Preferred Bank Posts Q3 Earnings of $2.73 Per Share, Beating Estimates; Revenue Misses

Preferred Bank (PFBC) on Friday reported third-quarter net income of $32.9 million, or $2.73 per share, topping the average estimate of $2.69 per share from six analysts surveyed by Zacks Investment Research. The Los Angeles-based commercial bank posted revenue of $125.7 million, while revenue net of interest expense came in at $71.7 million, below the $73 million analysts expected. The independent commercial bank's results reflect mixed performance for the quarter, with earnings ahead of forecasts but net interest revenue falling short of Wall Street projections.