Preferred Bank reports Q1 EPS $2.44, consensus $2.38

Reports Q1 book value per share $52.23. Li Yu, Chairman and CEO, commented, “We are pleased to report first quarter 2024 net income of $33.5 million or $2.44 per diluted share. For the quarter, loans grew $52 million and total deposits increased $92 million from December 31, 2023, which equates to annual growth rates of 4.0% and 6.5%, respectively. The Bank’s net interest margin for the quarter was 4.19% which was better than expected. This compares to a margin of 4.24% for the previous quarter and the slight decrease was primarily the result of higher deposit costs.”