LOS ANGELES, July 20, 2021 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended June 30, 2021. Preferred Bank (“the Bank”) reported net income of $21.5 million or $1.44 per diluted share for the second quarter of 2021. This is up slightly from net income of $21.2 million or $1.42 per diluted share for the first quarter of 2021 and easily tops recorded net income of $15.3 million or $1.03 per diluted share for the second quarter of 2020. The primary reasons for the increase compared to the prior year is a $7.5 million decrease in the provision for credit losses this quarter, an increase in net interest income of $1.2 million, partially offset by an increase in noninterest expense of $630,000. When compared to the prior quarter, the provision for credit losses decreased by $1.4 million, noninterest income increased by $299,000 and noninterest expense decreased by $689,000. Net interest income however, decreased from the prior quarter due to a loan interest accrual adjustment of $2.29 million.
Second quarter 2021 Highlights:
- Net income of $21.4 million, or $1.44 per diluted share
- Linked quarter loan growth (non - PPP) of 2.7%
- Linked quarter deposit growth of 1.6%
- Return on average assets (“ROA”) of 1.58%
- Return on beginning equity (“ROE”) of 15.98%
Li Yu, Chairman and CEO, commented, “Preferred Bank’s second quarter 2021 net income was $21.5 million or $1.44 a share.
“Second quarter net income was negatively impacted by a reversal of interest income of $2.29 million and a charge of $614,000 for unamortized issuance costs on our $100 million of subordinated notes which we called on June 18, 2021. Net interest income and loan revenue continue their positive trend, excluding these items.
“The current low interest rate environment has continued to pressure the Bank’s net interest margin (“NIM”). Second quarter NIM was 3.47% normalized, (see non-GAAP reconciliation) compared to 3.61% for the first quarter. Excluding the two previously mentioned charges, the Bank however, has been able to increase net interest income.
“Loan growth for the second quarter was $114 million (excl. PPP) or 2.7% sequentially. We have seen increased loan origination activities but see increased payoff activities as well. Deposit growth was $74 million or 1.6% on a linked quarter basis. Going forward, we look to continue to increase our deployment of excess liquidity.
Expenses remain in control with efficiency ratio at 33.2%. We are now seeing inflationary pressures in personnel and other expense items. While we may not pass on cost increases to customers, we were able to keep our peer-group leading assets per full time employee (FTE) at $19.5 million and revenue per FTE at approximately $702,000.
Recent Federal Reserve Open Market Committee minutes revealed that our economy is “expanding at a record pace”. We share this optimism and are prepared to take the opportunities presented to us.”
Results of Operations
Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $43.4 million for the second quarter of 2021. This was down slightly from the $45.3 million recorded in the first quarter of 2021 and was slightly ahead of the $42.2 million recorded in the second quarter of 2020. This quarter’s loan interest income was negatively impacted by a $2.29 million adjustment to the accrued interest on our troubled debt restructured loan. This amount was reversed in the second quarter of 2021 and is the reason for the lowered net interest income against expectations. Also negatively impacting net interest income this quarter, the Bank called its $100 million of 6% subordinated notes (“sub debt”) as of June 18, 2021. Simultaneously, the Bank issued $150 million of subordinated notes due June 15, 2031 at a coupon rate of 3.375%. In conjunction with the call of the existing $100 million of notes, the Bank incurred a charge of $614,000 to interest expense related to the unamortized issuance costs of the old notes. Although we incurred the charge this quarter for the calling of the sub debt, the far lower coupon of the new notes (3.375% versus 6.0%) will result in over $900,000 of interest savings annually while increasing the size of the borrowing by $50 million. The aforementioned items (loan interest reversal and recognition of unamortized debt issuance costs) drove the Bank’s taxable equivalent net interest margin down to 3.25%. Excluding these two items the taxable equivalent margin would have been 3.47%, versus 3.61% for the prior quarter and 3.57% for the same period last year.
Noninterest Income. For the second quarter of 2021, noninterest income was $1,646,000 compared with $1,430,000 for the same quarter last year and compared to $1,347,000 for the first quarter of 2021. The increase compared to last year was due to service charges on deposits which increased by $186,000 over last year. This was partially offset by an increase in the loss on sale of loans which was $261,000 in the second quarter of 2021 versus a loss on sale of investment securities of $113,000 in the second quarter of 2020. On a linked quarter basis, service charges on deposits increased by $98,000 while the loss on sale of loans decreased from a loss of $379,000 last quarter to a loss of $261,000 this quarter.
Noninterest Expense. Total noninterest expense was $15.0 million for the second quarter of 2021. This is up compared to the $14.3 million recorded in the same quarter last year but is a decrease from the $15.7 million posted in the first quarter of 2021. Salaries and benefits expense totaled $10.3 million for the second quarter of 2021, an increase of $190,000 from the second quarter of 2020 but a decline from the $11.1 million posted in the first quarter of 2021. The increase over the prior year was due mainly to annual merit increases and the decrease from the first quarter of 2021 was mainly due to higher payroll taxes posted in the first quarter due to incentive compensation distributions. Occupancy expense totaled $1.4 million for the quarter which relatively flat from the prior quarter’s $1.4 million and up over the $1.3 million recorded in the second quarter of last year. The new Houston office and annual lease rate increases are responsible for the year-over-year change. Professional services expense was $996,000 for the second quarter of 2021, flat compared to last quarter’s $981,000 and flat compared to the $1.0 million recorded in the second quarter of 2020. Significant I.T initiatives or large legal cases usually drive the variations in this line item and there have been none in the periods compared. Other expenses were $1.7 million for the second quarter of 2021, fairly close to the $1.6 million recorded last quarter and up from the $1.4 over the same period last year. The increase over last year was mainly due to FDIC premiums increasing commensurately with the Bank’s asset size. For the quarter ended June 30, 2021, the Bank’s efficiency ratio was 33.2%, down slightly from last quarter and a small increase from the 32.9% recorded in the same period last year.
