Cash Secured Loans

Preferred Bank's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Preferred Bank (PFBC) Q2 2011 Earnings Call July 20, 2011 17:00 ET

Operator

Hello ladies and gentlemen, thank you for standing up. Welcome to the Popular Bank Second Quarter 2011 Conference Call. During today's presentation all parties will be in listen-only mode. Following the presentation the conference will be open for questions. (Operator Instructions). This conference is being recorded today Wednesday, July 20, 2011.

I would now like to turn to the conference Lasse Glassen, Senior Vice President of Financial Relations Board. Please go ahead sir.

Lasse Glassen

Thank you all good day. And thank you for joining us to discuss the preliminary results of the Bank preferred for the second quarter ended June 30, 2011. With us today are Executive Li Yu, Chairman and CEO, Ed Czajka, Chief Financial Officer, and Louie Couto, executive vice president.

Management provides a brief summary of the quarter, and then we'll open the call for questions.During the conference call, statements made by management may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These statements are based on specific assumptions that may or may not prove correct. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors related to Bank operations and preferred business environment, all of which are difficult to predict and many of which are beyond the control of the Bank's preferred .

For a detailed description of these risks and uncertainties, please refer to the documents the Company files with the Federal Deposit Insurance Corporation, or FDIC. If none of these uncertainties materializes or any of these assumptions prove incorrect, the results of the Bank preferred to differ materially from its expectations in these statements.

Preferred Bank assumes no obligation to update such statements. At that time, I will now turn the call to Mr. Li Yu Yu?

Li Yu

Lasse Glassen thank you. Good morning everyone.I am pleased to announce the second quarter of 2011, we reported net income of $ 1.7 million to $ 0.13 per share. This is a good improvement over the first quarter. Despite the facts, the cost of credit is still very high at this point in time.