Preferred Bank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs
January 22, 2013 at 09:01 pm
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Preferred Bank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported income before provision for income taxes of $4,499,000, net income of $3,374,000, net income available to common shareholders of $3,331,000 or $0.25 diluted per share on net interest income after provision for loan losses of $11,904,000, net interest income of $14,204,000 against income before provision for income taxes of $2,368,000, net income of $3,767,000, net income available to common shareholders of $3,767,000 or $0.29 diluted per share on net interest income after provision for loan losses of $8,919,000, net interest income of $11,319,000 for the same period a year ago. Return on average assets was 0.88% against 1.17% for the same period a year ago. Return on average equity was 6.87% against 8.97% for the same period a year ago. Total interest income was $16,010,000 against $13,757,000 reported last year.
For the year, the company reported income before provision for income taxes of $3,289,000, net income of $22,331,000, net income available to common shareholders of $22,029,000 or $1.66 diluted per share on net interest income after provision for loan losses of $33,959,000, net interest income of $53,759,000 against income before provision for income taxes of $7,185,000, net income of $12,234,000, net income available to common shareholders of $12,039,000 or $0.93 diluted per share on net interest income after provision for loan losses of $37,787,000, net interest income of $43,487,000 for the same period a year ago. Results for the fourth quarter and year ended December 31, 2012 are preliminary due to the ongoing effort to finalize the Bank's income tax position. Total interest income was $61,542,000 against $53,790,000 reported last year.
Total net charge-offs for the fourth quarter of 2012 were $3.3 million compared to net charge-offs of $1.4 million for the third quarter of 2012.
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.