Income Taxes. The Bank recorded a provision for income taxes of $8.6 million for the second quarter of 2021. This represents an effective tax rate (“ETR”) of 28.5% and is consistent with the ETR of 28.5% for the prior quarter but a decrease from the ETR of 29.7% in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.
Balance Sheet Summary
Total gross loans at June 30, 2021 were $4.28 billion, an increase of $243 million or 6.0% over the total of $4.04 billion as of December 31, 2020. Total deposits increased to $4.80 billion, an increase of $354 million or 8.0% over the $4.44 billion as of December 31, 2020. Total assets ended the quarter at $5.58 billion, an increase of $432.3 million or 8.4% over the total of $5.14 billion as of December 31, 2020.
Asset Quality
As of June 30, 2021, nonaccrual loans totaled $20.2 million, down slightly from the $22.0 million reported as of March 31, 2021. In addition, there are $1.7 million in loans that are 90+ days past due and still accruing. These are two loans that are well-secured and in the process of collection. Total net charge-offs (recoveries) for the second quarter of 2021 were $1.2 million compared to a net recovery of ($57,000) in the prior quarter and compared to a net recovery of ($132,000) in the second quarter of 2020.
At June 30, 2021, the Bank had just one loan for $1.5 million still on COVID-19 deferral status. It’s critical to note that as of June 30, 2021, the Bank had recouped 67% of all interest deferred during the deferral period.
Allowance for Credit Losses
The provision for credit losses for the second quarter of 2021 was $0 compared to the $1.4 million recorded last quarter and the $7.5 million posted in the same period last year. Between the adoption of the new accounting standard for credit losses (CECL) in the first quarter of last year, and the heightened provisions for credit losses throughout 2020, the Bank’s allowance coverage ratio has increased to 1.52% of total non-PPP loans as of June 30, 2021 from a total coverage level of 0.94% as of December 31, 2019 which was the last quarter end prior to the pandemic.
Capitalization
As of June 30, 2021, the Bank’s leverage ratio was 10.07%, the common equity tier 1 capital ratio was 11.28% and the total capital ratio climbed to 15.61%. As of December 31, 2020, the Bank’s leverage ratio was 10.08%, the common equity tier 1 ratio was 11.21% and the total risk-based capital ratio was 14.64%.
GAAP – Non-GAAP Reconciliation
Net interest margin - GAAP3.25%Add: $2.3MM loan interest income0.17%Add: $614K unamortized $100M sub-debt issuance cost 0.05%Net interest margin - non-GAAP3.47%
| Net interest margin - GAAP | 3.25 | % | |
| Add: $2.3MM loan interest income | 0.17 | % | |
| Add: $614K unamortized $100M sub-debt issuance cost | 0.05 | % | |
| Net interest margin - non-GAAP | 3.47 | % |
Conference Call and Webcast
A conference call with simultaneous webcast to discuss Preferred Bank’s second quarter 2021 financial results will be held tomorrow, July 21, 2021 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank's website at www.preferredbank.com. Web participants are encouraged to go to the website 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 Chief Executive Officer Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu 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 website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through August 4, 2021; the passcode is 10158785.
About Preferred Bank
Preferred Bank is one of the larger independent commercial banks headquartered in California. The 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. The Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)) and one branch in Flushing, New York. In addition, the Bank operates a Loan Production Office in the Houston, Texas suburb of Sugar Land. Preferred Bank offers a broad 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. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank's results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2020 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.
Financial Tables to Follow
| PREFERRED BANK | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| (in thousands, except for net income per share and shares) | ||||||||||||||||
| For the Quarter Ended | ||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||
| 2021 | 2021 | 2020 | ||||||||||||||
| Interest income: | ||||||||||||||||
| Loans, including fees | $ | 47,906 | $ | 49,859 | $ | 49,813 | ||||||||||
| Investment securities | 2,548 | 2,277 | 2,320 | |||||||||||||
| Fed funds sold | 19 | 24 | 31 | |||||||||||||
| Total interest income | 50,473 | 52,160 | 52,164 | |||||||||||||
