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Preferred Bank Beats Profit Estimates in Q2
22 Jul
Summary
- Preferred Bank's Q2 revenue reached $73.47 million, meeting expectations.
- GAAP profit exceeded analyst estimates by 4.8% with $2.78 per share.
- The bank was founded in 1991, serving the Pacific Rim community.
Preferred Bank (NASDAQ:PFBC) announced its financial results for the second quarter of CY2026, demonstrating performance in line with market expectations. The commercial bank generated revenue of $73.47 million, a 4% increase year-on-year. Net interest income was reported at $69.99 million, slightly exceeding analyst estimates.
The bank's GAAP earnings per share (EPS) stood at $2.78, which was 4.8% higher than the consensus estimate of $2.65. This also marked an increase from the previous quarter and the same quarter last year. Li Yu, Chairman and CEO, expressed satisfaction with the quarter's net income of $33.5 million.
Founded in 1991, Preferred Bank has traditionally focused on serving the Pacific Rim community in Southern California. It offers a range of banking services to small and mid-sized businesses, entrepreneurs, and high-net-worth individuals. However, its revenue growth has seen a deceleration, with an annualized rate of 1.2% over the last two years, falling below its five-year trend.
