Preferred Bank: Q2 Earnings Snapshot
Posted July 20, 2021 4:56 pm.
Last Updated July 20, 2021 5:10 pm.
LOS ANGELES (AP) _ Preferred Bank (PFBC) on Tuesday reported second-quarter net income of $21.5 million.
The bank, based in Los Angeles, said it had earnings of $1.44 per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.48 per share.
The independent commercial bank posted revenue of $52.1 million in the period. Its revenue net of interest expense was $45 million, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $47.8 million.
Preferred Bank shares have risen 16% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $58.63, a rise of 47% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFBC at https://www.zacks.com/ap/PFBC
The Associated Press