| Interest expense: | ||||||||||||||||
| Interest-bearing demand | 1,530 | 1,437 | 1,462 | |||||||||||||
| Savings | 18 | 19 | 17 | |||||||||||||
| Time certificates | 3,419 | 3,827 | 6,973 | |||||||||||||
| Subordinated debit | 2,145 | 1,531 | 1,531 | |||||||||||||
| Total interest expense | 7,112 | 6,814 | 9,983 | |||||||||||||
| Net interest income | 43,361 | 45,346 | 42,181 | |||||||||||||
| Provision for credit losses | - | 1,400 | 7,500 | |||||||||||||
| Net interest income after provision for | ||||||||||||||||
| credit losses | 43,361 | 43,946 | 34,681 | |||||||||||||
| Noninterest income: | ||||||||||||||||
| Fees & service charges on deposit accounts | 525 | 426 | 339 | |||||||||||||
| Letters of credit fee income | 811 | 808 | 742 | |||||||||||||
| BOLI income | 98 | 96 | 95 | |||||||||||||
| Net gain (loss) on called and sale of investment securities | - | - | (113 | ) | ||||||||||||
| Net gain (loss) on sale of loans | (261 | ) | (379 | ) | - | |||||||||||
| Other income | 473 | 396 | 367 | |||||||||||||
| Total noninterest income | 1,646 | 1,347 | 1,430 | |||||||||||||
| Noninterest expense: | ||||||||||||||||
| Salary and employee benefits | 10,285 | 11,123 | 10,095 | |||||||||||||
| Net occupancy expense | 1,429 | 1,401 | 1,296 | |||||||||||||
| Business development and promotion expense | 117 | 73 | 114 | |||||||||||||
| Professional services | 996 | 981 | 1,006 | |||||||||||||
| Office supplies and equipment expense | 476 | 438 | 459 | |||||||||||||
| Other | 1,661 | 1,636 | 1,364 | |||||||||||||
| Total noninterest expense | 14,964 | 15,652 | 14,334 | |||||||||||||
| Income before provision for income taxes | 30,043 | 29,641 | 21,777 | |||||||||||||
| Income tax expense | 8,563 | 8,447 | 6,468 | |||||||||||||
| Net income | $ | 21,480 | $ | 21,194 | $ | 15,309 | ||||||||||
| Dividend and earnings allocated to participating securities | (3 | ) | (3 | ) | (49 | ) | ||||||||||
| Net income available to common shareholders | $ | 21,477 | $ | 21,191 | $ | 15,260 | ||||||||||
| Income per share available to common shareholders | ||||||||||||||||
| Basic | $ | 1.44 | $ | 1.42 | $ | 1.03 | ||||||||||
| Diluted | $ | 1.44 | $ | 1.42 | $ | 1.03 | ||||||||||
| Weighted-average common shares outstanding | ||||||||||||||||
| Basic | 14,954,688 | 14,950,019 | 14,879,383 | |||||||||||||
| Diluted | 14,954,688 | 14,950,019 | 14,879,383 | |||||||||||||
| Cash dividends per common share | $ | 0.38 | $ | 0.38 | $ | 0.30 | ||||||||||
| PREFERRED BANK | ||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||
| (unaudited) | ||||||||||||||
| (in thousands, except for net income per share and shares) | ||||||||||||||
| For the Six Months Ended | ||||||||||||||
| June 30, | June 30, | Change | ||||||||||||
| 2021 | 2020 | % | ||||||||||||
| Interest income: | ||||||||||||||
| Loans, including fees | $ | 97,765 | $ | 101,377 | -3.6 | % | ||||||||
| Investment securities | 4,825 | 6,299 | -23.4 | % | ||||||||||
| Fed funds sold | 43 | 156 | -72.7 | % | ||||||||||
| Total interest income | 102,633 | 107,832 | -4.8 | % | ||||||||||
| Interest expense: | ||||||||||||||
| Interest-bearing demand | 2,967 | 4,830 | -38.6 | % | ||||||||||
| Savings | 37 | 31 | 17.8 | % | ||||||||||
| Time certificates | 7,246 | 15,936 | -54.5 | % | ||||||||||
| Subordinated debit | 3,676 | 3,062 | 20.0 | % | ||||||||||
| Total interest expense | 13,926 | 23,859 | -41.6 | % | ||||||||||
| Net interest income | 88,707 | 83,973 | 5.6 | % | ||||||||||
| Provision for credit losses | 1,400 | 12,800 | -89.1 | % | ||||||||||
| Net interest income after provision for | ||||||||||||||
| credit losses | 87,307 | 71,173 | 22.7 | % | ||||||||||
| Noninterest income: | ||||||||||||||
| Fees & service charges on deposit accounts | 951 | 744 | 27.8 | % | ||||||||||
| Letters of credit fee income | 1,619 | 1,590 | 1.8 | % | ||||||||||
| BOLI income | 194 | 189 | 2.9 | % | ||||||||||
| Net gain (loss) on called and sale of investment securities | - | (113 | ) | -100.0 | % | |||||||||
| Net gain (loss) on sale of loans | (640 | ) | 15 | -4363.5 | % | |||||||||
| Other income | 869 | 677 | 28.4 | % | ||||||||||
| Total noninterest income | 2,993 | 3,102 | -3.5 | % | ||||||||||
| Noninterest expense: | ||||||||||||||
| Salary and employee benefits | 21,408 | 20,997 | 2.0 | % | ||||||||||
| Net occupancy expense | 2,830 | 2,692 | 5.1 | % | ||||||||||
| Business development and promotion expense | 190 | 265 | -28.3 | % | ||||||||||
| Professional services | 1,977 | 2,020 | -2.1 | % | ||||||||||
| Office supplies and equipment expense | 914 | 948 | -3.6 | % | ||||||||||
| Other | 3,297 | 2,597 | 27.0 | % | ||||||||||
