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Preferred Bank beats Street 3Q forecasts

LOS ANGELES (AP) _ Preferred Bank (PFBC) on Tuesday reported third-quarter net income of $13.7 million.

The bank, based in Los Angeles, said it had earnings of 94 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

The independent commercial bank posted revenue of $44.1 million in the period. Its adjusted revenue was $36.7 million, which also topped Street forecasts. Four analysts surveyed by Zacks expected $34.7 million.

Preferred Bank shares have climbed 12 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $58.88, a rise of 59 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFBC at https://www.zacks.com/ap/PFBC