Losing image quality when assigning ImageList image to PictureBox image

PictureBox1.Image = ImageList1.Images[2]; The assigned image looks like it is 8bit image. All images are loaded with 32bit Depth. No idea where is the problem. I tried to clone and delete, but everyting stays the same. All images are imported as PNGs and when assigned in Designer are looking ok until I change them in code.