| Total noninterest expense | 30,616 | 29,519 | 3.7 | % | ||||||||||
| Income before provision for income taxes | 59,684 | 44,756 | 33.4 | % | ||||||||||
| Income tax expense | 17,010 | 13,293 | 28.0 | % | ||||||||||
| Net income | $ | 42,674 | $ | 31,463 | 35.6 | % | ||||||||
| Dividend and earnings allocated to participating securities | $ | (3 | ) | $ | (51 | ) | -95.0 | % | ||||||
| Net income available to common shareholders | $ | 42,671 | $ | 31,412 | 35.8 | % | ||||||||
| Income per share available to common shareholders | ||||||||||||||
| Basic | $ | 2.85 | $ | 2.11 | 35.3 | % | ||||||||
| Diluted | $ | 2.85 | $ | 2.11 | 35.3 | % | ||||||||
| Weighted-average common shares outstanding | ||||||||||||||
| Basic | 14,952,366 | 14,875,049 | 0.5 | % | ||||||||||
| Diluted | 14,952,366 | 14,875,049 | 0.5 | % | ||||||||||
| Dividends per share | $ | 0.76 | $ | 0.60 | 26.7 | % | ||||||||
| PREFERRED BANK | |||||||||||
| Condensed Consolidated Statements of Financial Condition | |||||||||||
| (unaudited) | |||||||||||
| (in thousands) | |||||||||||
| June 30, | December 31, | ||||||||||
| 2021 | 2020 | ||||||||||
| (Unaudited) | (Audited) | ||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 876,474 | $ | 739,465 | |||||||
| Fed funds sold | 20,000 | 20,000 | |||||||||
| Cash and cash equivalents | 896,474 | 759,465 | |||||||||
| Securities held to maturity, at amortized cost | 15,749 | 6,568 | |||||||||
| Securities available-for-sale, at fair value | 278,460 | 239,682 | |||||||||
| Loans | 4,278,403 | 4,035,394 | |||||||||
| Less allowance for credit losses | (63,635 | ) | (63,426 | ) | |||||||
| Less amortized deferred loan fees, net | (5,329 | ) | (4,574 | ) | |||||||
| Loans, net | 4,209,439 | 3,967,394 | |||||||||
| Customers' liability on acceptances | 7,797 | 3,596 | |||||||||
| Bank furniture and fixtures, net | 11,208 | 11,825 | |||||||||
| Bank-owned life insurance | 9,957 | 9,828 | |||||||||
| Accrued interest receivable | 18,316 | 23,692 | |||||||||
| Investment in affordable housing partnerships | 55,452 | 62,521 | |||||||||
| Federal Home Loan Bank stock, at cost | 15,000 | 15,000 | |||||||||
| Deferred tax assets | 24,583 | 24,466 | |||||||||
| Income tax receivable | 5,736 | - | |||||||||
| Operating lease right-of-use assets | 21,502 | 16,106 | |||||||||
| Other assets | 6,235 | 3,498 | |||||||||
| Total assets | $ | 5,575,908 | $ | 5,143,641 | |||||||
| Liabilities and Shareholders' Equity | |||||||||||
| Deposits: | |||||||||||
| Non-interest bearing demand deposits | $ | 1,063,472 | $ | 938,911 | |||||||
| Interest-bearing deposits: | 1,774,668 | 1,700,818 | |||||||||
| Savings | 32,560 | 34,702 | |||||||||
| Time certificates of $250,000 or more | 930,976 | 912,546 | |||||||||
| Other time certificates | 994,630 | 855,503 | |||||||||
| Total deposits | 4,796,306 | 4,442,480 | |||||||||
| Acceptances outstanding | 7,797 | 3,596 | |||||||||
| Subordinated debt issuance, net | 147,787 | 99,334 | |||||||||
| Commitments to fund investment in affordable housing partnerships | 19,197 | 30,715 | |||||||||
| Operating lease liabilities | 23,287 | 18,682 | |||||||||
| Accrued interest payable | 914 | 1,245 | |||||||||
| Other liabilities | 21,651 | 22,142 | |||||||||
| Total liabilities | 5,016,939 | 4,618,194 | |||||||||
| Shareholders' equity | 558,969 | 525,447 | |||||||||
| Total liabilities and shareholders' equity | $ | 5,575,908 | $ | 5,143,641 | |||||||
| Book value per common share | $ | 37.36 | $ | 31.47 | |||||||
| Number of common shares outstanding | 14,962,164 | 14,931,861 | |||||||||
| PREFERRED BANK | |||||||||||||||||||
| Selected Consolidated Financial Information | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| (in thousands, except for ratios) | |||||||||||||||||||
| For the Quarter Ended | |||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||||||
| Unaudited historical quarterly operations data: | |||||||||||||||||||
| Interest income | $ | 50,473 | $ | 52,160 | $ | 53,649 | $ | 52,782 | $ | 52,164 | |||||||||
| Interest expense | 7,112 | 6,814 | 7,586 | 8,663 | 9,983 | ||||||||||||||
| Interest income before provision for credit losses | 43,361 | 45,346 | 46,063 | 44,119 | 42,181 | ||||||||||||||
| Provision for credit losses | - | 1,400 | 4,200 | 9,000 | 7,500 | ||||||||||||||
| Noninterest income | 1,646 | 1,347 | 1,356 | 1,605 | 1,430 | ||||||||||||||
| Noninterest expense | 14,964 | 15,652 | 14,177 | 13,663 | 14,334 | ||||||||||||||
| Income tax expense | 8,563 | 8,447 | 8,162 | 5,936 | 6,468 | ||||||||||||||
| Net income | $ | 21,480 | $ | 21,194 | $ | 20,880 | $ | 17,125 | $ | 15,309 | |||||||||
| Earnings per share | |||||||||||||||||||
