Preferred Bank Mortgage Rates, Fees & Info
Los Angeles, CA
LEI: 5493007K6HGI9G0ECX16
Tax ID: 95-4340199
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Mortgage Data
Bank Data
Overview
Preferred Bank is a
smaller
bank
specializing in
Home Purchase and Cash Out Refi loans.
Preferred Bank has a high proportion of conventional loans.
Their top markets include Los Angeles, Riverside, Seattle, New York, and Austin among others. Preferred Bank has
an average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Originations
200
Origination Dollar Volume (All Markets)
$319,230,000
Employee count
279
Top Markets
Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)
|
110
|
$118,200,000 |
$1,074,545 |
$0 |
0.00% |
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)
|
52
|
$75,560,000 |
$1,453,077 |
$0 |
0.00% |
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA)
|
1
|
$58,505,000 |
$58,505,000 |
$0 |
0.00% |
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)
|
21
|
$36,385,000 |
$1,732,619 |
$0 |
0.00% |
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA)
|
1
|
$18,905,000 |
$18,905,000 |
$0 |
0.00% |
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA)
|
8
|
$7,700,000 |
$962,500 |
$0 |
0.00% |
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)
|
1
|
$995,000 |
$995,000 |
$0 |
0.00% |
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA)
|
1
|
$665,000 |
$665,000 |
$0 |
0.00% |
NAPA, CA (FHA|USDA|VA)
|
1
|
$625,000 |
$625,000 |
$0 |
0.00% |
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA)
|
1
|
$575,000 |
$575,000 |
$0 |
0.00% |
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA)
|
1
|
$475,000 |
$475,000 |
$0 |
0.00% |
STOCKTON, CA (FHA|USDA|VA)
|
1
|
$465,000 |
$465,000 |
$0 |
0.00% |
BAKERSFIELD, CA (FHA|USDA|VA)
|
1
|
$175,000 |
$175,000 |
$0 |
0.00% |
Preferred Bank's top markets include Los Angeles, Riverside, Seattle, New York, and Austin among others.
Product Mix
Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Conventional |
200 |
$319,230,000 |
$1,596,150 |
$0 |
0.00% |
For the 2021 period, Preferred Bank's most frequently
originated loan type
of loans were Conventional, with 200 originations.
Loan Reason
Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Home Purchase |
139 |
$129,055,000 |
$928,453 |
$0 |
0.00% |
Refi |
33 |
$53,325,000 |
$1,615,909 |
$0 |
0.00% |
Cash Out Refi |
24 |
$134,880,000 |
$5,620,000 |
$0 |
0.00% |
Home Improvement |
2 |
$570,000 |
$285,000 |
$0 |
0.00% |
Other |
2 |
$1,400,000 |
$700,000 |
$0 |
0.00% |
For the 2021, Preferred Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 139
originations.
The 2nd most popular reason of loans were Refi,
with 33 originations.
Loan Duration/Length
Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Other |
200 |
$319,230,000 |
$1,596,150 |
$0 |
0.00% |
For the 2021, Preferred Bank's most frequently cited loan
length
of loans were Other, with 200 originations.
Loan Sizing
Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$400k-600k |
67 |
$32,345,000 |
$482,761 |
$0 |
0.00% |
$600k-1MM |
63 |
$49,915,000 |
$792,302 |
$0 |
0.00% |
$1MM+ |
45 |
$228,885,000 |
$5,086,333 |
$0 |
0.00% |
$200k-400k |
24 |
$7,910,000 |
$329,583 |
$0 |
0.00% |
$100k-200k |
1 |
$175,000 |
$175,000 |
$0 |
0.00% |
2021 saw Preferred Bank place emphasis on
$400k-600k loans
with 67 originations, totaling
$32,345,000 in origination value.
Applicant Income
Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
$250k+ |
76 |
$64,130,000 |
$843,816 |
$0 |
0.00% |
$150k-250k |
43 |
$27,655,000 |
$643,140 |
$0 |
0.00% |
$100k-150k |
35 |
$16,085,000 |
$459,571 |
$0 |
0.00% |
$75k-100k |
10 |
$3,550,000 |
$355,000 |
$0 |
0.00% |
$50k or less |
3 |
$1,755,000 |
$585,000 |
$0 |
0.00% |
$50k-75k |
2 |
$900,000 |
$450,000 |
$0 |
0.00% |
Preferred Bank lent most frequently to those with incomes in the
$250k+ range, with
76 originations.
The second most popular income band? $150k-250k,
with 43 originations.
Applicant Debt to Income Ratio
DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Exempt% |
200 |
$319,230,000 |
$1,596,150 |
$0 |
0.00% |
Preferred Bank lent most frequently to those with DTI ratios
of Exempt%, with
200 originations.
