Market Overview

Preferred Bank Reports First Quarter Results

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LOS ANGELES, April 20, 2016 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), an independent commercial bank, today reported results for the quarter ended March 31, 2016. Preferred Bank ("the Bank") reported net income of $7.8 million or $0.56 per diluted share for the first quarter of 2016. This compares to net income of $6.7 million or $0.48 per diluted share for the first quarter of 2015 and compares to net income of $7.5 million or $0.54 per diluted share for the fourth quarter of 2015. Net income for the fourth quarter was impacted by merger-related costs which totaled $658,000 on a pre-tax basis during the quarter.

Highlights from the first quarter of 2016:

-- Linked quarter loan growth  $97.5 million or 4.8%
-- Linked quarter deposit growth $71.3 million or 3.1%
-- Return on average assets  1.21%
-- Return on beginning equity  11.94%
-- Efficiency ratio  44.1%
-- Net interest margin  3.79%

Li Yu, Chairman and CEO commented, "Our Bank continued its pattern of growth in the first quarter of 2016. Loans increased by $97.5 million or 4.8% on a linked quarter basis. On that same basis, deposits increased $71.3 million or 3.1%. Net income for the quarter was $7.8 million or $0.56 per diluted share. Net income was negatively impacted by the correction of an error in prior year's interest income of $805,000. Without this and the partial offset of an interest recovery our net interest margin would have been 3.89% instead of the 3.79% we reported.

"Our efficiency ratio was 44.1% in the first quarter of 2016. First quarter expenses included full quarter expense for the New York operations as well as a $665,000 increase in employer-paid taxes related to bonus payouts which occur each first quarter. In addition, the Bank is continually adding front line personnel as well as personnel in compliance-related areas.

"The Bank's allowance for loan losses increased by $1.02 million consisting of a provision for loan losses of $800,000 as well as a $223,000 loan recovery.

"All other aspects of our Bank are progressing according to plan and we feel strongly about our continued success through 2016."

Net Interest Income and Net Interest Margin. Net interest income before provision for loan and lease losses was $23.9 million for the first quarter of 2016. This compares favorably to the $19.4 million recorded in the first quarter of 2015 and to the $22.3 million recorded in the fourth quarter of 2015. The increase over both comparable periods is due primarily to loan growth, and was aided by the UIB acquisition which closed on November 20, 2015. The Bank's taxable equivalent net interest margin was 3.79% for the first quarter of 2016, a 4 basis point decrease from the 3.83% achieved in the first quarter of 2015 and a 9 basis point decrease from the 3.88% recorded in the fourth quarter of 2015. During the quarter, we noted errors in the accrual of interest on several loans which had been charged-off as early as 2011. The amount involved was deemed to be immaterial and this event, which caused the late filing of our 10-K, was confirmed to be isolated after a review of all other loans like these. The total cumulative amount involved was $805,000 and this amount was recorded in the first quarter of 2016 as a reduction of loan interest income. Separately, interest income of $253,000 was collected from the payoff of a loan previously on nonaccrual status. Combining these two items, our net interest margin was impacted by approximately 10 basis points.

Noninterest Income. For the first quarter of 2016, noninterest income was $1,163,000 compared with $868,000 for the same quarter last year and compared to $954,000 for the fourth quarter of 2015. Service charges on deposits were primarily flat compared to the same period last year but were up by $40,000 over the fourth quarter of 2015. Trade finance income was $417,000 for the first quarter of 2016, an increase of $110,000 compared to the same period last year and a decrease of $36,000 compared to the fourth quarter of 2015. Other income was $331,000, an increase of $152,000 over the first quarter of 2015 and an increase of $169,000 from the fourth quarter of 2015. The increase over both comparable periods was due to the receipt of $153,000 in life insurance proceeds due to the passing of a former officer.

Noninterest Expense. Total noninterest expense was $11.0 million for the first quarter of 2016, an increase of $2.4 million over the same period last year and an increase of $1.1 million over the fourth quarter of 2015. Salaries and benefits expense totaled $7.0 million for the first quarter of 2016 compared to $5.3 million recorded for both the same period last year and the fourth quarter of 2015. The increase over the same period last year was due primarily to staffing/merit increases of $729,000 (much of that due to UIB), payroll taxes of $260,000 and an increase in the bonus accrual. The increase over the fourth quarter of 2015 was due to an increase in payroll taxes of $666,000, an increase in salaries/staffing of $461,000, and an increase in vacation expense of $248,000. Occupancy expense totaled $1.2 million compared to the $851,000 recorded in the same period in 2015 and the $1.0 million recorded in the fourth quarter of 2015. The increase over the prior year was due mainly to the addition of the New York office with the UIB acquisition as well as a new administrative office which the Bank opened in November 2015 in El Monte, California. Professional services expense was $962,000 for the first quarter of 2016 compared to $1.1 million for the same quarter of 2015 and $1.4 million recorded in the fourth quarter of 2015. The reductions were mainly a result of lower legal fees. The Bank incurred $199,000 in costs related to its one OREO property. This compares to OREO expense of $89,000 in the first quarter of 2015. Other expenses were $1.1 million for the first quarter of 2016 compared to $920,000 for the same period last year and $1.7 million for the fourth quarter of 2015. The fourth quarter of 2015 was impacted by $658,000 of acquisition-related charges.

