Cuộc họp công bố kết quả kinh doanh quý 3/2026 của Preferred Bank (PFBC): Tiền gửi tăng, NIM đạt 3,49%

Preferred Bank (NASDAQ: PFBC) đã báo cáo lợi nhuận ròng quý 3 năm 2026 đạt 32,9 triệu USD, tương đương 2,73 USD mỗi cổ phiếu. Kết quả bao gồm khoản hoàn nhập thu nhập lãi 2,1 triệu USD làm giảm biên lãi thuần được báo cáo.

Điểm tin chính

• Lợi nhuận ròng đạt 32,9 triệu USD, tương đương 2,73 USD mỗi cổ phiếu.
• Biên lãi thuần đạt 3,49%. Ban quản lý cho biết chỉ số này lẽ ra đã đạt 3,60% nếu không tính khoản điều chỉnh thu nhập lãi 2,1 triệu USD.
• Tiền gửi tăng 77 triệu USD, tương đương 1,2% so với quý trước bất chấp sự cạnh tranh gay gắt từ các ngân hàng, tổ chức phi ngân hàng và Trái phiếu Kho bạc Mỹ.
• Dư nợ cho vay giảm 40 triệu USD sau khi một khoản tín dụng lớn được chuyển sang trạng thái chờ bán. Ban quản lý đánh giá triển vọng các khoản cho vay trong quý 4 là rất khả quan.
• Tổng tài sản phân loại rủi ro là 177,6 triệu USD, bao gồm 11,5 triệu USD bất động sản gán nợ khác. Các thủ tục tố tụng tại tòa án tiếp tục làm chậm việc xử lý một số khoản vay không dồn tích lãi.
• Ban quản lý dự báo chi phí ngoài lãi quý 4 nằm trong khoảng từ 23 triệu USD đến 24 triệu USD.

Dữ liệu tài chính cốt lõi

Hiệu quả hoạt động kinh doanh

Dư nợ cho vay giảm do các khoản thanh toán sớm ngoài dự kiến, hoạt động phát sinh khoản vay mới yếu hơn so với quý 2 và việc chuyển một khoản tín dụng lớn sang trạng thái chờ bán. Một số khoản vay trong kế hoạch đã bị trì hoãn và chuyển sang quý 4. Ban quản lý cho biết lãi suất cao hơn đã khiến một số bên vay thận trọng hơn đối với các dự án, mặc dù những khách hàng khác đang đánh giá các cơ hội với mức giá hấp dẫn hơn.

Việc huy động tiền gửi tiếp tục gặp khó khăn. Ban quản lý cho biết khách hàng đang so sánh các sản phẩm tiền gửi ngân hàng với mức lãi suất cao hơn do các công ty chứng khoán đưa ra và lợi thế về thuế của Trái phiếu Kho bạc Mỹ tại California. Ngân hàng đã giảm tổng chi phí tiền gửi 3 điểm cơ bản trong khi ưu tiên kỷ luật định giá, điều mà ban quản lý thừa nhận có thể đã hạn chế tăng trưởng tiền gửi.

Chi phí giảm chủ yếu nhờ chi phí dịch vụ chuyên nghiệp và chi phí pháp lý liên quan đến các khoản nợ xấu thấp hơn, cũng như trích lập dự phòng chi thưởng hiệu quả công việc giảm sau khi khả năng sinh lời suy giảm.

Dự báo của Ban quản lý

Ban quản lý dự kiến chi phí ngoài lãi trong quý 4 sẽ nằm trong khoảng từ 23 triệu USD đến 24 triệu USD.

Công ty kỳ vọng tốc độ tăng trưởng cho vay sẽ mạnh mẽ hơn trong quý 4, nhờ vào các khoản giải ngân bị trì hoãn trước đó và các khoản vay mới phát sinh, nhưng không đưa ra mục tiêu tăng trưởng cho vay định lượng cụ thể.

Ban quản lý dự kiến cạnh tranh tiền gửi sẽ tiếp tục kéo dài sang năm 2027. Ban quản lý cũng cho biết lãi suất quỹ liên bang cao hơn sẽ có lợi cho biên lãi thuần do Preferred Bank có độ nhạy cảm cao với tài sản (asset-sensitive), đồng thời đánh giá môi trường lãi suất diện rộng hiện tương đối ổn định.

Rủi ro và các điểm cần theo dõi chính

• Việc định giá tiền gửi vẫn cạnh tranh gay gắt khi khách hàng cân nhắc các ưu đãi từ các ngân hàng, công ty chứng khoán và Trái phiếu Kho bạc Mỹ.
• Lãi suất cao hơn đang khiến một số người vay trì hoãn hoặc xem xét lại các dự án.
• Việc xử lý các khoản vay không dồn tích lãi diễn ra chậm hơn so với dự kiến của ban quản lý vì một số khoản tín dụng vẫn đang trong quá trình tố tụng tại tòa án phá sản.
• Mặc dù giá trị tài sản thế chấp và tỷ lệ cho vay trên giá trị tài sản (LTV) có thể hỗ trợ khả năng thu hồi, thời điểm xử lý tài sản phụ thuộc một phần vào quyết định của tòa án.
• Ban quản lý cho biết sự dịch chuyển nhóm nợ đã chậm lại, nhưng có thêm 20 triệu USD dư nợ vay bị phân loại là dưới tiêu chuẩn trong khi vẫn duy trì trạng thái dồn tích lãi.

Các điểm chính trong phiên Hỏi & Đáp với chuyên gia phân tích

Preferred Bank có gần 1,7 triệu USD chứng chỉ tiền gửi (CD) đáo hạn trong quý 4, với mức bình quân trọng số lợi suất là 3,81%. Ban quản lý dự kiến lãi suất tái đầu tư sẽ vào khoảng 3,75% đến 4,00%.

Ban quản lý dự kiến hệ số nhạy cảm tiền gửi (deposit beta) trong kịch bản lãi suất tăng sẽ chậm hơn so với khi lãi suất giảm. Ưu tiên của ngân hàng vẫn là kiểm soát chi phí vốn, ngay cả khi điều đó hạn chế tăng trưởng tiền gửi.

Một số khoản nợ xấu lớn có thể được xử lý trong quý 4, nhưng thời điểm vẫn phụ thuộc vào quá trình tố tụng tại tòa án phá sản. Nếu tình trạng trì hoãn tiếp tục kéo dài, ngân hàng có thể tiến hành phát mại và trực tiếp xử lý các tài sản này.

Ban quản lý cho biết số dư tiền gửi cuối quý cung cấp điểm khởi đầu hợp lý cho quý 4. Chênh lệch giữa số dư bình quân và số dư cuối kỳ phản ánh phần lớn thời điểm đáo hạn và bổ sung các khoản tiền gửi qua môi giới vào cuối quý.

Toàn văn biên bản cuộc họp kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.