Conferencia de resultados del 3T de 2026 de Preferred Bank (PFBC): aumentan los depósitos y el NIM se sitúa en el 3,49 %

Preferred Bank (NASDAQ: PFBC) registró un beneficio neto de 32,9 millones de dólares, o 2,73 dólares por acción, en el tercer trimestre de 2026. Los resultados incluyeron una reversión de ingresos por intereses de 2,1 millones de dólares que redujo el margen de interés neto reportado.

Puntos clave

• El beneficio neto fue de 32,9 millones de dólares, equivalente a 2,73 dólares por acción.
• El margen de interés neto fue del 3,49%. La directiva señaló que habría sido del 3,60% excluyendo el ajuste de ingresos por intereses de 2,1 millones de dólares.
• Los depósitos aumentaron en 77 millones de dólares, un 1,2%, respecto al trimestre anterior, a pesar de la intensa competencia de bancos, instituciones no bancarias y bonos del Tesoro de EE. UU.
• Los préstamos disminuyeron en 40 millones de dólares después de que un gran crédito se traspasara al estado de mantenido para la venta. La directiva calificó como sólida la cartera de préstamos en preparación para el cuarto trimestre.
• Los activos clasificados totales ascendieron a 177,6 millones de dólares, incluidos 11,5 millones de dólares en otros inmuebles adjudicados. Los procedimientos judiciales continuaron retrasando la resolución de algunos préstamos morosos sin devengo de intereses.
• La directiva estimó que los gastos ajenos a intereses del cuarto trimestre se situarán entre 23 y 24 millones de dólares.

Datos financieros principales

Rendimiento comercial y operativo

El saldo de los préstamos disminuyó debido a amortizaciones imprevistas, una menor producción en comparación con el segundo trimestre y la transferencia de un gran crédito al estado de mantenido para la venta. Algunos préstamos en tramitación se retrasaron y se trasladaron al cuarto trimestre. La directiva señaló que los tipos de interés más altos hicieron que algunos prestatarios fueran más cautos respecto a sus proyectos, aunque otros clientes estaban evaluando oportunidades a precios más atractivos.

La captación de depósitos siguió siendo difícil. La directiva indicó que los clientes estaban comparando los productos de depósito bancario con las rentabilidades más altas ofrecidas por las firmas de valores y las ventajas fiscales de los bonos del Tesoro de EE. UU. en California. El banco redujo los costes totales de los depósitos en 3 puntos básicos al tiempo que dio prioridad a la disciplina de precios, lo que, según reconoció la directiva, pudo haber limitado el crecimiento de los depósitos.

Los gastos se redujeron debido principalmente a menores honorarios legales y de servicios profesionales asociados a préstamos con problemas, así como a menores devengos de remuneración variable tras la caída de la rentabilidad.

Previsiones de la directiva

La directiva prevé que los gastos ajenos a intereses del cuarto trimestre se situarán entre 23 y 24 millones de dólares.

La empresa espera un ritmo más sólido de crecimiento de los préstamos en el cuarto trimestre, respaldado por financiaciones aplazadas y nueva producción, aunque no proporcionó un objetivo cuantificado de crecimiento de los préstamos.

La directiva prevé que la competencia por los depósitos continúe hasta 2027. También señaló que un tipo de interés de los fondos federales más elevado beneficiaría al margen de interés neto porque Preferred Bank es sensible a los activos, al tiempo que describió el entorno general de tipos como relativamente estable.

Riesgos y aspectos clave a vigilar

• La fijación de precios de los depósitos sigue siendo altamente competitiva, ya que los clientes evalúan las ofertas de bancos, firmas de valores y bonos del Tesoro de EE. UU.
• Los tipos de interés más altos están provocando que algunos prestatarios retrasen o reconsideren sus proyectos.
• La resolución de los préstamos morosos sin devengo de intereses ha sido más lenta de lo esperado por la directiva debido a que varios créditos continúan sujetos a procedimientos en juzgados de bancarrota.
• Aunque el valor de las garantías y los ratios préstamo-valor pueden respaldar la recuperación, el calendario de las enajenaciones depende en parte de las resoluciones judiciales.
• La directiva afirmó que el deterioro de la calidad crediticia se había ralentizado, pero otros 20 millones de dólares en préstamos se clasificaron como subestándar mientras permanecían en estado de devengo.

Puntos destacados del turno de preguntas y respuestas con analistas

Preferred Bank tiene algo menos de 1,7 millones de dólares en certificados de depósito que vencen en el cuarto trimestre, con un rendimiento medio ponderado del 3,81%. La directiva espera tipos de renovación de aproximadamente el 3,75% al 4,00%.

La directiva prevé que la beta de los depósitos en un escenario de subidas de tipos sea más lenta que cuando los tipos bajaron. Su prioridad sigue siendo controlar los costes de financiación, incluso si eso frena el crecimiento de los depósitos.