Income Taxes

The Bank recorded a provision for income taxes of $5.4 million for the first quarter of 2016. This represents an effective tax rate ("ETR") of 40.6% for the quarter. This is up from the ETR of 39.8% for the first quarter of 2015 but down from the 42.2% ETR recorded in the fourth quarter of 2015. The high level in the fourth quarter of 2015 was due mainly to tax adjustments associated with the UIB acquisition. The increase over the prior year is due primarily to the Bank's growing profitability relative to tax exempt income and deductible items.

Balance Sheet Summary

Total gross loans and leases at March 31, 2016 were $2.16 billion, an increase of $98.6 million or 4.8% over the total of $2.06 billion as of December 31, 2015. The tables below indicate loans by type as of March 31, 2016 as compared to the end of 2015:

Loans by Type

Loan Type   (000's)March 31, 2016December 31, 2015$ Change% Change
R/E – Residential/Multifamily$  401,708 $  415,097 $  (13,389) -3.2%
R/E – Land 16,654  16,713  (59) -0.4%
R/E – Commercial 924,913  861,317  63,596  7.4%
R/E – Construction 148,789  131,404  17,385  13.2%
Commercial & Industrial 665,922  635,465  30,457  4.8%
Total$  2,157,986 $  2,059,996 $  97,990  4.8%

Total deposits as of March 31, 2016 were $2.36 billion, an increase of $71.3 million from the $2.29 billion at December 31, 2015. As of March 31, 2016 compared to December 31, 2015; noninterest-bearing demand deposits decreased by $30.8 million or 5.5%, interest-bearing demand and savings deposits increased by $53.8 million or 6.9% and time deposits increased by $48.3 million or 5.1%. Total assets were $2.68 billion, an $84.5 million or 3.3% increase from the total of $2.60 billion as of December 31, 2015.

Asset Quality

As of March 31, 2016 nonaccrual loans totaled $1.0 million, down from the $2.0 million total as of December 31, 2015. Total net charge-offs (recoveries) for the first quarter of 2016 were ($223,000) compared to $1.7 million in the fourth quarter of 2015 and compared to $86,000 for the first quarter of 2015. The Bank recorded a provision for loan losses of $800,000 for the first quarter of 2016. Although nonperforming loan and economic trends continue to be positive, management believes that due to growth and other factors, this provision is appropriate in order to maintain an allowance level deemed sufficient for probable incurred losses. This is an increase from the $500,000 provision recorded in the same quarter last year and to the $300,000 provision recorded in the fourth quarter of 2015. The allowance for loan loss at March 31, 2016 was $23.7 million or 1.10% of total loans compared to $22.7 million or 1.10% of total loans at December 31, 2015.

OREO

As of March 31, 2016 and December 31, 2015, the Bank held one OREO property, a $4.1 million multi-family property located outside of California.

Capitalization

As of March 31, 2016, the Bank's leverage ratio was 10.29%, the common equity tier 1 capital ratio was 10.74% and the total capital ratio was 11.70%. As of December 31, 2015, the Bank's leverage ratio was 10.46%, the common equity tier 1 ratio was 11.03% and the total risk based capital ratio was 12.0%.

Conference Call and Webcast

A conference call with simultaneous webcast to discuss Preferred Bank's first quarter 2016 financial results will be held tomorrow, April 21st at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 866-652-5200 (domestic) or 412-317-6060 (international) and referencing "Preferred Bank." There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank's website at www.preferredbank.com. Web participants are encouraged to go to the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

Preferred Bank's Chairman and CEO Li Yu,  President and COO Wellington Chen, Chief Financial Officer Edward J. Czajka, and Chief Credit Officer Nick Pi will be present to discuss Preferred Bank's financial results, business highlights and outlook. After the live webcast, a replay will remain available in the Investor Relations section of Preferred Bank's website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 5, 2016; the passcode is 10084215.

