Preferred Bank (PFBC) Announces Additional Q4 Expense
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Preferred Bank Announces Additional Q4 Expense
December 19, 2024 5:06 PM ESTLOS ANGELES, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), (the Bank), an independent commercial bank, today announced that the Bank had uncovered an unreconciled difference in its calculation of its right of use asset (ROU) and lease liabilities. As a result of this error, the Bank will record $8.1 million on a pre-tax basis of occupancy expense in the fourth quarter of 2024. On an after-tax basis, this will reduce fourth quarter diluted earnings per share by approximately $0.43.
In January of 2019, the Bank adopted ASC 842, Accounting for Leases. This accounting statement requires... More
