華企銀行 (PFBC) 2026 年第三季法說會：存款成長，淨利差為 3.49%

首選銀行 (NASDAQ: PFBC) 公布 2026 年第三季淨收益為 3,290 萬美元，或每股盈餘 2.73 美元。財報結果包含 210 萬美元的利息收入迴轉，降低了申報的淨利息收益率。

重點摘要

• 淨收益為 3,290 萬美元，相當於每股盈餘 2.73 美元。
• 淨利息收益率為 3.49%。管理層表示，若扣除 210 萬美元的利息收入調整，該比率本應為 3.60%。
• 儘管面臨來自銀行、非銀行機構及美國公債的激烈競爭，存款仍較上一季增加 7,700 萬美元，即 1.2%。
• 在一筆大額授信轉入待售狀態後，放款減少了 4,000 萬美元。管理層形容第四季的放款管道依然穩固。
• 分類資產總額為 1.776 億美元，其中包括 1,150 萬美元的其他持有不動產。法院訴訟程序持續延誤部分非計息放款的處置。
• 管理層預估第四季非利息費用介於 2,300 萬美元至 2,400 萬美元之間。

核心財務數據

業務與營運表現

放款餘額下降的主因是意外的提前還款、新增放款量低於第二季，以及一筆大額授信轉入待售狀態。部分管道中的放款遭到延遲並順延至第四季。管理層表示，高利率使部分借款人對專案更為審慎，但也有其他客戶正在評估價格更具吸引力的投資機會。

存款吸收依然困難。管理層指出，客戶不斷將銀行存款產品與證券公司提供的高利率以及美國公債在加州的租稅優勢進行比較。該銀行在優先維持定價紀律的同時將總存款成本降低了 3 個基點，管理層坦承這可能限制了存款成長。

費用下降主要歸因於與問題貸款相關的專業服務與法律費用減少，以及盈利能力下降後績效獎金提撥減少。

管理層指引

管理層預期第四季非利息費用為 2,300 萬美元至 2,400 萬美元。

在延後撥款與新增放款的支撐下，公司預期第四季放款成長步伐將更為強勁，但未提供具體的量化放款成長目標。

管理層預計存款競爭將持續至 2027 年。管理層亦表示，由於首選銀行 (Preferred Bank) 屬於資產敏感型，較高的聯邦基金利率將有利於淨利息收益率，同時形容整體利率環境相對穩定。

風險與關鍵觀察點

• 由於客戶考量銀行、證券公司及美國公債的利率方案，存款定價競爭依然非常激烈。
• 較高的利率正導致部分借款人推遲或重新考慮專案。
• 由於數筆授信仍受制於破產法院的審理程序，非計息放款的處置速度慢於管理層預期。
• 雖然擔保品價值與貸放比率 (LTV) 可能有助於收回款項，但處置的時間點部分取決於法院的判決。
• 管理層表示信用惡化速度有所放緩，但仍有額外 2,000 萬美元的放款被列為次級放款，不過目前仍維持計息狀態。

分析師問答亮點

首選銀行 (Preferred Bank) 在第四季到期的定期存單 (CD) 略低於 170 萬美元，加權平均殖利率為 3.81%。管理層預期續存利率約為 3.75% 至 4.00%。

管理層預計升息情境下的存款 Beta 值變動將慢於降息時期。公司的首要任務仍是控制資金成本，即使這會限制存款成長。

數筆大型問題貸款可能在第四季處置，但時間點仍取決於破產法院的程序。如果延誤持續，銀行可能會採取法拍手段並直接處置相關資產。

管理層表示，季末存款餘額為第四季提供了一個合理的起點。平均餘額與期末餘額之間的差距，很大程度上反映了當季末經紀存款到期與新增的時間安排。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.