About Preferred Bank

Preferred Bank is one of the larger independent commercial banks in California. The bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Company conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Anaheim, Pico Rivera, Tarzana and San Francisco, and one office in Flushing, New York. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank's future financial and operating results, the Bank's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government's monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank's results to differ materially from those described in the forward-looking statements can be found in the Bank's 2015 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank's website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank's website at www.preferredbank.com.

Financial Tables to Follow

 PREFERRED BANK 
 Condensed Consolidated Statements of Operations 
 (unaudited) 
 (in thousands, except for net income per share and shares) 
          
          
      For the Quarter Ended 
     March 31, December 31, March 31,
      2016   2015   2015 
Interest income:       
Loans, including fees  $  25,460  $  23,792  $  20,355 
Investment securities     1,784     1,585     1,457 
Fed funds sold     77     46     34 
Total interest income     27,321     25,423     21,846 
          
 Interest expense:       
Interest-bearing demand     1,050     871     786 
Savings     18     14     15 
Time certificates     2,315     2,150     1,649 
FHLB borrowings     59     70     32 
Total interest expense     3,442     3,105     2,482 
Net interest income     23,879     22,318     19,364 
Provision for loan losses     800     300     500 
Net interest  income after provision for loan losses     23,079     22,018     18,864 
          
 Noninterest income:       
Fees & service charges on deposit accounts     294     254     299 
Trade finance income     417     453     307 
BOLI  income     85     86     83 
Net gain (loss) on sale of investment securities     36     -     - 
Other income     331     161     179 
Total noninterest income     1,163     954     868 
          
 Noninterest expense:       
Salary and employee benefits     7,021     5,248     5,312 
Net occupancy expense     1,203     1,024     851 
Business development and promotion expense     222     227     109 
Professional services     962     1,359     1,083 
Office supplies and equipment expense     351     336     254 
Other real estate owned related (income)expense  and valuation allowance on LHFS     199     1     89 
Other     1,080     1,696     920 
Total noninterest expense     11,038     9,890     8,618 
Income before provision for income taxes     13,204     13,081     11,114 
Income tax expense     5,361     5,518     4,424 
Net income  $  7,843  $  7,563  $  6,690 
          
Income per share available to common shareholders       
Basic  $  0.56  $  0.55  $  0.49 
Diluted  $  0.56  $  0.54  $  0.48 
          
Weighted-average common shares outstanding       
Basic     13,796,892     13,547,197     13,397,140 
Diluted     13,911,195     13,743,157     13,805,504 
          
 Dividends per share  $  0.15  $  0.15  $  0.12 
          

 

 PREFERRED BANK 
 Condensed Consolidated Statements of Financial Condition 
 (unaudited) 
 (in thousands) 
 
 March 31, December 31, 
  2016   2015  
 (Unaudited) (Audited) 
 Assets    
     
Cash and due from banks $  251,047  $  296,175  
Fed funds sold    42,500     13,000  
Cash and cash equivalents    293,547     309,175  
     
Securities held to maturity, at amortized cost    5,550     5,830  
Securities available-for-sale, at fair value    162,654     169,502  
Loans and leases  2,157,986    2,059,392  
Less allowance for loan and lease losses    (23,681)    (22,658) 
Less net deferred loan fees    (3,065)    (3,012) 
Net loans and leases  2,131,240    2,033,722  
     
Other real estate owned    4,112     4,112  
Customers' liability on acceptances    969     897  
Bank furniture and fixtures, net    5,745     5,601  
Bank-owned life insurance    8,651     8,763  
Accrued interest receivable    8,014     8,128  
Investment in affordable housing    25,499     16,052  
Federal Home Loan Bank stock    6,965     7,162  
Deferred tax assets    23,733     23,802  
Income tax receivable    1,637     299  
Other asset    5,034     5,801  
Total assets $2,683,350  $2,598,846  
     
     
Liabilities and Shareholders' Equity     
     
Liabilities:     
Deposits:     
Demand $  528,126  $  558,906  
Interest-bearing demand  803,374   748,918  
Savings  30,002   30,703  
Time certificates of $250,000 or more  339,971   321,537  
Other time certificates  656,386   626,495  
Total deposits $2,357,859  $2,286,559  
Acceptances outstanding    969     897  
Advances from Federal Home Loan Bank    26,601     26,635  
Commitments to fund investment in affordable housing partnership    11,454     3,958  
Accrued interest payable    2,131     1,919  
Other liabilities    10,762     14,733  
Total liabilities  2,409,776   2,334,701  
     