Varios préstamos con problemas de gran cuantía podrían enajenarse en el cuarto trimestre, pero los plazos siguen dependiendo de los procedimientos en los juzgados de bancarrota. Si los retrasos persisten, el banco podría iniciar la ejecución hipotecaria y vender los inmuebles directamente.

La directiva indicó que el saldo de depósitos al cierre del trimestre proporciona un punto de partida razonable para el cuarto trimestre. La diferencia entre los saldos medios y finales reflejó principalmente el calendario de vencimientos e incorporaciones de depósitos intermediados a finales del trimestre.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Good day, and welcome to the Preferred Bank Third Quarter 2026 Earnings Conference Call.

[Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference call over to Jeffrey Haas of Financial Profiles. Please go ahead.

Jeffrey Haas

Thank you, Drew. Hello, everyone, and thank you for joining us to discuss Preferred Bank's financial results for the third quarter ended September 30, 2026. With me today from management are Chairman and CEO, Li Yu; President and Chief Operating Officer, Wellington Chen; Chief Financial Officer, Edward Czajka, Chief Risk Officer, Nick Pi; and Deputy Chief Operating Officer, Johnny Hsu.

Management will provide a brief summary of the results, and then we will open up the call to your questions. During the course of this conference call, statements made by management may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions that may or may not prove correct. Forward-looking statements are also subject to known and unknown risks, uncertainties and other factors relating to Preferred Bank's operations and business environment, all of which are difficult to predict and many of which are beyond the control of Preferred Bank.

For a detailed description of these risks and uncertainties, please refer to the SEC required documents the bank files with the Federal Deposit Insurance Corporation, or FDIC. If any of these uncertainties materialize or any of these assumptions prove incorrect, Preferred Bank's results could differ materially from its expectations as set forth in these statements. Preferred Bank assumes no obligation to update such forward-looking statements.

At this time, I'd like to turn the call over to Mr. Li Yu. Please go ahead.

Li Yu

Thank you. Good day, everyone. Preferred Bank's third quarter net income was $32.9 million or $2.73 per share. This quarter was negatively affected by a $2.1 million recovery of interest income. Deposits grew $77 million or 1.2% on a linked quarter basis as everybody is already aware of that the deposit market is very, very competitive. Looking forward, this condition will likely go into the year 2027. The banks are now not only facing more competition from nonbank institutions, but also strangely, we see many of our customers deposit -- invest extra funds into the treasuries.

Loans for the quarter decreased $40 million after we placed a large credit on the for sale status. Unlike at the beginning of the third quarter when we reported in our last conference phone call, but this time, our pipeline seems to be very solid, and we're very hopeful that in the fourth quarter to have a good solid growth.

As we reported earlier, the net interest -- net interest income was affected by a reversal of interest income, and that has affected our net interest margin. This quarter, net interest margin reported 3.49%. Without this $2.1 million adjustment, it would have been 3.60%.

Going forward, we see a stable interest rate market condition. If the Fed fund is going to adjust higher then it will further benefit our net interest margin as we, Preferred Bank, is an asset-sensitive bank. Resolution of nonaccrual loans is continuing but slower than what we hope for. The level of nonaccrual remains stable, largely because several credit was scheduled to be resolved in this quarter are stuck in the court proceedings that has pushed it back to third and fourth quarter -- fourth quarter next year.

The pace of migration seems a slowdown or subsided. There were only $20 million of additional credit that was classified as substandard that remain on accrual status. The rest of them are all have been included in the non-accural number. We are pleased with our consistent cost control of overhead even under a very inflationary period. And we are constantly looking for opportunities to gradually improve our noninterest income. And with the outlook of a strong 2027 economy and relatively stable interest rate environment, we're looking forward to a good 2027 year. Thank you. Ready for your questions.

Operator

[Operator Instructions]

The first question comes from Matthew Clark with Piper Sandler.

Preguntas y respuestas

Matthew Clark

I wanted to start on the deposit side. Maybe, Ed, can you update us on how much in the way of CDs you have maturing here in the fourth quarter and the weighted average roll-off and roll-on rates that you expect?

Edward Czajka

Yes. We have just under $1.7 million maturing in the fourth quarter. So it's a fairly heavy quarter from a maturity standpoint. Weighted average yield is 3.81%. Those are likely to come on anywhere between 3.75% to 4% as they roll over.

Matthew Clark

Okay. So not that big of a headwind there. And then do you happen to have the spot rate -- your deposit cost spot rate at the end of September, if not the month of September?

Edward Czajka

Yes, I do. Total deposit cost was 3.06% for the month of September and the spot margin was 3.58%.

Matthew Clark

Okay. And then deposit beta, I think, on the way down was about 69%. Any thoughts on what you might experience on the way up this time, assuming you get maybe another rate hike in December and maybe one in March?