Ethnicity Mix
Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
Not applicable |
30 |
$204,040,000 |
$6,801,333 |
$0 |
0.00% |
Asian |
160 |
$104,850,000 |
$655,313 |
$0 |
0.00% |
White |
5 |
$5,185,000 |
$1,037,000 |
$0 |
0.00% |
Not provided |
5 |
$5,155,000 |
$1,031,000 |
$0 |
0.00% |
Approval Rates
Total approvals of all applications
88.85%
Preferred Bank has an average approval rate.
Pick Rate
Approvals leading to origination
79.37%
Preferred Bank has a below average pick rate.
Points and Fees
Points |
Originations |
Total Value |
Average Loan |
Exempt |
200 |
$319,230,000 |
$1,596,150 |
Occupancy Type Mix
Dwelling Type |
Originations |
Total Value |
Average Loan |
|
200 |
$319,230,000 |
$1,596,150 |
Complaints
Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
PREFERRED MORTGAGE CORPORATION |
Conventional home mortgage |
Applying for a mortgage or refinancing an existing mortgage |
1 |
100.0% |
Bank Details
Branches
Bank Name |
Branch |
Branch Type |
Deposits (000's) |
Preferred Bank |
1373 South Diamond Bar Boulevard Diamond Bar, CA 91765 |
Full Service B&M
|
$179,507 |
Preferred Bank |
1469 South Baldwin Avenue Arcadia, CA 91007 |
Full Service B&M
|
$202,975 |
Preferred Bank |
17515-A Colima Road City Of Industry, CA 91748 |
Full Service B&M
|
$286,515 |
Preferred Bank |
1801 Century Park East Century City, CA 90067 |
Full Service B&M
|
$255,285 |
Preferred Bank |
18321 Ventura Blvd, Suite 100 Tarzana, CA 91356 |
Full Service B&M
|
$596,990 |
Preferred Bank |
2150 Town Square Pl Sugar Land, TX 77479 |
Full Service B&M
|
$548 |
Preferred Bank |
21615 Hawthorne Boulevard, Suite 100 Torrance, CA 90503 |
Full Service B&M
|
$328,363 |
Preferred Bank |
325 East Valley Boulevard Alhambra, CA 91801 |
Full Service B&M
|
$758,797 |
Preferred Bank |
41-60 Main Street, Suite 103 Flushing, NY 11355 |
Full Service B&M
|
$399,176 |
Preferred Bank |
5160 Geary Boulevard San Francisco, CA 94118 |
Full Service B&M
|
$100,237 |
Preferred Bank |
600 California St. Suite 550 San Francisco, CA 94108 |
Full Service B&M
|
$200,580 |
Preferred Bank |
601 South Figueroa Street, 48th Floor Los Angeles, CA 90017 |
Full Service B&M
|
$1,338,902 |
Preferred Bank |
7004 Rosemead Blvd Pico Rivera, CA 90660 |
Full Service B&M
|
$35,753 |
Preferred Bank |
890 Roosevelt Avenue Irvine, CA 92620 |
Full Service B&M
|
$115,024 |
For 2021, Preferred Bank had 14 branches.
Yearly Performance Overview
Bank Income
Preferred Bank's gross interest income from loans was $211,035,000.
Preferred Bank's net interest income from loans was $185,878,000.
Preferred Bank's fee based income from loans was $1,455,000.
Preferred Bank's net income from loans was $95,240,000.
Bank Expenses
Item |
Value (in 000's) |
Total interest expense |
$25,157 |
Provision for credit losses |
$-1,000 |
Total noninterest expense |
$60,793 |
Salaries and employee benefits |
$42,963 |
Premises and equipment expense |
$6,796 |
Additional noninterest expense |
$11,034 |
Applicable income taxes |
$38,588 |
Net charge-offs |
$2,457 |
Cash dividends |
$23,258 |
Preferred Bank's interest expense for loans was $25,157,000.
Preferred Bank's payroll and benefits expense were $42,963,000.
Preferred Bank's property, plant and equipment expenses $6,796,000.
