March 29, 2013
We are very pleased to report to you the operating results from 2012. Aside from recording net income of $23.9 million, which was a 95% increase from the $12.2 million for 2011, all other aspects of our business have improved.
In addition to those accomplishments above, we have also improved our operating efficiency and net interest margin and we have made many other enhancements to our organization. We are poised for further growth in loans, deposits and most importantly, our profitability.
The market price of Preferred Bank common stock (NASFAQ: PFBC) increased from $7.45 as of December 31, 2011 to $14.20 as of December 31, 2012. We are enthused by our shareholders' validation of our efforts and our performance.
Our Board and Management team remain committed to making further improvements to our Bank's operations and we look forward to a prosperous 2013.
Very truly yours,
Chairman of the Board
Chief Executive Officer