer - Sandler O'Neill Asset Management Joe Morford - RBC Capital Markets Donald A. Worthington - Howe, Barnes, Hoefer & Arnett Julianna Balicka - Keefe, Bruyette & Woods, Inc John E. Deysher - Pinnacle Value Fund Presentation Operator Good afternoon ladies and gentlemen. Thank you for standing by. Welcome to the Preferred Bank 2009 third quarter results conference call. During today’s presentation all parties will be in a listen only mode. Following the presentation the conference will be open for questions. (Operator’s instructions) This conference is being recorded today, Thursday, October 29, 2009. At this time I’d like to turn the conference over to Mr. Lasse Glassen, Financial Relations Board. Please go ahead, sir. Lasse Glassen Thank you. Good day everyone and thanks for joining us to discuss Preferred Bank’s results of the third quarter, ended September 30, 2009. With us today from management is Mr. Li Yu, Chairman, President and Chief Executive Officer, and Ed Czajka, Chief Financial Officer. Management will provide a brief summary of the quarter and then we’ll open the call for your questions. During the course of this conference call statements made by management may include forward-looking statements within the meaning of the private securities litigation ...
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Preferred Bank Earnings Call scheduled for 5:00 pm ET today

Call DetailsPreferred Bank Earnings Conference Call (Q3 2009)Thu, Oct 29, 2009, 5:00 pm EasternAbout Preferred Bank (NasdaqGS:PFBC)Preferred Bank operates as an independent commercial bank in California. Its deposit products include checking, savings, negotiable order of withdrawal, and money market deposit accounts; fixed-rate and fixed maturity retail certificates of deposit; non-retail certificates of deposit; and individual retirement accounts. The company provides construction loans and mini-permanent loans for residential, commercial, industrial, and other income producing properties. It offers capital loans, equipment financing, and commercial real estate loans, as well as provides a range of deposit products and related services, such as safe deposit boxes, account reconciliation, courier service, and cash management services to the middle market business customers. The company also offers commercial and standby letters of credit, acceptance financing, documentary collections, foreign draft collections, international wires, and foreign exchange services to international trade finance customers. Further, Preferred Bank offers various private and personal banking services, as well as Internet banking services. It serves small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals, and high net worth individuals. As of December 31, 2008, Preferred Bank operated 12 full-service branch offices in Los Angeles, Orange, and San Bernardino Counties. The company was founded in 1991 and is headquartered in Los Angeles, California.More Info:Quote |Chart |Profile |...
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Preferred Bank Reports Third Quarter Results

LOS ANGELES, Oct. 29 /PRNewswire-FirstCall/ -- Preferred Bank (Nasdaq: PFBC - News), an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today reported results for the quarter ended September 30, 2009. Preferred 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. Li Yu, Chairman, President and CEO commented, "During the third quarter, we decided to further increase our allowance for credit losses from previous quarters. We made a significant revision to our allowance adequacy methodology as it relates to our portfolio designated 'pass' As a result, our allowance coverage of 'pass' loans now stands at 1.63%, an increase of 37 basis points from the previous quarter. We have also stepped up our valuation efforts on the entire loan portfolio and increased our allowance to 3.24% of total loans. This is even after we charged off $13.8 million of loans."One of the bright spots of the quarter was a 67% reduction in loans 30-89 days past due to $28.5 million. Delinquent loans is the main indicator for migration of loans into non-performing status the following quarter. For the first time this year, we have a significant reduction in this category."This quarter, we have also experienced increased activity in the disposition of tr...
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Preferred Bank Receives Loan Settlement

LOS ANGELES, Nov. 12 /PRNewswire-FirstCall/ -- Preferred Bank (Nasdaq: PFBC - News; the "Bank") today announced that on November 10, 2009, the Bank received $7,050,000 from another bank in the full settlement of a long outstanding lawsuit relating to a loan participation between the two banks. After deducting the remaining carrying value of the loan and related legal expenses, the Bank will record approximately $5 million in recovery of loan balances that were previously charged-off. About Preferred BankPreferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. Preferred 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. Preferred Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica, Anaheim and Pico Rivera, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. Preferred 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.Forward-Looking StatementsThis pre...
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