プリファード・バンク（PFBC）2026年第3四半期決算説明会：預金が増加、NIMは3.49%

プリファード・バンク（NASDAQ: PFBC）が発表した2026年第3四半期決算は、純利益が3,290万ドル（1株当たり2.73ドル）となった。実績には、公表された純金利マージン（NIM）を押し下げた210万ドルの利息収入の取り消しが含まれている。

主要な要点

• 純利益は3,290万ドル（1株当たり2.73ドルに相当）。
• 純金利マージンは3.49%となった。経営陣によると、210万ドルの利息収入調整を除いた場合は3.60%となっていた。
• 銀行、非銀行金融機関、米財務省証券との激しい競争にもかかわらず、預金残高は前四半期比で7,700万ドル（1.2%）増加した。
• 大口与信が売却目的保有に分類変更された後、貸出残高は4,000万ドル減少した。経営陣は第4四半期の貸出パイプラインを堅調と説明した。
• 分類審査対象資産の合計は1億7,760万ドルで、これには1,150万ドルのその他所有不動産（OREO）が含まれる。裁判手続きの継続により、一部の無利息貸出金の解決が遅れている。
• 経営陣は第4四半期の非金利費用を2,300万ドルから2,400万ドルと見込んでいる。

主要財務データ

事業および営業業績

予想外の繰上返済、第2四半期を下回る実行額、および大口与信の売却目的保有への振替により、貸出残高は減少した。パイプラインにあった一部の貸出案件は延期され第4四半期に繰り越された。経営陣によると、金利上昇により一部の借り手はプロジェクトに慎重になったが、他の顧客はより魅力的な価格での機会を検討していた。

預金の獲得は引き続き困難であった。経営陣によると、顧客は銀行の預金商品と証券会社が提供する高金利やカリフォルニア州における米国債の税制上の優遇措置を比較検討している。同行は価格規律を優先しながら総預金コストを3ベーシスポイント削減したが、経営陣はこれが預金の伸びを制限した可能性があることを認めた。

主に問題債権に関連する専門サービス費用や法務費用の減少、および収益性低下に伴うインセンティブ報酬引当金の減少により、費用は減少した。

経営陣の見通し

経営陣は第4四半期の非金利費用を2,300万ドルから2,400万ドルと見込んでいる。

同社は、実行の遅れや新規の案件に支えられ、第4四半期に貸出増加ペースが加速すると予想しているが、数値化した貸出成長目標は提示しなかった。

経営陣は預金競争が2027年まで続くと予想している。また、プリファード・バンクは資産感応度が高いため、FF金利の上昇は純金利マージンにプラスとなると述べる一方、広範な金利環境については比較的安定していると説明した。

リスクと主な注視点

• 顧客が銀行、証券会社、米国債からの条件を比較検討しているため、預金金利の競争は引き続き非常に激しい。
• 金利の上昇により、一部の借り手がプロジェクトを延期または再検討している。
• 複数の与信案件が破産裁判所の手続き下にあるため、無利息貸出金の解決は経営陣の予想よりも遅れている。
• 担保価値やLTVが回収を裏付ける可能性があるものの、処分の時期は一部裁判所の決定に依存する。
• 経営陣は信用格付けの悪化が減速したと述べたが、利息計上状態を維持したまま、さらに2,000万ドルの貸出金が回収懸念に分類された。

アナリスト質疑応答のハイライト

プリファード・バンクは、第4四半期に満期を迎える定期預金（CD）が170万ドル弱あり、加重平均利回りは3.81%である。経営陣は書き換え時の金利を約3.75%〜4.00%と見込んでいる。

経営陣は、金利上昇局面における預金ベータが金利低下時よりも緩やかになると予想している。預金の伸びが制限されたとしても、資金調達コストの制御を最優先事項としている。

第4四半期に複数の大口問題債権が処分される可能性があるが、その時期は依然として破産裁判所の手続きに依存している。遅れが続く場合、同行は抵当権を実行し、物件を直接売却・処分する可能性がある。

経営陣は、四半期末の預金残高が第4四半期の合理的な起点になると説明した。平均残高と期末残高の差は、主に四半期終盤におけるブローカー預金の満期と追加のタイミングを反映したものである。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.

質疑応答

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.