Edward Czajka

Definitely slower, Matthew. As you can see, we were able to decrease total deposit costs by 3 basis points in very, very difficult rate environment. So I think part of what you see in terms of the deposit growth versus deposit costs was a function of management's discipline toward keeping the deposit costs down, although that likely cost us some growth in the quarter. Our focus is on keeping the costs under control.

Matthew Clark

Okay. And then just a couple on credit. Do you have the criticized loan balance at the end of September, I think it was $170 million at the end of June. And then how much of your NPAs do you think you can get rid of by the end of the first quarter? And any concern around losses there?

Nick Pi

Yes. Matthew, the total classified loan was $177.6 million, which covers classifieds plus $11.5 million OREO, so which is around $17.7 million above what we just disclosed for nonaccrual. So that's the classified loans. So for our solutions side, I believe during the fourth quarter, as Mr. Yu mentioned, that some of the loans actually is in the BK court, but we do believe all these BK proceedings is heading in the right direction and several BK court approved to sell the property in BK court. If that's continued delay, then probably we're going to foreclose and we're going to dispose by ourselves.

So hopefully, by Q4, there will be a couple of large loans will be disposed. However, it still depends on the court decision. So sometimes, even though the collateral property has a good loan to value, and we can fully recover. However, we have to subject to our BK Court's proceedings, and we do have options for handling that as well.

Operator

The next question comes from Andrew Liesch with StoneX Financial.

Andrew Liesch

A question on the loan growth here in the quarter. Were there outsized paydowns? Just what was the cause of the more modest pace of growth than what you might have been expecting?

Li Yu

Do you want to comment about that, Wellington?

Wellington Chen

Yes, Andrew. The loan growth is a combination of both the payoff. We had some unexpected payoffs and also production is -- it wasn't as robust as the second quarter production. But having a lot of loans that's in the pipeline, kind of delay in funding and all that, so it does carry over to this quarter. And that's why we're looking at the fourth quarter together with the new loan production looking at a stronger pipeline.

Andrew Liesch

Got it. Have you had any customers telling you that they may delay projects that may not pencil in face of higher rates?

Wellington Chen

That is the case, too. I mean, with the higher rate, people are a little bit more conscientious about the project itself. But also having said that with the market itself a higher rate, they're actually looking for more option on the opportunity to pick up some better deals.

Andrew Liesch

Got it. And then expenses were very well controlled this quarter, down quite a bit from the second quarter. Anything unique in that number? And where do you think a good jumping off point or a good starting point for the fourth quarter would be?

Edward Czajka

Yes. So we had a decrease in professional services, primarily legal fees, which are typically associated with the problem loans. And then our incentive compensation accrual was lower this quarter than it was in the prior quarter due to profitability being slightly less. On a go-forward basis, I would say for Q4, look for somewhere between $23 million and $24 million, Andrew.

Operator

[Operator Instructions]

The next question comes from Andrew Terrell with Stephens.

Andrew Terrell

Maybe just a housekeeping on the deposits. It looks like a lot of the deposit growth maybe happened towards the end of the quarter, just comparing the end of period versus the average. Anything that you feel like it was more transitory in the deposit base at the end of the period? Or is this the end of period number kind of a good launch point in the fourth quarter?

Edward Czajka

No, it's a good launch point for the next quarter, Andrew. There's nothing magical there. A number of the broker deposits, we have specifically maturing and coming on late in the quarter as opposed to early in the quarter. So that's why you see a bit of a discrepancy between the quarterly average and the month end -- quarter end balance.

Andrew Terrell

Okay. Great. I appreciate it. And then just wanted to get your views on just overall kind of deposit growth in this environment. I appreciate all the color on the loan side. But it sounds like a tougher deposit market, just your views on ability to kind of core fund growth and what kind of cost?

Li Yu

Well, Andrew, the market situation with the deposit pricing is all over the place. You are probably familiar with what bank is posting generally in the 3s for TCDs, okay, because money market and interest-bearing DDAs, it's all over the place. Everybody has a different view with every customer. But on the TCD, which is generally more available information, the banks are in the mid- to high 3s. But all the security houses is in close to mid-4s. And some of them, the latest we see E*TRADE is offering 4.75, okay? And right now, because of Treasury nature is being not taxable in California income tax, which is a 13% top rate. So a 5% Treasury became 5.65% effective yield, okay? So we see many of the customer take up after their CD renewed, they are moving to Treasury. So this is the general market is moving right now with all the interest rate environment, it's all over the place, okay? We just have to do everything we can just hold on to our customers, and meanwhile, try to grow a little bit.

Operator

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Li Yu for any closing remarks.

Li Yu

Thank you -- well, it's an eventful third quarter for us. We hope that fourth quarter, we'll see operation equally as consistent as we have right now, but hopefully, this -- many of the items we're working on will show positive results. Thank you.

Operator

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.