LOS ANGELES, July 17, 2013 (GLOBE NEWSWIRE) -- Preferred Bank (Nasdaq:PFBC), an independent commercial bank focusing on the Chinese-American and diversified California mainstream market, today reported results for the quarter ended June 30, 2013. Preferred Bank ("the Bank") reported net income of $4.3 million or $0.32 per diluted share for the second quarter of 2013. This compares to a net loss of $5.6 million or $0.43 per diluted share for the second quarter of 2012 and compares to net income of $4.0 million or $0.30 per diluted share for the first quarter of 2013. Net income on a year-to-date basis was $8.3 million or $0.61 per diluted share for 2013 compared to net income of $16.1 million or $1.20 per diluted share for the same period last year. Results for 2012 were aided by a $20.2 million reversal of the Bank's valuation allowance on its deferred tax asset.
Preferred Bank Reports Second Quarter Results
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