Preferred Bank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $18,513,000 against $16,010,000 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 $14,601,000 against $11,904,000 reported last year. Income before provision for income taxes was $9,403,000 against $4,499,000 reported last year. Net income available to common shareholders was $5,834,000 or $0.44 per basic and diluted share compared to $4,852,000 or $0.37 per basic and diluted share a year ago. ROA was 1.33% and ROE was 10.71%. Net interest income before provision for loan and lease losses was increased over 2012 is due primarily to loan growth and the decrease from the prior quarter was mainly due to an increase in interest expense as well as a decrease in investment income.

For the full year, the company reported total interest income of $69,726,000 against $61,542,000 reported last year. Net interest income was $61,997,000 against $53,759,000 reported last year. Net interest income after provision for loan losses was $58,747,000 against $33,959,000 reported last year. Income before provision for income taxes was $31,489,000 against $3,289,000 reported last year. Net income available to common shareholders was $18,998,000 or $1.42 per diluted share compared to $23,549,000 or $1.78 per diluted share a year ago. Results for 2012 were aided by a $20.2 million reversal of the bank's valuation allowance on its deferred tax asset. ROA was 1.18% and ROE was 9.75%. The substantial improvement in pre tax earnings from 2012 to 2013 was due to better performance in nearly all areas of the income statement. Net interest income increased the provision for loan losses decreased and non-interest expense decreased.