Keefe, Bruyette, & Woods Reiterates Market Perform on Preferred Bank (PFBC)

Keefe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform rating on Preferred Bank

; it has a $1.00 price target on the stock. The KBW analysts cited the company’s recent earnings report, which was a large miss, but fairly “straight forward.” The company is still working through is plethora of accumulated problem loans and will be for some time. The analysts noted that, on a per share basis, it looks like a large miss, but on a total basis, “the loss in 2Q was less than $1 million higher than our forecast.” Although the company raised capital in Q2, the KBW analysts are lowering their price target anyway. Preferred Bank is a $1.3 billion-in-assets commercial bank focused on serving the ethnic Chinese community in Southern California.