Quarterly ResultApr 22, 2026, 08:03 AM
Preferred Bank Q1 Net Income $31.1M, EPS $2.53
AI Summary
Preferred Bank reported net income of $31.1 million, or $2.53 per diluted share, for the first quarter of 2026. This represents a $3.7 million decrease from the prior quarter, primarily due to a $4.7 million drop in net interest income from nonaccrual loans and a $3.8 million decrease in noninterest income. The bank's non-performing assets significantly increased to $172.1 million, though management noted progress in resolving these loans, including sales post-quarter end. Loans and deposits showed growth, increasing by 1.1% and 1.2% respectively.
Key Highlights
- Net income for Q1 2026 was $31.1 million, or $2.53 per diluted share.
- Net income decreased $3.7 million sequentially but increased $1.1 million year-over-year.
- Total loans increased $68.6 million (1.1%) and deposits grew $74.7 million (1.2%).
- Non-performing assets rose to $172.1 million at March 31, 2026.
- Repurchased 402,299 shares for $35.8 million in Q1 2026.