<script type="text/javascript" src="https://pppbr.com/bnr.php?section=Footer46860&pub=543549&format=728x90&ga=g&bg=1"></script>
<noscript><a href="https://yllix.com/publishers/543549" target="_blank"><img src="//ylx-aff.advertica-cdn.com/pub/728x90.png" style="border:none;margin:0;padding:0;vertical-align:baseline;" alt="ylliX - Online Advertising Network" /></a></noscript>
LOS ANGELES, July 20, 2021 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended June 30, 2021. Preferred Bank (“the Bank”) reported net income of $21.5 million or $1.44 per diluted share for the second quarter of 2021. This is up slightly from net income of $21.2 million or $1.42 per diluted share for the first quarter of 2021 and easily tops recorded net income of $15.3 million or $1.03 per diluted share for the second quarter of 2020. The primary reasons for the increase compared to the prior year is a $7.5 million decrease in the provision for credit losses this quarter, an increase in net interest income of $1.2 million, partially offset by an increase in noninterest expense of $630,000. When compared to the prior quarter, the provision for credit losses decreased by $1.4 million, noninterest income increased by $299,000 and noninterest expense decreased by $689,000. Net interest income however, decreased from the prior quarter due to a loan interest accrual adjustment of $2.29 million.
...read full article on GlobeNewsWire
