Preferred Bank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $21,821,000 against $18,513,000 reported last year. Net interest income was $16,401,000 against $14,204,000 reported last year. Net interest income after provision for loan losses was $18,883,000 against $14,601,000 reported last year. Income before provision for income taxes was $11,513,000 against $9,591,000 reported last year. Net income available to common shareholders was $6,779,000 or $0.50 per diluted share compared to $5,834,000 or $0.43 per diluted share a year ago. ROA was 1.37% compared to 1.33%. ROE was 11.92% compared to 11.62% a year ago. The increase in net interest income over the fourth quarter of 2013 and over the prior quarter is due primarily to growth in the loan portfolio.

For the full year, the company reported total interest income of $80,327,000 against $69,726,000 reported last year. Net interest income was $70,987,000 against $61,997,000 reported last year. Net interest income after provision for loan losses was $67,637,000 against $58,747,000 reported last year. Income before provision for income taxes was $40,847,000 against $31,865,000 reported last year. Net income available to common shareholders was $24,292,000 or $1.78 per diluted share compared to $18,998,000 or $1.42 per diluted share a year ago. ROA was 1.31% compared to 1.18%. ROE was 11.88% compared to 10.22% a year ago. This increase in net interest income is primarily due to growth in the loan portfolio over the course of 2014.

Total net charge-offs (recoveries) for the fourth quarter of 2014 were $188,000.