Preferred Bank has no exposure to venture capital or cryptocurrency

  • Preferred Bank (NASDAQ:PFBC) on Friday provided an update on its financial information in light of recent industry events, saying it has no exposure to venture capital or cryptocurrency.
  • The company’s total deposits grew to $5.62B as of March 9 from ~$5.56B 57 as of 2022-end.
  • Cash and cash equivalents total over $900M and represent 13.9% of total assets.
  • Total securities held to maturity totaled $22.2M. Total securities available for sale were $422.5M with the negative mark of $29.8M already captured in accumulated other comprehensive income.
  • Preferred Bank (PFBC) said it has other sources of borrowing capacity, none of which are being used.
  • Earlier, the bank posted Q4 earnings above estimates.

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