Commitments and contingencies     
Shareholders' equity:     
Preferred stock. Authorized 25,000,000 shares; no issued and outstanding shares at March 31, 2016 and December 31, 2015 —  —  
Common stock, no par value. Authorized 100,000,000 shares; issued and outstanding 14,057,755 and 13,884,942 shares at March 31, 2016  and December 31, 2015, respectively    167,213     166,560  
Treasury stock    (19,115)    (19,115) 
Additional paid-in-capital    37,682     34,672  
Accumulated income    86,715     81,046  
Accumulated other comprehensive income:     
Unrealized gain on securities, available-for-sale, net of tax of $783 and $713 at March 31, 2016 and December 31, 2015   1,079     982  
Total shareholders' equity    273,574     264,145  
Total liabilities and shareholders' equity $ 2,683,350  $ 2,598,846  
     

 

 PREFERRED BANK 
 Selected Consolidated Financial Information 
 (unaudited) 
 (in thousands, except for ratios) 
               
               
               
    For the Quarter  Ended
               
    March 31, December 31, September 30, June 30, March 31,  
     2016   2015   2015   2015   2015   
Unaudited historical quarterly operations data:              
Interest income  $  27,321  $  25,423  $  24,380  $  23,053  $  21,846   
Interest expense     3,442     3,105     2,783     2,486     2,482   
Interest income before provision for credit losses    23,879     22,318     21,597     20,567     19,364   
Provision for credit losses     800     300     500     500     500   
Noninterest income     1,163     954     940     1,131     868   
Noninterest expense     11,038     9,890     8,740     8,462     8,618   
Income tax expense     5,361     5,518     5,396     5,147     4,424   
Net income     7,843     7,563     7,901     7,589     6,690   
             
Earnings per share             
Basic  $  0.56  $  0.55  $  0.57  $  0.55  $  0.49   
Diluted  $  0.56  $  0.54  $  0.57  $  0.55  $  0.48   
             
Ratios for the period:              
Return on average assets   1.21%  1.28%  1.42%  1.44%  1.28%  
Return on beginning equity   11.94%  11.67%  12.55%  12.49%  11.54%  
Net interest margin (Fully-taxable equivalent)   3.79%  3.88%  4.00%  4.01%  3.83%  
Noninterest expense to average assets   1.70%  1.67%  1.58%  1.60%  1.65%  
Efficiency ratio   44.08%  42.50%  38.78%  39.00%  42.60%  
Net charge-offs (recoveries) to average loans (annualized)   -0.04%  0.36%  0.05%  0.03%  0.02%  
             
Ratios as of period end:              
Tier 1 leverage capital ratio   10.29%  10.46%  11.47%  11.59%  11.26%  
Common equity tier 1 risk-based capital ratio   10.74%  11.03%  11.80%  11.91%  12.10%  
Tier 1 risk-based capital ratio (1)   10.74%  11.03%  11.80%  11.91%  12.10%  
Total risk-based capital ratio (1)   11.70%  12.00%  12.93%  13.07%  13.30%  
Allowances for credit losses to loans and leases at end of period (2)   1.10%  1.10%  1.31%  1.36%  1.40%  
Allowance for credit losses to non-performing loans and leases   2346.18%  1140.29%  303.27%  299.06%  288.16%  
              
Average balances:               
Total loans and leases (3)   $  2,067,047  $  1,876,544  $  1,741,762  $  1,673,710  $  1,612,556   
Earning assets   $  2,550,821  $  2,297,154  $  2,160,075  $  2,070,542  $  2,064,435   
Total assets   $  2,605,907  $  2,345,319  $  2,201,060  $  2,117,610  $  2,115,354   
Total deposits   $  2,291,764  $  2,039,567  $  1,907,719  $  1,832,688  $  1,834,920   
              
              
(1) Risk-based capital ratios were calculated under BASEL III rules, which became effective on January 1, 2015.  Ratios for the prior periods were calculated under Basel I rules.  
(2) Loans held for sale are excluded  
(3) Loans held for sale are included  

 

 PREFERRED BANK 
 Selected Consolidated Financial Information 
 (unaudited) 
 (in thousands, except for ratios) 
             
             
             
