Preferred Bank announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $42,001,000 against $33,980,000 a year ago. Net interest income was $34,562,000 against $28,064,000 a year ago. Net interest income after provision for loan losses was $33,062,000 against $26,164,000 a year ago. Income before provision for income taxes was $22,501,000 against $16,227,000 a year ago. Net income was $7,726,000 against $10,061,000 a year ago. Net income available to common shareholders was $7,637,000 or $0.52 basic and diluted per share against $9,929,000 or $0.70 diluted per share a year ago. Return on average assets was 0.83% against 1.28% a year ago. Return on beginning equity was 9.67% against 13.74% a year ago. The increase in net interest income over last year is due primarily to growth in interest income on loans partially offset by an increase in interest expense on deposits.

For the year, the company reported total interest income of $157,600,000 against $122,913,000 a year ago. Net interest income was $129,704,000 against $104,179,000 a year ago. Net interest income after provision for loan losses was $124,204,000 against $97,779,000 a year ago. Income before provision for income taxes was $80,480,000 against $59,700,000 a year ago. Net income was $43,394,000 against $36,369,000 a year ago. Net income available to common shareholders was $42,895,000 or $2.96 diluted per share against $13,508,000 or $2.56 diluted per share a year ago. Return on average assets was 1.24% against 1.26% a year ago. Return on beginning equity was 14.56% against 13.30% a year ago.

For the quarter, the company reported total net charge-offs of $334,000 against net recoveries of $22,000 a year ago.