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Preferred Bank: Q4 Earnings Snapshot

LOS ANGELES (AP) — LOS ANGELES (AP) — Preferred Bank (PFBC) on Thursday reported fourth-quarter profit of $34.8 million.

The bank, based in Los Angeles, said it had earnings of $2.79 per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.78 per share.

The independent commercial bank posted revenue of $132.7 million in the period. Its revenue net of interest expense was $78.1 million, also topping Street forecasts.

For the year, the company reported profit of $133.6 million, or $10.41 per share. Revenue was reported as $290.3 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFBC at https://www.zacks.com/ap/PFBC

What is the process for filling Lindsey Graham’s vacancy in the Senate?

▶ Watch Video: Sen. Lindsey Graham dies after sudden illness | Special Report Sen. Lindsey Graham was running for his fifth term this November and was widely expected to win reelection. Now, Republicans are facing an accelerated timeline to fill the vacancy left by his sudden death. In the short term, South Carolina Gov. Henry McMaster will appoint a replacement to finish the remainder of Graham's term, and South Carolina code dictates the process for putting a candidate on the ballot.Under the law, filing for GOP candidates is expected to open the second Tuesday after Graham's death, which is July 21. The filing period would remain open until July 28. A special Republican primary will be held on Aug. 11, two weeks after the filing deadline. If no candidate wins at least 50% support, a runoff will follow two weeks later, on Aug. 25.South Carolina Republicans are still reeling from Graham's unexpected death, but they are beginning to search for candidates. One name that's come up as a potential contender is South Carolina Lt. Gov. Pamela Evette.Evette ran for governor with the support of McMaster and President Trump. However, Mr. Trump also endorsed state Attorney General Alan Wilson just before last month's Republican gubernatorial primary runoff, and Evette ultimately lost to Wilson.GOP Rep. Nancy Mace told CBS News on Sunday "I would be remiss if I didn't at least consider" a run for Graham's Senate seat."Right now, my focus is going to be on South Carolina and mourning the loss of I think one of the greatest Senators we're going to have in our history, and then I'll make some considerations to what I do going forward," Mace, who ran for South Carolina governor but was eliminated in the first round of the primary, told CBS News chief Washington correspondent Major Garrett.GOP Rep. Joe Wilson of South Carolina indicated he will not seek the Senate seat, writing on X that he spoke with Mr. Trump and "assured him my goal is to remain in the House to keep his two-vote majority for the American people."
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