{"version":"1.0","provider_name":"Market Newsdesk","provider_url":"https:\/\/www.marketnewsdesk.com","author_name":"Newsdesk","author_url":"https:\/\/www.marketnewsdesk.com\/index.php\/author\/newsdesk\/","title":"Preferred Bank Announces Additional Q4 Expense - Market Newsdesk","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"u08V8tirUq\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/preferred-bank-announces-additional-q4-expense\/\">Preferred Bank Announces Additional Q4 Expense<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/www.marketnewsdesk.com\/index.php\/preferred-bank-announces-additional-q4-expense\/embed\/#?secret=u08V8tirUq\" width=\"600\" height=\"338\" title=\"&#8220;Preferred Bank Announces Additional Q4 Expense&#8221; &#8212; Market Newsdesk\" data-secret=\"u08V8tirUq\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script>\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/www.marketnewsdesk.com\/wp-includes\/js\/wp-embed.min.js\n<\/script>\n","description":"LOS ANGELES, Dec. 19, 2024 (GLOBE NEWSWIRE) &#8212; Preferred Bank (NASDAQ: PFBC), (\u201cthe Bank\u201d), an independent commercial bank, today announced that the Bank had uncovered an unreconciled difference in its calculation of its right of use asset (\u201cROU\u201d) 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 entities capitalize leases that are longer than one year. The effect being that lease expense is recognized more evenly over the life &hellip; Continue reading \"\"","thumbnail_url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTMyMjM1NCM2NjQ2MTk4IzIwMDg0Njk="}