The following is a summary of the Preferred Bank (PFBC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Preferred Bank reported a Q1 net income of $33.5 million or $2.44 per fully diluted share. The bank's loan and deposit growth were annualized at 4% and 6.5% respectively.
A slight decrease in the net interest margin was reported at 4.19% due to a continued increase in the cost of deposits.
Criticized loans increased slightly to $87.6 million, while non-performing loans were reduced from $28.7 million to $18.2 million by the end of Q1.
Business Progress:
The bank expanded its presence by opening a new full-service branch in the Irvine area of Orange County and a loan production office in the Silicon Valley area.
Efforts to reduce the sensitivity of the loan portfolio have been ongoing since Q3 of the previous year, and it currently stands around mid-70%
New loan and deposit growth initiatives led by newly recruited officers have been implemented amongst existing customers.
More details: Preferred Bank IR
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