Keefe, Bruyette & Woods Updates Preferred Bank Estimates

Preferred Bank's

3Q10 results missed expectations due to higher-than-expected provision expense, offset in part by operating expense improvement., Keefe, Bruyette & Woods reports. “[We're] updating [our] estimates, [and] leaving PT unchanged,” Keefe, Bruyette & Woods writes. “Reiterating at Market Perform. We remain concerned with the long-term profitability prospects of the bank but are more positive about the return to profitability in the near term, based on the reduction in operating costs in 3Q. See PDF for details.” Preferred Bank closed Friday at $1.68.