LOS ANGELES (AP) _ Preferred Bank (PFBC) on Wednesday reported fourth-quarter earnings of $19.6 million.
The Los Angeles-based bank said it had earnings of $1.31 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.
The independent commercial bank posted revenue of $57.4 million in the period. Its revenue net of interest expense was $42.3 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $42.6 million.
For the year, the company reported profit of $78.4 million, or $5.16 per share. Revenue was reported as $172.1 million.
Preferred Bank shares have remained stable since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $60.09, a rise of 25% in the last 12 months.