| Basic | $ | 1.44 | $ | 1.42 | $ | 1.40 | $ | 1.15 | $ | 1.03 | |||||||||
| Diluted | $ | 1.44 | $ | 1.42 | $ | 1.40 | $ | 1.15 | $ | 1.03 | |||||||||
| Ratios for the period: | |||||||||||||||||||
| Return on average assets | 1.58 | % | 1.65 | % | 1.63 | % | 1.34 | % | 1.26 | % | |||||||||
| Return on beginning equity | 15.98 | % | 16.36 | % | 16.49 | % | 13.94 | % | 13.00 | % | |||||||||
| Net interest margin (Fully-taxable equivalent) | 3.25 | % | 3.61 | % | 3.66 | % | 3.54 | % | 3.57 | % | |||||||||
| Noninterest expense to average assets | 1.10 | % | 1.22 | % | 1.10 | % | 1.07 | % | 1.18 | % | |||||||||
| Efficiency ratio | 33.25 | % | 33.52 | % | 29.90 | % | 29.88 | % | 32.87 | % | |||||||||
| Net charge-offs (recoveries) to average loans (annualized) | 0.12 | % | -0.01 | % | 0.20 | % | 0.35 | % | -0.01 | % | |||||||||
| Ratios as of period end: | |||||||||||||||||||
| Tier 1 leverage capital ratio | 10.07 | % | 10.26 | % | 10.08 | % | 9.75 | % | 9.87 | % | |||||||||
| Common equity tier 1 risk-based capital ratio | 11.28 | % | 11.34 | % | 11.21 | % | 11.02 | % | 10.39 | % | |||||||||
| Tier 1 risk-based capital ratio | 11.28 | % | 11.34 | % | 11.21 | % | 11.02 | % | 10.39 | % | |||||||||
| Total risk-based capital ratio | 15.61 | % | 14.73 | % | 14.64 | % | 14.51 | % | 13.80 | % | |||||||||
| Allowances for credit losses to loans at end of period | 1.49 | % | 1.56 | % | 1.57 | % | 1.55 | % | 1.41 | % | |||||||||
| Allowance for credit losses to non-performing loans | 290.58 | % | 294.74 | % | 308.96 | % | 243.56 | % | 211.08 | % | |||||||||
| Average balances: | |||||||||||||||||||
| Total securities | $ | 269,000 | $ | 242,200 | $ | 251,284 | $ | 237,801 | $ | 250,134 | |||||||||
| Total loans | $ | 4,130,190 | $ | 4,044,800 | $ | 3,971,537 | $ | 3,956,145 | $ | 3,919,674 | |||||||||
| Total earning assets | $ | 5,364,598 | $ | 5,102,291 | $ | 5,018,031 | $ | 4,975,005 | $ | 4,768,537 | |||||||||
| Total assets | $ | 5,467,678 | $ | 5,200,079 | $ | 5,110,065 | $ | 5,073,548 | $ | 4,868,356 | |||||||||
| Total time certificate of deposits | $ | 1,893,247 | $ | 1,820,461 | $ | 1,764,528 | $ | 1,841,901 | $ | 1,757,531 | |||||||||
| Total interest bearing deposits | $ | 3,704,771 | $ | 3,531,358 | $ | 3,508,276 | $ | 3,501,275 | $ | 3,399,924 | |||||||||
| Total deposits | $ | 4,724,104 | $ | 4,486,399 | $ | 4,426,326 | $ | 4,408,882 | $ | 4,220,197 | |||||||||
| Total interest bearing liabilities | $ | 3,815,964 | $ | 3,630,705 | $ | 3,607,592 | $ | 3,600,560 | $ | 3,499,178 | |||||||||
| Total equity | $ | 553,561 | $ | 538,282 | $ | 518,567 | $ | 503,421 | $ | 486,931 | |||||||||
| PREFERRED BANK | |||||||||||
| Selected Consolidated Financial Information | |||||||||||
| (unaudited) | |||||||||||
| (in thousands, except for ratios) | |||||||||||
| For the Six Months Ended | |||||||||||
| June 30, | June 30, | ||||||||||
| 2021 | 2020 | ||||||||||
| Interest income | $ | 102,633 | $ | 107,832 | |||||||
| Interest expense | 13,926 | 23,859 | |||||||||
| Interest income before provision for credit losses | 88,707 | 83,973 | |||||||||
| Provision for credit losses | 1,400 | 12,800 | |||||||||
| Noninterest income | 2,993 | 3,102 | |||||||||
| Noninterest expense | 30,616 | 29,519 | |||||||||
| Income tax expense | 17,010 | 13,293 | |||||||||
| Net income | $ | 42,674 | $ | 31,463 | |||||||
| Earnings per share | |||||||||||
| Basic | $ | 2.85 | $ | 2.11 | |||||||
| Diluted | $ | 2.85 | $ | 2.11 | |||||||
| Ratios for the period: | |||||||||||
| Return on average assets | 1.61 | % | 1.33 | % | |||||||
| Return on beginning equity | 16.38 | % | 13.46 | % | |||||||
| Net interest margin (Fully-taxable equivalent) | 3.43 | % | 3.63 | % | |||||||
| Noninterest expense to average assets | 1.16 | % | 1.25 | % | |||||||
| Efficiency ratio | 33.39 | % | 33.90 | % | |||||||
| Net charge-offs (recoveries) to average loans | 0.06 | % | -0.01 | % | |||||||
| Average balances: | |||||||||||
| Total securities | $ | 255,675 | $ | 248,912 | |||||||
| Total loans | $ | 4,087,731 | $ | 3,818,424 | |||||||
| Total earning assets | $ | 5,234,170 | $ | 4,658,524 | |||||||
| Total assets | $ | 5,334,618 | $ | 4,760,156 | |||||||
| Total time certificate of deposits | $ | 1,857,055 | $ | 1,761,674 | |||||||
| Total interest bearing deposits | $ | 3,618,543 | $ | 3,322,318 | |||||||
| Total deposits | $ | 4,605,908 | $ | 4,115,413 | |||||||
| Total interest bearing liabilities | $ | 3,723,846 | $ | 3,421,556 | |||||||
| Total equity | $ | 545,964 | $ | 481,170 | |||||||
| PREFERRED BANK | ||||||||||||||||||||||
| Selected Consolidated Financial Information | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| (in thousands, except for ratios) | ||||||||||||||||||||||