Deposits
Type |
Value (in 000's) |
Total deposits |
$5,227,835 |
Deposits held in domestic offices |
$5,227,835 |
Deposits by Individuals, partnerships, and corporations |
$4,857,157 |
Deposits by U.S. Government |
$0 |
Deposits by States and political subdivisions in the U.S. |
$229,604 |
Deposits by Commercial banks and other depository institutions in U.S. |
$141,074 |
Deposits by Banks in foreign countries |
$0 |
Deposits by Foreign governments and official institutions |
$0 |
Transaction accounts |
$2,187,947 |
Demand deposits |
$2,187,947 |
Nontransaction accounts |
$3,039,888 |
Money market deposit accounts (MMDAs) |
$1,151,981 |
Other savings deposits (excluding MMDAs) |
$37,839 |
Total time deposits |
$1,850,068 |
Total time and savings deposits |
$3,039,888 |
Noninterest-bearing deposits |
$1,307,108 |
Interest-bearing deposits |
$3,920,728 |
Retail deposits |
$3,867,142 |
IRAs and Keogh plan accounts |
$7,324 |
Brokered deposits |
$426,249 |
Deposits held in foreign offices |
$0 |
Assets
Asset |
Value (in 000's) |
Total Assets |
$6,045,825 |
Cash & Balances due from depository institutions |
$1,031,145 |
Interest-bearing balances |
$1,019,362 |
Total securities |
$465,873 |
Federal funds sold & reverse repurchase |
$0 |
Net loans and leases |
$4,378,707 |
Loan and leases loss allowance |
$59,969 |
Trading account assets |
$0 |
Bank premises and fixed assets |
$32,294 |
Other real estate owned |
$0 |
Goodwill and other intangibles |
$651 |
All other assets |
$137,155 |
Liabilities
Liabilities |
Value (in 000's) |
Total liabilities and capital |
$6,045,825 |
Total Liabilities |
$5,459,107 |
Total deposits |
$5,227,835 |
Interest-bearing deposits |
$3,920,728 |
Deposits held in domestic offices |
$5,227,835 |
% insured (estimated) |
$21 |
Federal funds purchased and repurchase agreements |
$0 |
Trading liabilities |
$0 |
Other borrowed funds |
$0 |
Subordinated debt |
$147,758 |
All other liabilities |
$83,514 |
Issued Loan Types
Type |
Value (in 000's) |
Net loans and leases |
$4,378,707 |
Loan and leases loss allowance |
$59,969 |
Total loans and leases (domestic) |
$4,438,676 |
All real estate loans |
$3,132,145 |
Real estate loans in domestic offices |
$3,132,145 |
Construction and development loans |
$340,136 |
Residential 1-4 family construction |
$130,329 |
Other construction, all land development and other land |
$209,807 |
Loans secured by nonfarm nonresidential properties |
$1,831,767 |
Nonfarm nonresidential secured by owner-occupied properties |
$224,387 |
Commercial real estate & other non-farm, non-residential |
$1,607,380 |
Multifamily residential real estate |
$423,579 |
1-4 family residential loans |
$536,663 |
Farmland loans |
$0 |
Loans held in foreign offices |
$0 |
Farm loans |
$0 |
Commercial and industrial loans |
$1,286,413 |
To non-U.S. addressees |
$0 |
Loans to individuals |
$0 |
Credit card loans |
$0 |
Related Plans |
$0 |
Consumer Auto Loans |
$0 |
Other loans to individuals |
$0 |
All other loans & leases |
$20,118 |
Loans to foreign governments and official institutions |
$0 |
Other loans |
$118 |
Loans to depository institutions and acceptances of other banks |
$20,000 |
Loans not secured by real estate |
$0 |
Loans secured by real estate to non-U.S. addressees |
$0 |
Restructured Loans & leases |
$25,181 |
Non 1-4 family restructured loans & leases |
$25,181 |
Total loans and leases (foreign) |
$0 |
Preferred Bank had $4,378,707,000 of loans outstanding in 2021. $3,132,145,000 of loans were in real estate loans.
$340,136,000 of loans were in development loans. $423,579,000 of loans were in multifamily mortgage loans.
$536,663,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $0 of loans were in the auto loan category.
Small Business Loans
Categorization |
# of Loans in Category |
$ amount of loans (in 000's) |
Average $/loan |
Nonfarm, nonresidential loans - <$1MM |
79 |
$42,958 |
$543,772 |
Nonfarm, nonresidential loans - <$100k |
4 |
$177 |
$44,250 |
Nonfarm, nonresidential loans - $100-250k |
5 |
$901 |
$180,200 |
Nonfarm, nonresidential loans - $250k-1MM |
70 |
$41,880 |
$598,286 |
Commercial & Industrial, US addressed loans - <$1MM |
1,143 |
$118,330 |
$103,526 |
Commercial & Industrial, US addressed loans - <$100k |
828 |
$35,068 |
$42,353 |
Commercial & Industrial, US addressed loans - $100-250k |
185 |
$26,976 |
$145,816 |
Commercial & Industrial, US addressed loans - $250k-1MM |
130 |
$56,286 |
$432,969 |