LOS ANGELES (AP) — LOS ANGELES (AP) — Preferred Bank (PFBC) on Thursday reported fourth-quarter profit of $34.8 million.
The bank, based in Los Angeles, said it had earnings of $2.79 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.78 per share.
The independent commercial bank posted revenue of $132.7 million in the period. Its revenue net of interest expense was $78.1 million, also topping Street forecasts.
For the year, the company reported profit of $133.6 million, or $10.41 per share. Revenue was reported as $290.3 million.
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