| As of | ||||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||
| 2021 | 2021 | 2020 | 2020 | 2020 | ||||||||||||||||||
| Unaudited quarterly statement of financial position data: | ||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||
| Cash and cash equivalents | $ | 896,474 | $ | 943,126 | $ | 759,465 | $ | 807,791 | $ | 656,183 | ||||||||||||
| Securities held-to-maturity, at amortized cost | 15,749 | 6,039 | 6,568 | 6,727 | 6,922 | |||||||||||||||||
| Securities available-for-sale, at fair value | 278,460 | 228,635 | 239,682 | 219,778 | 270,667 | |||||||||||||||||
| Loans: | ||||||||||||||||||||||
| Real estate – Mortgage: | ||||||||||||||||||||||
| Real estate—Residential | $ | 558,147 | $ | 541,313 | $ | 523,789 | $ | 528,371 | $ | 511,354 | ||||||||||||
| Real estate—Commercial | 2,019,995 | 1,925,554 | 1,911,485 | 1,808,200 | 1,781,660 | |||||||||||||||||
| Total Real Estate – Mortgage | 2,578,142 | 2,466,867 | 2,435,274 | 2,336,571 | 2,293,014 | |||||||||||||||||
| Real estate – Construction: | ||||||||||||||||||||||
| R/E Construction — Residential | 120,363 | 123,302 | 148,825 | 170,773 | 187,083 | |||||||||||||||||
| R/E Construction — Commercial | 224,323 | 229,933 | 215,032 | 223,706 | 217,729 | |||||||||||||||||
| Total real estate construction loans | 344,686 | 353,235 | 363,857 | 394,480 | 404,812 | |||||||||||||||||
| Commercial and industrial | 1,259,668 | 1,248,550 | 1,165,990 | 1,144,051 | 1,192,056 | |||||||||||||||||
| PPP | 95,765 | 95,434 | 70,234 | 74,551 | 73,524 | |||||||||||||||||
| Consumer and others | 143 | 155 | 39 | 68 | 241 | |||||||||||||||||
| Gross loans | 4,278,403 | 4,164,241 | 4,035,394 | 3,949,721 | 3,963,647 | |||||||||||||||||
| Allowance for credit losses on loans | (63,635 | ) | (64,883 | ) | (63,426 | ) | (61,262 | ) | (55,762 | ) | ||||||||||||
| Net deferred loan fees | (5,329 | ) | (4,872 | ) | (4,574 | ) | (4,411 | ) | (5,097 | ) | ||||||||||||
| Net loans, excluding loans held for sale | $ | 4,209,439 | $ | 4,094,486 | $ | 3,967,394 | $ | 3,884,048 | $ | 3,902,788 | ||||||||||||
| Loans held for sale | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| Net loans | $ | 4,209,439 | $ | 4,094,486 | $ | 3,967,394 | $ | 3,884,048 | $ | 3,902,788 | ||||||||||||
| Investment in affordable housing partnerships | 55,452 | 59,824 | 62,521 | 47,917 | 49,658 | |||||||||||||||||
| Federal Home Loan Bank stock, at cost | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||||||||||
| Other assets | 105,334 | 100,894 | 93,011 | 104,313 | 103,239 | |||||||||||||||||
| Total assets | $ | 5,575,908 | $ | 5,448,004 | $ | 5,143,641 | $ | 5,085,574 | $ | 5,004,457 | ||||||||||||
| Liabilities: | ||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||
| Demand | $ | 1,063,472 | $ | 1,026,260 | $ | 938,911 | $ | 926,166 | $ | 934,764 | ||||||||||||
| Interest-bearing demand | 1,774,668 | 1,751,951 | 1,700,818 | 1,620,495 | 1,594,682 | |||||||||||||||||
| Savings | 32,560 | 37,551 | 34,702 | 32,830 | 27,737 | |||||||||||||||||
| Time certificates of $250,000 or more | 930,976 | 927,043 | 912,546 | 977,821 | 970,649 | |||||||||||||||||
| Other time certificates | 994,630 | 979,694 | 855,503 | 857,113 | 822,404 | |||||||||||||||||
| Total deposits | $ | 4,796,306 | $ | 4,722,499 | $ | 4,442,480 | $ | 4,414,425 | $ | 4,350,236 | ||||||||||||
| Acceptances outstanding | $ | 7,797 | $ | 9,670 | $ | 3,596 | $ | 7,463 | $ | 6,112 | ||||||||||||
| Subordinated debt issuance, net | 147,787 | 99,365 | 99,334 | 99,304 | 99,273 | |||||||||||||||||
| Commitments to fund investment in affordable housing partnerships | 19,197 | 27,918 | 30,715 | 16,689 | 17,536 | |||||||||||||||||
| Other liabilities | 45,852 | 49,283 | 42,069 | 43,826 | 42,571 | |||||||||||||||||
| Total liabilities | $ | 5,016,939 | $ | 4,908,735 | $ | 4,618,194 | $ | 4,581,707 | $ | 4,515,728 | ||||||||||||
| Equity: | ||||||||||||||||||||||
| Net common stock, no par value | $ | 219,958 | $ | 218,593 | $ | 217,444 | $ | 213,519 | $ | 212,187 | ||||||||||||
| Retained earnings | 332,276 | 316,481 | 300,969 | 284,568 | 271,923 | |||||||||||||||||
| Accumulated other comprehensive income | 6,735 | 4,195 | 7,034 | 5,780 | 4,619 | |||||||||||||||||
| Total shareholders' equity | $ | 558,969 | $ | 539,269 | $ | 525,447 | $ | 503,867 | $ | 488,729 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 5,575,908 | $ | 5,448,004 | $ | 5,143,641 | $ | 5,085,574 | $ | 5,004,457 | ||||||||||||
| PREFERRED BANK | |||||||||||||||||||||||||
| Quarter-to-Date Average Balances, Yields and Rates | |||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||
