 LOS ANGELES, Jan. 25, 2021 GLOBE NEWSWIRE -- Preferred Bank NASDAQ: PFBC, an independent commercial bank, today reported results for the quarter ended December 31, 2020. Preferred Bank the Bank reported net income of 20.9 million or 1.40 per diluted share for the fourth quarter of 2020. This is up from net income of 19.6 million or 1.31 per diluted share for the fourth quarter of 2019 and easily tops recorded net income of 17.1 million or 1.15 per diluted share for the third quarter of 2020. The primary reason for the increase compared to the prior year is a 14.0 increase in net interest income partially offset by a larger provision for credit losses in the current quarter. On a linked quarter basis, net income increased due to a smaller provision for credit losses in the current quarter 4.2 million vs 9.0 million as well as a 1.9 million increase in net interest income. 