Business
Preferred Bank Issues Updated Financial Data
LOS ANGELES, March 10, 2023 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), (“the Bank”), an independent commercial bank, updates the following (unaudited)
About this update from Preferred Bank
[{"type":"text","content":"LOS ANGELES, March 10, 2023 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), (“the Bank”), an independent commercial bank, updates the following (unaudited) financial information in light of the recent industry events. As of March 9, 2023: Total deposits have grown to $5.622 billion from $5.557 billion as of year endCash and cash equivalents total over $900 million and represent 13.9% of total assetsTotal securities held to maturity were just $22.2 millionTotal securities available for sale were $422.5 million with the negative mark of $29.8 million already captured in Accumulated Other Comprehensive Income (AOCI)Preferred Bank has no exposure to venture capital or cryptocurrencyAsset quality remains strong and unchanged from year-end 2022Preferred Bank has other, multiple sources of borrowing capacity, none of which are being utilized 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 in...