| Three months ended June 30, | Three months ended March 31, | Three months ended June 30, | |||||||||||||||||||||||
| 2021 | 2020 | 2020 | |||||||||||||||||||||||
| Interest | Average | Interest | Average | Interest | Average | ||||||||||||||||||||
| Average | Income or | Yield/ | Average | Income or | Yield/ | Average | Income or | Yield/ | |||||||||||||||||
| Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||
| ASSETS | (Dollars in thousands) | ||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||
| Loans (1,2) | $ | 4,132,451 | 47,906 | 4.65 | % | $ | 4,044,823 | $ | 49,859 | 5.00 | % | $ | 3,921,694 | $ | 49,813 | 5.11 | % | ||||||||
| Investment securities (3) | 269,000 | 2,058 | 3.07 | % | 242,200 | 1,884 | 3.16 | % | 250,134 | 2,098 | 3.37 | % | |||||||||||||
| Federal funds sold | 20,437 | 19 | 0.36 | % | 21,474 | 24 | 0.45 | % | 24,324 | 31 | 0.52 | % | |||||||||||||
| Other earning assets | 942,710 | 597 | 0.25 | % | 793,794 | 493 | 0.25 | % | 572,385 | 318 | 0.23 | % | |||||||||||||
| Total interest-earning assets | 5,364,598 | 50,580 | 3.78 | % | 5,102,291 | 52,260 | 4.15 | % | 4,768,537 | 52,260 | 4.41 | % | |||||||||||||
| Deferred loan fees, net | (4,924 | ) | (4,344 | ) | (3,182 | ) | |||||||||||||||||||
| Allowance for credit losses on loans | (64,842 | ) | (63,450 | ) | (48,247 | ) | |||||||||||||||||||
| Noninterest earning assets: | |||||||||||||||||||||||||
| Cash and due from banks | 10,620 | 9,923 | 8,274 | ||||||||||||||||||||||
| Bank furniture and fixtures | 11,468 | 11,772 | 11,993 | ||||||||||||||||||||||
| Right of use assets | 19,735 | 16,847 | 16,768 | ||||||||||||||||||||||
| Other assets | 131,023 | 127,040 | 114,213 | ||||||||||||||||||||||
| Total assets | $ | 5,467,678 | $ | 5,200,079 | $ | 4,868,356 | |||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||
| Interest-bearing demand and savings | 1,811,524 | $ | 1,548 | 0.34 | % | 1,710,897 | $ | 1,456 | 0.35 | % | $ | 1,642,393 | $ | 1,479 | 0.36 | % | |||||||||
| TCD $250K or more | 926,161 | 1,688 | 0.73 | % | 919,155 | 1,918 | 0.85 | % | 945,043 | 3,624 | 1.54 | % | |||||||||||||
| Other time certificates | 967,086 | 1,731 | 0.72 | % | 901,306 | 1,909 | 0.86 | % | 812,488 | 3,349 | 1.66 | % | |||||||||||||
| Total interest-bearing deposits | 3,704,771 | 4,967 | 0.54 | % | 3,531,358 | 5,283 | 0.61 | % | 3,399,924 | 8,452 | 1.00 | % | |||||||||||||
| Subordinated debt, net | 111,193 | 2,145 | 7.74 | % | 99,347 | 1,531 | 6.25 | % | 99,254 | 1,531 | 6.20 | % | |||||||||||||
| Total interest-bearing liabilities | 3,815,964 | 7,112 | 0.75 | % | 3,630,705 | 6,814 | 0.76 | % | 3,499,178 | 9,983 | 1.15 | % | |||||||||||||
| Non-interest bearing liabilities: | |||||||||||||||||||||||||
| Demand deposits | 1,019,333 | 955,041 | 820,273 | ||||||||||||||||||||||
| Lease Liability | 21,765 | 19,289 | 19,841 | ||||||||||||||||||||||
| Other liabilities | 57,055 | 56,762 | 42,133 | ||||||||||||||||||||||
| Total liabilities | 4,914,117 | 4,661,797 | 4,381,425 | ||||||||||||||||||||||
| Shareholders’ equity | 553,561 | 538,282 | 486,931 | ||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 5,467,678 | $ | 5,200,079 | $ | 4,868,356 | |||||||||||||||||||
| Net interest income | $ | 43,468 | $ | 45,446 | $ | 42,277 | |||||||||||||||||||
| Net interest spread | 3.03 | % | 3.39 | % | 3.26 | % | |||||||||||||||||||
| Net interest margin | 3.25 | % | 3.61 | % | 3.57 | % | |||||||||||||||||||
| Cost of Deposits: | |||||||||||||||||||||||||
| Noninterest bearing demand deposits | $ | 1,019,333 | $ | 955,041 | $ | 820,273 | |||||||||||||||||||
| Interest bearing deposits | 3,704,771 | 4,967 | 0.54 | % | 3,531,358 | 5,283 | 0.61 | % | 3,399,924 | 8,452 | 1.00 | % | |||||||||||||
| Total Deposits | $ | 4,724,104 | $ | 4,967 | 0.42 | % | $ | 4,486,399 | $ | 5,283 | 0.48 | % | $ | 4,220,197 | $ | 8,452 | 0.81 | % | |||||||
| (1) | Includes non-accrual loans and loans held for sale | ||||||||||||||||||||||||
| (2) | Net loan fee income of $699,000, $539,000 and $542,000 for the quarter ended June 30, 2021, March 31, 2021, June 30, 2020, respectively, are included in the yield computations | ||||||||||||||||||||||||
| (3) | Yields on securities have been adjusted to a tax-equivalent basis | ||||||||||||||||||||||||
| PREFERRED BANK | |||||||||||||||||
| Year-to-Date Average Balances, Yields and Rates | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Six Months ended June 30, | |||||||||||||||||
| 2021 | 2020 | ||||||||||||||||
| Interest | Average | Interest | Average | ||||||||||||||
| Average | Income or | Yield/ | Average | Income or | Yield/ | ||||||||||||
| Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||
