Preferred Bank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 20, 2017 at 02:56 am IST
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Preferred Bank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $28,064,000 compared to $22,318,000 a year ago. Net interest income after provision for loan losses was $26,164,000 compared to $22,018,000 a year ago. Income before provision for income taxes was $16,227,000 compared to $13,081,000 a year ago. Net income was $10,061,000 compared to $7,563,000 a year ago. Diluted income per share available to common shareholders was $0.71 compared to $0.54 a year ago. Return on average assets was 1.28% compared to 1.28% a year ago. Return on beginning equity was 13.74% compared to 11.67% a year ago.
For the full year, the company reported net interest income of $104,179,000 compared to $83,846,000 a year ago. Net interest income after provision for loan losses was $97,779,000 compared to $82,046,000 a year ago. Income before provision for income taxes was $59,700,000 compared to $50,228,000 a year ago. Net income was $36,369,000 compared to $29,743,000 a year ago. Diluted income per share available to common shareholders was $2.56 compared to $2.14 a year ago. Return on average assets was 1.27% compared to 1.35% a year ago. Return on beginning equity was 13.77% compared to 12.66% a year ago.
Preferred Bank is an independent commercial bank focusing primarily on the California market. The Bank provides a range of financial services. The Bank offers a 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. The Bank conducts its banking business from its main office in Los Angeles, California, and through 11 full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana, and San Francisco) and one branch in Flushing, New York. In addition, the Bank operates a loan production office in the Houston, Texas suburb of Sugar Land. Its business activities come from the mainstream markets of Southern and Northern California.