LOS ANGELES (AP) — LOS ANGELES (AP) — Preferred Bank (PFBC) on Wednesday reported second-quarter net income of $37.9 million.

The bank, based in Los Angeles, said it had earnings of $2.61 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.47 per share.

The independent commercial bank posted revenue of $121.5 million in the period. Its revenue net of interest expense was $76.4 million, also beating Street forecasts.

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