 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. 