    As of 
             
    March 31, December 31, September 30, June 30, March 31,
     2016   2015   2015   2015   2015 
 Unaudited quarterly statement of financial position data:          
 Assets:           
Cash and cash equivalents $  293,547  $  309,175  $  232,707  $  208,015  $  242,053 
Securities held-to-maturity, at amortized cost    5,550     5,830     6,307     6,806     7,139 
Securities available-for-sale, at fair value    162,654     169,502     164,378     161,775     165,330 
Loans and Leases:          
Real estate - Single and multi-family residential $  401,708  $  415,003  $  328,124  $  290,186  $  306,284 
Real estate - Land for housing    14,838     14,408     14,429     13,102     11,658 
Real estate - Land for income properties    1,816     1,795     1,876     1,891     1,906 
Real estate - Commercial    924,913     861,317     770,494     712,383     676,034 
Real estate - For sale housing construction    82,153     73,858     79,406     71,945     50,458 
Real estate - Other construction    66,636     57,546     48,438     49,413     84,065 
Commercial and industrial    626,599     596,887     555,680     570,408     502,453 
Trade finance and other    39,323     38,578     38,602     40,403     38,234 
Gross loans    2,157,986     2,059,392     1,837,049     1,749,731     1,671,092 
Allowance for loan and lease losses    (23,681)    (22,658)    (24,055)    (23,758)    (23,388)
Net deferred loan fees    (3,065)    (3,012)    (2,476)    (2,179)    (2,216)
Total loans, net $  2,131,240  $  2,033,722  $  1,810,518  $  1,723,794  $  1,645,488 
             
Other real estate owned $  4,112  $  4,112  $  -  $  -  $  8,811 
Investment in affordable housing    25,499     16,052     16,589     17,059     17,529 
Federal Home Loan Bank stock    6,965     7,162     6,677     6,677     6,155 
Other assets    53,783     53,291     45,370     46,030     45,208 
Total assets $  2,683,350  $  2,598,846  $  2,282,546  $  2,170,156  $  2,137,713 
             
Liabilities:          
Deposits:          
Demand $  528,126  $  558,906  $  477,523  $  519,501  $  493,440 
Interest-bearing demand  803,374   748,918   697,402   568,243   585,286 
Savings  30,002   30,703   21,159   23,855   24,056 
Time certificates of $250,000 or more  339,971   321,537   263,949   260,205   243,360 
Other time certificates  656,386   626,495   527,602   510,394   510,809 
Total deposits $  2,357,859  $  2,286,559  $  1,987,635  $  1,882,198  $  1,856,950 
             
Advances from Federal Home Loan Bank $  26,601  $  26,635  $  20,000  $  20,000  $  20,000 
Commitments to fund investment in affordable housing partnership    11,454     3,958     4,139     4,139     7,726 
Other liabilities    13,862     17,549     13,590     13,954     9,299 
Total liabilities $  2,409,776  $  2,334,701  $  2,025,364  $  1,920,291  $  1,893,974 
             
 Equity:            
Net common stock, no par value $  185,780  $  182,118  $  180,310  $  179,360  $  177,978 
Retained earnings    86,715     81,046     75,629     69,431     63,545 
Accumulated other comprehensive income    1,079     982     1,243     1,074     2,216 
Total shareholders' equity $  273,574  $  264,145  $  257,182  $  249,865  $  243,739 
Total liabilities and shareholders' equity $  2,683,350  $  2,598,846  $  2,282,546  $  2,170,156  $  2,137,713 
  

 

Preferred Bank   
Loan and Credit Quality Information   
           
Allowance For Credit Losses & Loss History   
     For the Quarter Ended Year Ended   
     March 31, 2016 December 31, 2015   
      (Dollars in 000's)   
Allowance For Credit Losses       
Balance at Beginning of Period $  22,658  $  22,974    
Charge-Offs       
Commercial & Industrial    -      1,475    
Mini-perm Real Estate    -      1,793    
Construction - Residential    -      -     
Construction - Commercial    -      -     
Land - Residential    -      -     
Land - Commercial    -      -     
Others    -      -     
Total Charge-Offs    -      3,268    
           
Recoveries       
Commercial & Industrial    196     131    
Mini-perm Real Estate    -      144    
Construction - Residential    -      -     
Construction - Commercial    -      20    
Land - Residential    -      100    
Land - Commercial    27     757    
Total Recoveries    223     1,152    
        
Net Loan Charge-Offs    (223)    2,116    
Provision for Credit Losses    800     1,800    
Balance at End of Period $  23,681  $  22,658    
Average Loans and Leases* $  2,067,047  $  1,731,871    
Loans and Leases at end of Period* $  2,157,986  $  2,059,392    
Net Charge-Offs to Average Loans and Leases  -0.04%  0.12%   
Allowances for credit losses to loans and leases at end of period **  1.10%  1.10%   
           
           
 * Loans held for sale are included           
 ** Loans held for sale are excluded           
      



AT THE COMPANY: Edward J. Czajka Executive Vice President Chief Financial Officer (213) 891-1188 AT FINANCIAL PROFILES: Kristen Papke General Information (310) 663-8007 kpapke@finprofiles.com

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