| ASSETS | (Dollars in thousands) | ||||||||||||||||
| Interest-earning assets: | |||||||||||||||||
| Loans (1,2) | $ | 4,088,879 | $ | 97,765 | 4.82 | % | $ | 3,819,453 | $ | 101,377 | 5.34 | % | |||||
| Investment securities (3) | 255,675 | 3,942 | 3.11 | % | 248,912 | 4,225 | 3.41 | % | |||||||||
| Federal funds sold | 20,953 | 43 | 0.41 | % | 27,238 | 156 | 1.15 | % | |||||||||
| Other earning assets | 868,663 | 1,090 | 0.25 | % | 562,921 | 2,263 | 0.81 | % | |||||||||
| Total interest-earning assets | 5,234,170 | 102,840 | 3.96 | % | 4,658,524 | 108,021 | 4.66 | % | |||||||||
| Deferred loan fees, net | (4,636 | ) | (3,131 | ) | |||||||||||||
| Allowance for credit losses on loans | (64,150 | ) | (45,523 | ) | |||||||||||||
| Noninterest earning assets: | |||||||||||||||||
| Cash and due from banks | 10,273 | 7,304 | |||||||||||||||
| Bank furniture and fixtures | 11,619 | 12,131 | |||||||||||||||
| Right of use assets | 18,299 | 16,887 | |||||||||||||||
| Other assets | 129,042 | 113,964 | |||||||||||||||
| Total assets | $ | 5,334,618 | $ | 4,760,156 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||
| Deposits: | |||||||||||||||||
| Interest-bearing demand/ savings | 1,761,488 | $ | 3,004 | 0.34 | % | 1,560,644 | $ | 4,861 | 0.63 | % | |||||||
| TCD $250K or more | 922,677 | 3,606 | 0.79 | % | 957,193 | 8,476 | 1.78 | % | |||||||||
| Other time certificates | 934,378 | 3,640 | 0.79 | % | 804,481 | 7,460 | 1.86 | % | |||||||||
| Total interest-bearing deposits | 3,618,543 | 10,250 | 0.57 | % | 3,322,318 | 20,797 | 1.26 | % | |||||||||
| Subordinated debt, net | 105,303 | 3,676 | 7.04 | % | 99,238 | 3,062 | 6.20 | % | |||||||||
| Total interest-bearing liabilities | 3,723,846 | 13,926 | 0.75 | % | 3,421,556 | 23,859 | 1.40 | % | |||||||||
| Non-interest bearing liabilities: | |||||||||||||||||
| Demand deposits | 987,365 | 793,095 | |||||||||||||||
| Lease Liability | 20,534 | 20,077 | |||||||||||||||
| Other liabilities | 56,909 | 44,258 | |||||||||||||||
| Total liabilities | 4,788,654 | 4,278,986 | |||||||||||||||
| Shareholders’ equity | 545,964 | 481,170 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 5,334,618 | $ | 4,760,156 | |||||||||||||
| Net interest income | $ | 88,914 | $ | 84,162 | |||||||||||||
| Net interest spread | 3.21 | % | 3.26 | % | |||||||||||||
| Net interest margin | 3.43 | % | 3.63 | % | |||||||||||||
| Cost of Deposits: | |||||||||||||||||
| Noninterest bearing demand deposits | $ | 987,365 | $ | 793,095 | |||||||||||||
| Interest bearing deposits | 3,618,543 | 10,250 | 0.57 | % | 3,322,318 | 20,797 | 1.26 | % | |||||||||
| Total Deposits | $ | 4,605,908 | $ | 10,250 | 0.45 | % | $ | 4,115,413 | $ | 20,797 | 1.02 | % | |||||
| (1) Includes non-accrual loans and loans held for sale | |||||||||||||||||
| (2) Net loan fee income of $1.2 million for the six months ended June 30, 2021 and 2020 is included in the yield computations | |||||||||||||||||
| (3) Yields on securities have been adjusted to a tax-equivalent basis | |||||||||||||||||
| Preferred Bank | |||||||||||
| Loan and Credit Quality Information | |||||||||||
| Allowance For Credit Losses History | |||||||||||
| Six Months Ended | Year ended | ||||||||||
| June 30, 2021 | December 31, 2020 | ||||||||||
| (Dollars in 000's) | |||||||||||
| Allowance For Credit Losses | |||||||||||
| Balance at Beginning of Period | $ | 63,426 | $ | 34,830 | |||||||
| Charge-Offs | |||||||||||
| Commercial & Industrial | 431 | 3,700 | |||||||||
| Mini-perm Real Estate | 817 | 1,900 | |||||||||
| Others | - | 7 | |||||||||
| Total Charge-Offs | 1,248 | 5,607 | |||||||||
| Recoveries | |||||||||||
| Commercial & Industrial | 57 | - | |||||||||
| Construction - Commercial | - | 194 | |||||||||
| Land - Commercial | - | 9 | |||||||||
| Total Recoveries | 57 | 203 | |||||||||
| Net Charge-Offs (Recoveries) | 1,191 | 5,404 | |||||||||
| Provision for Credit Losses: | |||||||||||
| CECL Cumulative Effect Adjustment | - | 8,000 | |||||||||
| Current Provision | 1,400 | 26,000 | |||||||||
| Balance at End of Period | $ | 63,635 | $ | 63,426 | |||||||
| Average Loans Held for Investment | $ | 4,044,823 | $ | 3,892,811 | |||||||
| Loans Held for Investment at End of Period | $ | 4,278,403 | $ | 4,035,394 | |||||||
| Net Charge-Offs (Recoveries) to Average Loans | 0.06 | % | 0.14 | % | |||||||
| Allowances for Credit Losses to Loans at End of Period | 1.49 | % | 1.57 | % | |||||||
| AT THE COMPANY: | AT FINANCIAL PROFILES: |
| Edward J. Czajka | Jeffrey Haas |
| Executive Vice President | General Information |
| Chief Financial Officer | (310) 622-8240 |
| (213) 891-1188 | PFBC@finprofiles.com |