 LOS ANGELES, April 20, 2021 GLOBE NEWSWIRE -- Preferred Bank NASDAQ: PFBC, one of the larger independent California banks, today reported results for the quarter ended March 31, 2021. Preferred Bank the Bank reported net income of 21.2 million or 1.42 per diluted share for the first quarter of 2021. This is up from net income of 20.9 million or 1.40 per diluted share for the fourth quarter of 2020 and easily tops recorded net income of 16.2 million or 1.08 per diluted share for the first quarter of 2020. The primary reasons for the increase compared to the prior year is a 3.9 million decrease in the provision for credit losses this quarter, an increase in net interest income of 3.6 million, partially offset by a decrease in noninterest income of 325,000 as well as an increase in non-interest expense of 468,000. When compared to the prior quarter, the provision for credit losses decreased by 2.8 million but that was partially offset by a decrease in net interest income as well as an increase in noninterest expense. 