Preferred Bank: 4Q Earnings Snapshot
LOS ANGELES (AP) _ Preferred Bank (PFBC) on Thursday reported fourth-quarter profit of $18.7 million.
The Los Angeles-based bank said it had earnings of $1.22 per share. Earnings, adjusted for non-recurring gains, were $1.13 per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.
The independent commercial bank posted revenue of $58.8 million in the period. Its revenue net of interest expense was $45.8 million, beating Street forecasts. Four analysts surveyed by Zacks expected $42.1 million.
For the year, the company reported profit of $71 million, or $4.64 per share. Revenue was reported as $163.6 million.
Preferred Bank shares have increased slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $45.22, a decline of 31 percent in the last 12 months.