Preferred Bank reported a slight decrease in net income for Q3 2024, with increased expenses.

From GlobeNewswire: 2024-10-21 08:00:00

Preferred Bank (NASDAQ: PFBC) reported net income of $33.4 million for Q3 2024, a slight decrease from the prior quarter and a $4.8 million drop from the same quarter last year. The decrease was due to higher deposit costs and an increase in noninterest expense. Return on average assets was 1.95%. Total loans increased by $143 million. Nonperforming loans were reduced by $21.2 million, with no charge-offs. The OREO property is in escrow. Total gross loans increased to $5.57 billion. Total deposits decreased by $11 million but increased year-to-date to $5.87 billion. Total assets were $6.87 billion. Non-accrual loans decreased to $19.4 million, down from $40.6 million in the previous quarter. Combined amount outstanding for loans downgraded declined to $95.6 million. Benefit recoveries were $800,000 for the quarter. The provision for credit losses was $3.2 million for Q3 2024. The allowance coverage ratio increased to 1.36% of loans. The Bank’s leverage ratio was 11.28%, the common equity tier 1 capital ratio was 11.66% and the total capital ratio was 15.06%.



Read more at GlobeNewswire:: Preferred Bank Reports Third Quarter Results